Page:United States Statutes at Large Volume 100 Part 3.djvu/399

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2207

(I) which is allocated any housing credit dollar amount by a housing credit agency described in clause (iii) of subparagraph (B), and (II) which is placed in service after June 30, 1986, and before January 1, 1987, shall be treated for purposes of the amendments made by this section as placed in service on January 1, 1987. (ii) Section 42(c)(2)(B) of the Internal Revenue Code of 1986 shall not apply to any building which is allocated any housing credit dollar amount by any agency described in subparagraph (B).

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(E) ALL UNITS TREATED AS LOW INCOME UNITS IN CERTAIN

CASES.—In the case of any building— (i) which is allocated any housing credit dollar amount by any agency described in subparagraph (B), and (ii) which after the application of subparagraph (D)(ii) is a qualified low-income building at all times during any taxable year, such building shall be treated as described in section 42(b)(1)(B) of such Code and having an applicable fraction for such year of 1. (3) CERTAIN PROJECTS PLACED IN SERVICE BEFORE 1987.—

(A) IN GENERAL.—In the case of a building which is part of a project described in subparagraph (B)— (i) section 42(c)(2)(B) of such Code shall not apply, (ii) such building shall be treated as placed in service during the first calendar year after 1986 and before 1990 in which such building is a qualified low-income building (determined after the application of clause (i)), and (iii) for purposes of section 42(h) of such Code, such building shall be treated as having allocated to it a housing credit dollar amount equal to the dollar amount appearing in the clause of subparagraph (B) in which such building is described. (B) PROJECT DESCRIBED.—A project is described in this subparagraph if the code number assigned to such project by the Farmers' Home Administration appears in the following table: '••'

The code number is: (i) 49284553664 (ii) 4927742022446 (iii) 49270742276087 (iv) 490270742387293 (V) 4927074218234 (vi) 49270742274019 (vii) 5146074234.5074

The housing credit dollar amount is: $16,000 $22,000 $64,000 $48,000 $32,000 $36,000 $53,000.

(C) DETERMINATION OF ADJUSTED BASIS.—The adjusted

basis of any building to which this paragraph applies for purposes of section 42 of such Code shall be its adjusted basis as of the close of the taxable year ending before the first taxable year of the credit period for such building (D) CERTAIN RULES TO APPLY.—Rules similar to the rules of subparagraph (E) of paragraph (2) shall apply for purposes of this paragraph.

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