by striking clause (iii) and redesignating clauses (iv) through (vii) as clauses (iii) through (vi). (iii) Section 50(a)(2)(E), as amended by this Act, is amended by striking 48B(b)(3), . (C) Clerical amendment The table of sections for subpart E of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 48B. (D) Effective date The amendments made by this paragraph shall apply to taxable years beginning after the date of the enactment of this Act. (12) Reinstatement of treatment of foreign base company oil related income as foreign base company income (A) In general Section 954(a) is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and , and by adding at the end the following new paragraph: (4) the foreign base company oil related income for the taxable year (determined under subsection (g) and reduced as provided in subsection (b)(5)). . (B) Foreign base company oil related income Section 954 is amended by inserting before subsection (h) the following new subsection: (g) Foreign base company oil related income For purposes of this section— (1) In general Except as otherwise provided in this subsection, the term foreign base company oil related income means foreign oil related income (within the meaning of paragraphs (2) and (3) of section 907(c)) other than income derived from a source within a foreign country in connection with— (A) oil or gas which was extracted from an oil or gas well located in such foreign country, or (B) oil, gas, or a primary product of oil or gas which is sold by the foreign corporation or a related person for use or consumption within such country or is loaded in such country on a vessel or aircraft as fuel for such vessel or aircraft. Such term shall not include any foreign personal holding company income (as defined in subsection (c)). (2) Paragraph (1) applies only where corporation has produced 1,000 barrels per day or more (A) In general The term foreign base company oil related