Page:United States Statutes at Large Volume 83.djvu/750

 722

Ante, p. 652.

PUBLIC LAW 91-172-DEC. 30, 1969

[83 STAT.

(3) Section 1250 (relating to gain from dispositions of certain depreciable realty) is amended by redesignating subsections (g) and (h) as subsections (h) and (i) and by inserting after subsection (f) the following new subsection: " (g) SPECIAL RULES FOR QUALIFIED LOW-INCOME HOUSING.— "(1) AMOUNT TREATED AS ORDINARY INCOME.—If, in the

Ante, p. 7 2 1.

68A Stat. 325.

case of a disposition of section 1250 property, the property is treated as consisting of more than one element by reason of the application of subsection (d)(8)(E), and gain is recognized in whole or in part, then the amount taken into account under subsection (a) as gain from the sale or exchange of property which is neither r^ capital asset nor property described in section 1231 shall be the sum of the amounts determined under paragraph (2). "(2)

Ante, p. 718.

ORDINARY INCOME ATTRIBUTABLE TO AN ELEMENT.—For

purposes of paragraph (1), the amount taken into account for any element shall be the amount determined by multiplying— " (A) the amount which bears the same ratio to the lower of the additional depreciation or the gain recognized for the section 1250 property disposed of as the additional depreciation for such element bears to the sum of the additional depreciation for all elements disposed of, by " (B) the applicable percentage for such element. For purposes of this paragraph, determinations with respect to any element shall be made as if it were a separate property." (c) CLERICAL AMENDMENT.—The table of sections for part III of subchapter O of chapter 1 is amended by adding at the end thereof the following new item: "Sec. 1039. Certain sales of low-income housing projects." (d) EFFECTIVE DATE.—The amendments made by this section shall apply to approved dispositions of qualified housing projects (within the meaning of section 1039 of the Internal Revenue Code of 1954, as added by subsection (a)) after October 9, 1969. SEC. 911. PER-UNIT RETAIN ALLOCATIONS. (a) PAYMENTS

9° f^^r i^ao' 26 USC 1382.

80 Stat. 1582.

Ts^st^t^'eg'g''^'

OF

MONEY

AND OTHER

PROPERTY.—Section

1382(b)(3) (relating to patronage dividends and per-unit retain allocations) is amended to read as follows: "(3) as per-unit retain allocations (as defined in section 1388(f)), to the extent paid in money, qualified per-unit retain certificates (as defined in section 1388(h)), or other property (except nonqualified per-unit retain certificates, as defined in section 1388 (i)) with respect to marketing occurring during such taxable year; or". (b) CONFORMING AMENDMENT.—Section 1388(f)

(relating to per-

unit retain allocations) is amended by striking out "other than by payment in money or other property (except per-unit retain certificates)". (c) EFFECTIVE DATE.—The amendments made by this section shall apply to per-unit retain allocations made after October 9, 1969. SEC. 912. FOSTER CHILDREN. ^^} ^ ^ GENERAL.—Section 162(b)(2) (relating to rules relating to definition of dependent) is amended by inserting immediately before "shall be treated" the following: ", or a foster child of an individual (if such child satisfies the requirements of subsection (a)(9) with respect to such individual),". (b) EFFECTIVE DATE.—The amendment made by subsection (a) of this section shall apply to taxable years beginning after December 31, 1969.

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