Page:United States Statutes at Large Volume 111 Part 1.djvu/1025

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 1001 "(3) RETAIL SPACE.— The term 'retail space' means real property leased, occupied, or otherwise used by a lessee in its trade or business of selling tangible personal property or services to the general public. "(d) INFORMATION REQUIRED TO BE FURNISHED TO SEC- Regulations. RETARY.—Under regulations, the lessee and lessor described in subsection (a) shall, at such times and in such manner as may be provided in such regulations, furnish to the Secretary— "(1) information concerning the amounts received (or treated as a rent reduction) and expended as described in subsection (a), and "(2) any other information which the Secretary deems necessary to carry out the provisions of this section.". (b) TREATMENT AS INFORMATION RETURN. —Subparagraph (A) of section 6724(d)(1)(A) is amended by striking "or" at the end of clause (vii), by adding "or" at the end of clause (viii), and by adding at the end the following new clause: "(ix) section 110(d) (relating to qualified lessee construction allowances for short-term leases),". (c) CROSS REFERENCE. — Paragraph (8) of section 168(i) (relating to treatment of leasehold improvements) is amended by adding at the end the following new subparagraph: "(C) CROSS REFERENCE.— Tor treatment of qualified long-term real property constructed or improved in connection with cash or rent reduction from lessor to lessee, see section llOCb).". (d) CLERICAL AMENDMENT. —The table of sections for part III of subchapter B of chapter 1 is amended by inserting after the item relating to section 109 the following new item: "Sec. 110. Qualified lessee construction allowances for short-term leases.". (e) EFFECTIVE DATE.— The amendments made by this section 26 USC no note, shall apply to leases entered into after the date of the enactment of this Act. Subtitle C—Simplification Relating to Electing Large Partnerships PART I—GENERAL PROVISIONS SEC. 1221, SIMPLIFIED FLOW-THROUGH FOR ELECTING LARGE PART- NERSHIPS. (a) GENERAL RULE. —Subchapter K (relating to partners and partnerships) is amended by adding at the end the following new part: " PART IV—SPECIAL RULES FOR ELECTING LARGE PARTNERSHIPS "Sec. 771. Application of subchapter to electing large partnerships. "Sec. 772. Simplified flow-through. "Sec. 773. Computations at partnership level. "Sec. 774. Other modifications. "Sec. 775. Electing large partnership defined. "Sec. 776. Special rules for partnerships holding oil and gas properties. "Sec. 777. Regulations. 39-194O-97-33:QL3Part1

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