Page:United States Statutes at Large Volume 111 Part 1.djvu/902

 Ill STAT. 878 PUBLIC LAW 105-34—AUG. 5, 1997 (b) CLERICAL AMENDMENT.— The table of sections for chapter 77 is amended by inserting after the item relating to section 7508 the following new item: "Sec. 7508A. Authority to postpone certain tax-related deadlines by reason of presidentially declared disaster. ". 26 USC 7508A (c) EFFECTIVE DATE.— The amendments made by this section note. shall apply with respect to any period for performing an act that has not expired before the date of the enactment of this Act. SEC. 912. USE OF CERTAIN APPRAISALS TO ESTABLISH AMOUNT OF DISASTER LOSS. (a) IN GENERAL. —Subsection (i) of section 165 is amended by adding at the end the following new paragraph: "(4) USE OF DISASTER LOAN APPRAISALS TO ESTABLISH AMOUNT OF LOSS. —Nothing in this title shall be construed to prohibit the Secretary from prescribing regulations or other guidance under which an appraisal for the purpose of obtaining a loan of Federal funds or a loan guarsintee from the Federal Government as a result of a Presidentially declared disaster (as defined by section 1033(h)(3)) may be used to establish the amount of any loss described in paragraph (1) or (2).". 26 USC 165 note. (b) EFFECTIVE DATE. —The amendment made by subsection (a) shall take effect on the date of the enactment of this Act. SEC. 913. TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED CONDITIONS. (a) DEFERRAL OF INCOME INCLUSION.— Subsection (e) of section 451 (relating to special rules for proceeds from livestock sold on account of drought) is amended— (1) by striking "drought conditions, and that these drought conditions" in paragraph (1) and inserting "drought, flood, or other weather-related conditions, and that such conditions"; and (2) by inserting ", FLOOD, OR OTHER WEATHER-RELATED CONDITIONS" after "DROUGHT" in the subsection heading. (b) INVOLUNTARY CONVERSIONS. —Subsection (e) of section 1033 (relating to livestock sold on account of drought) is amended— (1) by inserting ", flood, or other weather-related conditions" before the period at the end thereof; and (2) by inserting ", FLOOD, OR OTHER WEATHER-RELATED CONDITIONS" after "DROUGHT" in the subsection heading. 26 USC 451 note. (c) EFFECTIVE DATE. —The amendments made by this section shall apply to sales and exchanges after December 31, 1996. SEC. 914. MORTGAGE FINANCING FOR RESIDENCES LOCATED IN DISASTER AREAS. Subsection (k) of section 143 (relating to mortgage revenue bonds; qualified mortgage bond and qualified veteran's mortgage bond) is amended by adding at the end the following new paragraph: " (11) SPECIAL RULES FOR RESIDENCES LOCATED IN DISASTER AREAS.— In the case of a residence located in an area determined by the President to warrant assistance from the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (as in effect on the date of the enactment of the Taxpayer Relief Act of 1997), this section shall be applied with the following modifications to financing provided with respect to such residence within 2 years after the date of the disaster declaration:

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