by adding at the end the following new paragraph: (5) Special rules for applicable taxpayers (A) In general This subsection shall not apply to any gain from the sale or exchange of qualified small business stock by an applicable taxpayer (as defined in section 495). (B) Exception Subparagraph (A) shall not apply to any qualified small business stock acquired before November 30, 2023. . (b) Effective date The amendment made by this subsection shall apply to sales or exchanges on or after November 30, 2023. 232. Modifications for investments in qualified opportunity funds (a) Termination of election (1) In general Section 1400Z–2(a)(2)(B) is amended to read as follows: (B) except as provided in paragraph (3), with respect to any sale or exchange after the earlier of— (i) December 31, 2026, or (ii) in the case of an applicable taxpayer, the last day of the taxable year preceding the first taxable year for which the taxpayer is an applicable taxpayer. . (2) Special rules Section 1400Z–2(a) is amended by adding at the end the following new paragraph: (3) Special rules for applicable taxpayers and entities For purposes of paragraph (2)(B)— (A) Applicable entities No election may be made under paragraph (1) by an applicable entity with respect to any sale or exchange if a notice received by the entity under subsection (b)(2)(A) or (c)(2) of section 493 is in effect at the time of such sale or exchange. (B) Special rule for 2023 In the case of a taxpayer which would be an applicable taxpayer for its first taxable year beginning in 2023 (determined as if part IV of subchapter E applied to taxable years beginning in 2023), clause (ii) of paragraph (2)(B) shall be applied by substituting November 30, 2023 for the date otherwise specified in such clause. (C) Definitions For purposes of this paragraph and subsection (c), any term used in this paragraph which is also used in part IV of subchapter E shall have the same meaning as when used in such part. . (b) Modification of special rule for investments held 10 years Section