Page:United States Statutes at Large Volume 100 Part 3.djvu/318

 100 STAT. 2126

PUBLIC LAW 99-514—OCT. 22, 1986

'4.1/-i

"(B) SPECIAL RULE FOR CERTAIN PROPERTY ASSIGNED TO CLASSES.—For purposes of paragraph (2), in the case of property described in any of the following subparagraphs of subsection (e)(3), the class life shall be determined as follows:

"If property is described .,,, •ji 4 in subparagraph: --*; <: (B)(ii) ....:. '^'*(B)(iii) dr;K.' (C)(i) (C)(ii) (D)(i) ' (D)(ii) (E) "(C) QUALIFIED TECHNOLOGICAL EQUIPMENT.—In
 * .c

The class life is: 5 9.5 10 15 24 24 50.

the case of any qualified technological equipment, the recovery period used for purposes of paragraph (2) shall be 5 years. "(D) AUTOMOBILES, ETC—In the case of any automobile or light general purpose truck, the recovery period used for purposes of paragraph (2) shall be 5 years. "(E) CERTAIN REAL PROPERTY.—In the case of any section 1245 property which is real property with no class life, the recovery period used for purposes of paragraph (2) shall be 40 years.

"(4) PROPERTY USED PREDOMINANTLY OUTSIDE THE UNITED

STATES.—For purposes of this subsection, rules similar to the rules under section 48(a)(2) (including the exceptions contained in subparagraph (B) thereof) shall apply in determining whether property is used predominantly outside the United States. In addition to the exceptions contained in such subparagraph (B), there shall be excepted any satellite or other spacecraft (or any interest therein) held by a United States person if such satellite or spacecraft was launched from within the United States.

^ a

"(5) TAX-EXEMPT BOND FINANCED PROPERTY.—For purposes of

, this subsection— ^' "(A) IN GENERAL.—Except as otherwise provided in this paragraph, the term 'tax-exempt bond, financed property' ^' ^•' means any property to the extent such property is financed " (directly or indirectly) by an obligation the interest on which is exempt from tax under section 103(a). '' •

'^' ' • '' » • >

'

"(B) ALLOCATION OF BOND PROCEEDS.—For purposes of

subparagraph (A), the proceeds of any obligation shall be treated as used to finance property acquired in connection with the issuance of such obligation in the order in which such property is placed in service. "(C) QUALIFIED RESIDENTIAL RENTAL PROJECTS.—The term 'tax-exempt bond financed property' shall not include any qualified residential rental project (within the meaning of section 142(a)(7)). "(6) IMPORTED PROPERTY.— "(A) COUNTRIES MAINTAINING TRADE RESTRICTIONS OR ENGAGING IN DISCRIMINATORY ACTS.—If the President deter-

mines that a foreign country— .^ r,\ "(i) maintains nontariff trade restrictions, including Mf • variable import fees, which substantially burden •',/<; United States commerce in a manner inconsistent with provisions of trade agreements, or

�