Page:United States Statutes at Large Volume 102 Part 4.djvu/461

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3431

determined under this subclause with respect to such property for prior taxable years, "(II) ACCUMULATED 166(g) DEPRECIATION.—For

purposes of this clause, the term 'accumulated section 168(g) depreciation' means the aggregate amount of the depreciation deductions determined under the alternative system of section 168(g) with respect to the property for all periods before the close of the teixable year. "(Ill) ACCUMULATED BOOK DEPRECIATION.—For

purposes of this clause, the term 'accumulated book depreciation' means the aggregate amount of the depreciation deductions determined under the method used for book purposes with respect to the property for all periods before the close of the taxable year. "(IV) ELECTION.—The taxpayer may make an election under this clause for any taxable year beginning after 1989. Such an election, once made with respect to any such taxable year, shall apply to all property placed in service during such taxable year, and shall be irrevocable. "(V) SIMILAR RULES FOR PROPERTY DESCRIBED I N CLAUSE (i), (iii), OR (iv).—Rules similar to the

rules of the preceding provisions of this clause shall also apply in the case of property to which clause (ii), (iii), or (iv) applies. "(vii) SPECIAL RULE FOR CERTAIN PROPERTY.—In the case of any property described in paragraph (1), (2), (3), or (4) of section 168(f), the amount of depreciation allowable for purposes of the regular tax shall be treated as the amount allowable under the alternative system of section 168(g)." (18) Paragraph (4) of section 56(g) of the 1986 Code is amended by adding at the end thereof the following new subparagraph: "(1) ADJUSTED BASIS.—The adjusted basis of any property with respect to which an adjustment under this paragraph applies shall be determined by applying the treatment prescribed in this paragraph."

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