; continued management If— (1) there is nonrecognition of gain or loss to a taxpayer under this section with respect to a sale of property (determined without regard to this paragraph), and (2) the taxpayer ceases to fulfill any requirements of the rules adopted by the Federal Communications Commission under paragraph (2) or (4) of section 344(c) of the Communications Act of 1934 (as such rules are in effect on the date of such sale), there shall be no nonrecognition of gain or loss under this section to the taxpayer with respect to such sale, except that any gain or loss recognized by the taxpayer by reason of this subsection shall be taken into account as of the date on which the taxpayer so ceases to fulfill such requirements. (c) Basis For basis of property acquired on a sale treated as an involuntary conversion under subsection (a), see section 1033(b). . (B) Clerical amendment The table of parts for subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item related to part IV the following new part: Part V—Sale of interest in certain broadcast stations Section 1071. Nonrecognition of gain or loss from sale of interest in certain broadcast stations. . (3) Effective date The amendments made by this subsection shall apply with respect to sales of interests in broadcast stations after the date that is 1 year after the date of the enactment of this Act. (4) Sunset The amendments made by this subsection shall not apply with respect to sales of interests in broadcast stations after the date that is 16 years after the date of the enactment of this Act. (c) Incubator pilot program (1) In general Not later than 180 days after the date of the enactment of this Act, the Commission shall establish a program under which the Commission may grant a waiver of paragraph (a) or (b) of section 73.3555 of title 47, Code of Federal Regulations, to a licensee of a broadcast station to enable the licensee to acquire an interest that would otherwise be prohibited by such paragraph in a