person shall not be treated as a transferor’s agent or transferee’s agent with respect to any transaction merely because such person performs 1 or more of the following acts: (i) The receipt and the disbursement of any portion of the consideration for the transaction. (ii) The recording of any document in connection with the transaction. . (C) Section 1446(f)(4) of such Code is amended— (i) by inserting or if any transferor’s agent or transferee’s agent fails to withhold any amount required to be withheld under paragraph (2)(D) (determined without regard to clause (ii) thereof), after withheld under paragraph (1), , and (ii) by striking the amount the transferee failed to withhold and inserting the amount the transferee, transferor’s agent, or transferee’s agent (as the case may be) so failed to withhold . (D) Section 1446(f) of such Code is amended by striking paragraph (5) and by redesignating paragraph (6) as paragraph (5). (3) Clerical amendment The table of sections for subchapter A of chapter 3 of such Code is amended by striking the item relating to section 1445. (c) Repeal of special reporting requirements with respect to united states real property interests (1) In general Subpart A of part III of subchapter A of chapter 61 of such Code is amended by striking section 6039C. (2) Conforming amendment Section 6652 of such Code is amended by striking subsection (f). (3) Clerical amendment The table of sections for subpart A of part III of subchapter A of chapter 61 of such Code is amended by striking the item relating to section 6039C. (d) Effective date (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to dispositions and distributions after the date of the enactment of this Act. (2) Reporting requirements (A) In general The amendments made by subsection (c) shall apply to calendar years beginning after the date of the enactment of this Act. (B) Transition rule In the case of the calendar year which includes the date of the enactment of this