; (B) by striking 1298(f) ; and (C) by striking 6038D, . (c) Clerical amendment The table of sections for subpart A of part III of subchapter A of chapter 61 of such Code is amended by striking the item related to section 6038D. (d) Effective date (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. (2) Returns The amendments made by subsection (b) shall apply to returns filed after the date of the enactment of this Act. 3. Repeal of penalties for underpayments attributable to undisclosed foreign financial assets (a) In general Section 6662 of the Internal Revenue Code of 1986 is amended— (1) in subsection (b), by striking paragraph (7) and redesignating paragraph (8) as paragraph (7)