Page:United States Statutes at Large Volume 100 Part 3.djvu/477

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2285

(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to sales after the date of the enactment of this Act, in taxable years ending after such date. (2) TRADITIONAL RULE FOR BINDING CONTRACTS.—The amendments made by this section shall not apply to sales made after August 14, 1986, which are made pursuant to a binding contract in effect on August 14, 1986, and at all times thereafter. SEC. 643. TREATMENT OF AMORTIZABLE BOND PREMIUM AS INTEREST.

(a) IN GENERAL.—Section 171 (relating to amortizable bond premium) is amended by redesignating subsection (e) as (f) and by inserting after subsection (d) the following new subsection: "(e) TREATMENT AS INTEREST.—Except as provided in regulations, the amount of any amortizable bond premium with respect to which a deduction is allowed under subsection (a)(1) for any taxable year shall be treated as interest for purposes of this title." (b) EFFECTIVE DATE.—

(1) IN GENERAL.—The amendment made by subsection (a) shall apply to obligations acquired after the date of the enactment of this Act, in taxable years ending after such date. (2) REVOCATION OF ELECTION.—In the case of a taxpayer with respect to whom an election is in effect on the date of enactment of this Act under section 171(c) of the Internal Revenue Code of 1986, such election shall apply to obligations issued after the date of the enactment of this Act only if the taxpayer chooses (at such time and in such manner as may be prescribed by the Secretary of the Treasury or his delegate) to have such election apply with respect to such obligations. SEC. 644. PROVISIONS RELATING TO COOPERATIVE HOUSING CORPORATIONS. (a) TENANT-STOCKHOLDER MAY INCLUDE PERSON OTHER THAN INDIVIDUAL.—

(1) IN GENERAL.—Section 216(b)(2) (defining tenant-stockholder) is amended— (A) by striking out "an individual" and inserting in lieu thereof "a person", and (B) by striking out "such individual" and inserting in lieu thereof "such person". (2) PRIOR APPROVAL OF OCCUPANCY.—Paragraphs (5) and (6) of

section 216(b) are amended to read as follows: "(5) PRIOR APPROVAL OF OCCUPANCY.—For purposes of this section, in the following cases there shall not be taken into account the fact that (by agreement with the cooperative housing corporation) the person or his nominee may not occupy the house or apartment without the prior approval of such corporation: "(A) In any case where a person acquires stock of a cooperative housing corporation by operation of law. "(B) In any case where a person other than an individual acquires stock of a cooperative housing corporation. "(C) In any case where the original seller acquires any stock of the cooperative housing corporation from the corporation not later than 1 year after the date on which the apartments or houses (or leaseholds therein) are transferred by the original seller to the corporation.

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