Page:United States Statutes at Large Volume 85.djvu/535

 85 STAT. ]

PUBLIC LAW 92-178-DEC. 10, 1971

505

" (i) before the date that the jfirst final determination, or a subsequent determination, which is inconsistent with paragraph (1) or (2) (as the case may be) is put into effect, and "(ii) on or after the date that a determination referred to in clause (i) is put into effect and before the date that a subsequent determination thereafter which is consistent with paragraph (1) or (2) (as the case may be) is put into effect. " (B) DETERMINXVTIONS.—For purposes of this paragraph, a determination is a determination made with respect to public utility property (to which this subsection applies) by a governmental unit, agency, instrumentality, or commission or similar body described in subsection (c)(3)(B) which Ante, P, 503. determines the effect of the credit allowed by section 38 26u'sc3^8^' (determined without regard to this subsection)— " (i) on the taxpayer's cost of service or rate base for ratemaking purposes, or "(ii) in the case of a taxpayer which made an election under paragraph (2), on the taxpayer's cost of service for ratemaking purposes or in its regulated books of account or rate base for ratemaking purposes. " (C) SPECIAL RULES.—For purposes of this paragraph— "(i) a determination is final if all rights to appeal or to request a review, a rehearing, or a redetermination, have been exhausted or have lapsed, "(ii) the first final determination is the first final determination made after the date of the enactment of this subsection, and "(iii) a subsequent determination is a determination subsequent to a final determination. "(5) PUBLIC UTILITY PROPERTY.—For purposes of this subsection, the term 'public utility property' means— " (A) property which is public utility property within the meaning of subsection (c)(3)(B), and " (B) property used predominantly in the trade or business of the furnishing or sale of (i) steam through a local distribution system or (ii) the transportation of gas or steam by pipeline, if the rates for such furnishing or sale are established or approved by a governmental unit, agency, instrumentality, or commission described in subsection (c)(3)(B). "(6) RATABLE PORTION.—For purposes of determining ratable restorations to base under paragraph (1) and for purposes of determining ratable portions under paragraph (2)(A), the Ante, P. 504. period of time used in computing depreciation expense for purposes of reflecting operating results in the taxpayer's regulated books of account shall be used. "(7) REORGANIZATIONS, ASSETS ACQUISITIONS, ETC.—If by reason of a corporate reorganization, by reason of any other acquisition of the assets of one taxpayer by another taxpayer, by reason of the fact that any trade or business of the taxpayer is subject to ratemaking by more than one body, or by reason of other circumstances, the application of any provisions of this subsection to any public utility property does not carry out the purposes of this subsection, the Secretary or his delegate shall provide by regulations for the application of such provisions in a manner consistent with the purposes of this subsection." (d) EFFECTIVE DATE.—The amendments made by this section shall apply to property described in section 50 of the Internal Revenue Code of 1954.

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