(j) Reporting Except as otherwise provided by the Secretary, for purposes of section 6037, the amounts determined under subsections (b)(2), (e)(1), and (f)(2) shall be treated as items of the corporation and the pro rata share determined under such subsection shall be furnished to the shareholder under section 6037(b). . (b) Adjustment to basis of stock (1) In general Section 1367(a)(2) is amended by striking and at the end of subparagraph (D), by striking the period at the end of subparagraph (E) and inserting , and , and by inserting after subparagraph (E) the following new subparagraph: (F) the amount of the shareholder’s deduction allowable 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 with respect to decedents dying after the date of the enactment of this Act, in taxable years ending after such date. 5. Revocations of S corporation elections (a) Revocations Paragraph (1) of section 1362(d) is amended— (1) by striking subparagraph (D) in subparagraph (C) and inserting subparagraphs (D) and (E) , and (2) by adding at the end the following new subparagraph: (E) Authority to treat late revocations as timely If— (i) a revocation under subparagraph (A) is made for any taxable year after the date prescribed by this paragraph for making such revocation for such taxable year or no such revocation is made for any taxable year, and (ii)