(F) the amount of the shareholder’s deduction under section 1369. . (2) Adjustment not taken into account in determining treatment of distributions Section 1368 is amended— (A) in subsection (d)(1), by inserting (other than subsection (a)(2)(F) thereof) after section 1367 , and (B) in subsection (e)(1)(A)— (i) by striking this title and the phrase and inserting this title, the phrase , and (ii) by inserting , and no adjustment shall be made under section 1367(a)(2)(F) after section 1367(a)(2) . (c) Clerical amendment The table of sections for part II of subchapter S of chapter 1 is amended by adding at the end the following new item: Sec. 1369. Amortization of built-in gain amount upon death of shareholder. . (d) Effective date The amendments made by this section shall apply to with respect to decedents dying after the date of the enactment of this Act, in taxable years ending after such date. 7. Extension of time for making S corporation elections (a) In general Subsection (b) of section 1362 is amended to read as follows: (b) When made (1) In general An election under subsection (a) may be made by a small business corporation for any taxable year not later than the due date for filing the return of the S corporation for such taxable year (including extensions). (2) Certain elections treated as made for next taxable year If— (A) an election under subsection (a) is made for any taxable year within the period described in paragraph (1), but (B) either— (i) on 1 or more days in such taxable year and before the day on which the election was made the corporation did not meet the requirements of subsection (b) of section 1361, or (ii) 1 or more of the persons who held stock in the corporation during such taxable year and before the election was made did not consent to the election, then such election shall be treated as made for the following taxable year. (3) Authority to treat late elections, etc., as timely If— (A) an election under subsection (a) is made for any taxable year after the date prescribed by this