Page:United States Statutes at Large Volume 118.djvu/1505

 118 STAT. 1475 PUBLIC LAW 108–357—OCT. 22, 2004 $10,000 ($5,000 in the case of a separate return by a married individual (as defined in section 7703)).’’. (b) NET AMORTIZABLE BASIS.—Section 194(c)(2) (defining amortizable basis) is amended by inserting ‘‘which have not been taken into account under subsection (b)’’ after ‘‘expenditures’’. (c) CONFORMING AMENDMENTS.— (1) Section 194(b) is amended by striking paragraphs (3) and (4). (2) Section 194(b)(2) is amended by striking ‘‘paragraph (1)’’ both places it appears and inserting ‘‘paragraph (1)(B)’’. (3) Section 194(c) is amended by striking paragraph (4) and inserting the following new paragraphs: ‘‘(4) TREATMENT OF TRUSTS AND ESTATES.— ‘‘(A) IN GENERAL.—Except as provided in subparagraph (B), this section shall not apply to trusts and estates. ‘‘(B) AMORTIZATION DEDUCTION ALLOWED TO ESTATES.— The benefit of the deduction for amortization provided by subsection (a) shall be allowed to estates in the same manner as in the case of an individual. The allowable deduction shall be apportioned between the income bene ficiary and the fiduciary under regulations prescribed by the Secretary. Any amount so apportioned to a beneficiary shall be taken into account for purposes of determining the amount allowable as a deduction under subsection (a) to such beneficiary. ‘‘(5) APPLICATION WITH OTHER DEDUCTIONS.—No deduction shall be allowed under any other provision of this chapter with respect to any expenditure with respect to which a deduc tion is allowed or allowable under this section to the taxpayer.’’. (4) The heading for section 194 is amended by striking ‘‘AMORTIZATION’’ and inserting ‘‘TREATMENT’’. (5) The item relating to section 194 in the table of sections for part VI of subchapter B of chapter 1 is amended by striking ‘‘Amortization’’ and inserting ‘‘Treatment’’. (d) REPEAL OF REFORESTATION CREDIT.— (1) IN GENERAL.—Section 46 (relating to amount of credit) is amended— (A) by adding ‘‘and’’ at the end of paragraph (1), (B) by striking ‘‘, and’’ at the end of paragraph (2) and inserting a period, and (C) by striking paragraph (3). (2) CONFORMING AMENDMENTS.— (A) Section 48 is amended— (i) by striking subsection (b), (ii) by striking ‘‘this subsection’’ in paragraph (5) of subsection (a) and inserting ‘‘subsection (a)’’, and (iii) by redesignating such paragraph (5) as sub section (b). (B) The heading for section 48 is amended by striking ‘‘; REFORESTATION CREDIT’’. (C) The item relating to section 48 in the table of sections for subpart E of part IV of subchapter A of chapter 1 is amended by striking ‘‘, reforestation credit’’. (D) Section 50(c)(3) is amended by striking ‘‘or reforest ation credit’’.

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