of this section, the term excludable portion has the meaning given such term by section 959(g)(3)(B). . (B) Clerical amendment The table of sections for part I of subchapter P of chapter 1 is amended by adding at the end the following new item: Sec. 1213. Losses from sales or exchanges of stock in controlled foreign corporations. . (d) Repeal of ordinary income treatment for gains from the sale of stock in certain foreign corporations (1) In general Part IV of subchapter P of chapter 1 is amended by striking section 1248. (2) Conforming amendments (A) Section 245(a) is amended by striking paragraph (11). (B) Section 338(h) is amended— (i) in paragraph (6)(B)(ii), by striking or described in section 1248(e) , and (ii) in paragraph (16), by striking the second sentence. (C) Section 751 is amended— (i) in subsection (c), by striking stock in certain foreign corporations (as described in section 1248), , and (ii) by striking subsection (e) and redesignating subsection (f) as subsection (e). (D) Section 865(k) is amended to read as follows: (k) Cross reference For sourcing of income from certain foreign currency transactions, see section 988. . (E) Section 904(h)(7) is amended by striking or as a dividend under section 1248 . (F) Section 951(a)(2) is amended by striking the last sentence thereof. (G) Section 964 is amended by striking subsection (e). (H) Section 989(b) is amended by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively. (e) Coordination with amounts included in gross income of United States shareholders (1) In general Paragraph (1) of section 951(a) is amended by striking such taxable year of the corporation ends— and all that follows through the end period and inserting: such taxable year of the corporation ends, the shareholder's pro rata share (determined under paragraph (2)) of the corporation's subpart F income for such taxable year. . (2) Conforming amendments (A) Section 951(a) is amended— (i) by striking paragraph (1)(A)(i) in paragraph (2)