Repeal of time limitation on taxing precontribution gain

(a) In general Subparagraph (B) of section 704(c)(1) is amended by striking within 7 years of being contributed. (b) Conforming amendment Paragraph (1) of section 737(b) is amended by striking within 7 years of the distribution. (c) Effective date The amendments made by this section shall apply to property contributed to a partnership after the date of the enactment of this Act.