CONFORMING FOREIGN CURRENCY REVISIONS.

SEC. 3033. CONFORMING FOREIGN CURRENCY REVISIONS.(a) Net Income From Foreclosure Property.—Clause (i) of section 857(b)(4)(B) is amended to read as follows:“(i) gain (including any foreign currency gain, as defined in section 988(b)(1)) from the sale or other disposition of foreclosure property described in section 1221(a)(1) and the gross income for the taxable year derived from foreclosure property (as defined in section 856(e)), but only to the extent such gross income is not described in (or, in the case of foreign currency gain, not attributable to gross income described in) section 856(c)(3) other than subparagraph (F) thereof, over”.(b) Net Income From Prohibited Transactions.—Clause (i) of section 857(b)(6)(B) is amended to read as follows:“(i) the term ‘net income derived from prohibited transactions’ means the excess of the gain (including any foreign currency gain, as defined in section 988(b)(1)) from prohibited transactions over the deductions (including any foreign currency loss, as defined in section 988(b)(2)) allowed by this chapter which are directly connected with prohibited transactions;”.