Page:United States Statutes at Large Volume 100 Part 3.djvu/982

 100 STAT. 2790

PUBLIC LAW 99-514—OCT. 22, 1986 3

(C) Subparagraph (A) of section 7701(e)(4) is amended by adding at the end thereof the following new sentence: "For purposes of this paragraph, the term 'related entity' has the same meaning as when used in section 168(j)."

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(10) EFFECTIVE DATE PROVISIONS.—

(A) Subparagraph (B) of section 31(g)(3) of the Tax Reform Act of 1984 is amended by striking out "The amendments made by this section" and inserting in lieu thereof "Paragraph (9) of section 168(j) of the Internal Revenue Code of 1954 (as added by this section)". •>3s (g) Effective with respect to property placed in service by the taxpayer after July 18, 1984, clause (ii) of section 31(g)(15)(D) of the Tax Reform Act of 1984 (relating to ^ certain aircraft) is amended to read as follows: "(ii) such aircraft is originally placed in service by such foreign person or entity (or its successor in interest under the contract) after May 23, 1983, and before January 1, 1986." (C) Paragraph (4) of section 31(g) of the Tax Reform Act of 1984 is amended by adding at the end thereof the following new subparagraph: "(C) SPECIAL RULE FOR CREDIT UNIONS.—In the case of any property leased to a credit union pursuant to a written ,^ binding contract with an expiration date of December 31, 1984, which was entered into by such organization on August 23, 1984— 2 "(i) such credit union shall not be treated as an r agency or instrumentality of the United States; and "(ii) clause (ii) of subparagraph (A) shall be applied ,,.. by substituting 'January 1, 1987' for 'January 1, 1985'." (D)(i) Clause (ii) of section 31(g)(20)(B) of the Tax Reform Act of 1984 (defining substantial improvement) is amended by striking out subclauses (I) and (II) and inserting in lieu thereof the following: f77'5 "(I) by substituting 'property' for 'building' each place it appears therein, "(II) by substituting '20 percent' for '25 percent' ^a« • in clause (ii) thereof, and "(III) without regard to clause (iii) thereof." (ii) The amendment made by clause (i) shall not apply to any property if— (I) on or before March 28, 1985, the taxpayer (or a predecessor in interest under the contract) or the taxexempt entity entered into a written binding contract j'-^ to acquire, construct, or rehabilitate the property, or [ iHi* (II) the taxpayer or the tax-exempt entity began the construction, reconstruction, or rehabilitation of the property on or before March 28, 1985. (E) Paragraph (4) of section 31(g) of the Tax Reform Act of J3; • 1984 is amended by adding at the end thereof the following new subparagraphs: i.

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"(D) SPECIAL RULE FOR GREENVILLE AUDITORIUM BOARD.—

For purposes of this paragraph, significant official govern' mental action taken by the Greenville County Auditorium > •?. Board of Greenville, South Carolina, before May 23, 1983, shall be treated as significant official governmental action

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