relating to certain life insurance contract transactions. . (c) Conforming amendments (1) Subsection (d) of section 6724 is amended— (A) by striking or at the end of clause (xxiv) of paragraph (1)(B), by striking and at the end of clause (xxv) of such paragraph and inserting or , and by inserting after such clause (xxv) the following new clause: (xxvi) section 6050Y (relating to returns relating to certain life insurance contract transactions), and , and (B) by striking or at the end of subparagraph (HH) of paragraph (2), by striking the period at the end of subparagraph (II) of such paragraph and inserting , or , and by inserting after such subparagraph (II) the following new subparagraph: (JJ) subsection (a)(2), (b)(2), or (c)(2) of section 6050Y (relating to returns relating to certain life insurance contract transactions). . (2) Section 6047 is amended— (A) by redesignating subsection (g) as subsection (h), (B) by inserting after subsection (f) the following new subsection: (g) Information relating to life insurance contract transactions This section shall not apply to any information which is required to be reported under section 6050Y. , and (C) by adding at the end of subsection (h), as so redesignated, the following new paragraph: (4) For provisions requiring reporting of information relating to certain life insurance contract transactions, see section 6050Y. . (d) Effective date The amendments made by this section shall apply to— (1) reportable policy sales (as defined in section 6050Y(d)(2) of the Internal Revenue Code of 1986 (as added by subsection (a)) after December 31, 2017, and (2) reportable death benefits (as defined in section 6050Y(d)(4) of such Code (as added by subsection (a)) paid after December 31, 2017. 13519. Clarification of tax basis of life insurance contracts (a) Clarification with respect to adjustments Paragraph (1) of section 1016(a) is amended by striking subparagraph (A) and all that follows and inserting the following: (A) for— (i) taxes or other carrying charges described in