otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2017. (2) Preservation of suspense account rules with respect to any existing suspense accounts So much of the amendments made by subsection (a)(5)(C) as relate to section 447(i) of the Internal Revenue Code of 1986 shall not apply with respect to any suspense account established under such section before the date of the enactment of this Act. (3) Exemption from percentage completion for long-term contracts The amendments made by subsection (d) shall apply to contracts entered into after December 31, 2017, in taxable years ending after such date. 3203. Small business exception from limitation on deduction of business interest (a) In general Section 163(j)(2), as amended by section 3301, is amended to read as follows: (2) Exemption for certain small businesses In the case of any taxpayer (other than a tax shelter prohibited from using the cash receipts and disbursements method of accounting under section 448(a)(3)) which meets the gross receipts test of section 448(c) for any taxable year, paragraph (1) shall not apply to such taxpayer for such taxable year. In the case of any taxpayer which is not a corporation or a partnership, the gross receipts test of section 448(c) shall be applied in the same manner as if such taxpayer were a corporation or partnership. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2017. 3204. Modification of treatment of S corporation conversions to C corporations (a) Adjustments attributable to conversion from S corporation to C corporation Section 481 is amended by adding at the end the following new subsection: (d) Adjustments attributable to conversion from S corporation to C corporation (1) In general In the case of an eligible terminated S corporation, any adjustment required by subsection (a)(2) which is attributable to such corporation’s revocation described in paragraph (2)(A)(ii)