Page:United States Statutes at Large Volume 116 Part 1.djvu/50

 116 STAT. 24 PUBLIC LAW 107-147—MAR. 9, 2002 Liberty Zone leasehold improvement property (as defined in section 1400L(c)(2)). "(iii) ELECTION OUT.— If a taxpayer makes an election under this clause with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year. "(D) SPECIAL RULES. — "(i) SELF-CONSTRUCTED PROPERTY.— In the case of a taxpayer manufacturing, constructing, or producing property for the taxpayer's own use, the requirements of clause (iii) of subparagraph (A) shall be treated as met if the taxpayer begins manufacturing, constructing, or producing the property after September 10, 2001, and before September 11, 2004. "(ii) SALE-LEASEBACKS.—For purposes of subparagraph (A)(ii), if property— "(I) is originally placed in service after September 10, 2001, by a person, and "(II) sold and leased back by such person within 3 months after the date such property was originally placed in service, such property shall be treated as originally placed in service not earlier than the date on which such property is used under the leaseback referred to in subclause (II). " (E) COORDINATION WITH SECTION 280F.—For purposes of section 280F— "(i) AUTOMOBILES.—In the case of a passenger automobile (as defined in section 280F(d)(5)) which is qualified property, the Secretary shall increase the limitation under section 280F(a)(l)(A)(i) by $4,600. " (ii) LISTED PROPERTY.—The deduction allowable under paragraph (1) shall be taken into account in computing any recapture amount under section 280F(b)(2). "(F) DEDUCTION ALLOWED IN COMPUTING MINIMUM TAX.— For purposes of determining alternative minimum taxable income under section 55, the deduction under subsection (a) for qualified property shall be determined under this section without regard to any adjustment under section 56. " (3) QUALIFIED LEASEHOLD IMPROVEMENT PROPERTY.—For purposes of this subsection— "(A) IN GENERAL.—The term 'qualified leasehold improvement property' means any improvement to an interior portion of a building which is nonresidential real property if— "(i) such improvement is made under or pursuant to a lease (as defined in subsection (h)(7))— "(I) by the lessee (or any sublessee) of such portion, or "(II) by the lessor of such portion, "(ii) such portion is to be occupied exclusively by the lessee (or any sublessee) of such portion, and

�