Page:United States Statutes at Large Volume 120.djvu/3082

 PUBLIC LAW 109–432—DEC. 20, 2006

120 STAT. 3051

(ii) the land located in T. 28 N., Rs. 13 and 14 W. (4) MAP.—The term ‘‘map’’ means the map entitled ‘‘Rocky Mountain Front Mineral Withdrawal Area’’ and dated December 31, 2006. (b) WITHDRAWAL.— (1) IN GENERAL.—Subject to valid existing rights, the eligible Federal land (including any interest in the eligible Federal land) is withdrawn from— (A) all forms of location, entry, and patent under the mining laws; and (B) disposition under all laws relating to mineral and geothermal leasing. (2) AVAILABILITY OF MAP.—The map shall be on file and available for inspection in the Office of the Chief of the Forest Service. (c) TAX INCENTIVE FOR SALE OF EXISTING MINERAL AND GEOTHERMAL RIGHTS TO TAX-EXEMPT ENTITIES.— (1) EXCLUSION.—For purposes of the Internal Revenue Code of 1986, gross income shall not include 25 percent of the qualifying gain from a conservation sale of a qualifying mineral or geothermal interest. (2) QUALIFYING GAIN.—For purposes of this subsection, the term ‘‘qualifying gain’’ means any gain which would be recognized as long-term capital gain under such Code. (3) CONSERVATION SALE.—For purposes of this subsection, the term ‘‘conservation sale’’ means a sale which meets the following requirements: (A) TRANSFEREE IS AN ELIGIBLE ENTITY.—The transferee of the qualifying mineral or geothermal interest is an eligible entity. (B) QUALIFYING LETTER OF INTENT REQUIRED.—At the time of the sale, such transferee provides the taxpayer with a qualifying letter of intent. (C) NONAPPLICATION TO CERTAIN SALES.—The sale is not made pursuant to an order of condemnation or eminent domain. (4) QUALIFYING MINERAL OR GEOTHERMAL INTEREST.—For purposes of this subsection— (A) IN GENERAL.—The term ‘‘qualifying mineral or geothermal interest’’ means an interest in any mineral or geothermal deposit located on eligible Federal land which constitutes a taxpayer’s entire interest in such deposit. (B) ENTIRE INTEREST.—For purposes of subparagraph (A)— (i) an interest in any mineral or geothermal deposit is not a taxpayer’s entire interest if such interest in such mineral or geothermal deposit was divided in order to avoid the requirements of such subparagraph or section 170(f)(3)(A) of such Code, and (ii) a taxpayer’s entire interest in such deposit does not fail to satisfy such subparagraph solely because the taxpayer has retained an interest in other deposits, even if the other deposits are contiguous with such certain deposit and were acquired by the taxpayer along with such certain deposit in a single conveyance. (5) OTHER DEFINITIONS.—For purposes of this subsection—

VerDate 14-DEC-2004

09:16 Jul 13, 2007

Jkt 059194

PO 00003

Frm 00530

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL003.109

APPS06

PsN: PUBL003

�