; and (2) by striking subsection (j) and redesignating subsection (k) as subsection (j). (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 4. Repeal of reporting of activities with respect to passive foreign investment companies (a) In general Section 1298 of the Internal Revenue Code of 1986 is amended by striking subsection (f) and by redesignating subsection (g) as subsection (f). (b) Conforming amendment Section 1291(e) of such Code is amended by striking and (d) and inserting , (d), and (f) . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act. 5. Repeal of reporting requirement for United States owners of foreign trusts (a) In general Paragraph (1) of section 6048(b) is amended by striking shall submit such information as the Secretary may prescribe with respect to such trust for such year and . (b) Effective date The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. 6. Repeal of minimum penalty with respect to failure to report on certain foreign trusts (a) In general Section 6677(a) of the Internal Revenue Code of 1986 is amended— (1) by striking the greater of $10,000 or ; and (2) by striking the last sentence and inserting the following: In no event shall the penalty under this subsection with respect to any failure exceed the gross reportable amount. . (b) Effective date The amendments made by this section shall apply to notices and returns required to be filed after the date of the enactment of this Act.