N of chapter 1 is amended by adding at the end the following new item: Sec. 966. Transfers of intangible property to United States shareholders. . (c) Effective date The amendments made by this section shall apply to distributions made in taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end. 2 Other modifications of subpart F provisions 14211. Elimination of inclusion of foreign base company oil related income (a) Repeal Subsection (a) of section 954 is amended— (1) by inserting and at the end of paragraph (2), (2) by striking the comma at the end of paragraph (3) and inserting a period, and (3) by striking paragraph (5). (b) Conforming amendments (1) Section 952(c)(1)(B)(iii) is amended by striking subclause (I) and redesignating subclauses (II) through (V) as subclauses (I) through (IV), respectively. (2) Section 954(b) is amended— (A) by striking the second sentence of paragraph (4), (B) by striking the foreign base company services income, and the foreign base company oil related income in paragraph (5) and inserting and the foreign base company services income , and (C) by striking paragraph (6). (3) Section 954 is amended by striking subsection (g). (c) Effective date The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end. 14212. Inflation adjustment of de minimis exception for foreign base company income (a) In general Section 954(b)(3) is amended by adding at the end the following new subparagraph: (D) Inflation adjustment In the case of any taxable year beginning after 2017, the dollar amount in subparagraph (A)(ii) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar