Page:United States Statutes at Large Volume 103 Part 3.djvu/358

 103 STAT. 2426 PUBLIC LAW 101-239—DEC. 19, 1989 (b) AMENDMENT RELATED TO SECTION 201 OF THE 1986 ACT.— Paragraph (5) of section 1250(b) is amended— (1) by striking "in the case of recovery property" in subpara- graph (A) and inserting "in the case of property to which section 168 applies", and (2) by striking "in the case of any property which is not recovery property" in subparagraph (B) and inserting "in the case any property to which section 168 does not apply". (c) AMENDMENTS RELATED TO SECTION 252 OP THE 1986 ACT. — Emulations. (1) Subparagraph (B) of section 42(i)(3) (defining low-income unit) is amended by inserting "(as determined under regulations prescribed by the Secretary taking into account local health, safety, and building codes)" after "suitable for occupancy", (2) Paragraph (3) of section 42(i) is amended by adding at the end the following new subparagraph: "(D) STUDENTS IN GOVERNMENT-SUPPORTED JOB TRAINING PROGRAMS NOT TO DiSQUAUFY UNIT.—A Unit shall not fail to be treated as a low-income unit merely because it is occu- pied by an individual who is enrolled in a job training ,, program receiving assistance under the Job Training Part- • nership Act or under other similar Federal, State, or local laws." (3) Subsection (i) of section 42 (relating to special rules) is amended by adding at the end the following new paragraph: "(6) APPLICATION TO ESTATES AND TRUSTS.— In the case of an estate or trust, the amount of the credit determined under subsection (a) and any increase in tax under subsection 0') shall be apportioned between the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each." (4) Subsection (f) of section 42 is amended by adding at the end the following new paragraph: "(4) DISPOSITIONS OF PROPERTY.— If a building (or an interest therein) is disposed of during any year for which credit is allowable under subsection (a), such credit shall be allocated between the parties on the basis of the number of days during such year the building (or interest) was held by each. In any such case, proper adjustments shall be made in the application of subsection (j)." (5) Subsection (m) of section 42 (relating to regulations) is amended by striking "and" at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ", and, and by adding at the end the following new paragraph: "(4) providing the opportunity for housing credit agencies to correct administrative errors and omissions with respect to allocations and record keeping within a reasonable period after their discovery, taking into account the availability of regula- tions and other administrative guidance from the Secretary." (6) Subparagraph (A) of section 42(d)(7) is amended by insert- ing "(or interest therein)" after "a building described in subparagraph (B)". (d) AMENDMENTS RELATED TO SECTION 803 OF THE 1986 ACT.— (1) Subparagraph (A) of section 803(d)(4) of the Tax Reform 26 USC 263A Act of 1986 is amended by striking so much of such subpara- "****• graph as precedes clause (i) thereof and inserting the following: " (A) TRANSITION PROPERTY EXEMPTED FROM INTEREST CAPiTAUZATiON.— Section 263A of the Internal Revenue

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