In the case of an affiliated group of corporations filing or required to file a consolidated return under section
1501 for any taxable year, there shall be excluded from consolidated personal holding company income and consolidated adjusted ordinary gross income for purposes of this part dividends received by a member of the affiliated group from a life insurance company taxable under section
801 that is not a member of the affiliated group solely by reason of the application of paragraph (2) of subsection (b) of section
1504.