Page:United States Statutes at Large Volume 101 Part 2.djvu/1180

 101 STAT. 1330-386

PUBLIC LAW 100-203—DEC. 22, 1987

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"(iii) PRE-OCTOBER I 3, I 9 8 7, INDEBTEDNESS.—The term 'pre-October 13, 1987, indebtedness' means— jp^..-,. "(I) any indebtedness which was incurred on or - » t,:i J before October 13, 1987, and which was secured by , a qualified residence on October 13, 1987, and at all '^ times thereafter before the interest is paid or ,... ,, accrued, or ' ' "(ID any indebtedness which is secured by the qualified residence and was incurred after Octo;" .^.r ber 13, 1987, to refinance indebtedness described in " subclause (I) (or refinanced indebtedness meeting the requirements of this subclause) to the extent (immediately after the refinancing) the principal ..-.<(..».., amount of the indebtedness resulting from the refinancing does not exceed the principal amount ^^ of the refinanced indebtedness (immediately before the refinancing). "(iv)

LIMITATION

ON PERIOD

OF REFINANCING.—

Subclause (II) of clause (iii) shall not apply to any indebtedness after— "(I) the expiration of the term of the indebtedness described in clause (iiiXD, or "(II) if the principal of the indebtedness described in clause (iiiXD is not amortized over its term, the expiration of the term of the 1st refinancing of such indebtedness (or if earlier, the date which is 30 years after the date of such 1st refinancing)."

, ^j, .,iy- ,^,,

(b) CONFORMING AMENDMENTS.—Subsection (h) of section 163 is

26 USC 163 note. 26 USC 219 note.

amended by striking out paragraph (4) and by redesignating paragraph (5) as paragraph (4). (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1987. SEC. 10103. CLARIFICATION OF TREATMENT OF FEDERAL JUDGES.

(a) GENERAL RULE.—A Federal judge— (1) shall be treated as an active participant for purposes of section 219(g) of the Internal Revenue Code of 1986, and

(2) shall be treated as an employee for purposes of chapter 1 of such Code. (b) EFFECTIVE DATE.—The provisions of subsection (a) shall apply to taxable years beginning after December 31, 1987. SEC. 10104. TREATMENT OF REGULATED UNDER 2.PERCENT FLOOR. 26 USC 67 note.

INVESTMENT

COMPANIES

(a) 1 - Y E A R D E L A Y IN TREATMENT OF PUBLICLY OFFERED REGULATED INVESTMENT COMPANIES UNDER 2-PERCENT FLOOR.— (1) GENERAL RULE.—Section 67(c) of the Internal Revenue

' Code of 1986 to the extent it relates to indirect deductions through a publicly offered regulated investment company shall '' apply only to taxable years beginning after December 31, 1987. (2)

PUBLICLY

OFFERED

REGULATED

INVESTMENT COMPANY

-'^DEFINED.—For purposes of this subsection— (A) IN GENERAL.—The term "publicly offered regulated investment company" means a regulated investment company the shares of which are—

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