the case of any sale for the taxable year under subsection (a)— (1) this subchapter shall be applied separately with respect to all gains and losses from such sales, (2) losses shall be allowed only to the extent of gains, and (3) the tax imposed by this chapter for such taxable year shall not be less than the amount of such tax (determined without regard to this section) increased by an amount equal to the increase in such tax which would result solely from the inclusion of any net gain from all such sales. (c) Coordination with deduction No deduction shall be allowed under any other provision of this chapter by reason of any contribution to which subsection (a) applies. . (b) Clerical amendment The table of sections for subchapter P of such Code is amended by adding at the end the following new item: Sec. 1261. Treatment of contributions of property to private foundation. . (c) Effective date The amendments made by this section shall apply to contributions of property in taxable years beginning after December 31, 2019.