Page:United States Statutes at Large Volume 104 Part 2.djvu/943

 PUBLIC LAW 101-508—NOV. 5, 1990 104 STAT. 1388-535 (B) Paragraph (10) of section 168(i) is amended to read as follows: "(10) PUBLIC UTiliTY PROPERTY. —The term 'public utility property' means property used predominantly in the trade or business of the furnishing or sale of— "(A) electrical energy, water, or sewage disposal services, "(B) gas or steam through a local distribution system, "(C) telephone services, or other communication services if furnished or sold by the Communications Satellite Corporation for purposes authorized by the Communications Satellite Act of 1962 (47 U.S.C. 701), or "(D) transportation of gas or steam by pipeline, if the rates for such furnishing or sale, as the case may be, have been established or approved by a State or political subdivision thereof, by any agency or instrumentality of the United States, or by a public service or public utility commission or other similar body of any State or political subdivision thereof." (C) Paragraph (2) of section 168(f) is amended by striking "section 167(1)(8)(A)" and inserting "subsection (i)(10)". (D) Paragraph (1) of section 168(i) is amended by adding at the end thereof the following new sentence: "The reference in this paragraph to subsection (m) of section 167 shall be treated as a reference to such subsection as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990." (E) Clause (ii) of section 168(i)(9)(A) is amended by striking "(determined without regard to section 167(1))". (3) Sections 42(d)(2)(D)(i)(I) and 42(d)(5)(B) are each amended by striking "section 167(k)" and inserting "section 167(k) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)". (4) Subparagraph (D) of section 56(a)(1) is amended by striking "section 167(1)(3)(A)" and inserting "section 168(i)(10)'\ (5) Paragraph (2) of section 312(k) is amended to read as follows: "(2) EXCEPTION. — If for any taxable year a method of depreciation was used by the taxpayer which the Secretary has determined results in a reasonable allowance under section 167(a) and which is the unit-of-production method or other method not expressed in a term of years, then the adjustment to earnings and profits for depreciation for such year shall be determined under the method so used (in lieu of the straight line method)." (6)(A) Paragraph (6) of section 381(c) is amended by striking "subsections (b), (J), and (k) of section 167" and inserting "sections 167 and 168. (B) Subsection (c) of section 381 is amended by striking paragraph (24) and redesignating paragraphs (25) and (26) as paragraphs (24) and (25), respectively. (7) Subparagraph (C) of section 404(a)(l) is amended by striking "section 167(l)(3)(A)(iii)" and inserting "section 168(i)(10XC)". (8) Clause (i) of section 460(e)(6)(A) is amended by striking "section 167(k)" and inserting "section 168(e)(2)(A)(ii)". (9) Subsection (e) of section 642 is amended by striking "167(h)" and inserting "167(d)". (10) Paragraph (2) of section 1016(a) is amended by striking "under section 167(b)(l)" and inserting "under the straight line method".

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