Page:United States Statutes at Large Volume 102 Part 4.djvu/723

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3693

"(1) SECTION NOT TO APPLY TO CERTAIN PROPERTY.—".

(B) Subsections (d)(3) and (e) of section 263A of the 1986 Code are each amended by striking out "or animal" each place it appears. (c) TREATMENT OF PISTACHIO TREES.—Subparagraph (B) of section 263A(d)(3) of the 1986 Code (relating to certain persons not eligible) is amended to read as follows: "(B) CERTAIN PERSONS NOT ELIGIBLE.—No election may

be

made under this paragraph by a corporation, partnership, or tax shelter, if such corporation, partnership, or tax shelter is required to use an accrual method of accounting under section 447 or 448(a)(3)." (d) EFFECTIVE DATES.—

26 USC 263A

(1) IN GENERAL.—Except as otherwise provided in this para- note. graph, the amendments made by this section shall take effect as if included in the amendments made by section 803 of the Tax Reform Act of 1986. (2) SUBSECTION (b).—

(A) IN GENERAL.—The amendments made by subsection (b) shall apply to costs incurred after December 31, 1988, in taxable years ending after such date. (B) REVOCATION OF ELECTION.—If the taxpayer made an election under section 263A(d)(3) of the 1986 Code for a taxable year beginning before January 1, 1989, such taxpayer may, without the consent of the Secretary of the Treasury or his delegate, revoke such election effective for the taxpayer's 1st taxable year beginning after December 31, 1988. SEC. 6027. TREATMENT OF SINGLE PURPOSE AGRICULTURAL OR HORTICULTURAL S T R U C T U R E S.

(a) IN GENERAL.—Paragraph (3) of section 168(e) of the 1986 Code (relating to classification of property) is amended by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F), respectively, and by inserting after subparagraph (C) the following new subparagraph: "(D) 10-YEAR PROPERTY.—The term '10-year property' includes any single purpose agricultural or horticultural structure (within the meaning of section 48(p))." 0)) TECHNICAL AMENDMENTS.—

(1) Subparagraph (C) of section 168(e)(3) of the 1986 Code is amended by adding "and" at the end of clause (i), by striking out clause (ii), and by redesignating clause (iii) as clause (ii). (2) The table contained in subparagraph (B) of section 168(g)(3) of the 1986 Code is amended by striking out all that follows the item relating to subparagraph (CXD and inserting in lieu thereof the following new items: "(D) 15 "(E)(i) 24 "(E)(ii) 24 "(F) 50". (c) EFFECTIVE DATE.— 26 USC 168 note. (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 1988. (2) EXCEPTION.—The amendments made by this section shall not apply to any property if such property is placed in service before January 1, 1990, and if such property—

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