ELIMINATION OF INCLUSION OF FOREIGN BASE COMPANY OIL RELATED INCOME.

SEC. 14211. ELIMINATION OF INCLUSION OF FOREIGN BASE COMPANY OIL RELATED INCOME.(a) Repeal.—Subsection (a) of section 954 is amended—(1) by inserting “and” at the end of paragraph (2),(2) by striking the comma at the end of paragraph (3) and inserting a period, and(3) by striking paragraph (5).(b) Conforming Amendments.—131 STAT. 2217(1) Section 952(c)(1)(B)(iii) is amended by striking subclause (I) and redesignating subclauses (II) through (V) as subclauses (I) through (IV), respectively.(2) Section 954(b) is amended—(A) by striking the second sentence of paragraph (4),(B) by striking “the foreign base company services income, and the foreign base company oil related income” in paragraph (5) and inserting “and the foreign base company services income”, and(C) by striking paragraph (6).(3) Section 954 is amended by striking subsection (g).(c) Effective Date.—The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.