the calendar year for which the return under subsection (a) is required to be made. (c) Regulatory authority The Secretary may prescribe such regulations and other guidance as necessary for purposes of carrying out this section, including regulations or other guidance to require reporting under this section by such other persons as necessary to carry out the purposes of section 72(e)(12). . (2) Penalties (A) Returns Section 6724(d)(1)(B), as amended by this Act, is amended by striking or at the end of clause (xxviii), by striking and at the end of clause (xxix) and inserting or , and by inserting after clause (xxix) the following new clause: (xxx) section 6050BB(a) (relating to returns of information with respect to private placement life insurance and annuity contracts), . (B) Statements Section 6724(d)(2), as so amended, is amended— (i) by striking or at the end of subparagraph (LL), (ii) by striking the period at the end of subparagraph (MM) and inserting , or , and (iii) by inserting after subparagraph (MM) the following new subparagraph: (NN) section 6050BB(b) (relating to statements of information with respect to private placement life insurance and annuity contracts). . (3) Clerical amendment The table of sections for subpart B of part III of subchapter A of chapter 61, as amended by this Act, is amended by inserting after the item relating to section 6050AA the following new item: Sec. 6050BB. Returns relating to amounts received under certain life insurance and annuity contracts. . (4) Effective date The amendments made by this subsection shall apply to taxable years beginning after December 31, 2023. D Repeal of special treatment for certain investments 231. Treatment of exclusion for certain small business stock (a) In general Section 1202(a) is amended 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