EFFECTIVE DATE.

SEC. 11821. EFFECTIVE DATE. (a) General Rule.— Except as otherwise provided in this part, the amendments made by this part shall take effect on the date of the enactment of this Act. (b) Savings provision.— If— (1) any provision amended or repealed by this part applied (A) any transaction occurring before the date of the enactment of this Act, (B) any property acquired before such date of enactment, or (C) any item of income, loss, deduction, or credit taken into account before such date of enactment, and 104 STAT. 1388–559 (2) the treatment of such transaction, property, or item under such provision would (without regard to the amendments made by this part) affect liability for tax for periods ending after such date of enactment, nothing in the amendments made by this part shall be construed to affect the treatment of such transaction, property, or item for purposes of determining liability for tax for periods ending after such date of enactment.