Page:United States Statutes at Large Volume 100 Part 3.djvu/1010

 100 STAT. 2818

PUBLIC LAW 99-514—OCT. 22, 1986

in a transaction entered into for profit though not connected with a trade or business", (2) by striking out subsection (b) and inserting in lieu thereof the following: "(b) Loss INCURRED IN A TRADE OR BUSINESS.—For purposes of subsection (a), any loss incurred by a commodities dealer in the trading of commodities shall be treated as a loss incurred in a trade or business.", (3) by striking out the heading for subsection (c) and inserting in lieu thereof the following: "(c) NET LOSS ALLOWED.—",

(4) by striking out subsection (f) and inserting in lieu thereof the following: "(f) COMMODITIES DEALER.—For purposes of this section, the term 'commodities dealer' means any taxpayer who— "(1) at any time before January 1, 1982, was an individual described in section 1402(i)(2)(B) of the Internal Revenue Code of 1954 (as added by this subtitle), or "(2) was a member of the family (within the meaning of section 704(e)(3) of such Code) of an individual described in paragraph (1) to the extent such member engaged in commodities trading through an organization the members of which consisted solely of— "(A) 1 or more individuals described in paragraph (1), and "(B) 1 or more members of the families (as so defined) of such individuals.", and (4) by striking out subsection (h) and inserting in lieu thereof the following: "(h) SYNDICATES.—For purposes of this section, any loss incurred by a person (other than a commodities dealer) with respect to an interest in a syndicate (within the meaning of section 1256(e)(3)(B) of the Internal Revenue Code of 1954) shall not be considered to be a loss incurred in a trade or business." SEC. 1809. AMENDMENTS RELATED TO DEPRECIATION PROVISIONS. (a) AMENDMENTS RELATED TO SECTION 111 OF THE ACT.— (1) 15-YEAR STRAIGHT LINE ELECTION FOR LOW-INCOME HOUS-

ING.—The table contained in subparagraph (A) of section 1680t))(3) (relating to election of different recovery percentage) is amended— (A) by striking out "and low-income housing" in the last ' item, and ^, (B) by adding at the end thereof the following new item: ,

"Low-income housing

15, 35, or 45 years."

(2) USE OF CONVENTIONS.— (A) MID-MONTH CONVENTION FOR I9-YEAR REAL PROPERTY.—

(i) Paragraph (2) of section 1680?) (relating to 19-year real property) is amended— (I) by striking out the last sentence of subpara.; -'• graph (A), and (II) by amending subparagraph (B) to read as K ,follows:

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