Page:United States Statutes at Large Volume 100 Part 3.djvu/326

 100 STAT. 2134

PUBLIC LAW 99-514—OCT. 22, 1986 "(i) shall monitor and analyze actual experience with respect to all depreciable assets, and "(ii) except in the case of residential rental property or nonresidential real property— "(I) may prescribe a new class life for any property, (II) in the case of assigned property, may modify any assigned item, or "(III) may prescribe a class life for any property which does not have a class life within the meaning of subparagraph (A). Any class life or assigned item prescribed or modified under the preceding sentence shall reasonably reflect the anticipated useful life, and the anticipated decline in value over time, of the property to the industry or other group. "(C) EFFECT OF MODIFICATION.—Any class life or assigned item with respect to any property prescribed or modified under subparagraph (B) shall be used in classifying such property under subsection (e) and in applying subsection (g). "(D) No MODIFICATION OF ASSIGNED PROPERTY BEFORE JANUARY 1, 1992.—

"(i) IN GENERAL.—Except as otherwise provided in this subparagraph, the Secretary may not modify an assigned item under subparagraph (B)(ii)(II) for any assigned property which is placed in service before January 1, 1992. "(ii) EXCEPTION FOR SHORTER CLASS LIFE.—In the case of assigned property which is placed in service before January 1, 1992, and for which the assigned item reflects a class life which is shorter than the class life under subparagraph (A), the Secretary may modify such assigned item under subparagraph (B)(ii)(II) if such modification results in an item which reflects a shorter class life than such assigned item. "(E) ASSIGNED PROPERTY AND ITEM.—For purposes of this paragraph— "(i) ASSIGNED PROPERTY.—The term 'assigned property' means property for which a class life, classification, or recovery period is assigned under subsection (e)(3) or subparagraph (B), (C), or (D) of subsection (g)(3). "(ii) ASSIGNED ITEM.—The term 'assigned item' means the class life, classification, or recovery period assigned under subsection (e)(3) or subparagraph (B), (C), or (D) of subsection (g)(3). "(2) QUALIFIED TECHNOLOGICAL EQUIPMENT.—

equipment' means— "(i) any computer or peripheral equipment, "(ii) any high technology telephone station equipment installed on the customer's premises, and "(iii) any high technology medical equipment. "(B) COMPUTER OR PERIPHERAL EQUIPMENT DEFINED.—For
 * (A) IN GENERAL.—The term 'qualified technological

purposes of this paragraph— "(i) IN GENERAL.—The term 'computer or peripheral equipment' means— "(I) any computer, and "(II) any related peripheral equipment.

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