in paragraphs (4) and (6) of section 702(a). (B) Exception In the case of a charitable contribution of property whose fair market value exceeds its adjusted basis, subparagraph (A) shall not apply to the extent of the partner’s distributive share of such excess. . (b) Effective date The amendments made by this section shall apply to partnership taxable years beginning after December 31, 2017. B Insurance reforms 13511. Net operating losses of life insurance companies (a) In general Section 805(b) is amended by striking paragraph (4) and by redesignating paragraph (5) as paragraph (4). (b) Conforming amendments (1) Part I of subchapter L of chapter 1 is amended by striking section 810 (and by striking the item relating to such section in the table of sections for such part). (2) (A) Part III of subchapter L of chapter 1 is amended by striking section 844 (and by striking the item relating to such section in the table of sections for such part). (B) Section 831(b)(3) is amended by striking except as provided in section 844, (3) Section 381 is amended by striking subsection (d). (4) Section 805(a)(4)(B)(ii) is amended to read as follows: (ii) the deduction allowed under section 172, . (5) Section 805(a) is amended by striking paragraph (5). (6) Section 805(b)(2)(A)(iv) is amended to read as follows: (iv) any net operating loss carryback to the taxable year under section 172, and . (7) Section 953(b)(1)(B) is amended to read as follows: (B) So much of section 805(a)(8) as relates to the deduction allowed under section 172. . (8) Section 1351(i)(3) is amended by striking or the operations loss deduction under section 810, . (c) Effective date The amendments made by this section shall apply to losses arising in taxable years beginning after December 31, 2017. 13512. Repeal of small life insurance company deduction (a) In general Part I of subchapter L of chapter 1 is amended by striking section 806 (and by striking the item relating to such section in the table of sections for such part). (b) Conforming amendments (1)