for the taxable year (or would be but for section 7706(e)), . (92) Section 7706(a), as redesignated by this section, is amended by striking this subtitle and inserting this title . (93) (A) Section 7706(d)(1)(B), as redesignated by this section, is amended by striking the exemption amount (as defined in section 151(d)) and inserting $4,150 . (B) Section 7706(d), as redesignated by this section, is amended by adding at the end the following new paragraph: (6) Inflation adjustment The $4,150 amount in paragraph (1)(B) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins, determined by substituting calendar year 2017 for calendar year 2016 in subparagraph (A)(ii) thereof. If any increase determined under the preceding sentence is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (94) Section 7706(e)(3), as redesignated by this section, is amended by inserting (as in effect before its repeal) after section 151 . (95) Section 7706(f)(6)(B), as redesignated by this section, is amended by striking clause (i) and designating clauses (ii), (iii), and (iv) as clauses (i), (ii), and (iii), respectively. (96) The table of parts for subchapter B of chapter 1 is amended by striking the item relating to part V. (97) The table of sections for chapter 79 is amended by adding at the end the following new item: Sec. 7706. Dependent defined. . (g) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 142. Limitation on deduction for State and local, etc., taxes (a) In general Section 164(b)(6) is amended by striking all that precedes The preceding sentence and inserting the following: (6) Limitation on individual deductions In the case of an individual— (A) no deduction shall be allowed under this chapter for foreign real property taxes paid or accrued during the