a period, and by striking subparagraph (C). (4) Conforming amendment Paragraph (3) of section 448(b) is amended to read as follows: (3) Entities satisfying gross receipts test Paragraphs (1) and (2) of subsection (a) shall not apply to any corporation or partnership for any taxable year if such entity meets the gross receipts test of subsection (c) for the taxable year. . (b) Application of modifications to farming corporations (1) In general Paragraph (1) of section 447(d) is amended to read as follows: (1) In general A corporation meets the requirements of this subsection for any taxable year with respect to its gross receipts if the corporation meets the gross receipts test of section 448(c) for the taxable year. . (2) Family corporations Paragraph (2) of section 447(d) is amended— (A) by striking subparagraph (A) and inserting the following: (A) In general In the case of a family corporation, in applying section 448(c) for purposes of paragraph (1)— (i) paragraph (1) of section 448(c) shall be applied by substituting the applicable family corporation limit for the applicable dollar limit, and (ii) the rules of subparagraph (B) shall apply in computing gross receipts. , (B) Clause (i) of section 447(d)(2)(B) is amended by striking the last sentence of paragraph (1) and inserting paragraph (2) of section 448(c) , and (C) by adding at the end the following new subparagraph: (D) Applicable family corporation limit (i) In general The applicable family corporation limit is $25,000,000. (ii) Adjustment for inflation In the case of any taxable year beginning after December 31, 2018, the $25,000,000 amount under clause (i) shall be increased by an amount equal to— (I) such dollar amount, multiplied by (II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting calendar year 2017 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount as increased under the preceding sentence is not a multiple of $1,000, such amount shall be