Page:United States Statutes at Large Volume 102 Part 4.djvu/386

 102 STAT. 3356

PUBLIC LAW 100-647—NOV. 10, 1988 (C) by striking out "168(£X3XB)" and inserting in lieu thereof "168(f)(3)(B) (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986)", and (D) by striking out "RECOVERY PROPERTY" in the paragraph heading and inserting in lieu thereof "PROPERTY TO WHICH SECTION 168 APPLIES".

(18) Paragraph (1) of section 47(d) of the 1986 Code is amended by striking out "section 48(c)(8)(C)" and inserting in lieu thereof "section 46(c)(8)(C)". (19) Paragraph (1) of section 179(d) of the 1986 Code is amended by striking out "recovery property" and inserting in lieu thereof "tangible property (to which section 168 applies)". (20) Section 48 of the 1986 Code is amended by redesignating the subsection (s) relating to cross references as subsection (t). (21) Clause (v) of section 168(e)(3)(B) of the 1986 Code is amended by striking out "any property" and inserting in lieu thereof "any section 1245 property". (22) The last sentence of section 167(1)(3)(G) of the 1986 Code is amended by striking out "section 168(e)(3)(C)" and inserting in lieu thereof "section 168(i)(9)(B)". (23)(A) Subparagraph (B) of section 168(d)(3) of the 1986 Code is amended to read as follows: "(B) CERTAIN PROPERTY NOT TAKEN INTO ACCOUNT.—For

26 USC 168 note.

purposes of subparagraph (A), there shall not be taken into account— "(i) any nonresidential real property and residential rental property, and "(ii) any other property placed in service and disposed of during the same taxable year." (B) Clause (ii) of section 168(d)(3)(B) of the 1986 Code (as added by subparagraph (A)) shall apply to taxable years beginning after March 31, 1988, unless the taxpayer elects, at such time and in such manner as the Secretary of the Treasury or his delegate may prescribe, to have such clause apply to taxable years beginning on or before such date. (24) Subsection (a) of section 167 of the 1986 Code is amended by striking out the last sentence. (25) Subparagraph (B) of section 46(d)(l) of the 1986 Code is amended— (A) by striking out "recovery property (within the meaning of section 168)" in clause (i) and inserting in lieu thereof "property to which section 168 applies", and (B) by striking out "which is not recovery property (within the meaning of section 168)" in clause (ii) and inserting in lieu thereof "to which section 168 does not apply". (26XA) Subparagraph (E) of section 47(a)(5) of the 1986 Code is amended by adding at the end thereof the following new clause: "(v) TREATMENT AS RECOVERY PROPERTY.—Any reference in this paragraph to recovery property shall be treated as including a reference to any property to which section 168 (as amended by the Tax Reform Act of 1986) applies." (B) Subparagraph (D) of section 47(a)(5) of the 1986 Code is amended by striking out the last sentence.

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