respect to its stock. . (3) Effective date The amendments made by this subsection shall apply to transactions entered into after the date of the enactment of this Act. 4. Technical and conforming amendments (a) Repeal of certain other superceded rules for determining capital gains and losses (1) In general Part IV of subchapter P of chapter 1 is amended by striking sections 1233, 1234, 1234A, 1234B, 1236, 1256, 1258, 1259, and 1260 (and by striking the items relating to such sections in the table of sections for such part). (2) Conforming amendments related to repeal of section 1234 Section 6045(h)(2) is amended— (A) by striking (as defined in section 1234(b)(2)(A) , and (B) by adding at the end the following: For purposes of the preceding sentence, the term closing transaction means any termination of the taxpayer’s obligation under an option in property other than through the exercise or lapse of the option. . (3) Conforming amendments related to repeal of section 1236 (A) Section 475(d)(3)(A) is amended by striking or section 1236(b) . (B) Section 512(b)(5) is amended by striking section 1236(c) and inserting section 1058(c) . (C) Section 1058 is amended— (i) by striking (as defined in section 1236(c)) in subsection (a), and (ii) by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: (c) Securities For purposes of this section, the term security means any share of stock in any corporation, certificate of stock or interest in any corporation, note, bond, debenture, or evidence of indebtedness, or any evidence of an interest in or right to subscribe to or purchase any of the foregoing. . (4) Conforming amendments related to repeal of section 1256 (A) (i) Section 461(i)(3)(B) is amended to read as follows: (B) any partnership or other entity (other than a corporation which is not an S corporation) if more than 35 percent of the losses of such entity during the taxable year are allocable to limited partners or limited entrepreneurs (within the meaning