shall be determined under the rules of section 954(d)(3). (E) Sold For purposes of this subsection, the terms sold , sells , and sale shall include any lease, license, exchange, or other disposition. (c) Regulations The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the provisions of this section. . (b) Conforming amendments (1) Section 172(d), as amended by section 13011, is amended by adding at the end the following new paragraph: (10) Deduction for foreign-derived intangible income The deduction under section 250 shall not be allowed. . (2) Section 246(b)(1) is amended— (A) by striking and subsection (a) and (b) of section 245 the first place it appears and inserting , subsection (a) and (b) of section 245, and section 250 , (B) by striking and subsection (a) and (b) of section 245 the second place it appears and inserting subsection (a) and (b) of section 245, and 250 . (3) Section 469(i)(3)(F)(iii) is amended by striking and 222 and inserting 222, and 250 . (4) The table of sections for part VIII of subchapter B of chapter 1 is amended by adding at the end the following new item: Sec. 250. Foreign-derived intangible income and global intangible low-taxed income. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 14203. Special rules for transfers of intangible property from controlled foreign corporations to United States shareholders (a) In general Subpart F of part III of subchapter N of chapter 1 is amended by adding at the end the following new section: 966. Transfers of intangible property to United States shareholders (a) In general In the case of any distribution of intangible property which is held by a controlled foreign corporation on the date of enactment of this section and which is described in subsection (b)— (1) for purposes of part I of subchapter C and any other provision of this title specified by the Secretary, the fair market value of such property on the