or exchanges for which an application for a certificate under section 214 of the Communications Act of 1934 is filed after the date that is 5 years after the date of the enactment of this section. . (b) Conforming amendment Section 338(a) of such Code is amended by inserting (other than section 139J) after For purposes of this subtitle . (c) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting before the item relating to section 140 the following new item: Sec. 139J. Gain from sale of rural incumbent local exchange carrier stock. . (d) Effective date The amendments made by this section shall apply to sales or exchanges after the date of the enactment of this Act. 3. Recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock (a) In general Subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: XII Recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock Sec. 292. Recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock. 292. Recapture of exclusion of gain from sale of rural incumbent local exchange carrier stock (a) In general If a taxpayer acquired stock of a rural incumbent local exchange carrier in a sale or exchange described in section 139J and such carrier is not, for a qualified 1-year period with respect to such sale or exchange, a rural incumbent local exchange carrier, such taxpayer’s taxable income under this chapter for the taxable year in which such 1-year period ends shall be increased by product of 1/6 and any amount excluded from tax by any person with respect to such sale or exchange under such section. Such increase shall be treated as capital gain. (b) Rural incumbent local exchange carrier For purposes of this section, the term rural incumbent local exchange carrier means, with respect to a qualified 1-year period, a rural incumbent local exchange carrier (as defined in