AMENDMENTS RELATED TO THE TAXPAYER RELIEF ACT OF 1997.

SEC. 414. AMENDMENTS RELATED TO THE TAXPAYER RELIEF ACT OF 1997. (a) Amendments Related to Section 311 of the Act.—Section 311(e) of the Taxpayer Relief Act of 1997 (Public Law 105-34; 111 Stat. 836) is amended— (1) in paragraph (2)(A), by striking “recognized” and inserting “included in gross income”, and (2) by adding at the end the following new paragraph: “(5) Disposition of interest in passive activity.—Section 469(g)(1)(A) of the Internal Revenue Code of 1986 shall not apply by reason of an election made under paragraph (1).”. (b) Effective Date.—The amendments made by this section shall take effect as if included in section 311 of the Taxpayer Relief Act of 1997.