shall not include any amount which (but for this section) would be includible in gross income by reason of the discharge (in whole or in part) of indebtedness of a natural person described in subsection (b) by an applicable entity (as defined in section 6050P(c)(1) of such Code). (b) Persons described A natural person is described in this subsection if the principal place of abode of such person on the applicable disaster date, was located— (1) in the core disaster area, or (2) in the Louisiana storm and flood disaster area (but outside the core disaster area) and such person suffered economic loss by reason of the severe storms and flooding giving rise to the Presidential declaration described in section 2(1). (c) Exceptions (1) Business indebtedness Subsection (a) shall not apply to any indebtedness incurred in connection with a trade or business. (2) Real property outside core disaster area Subsection (a) shall not apply to any discharge of indebtedness to the extent that real property constituting security for such indebtedness is located outside of the Louisiana storm and flood disaster area. (d) Denial of double benefit For purposes of the Internal Revenue Code of 1986, the amount excluded from gross income under subsection (a) shall be treated in the same manner as an amount excluded under section 108(a) of such Code. (e) Effective date This section shall apply to discharges made on or after the applicable disaster date, and before January 1, 2018. 402. Suspension of certain limitations on personal casualty losses Paragraphs (1) and (2)(A) of section 165(h) of the Internal Revenue Code of 1986 shall not apply to losses described in section 165(c)(3) of such Code which arise in the Louisiana storm and flood disaster area on or after the applicable disaster date, and which are attributable to the severe storms and flooding giving rise to the Presidential declaration described in section 2(1). In the case of any other losses, section 165(h)(2)(A) of such Code shall be applied without regard to the losses