net operating loss means any net operating loss arising in a taxable year beginning after December 31, 2017. . (e) Effective date (1) Carryforwards and carrybacks The amendments made by subsections (a) and (b) shall apply to net operating losses arising in taxable years beginning after December 31, 2017. (2) Net operating loss limited to 90 percent of taxable income The amendments made by subsection (c) shall apply to taxable years beginning after December 31, 2017. (3) Annual increase in carryover amounts The amendments made by subsection (d) shall apply to amounts carried to taxable years beginning after December 31, 2017. (4) Special rule for net disaster losses Notwithstanding paragraph (1), the amendments made by subsection (b) shall not apply to the portion of the net operating loss for any taxable year which is a net disaster loss to which section 504(b) of the Disaster Tax Relief and Airport and Airway Extension Act of 2017 applies. 3303. Like-kind exchanges of real property (a) In general Section 1031(a)(1) is amended by striking property each place it appears and inserting real property . (b) Conforming amendments (1) Paragraph (2) of section 1031(a) is amended to read as follows: (2) Exception for real property held for sale This subsection shall not apply to any exchange of real property held primarily for sale. . (2) Section 1031 is amended by striking subsections (e) and (i). (3) Section 1031 , as amended by paragraph (2), is amended by inserting after subsection (d) the following new subsection: (e) Application to certain partnerships For purposes of this section, an interest in a partnership which has in effect a valid election under section 761(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership. . (4) Section 1031(h) is amended to read as follows: (h) Special rules for foreign real property Real property located in the United States and real property located outside the