Page:United States Statutes at Large Volume 101 Part 1.djvu/288

 101 STAT. 258

PUBLIC LAW 100-17—APR. 2, 1987

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"(D) hereafter authorized by a law which does not authorize the expenditure out of the Highway Trust Fund of any amount for a general purpose not covered by subparagraph (A), (B), or (C) as in effect on the date of the enactment of the Surface Transportation and Uniform Relocation Assistance Act of 1987.'

(c) CONFORMING AMENDMENTS TO LAND AND WATER CONSERVATION

FUND.—Subsection (b) of section 201 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 4601-11) is amended— (1) by striking out "1988" and inserting in lieu thereof "1993", and (2) by striking out "1989" each place it appears and inserting in lieu thereof "1994". J,Y7^

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26 USC 9503.

SEC. 504. CERTAIN TRANSFERS FROM HIGHWAY TRUST FUND TO BE MADE PROPORTIONATELY FROM MASS TRANSIT ACCOUNT.

Subsection (e) of section 9503 of the Internal Revenue Code of 1986 (relating to establishment of Mass Transit Account) is amended by adding at the end thereof the following new paragraph: "(5) PORTION ACCOUNT.—

26 USC 6427.

OF CERTAIN TRANSFERS TO BE MADE FROM

"(A) IN GENERAL.—Transfers under paragraphs (2), (3), f., and (4) of subsection (c) shall be borne by the Highway

Account and the Mass Transit Account in proportion to the respective revenues transferred under this section to the Highway Account (after the application of paragraph (2)) s • and the Mass Transit Account; except that any such transJ' fers to the extent attributable to section 6427(g) shall be borne only by the Highway Account. "(B) HIGHWAY ACCOUNT.—For purposes of subparagraph !«};/r; i (A), the term 'Highway Account' means the portion of the Highway Trust Fund which is not the Mass Transit Account." SEC. 505. TREATMENT OF LONG-TERM LESSORS OF HEAVY TRUCKS AND TRAILERS. (a) INITIAL TAX NOT IMPOSED ON SALE TO LONG-TERM LESSORS.—

26 USC 4052.

Paragraph (1) of section 4052(a) of the Internal Revenue Code of 1986 (defining first retail sale) is amended by striking out "other than for resale" and inserting in lieu thereof "other than for resale or leasing in a long-term lease". Ob) CONSTRUCTIVE SALES PRICE IN THE CASE OF LONG-TERM

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LEASE.—Subsection O> of section 4052 of such Code (defining price) is t) amended by adding at the end thereof the following new paragraph: "(3) LONG-TERM LEASE.—

"(A) IN GENERAL.—In the case of any long-term lease of an article which is treated as the first retail sale of such .;..':•;• article, the tax under this subchapter shall be computed on a price equal to— "(i) the sum of— }^ "(I) the price (determined under this subchapter • but without regard to paragraph (4)) at which such . nf article was sold to the lessor, and "(II) the cost of any parts and accessories >» '^ >, installed by the lessor on such article before the -5... •.'. • ir: first use by the lessee or leased in connection with such long-term lease, plus

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