Page:United States Statutes at Large Volume 90 Part 2.djvu/452

 90 STAT. 1920

PUBLIC LAW 94-455—OCT. 4, 1976

Ante, p. 1919.

(relating to deductions from gross estate) is amended by striking out " ( other than a remainder interest in a personal residence or farm or an undivided portion of the decedent's entire interest in property) " and inserting in lieu thereof " ( other than a n inter^gt described in section 170(f)(3)(B)) ».

26 USC 2522.

(3) G I F T TAX DEDUCATION FOR TRANSFERS OF PARTIAL INTERESTS I N PROPERTY FOR CONSERVATION PURPOSES.—Section 2522(c)(2)

26 USC 170 jjQ^g

Ante, p. 782. 42 USC 1382a.

26 USC 172.

26 USC 1033.

(relating to deductions from taxable gifts) is amended by striking out " ( other than a remainder interest in a personal residence or farm or a n undivided portion of the donor's entire interest in property) " and inserting i n lieu thereof " ( other than a n inter^^ described in section 170(f)(3)(B)) ". (4) EFFECTIVE DATE.—The amendments made by this subsection shall apply with respect to contributions or transfers made after June 13, 1976, and before June 14, 1977. SEC. 2125. AMENDMENT TO SUPPLEMENTAL SECURITY INCOME PROGRAM. Section 1612(a)(2)(A) (iii) of the Social Security Act is amended by striking out "fifth month " and inserting i n lieu thereof "seventeenth month". SEC. 2126. EXTENSION OF CARRY-OVER PERIOD FOR CUBAN EXPROPRIATION LOSSES Subparagraph (D) of section 172(b)(1) (relating to years to which loss may be carried) is amended by striking out " 1 5 " and inserting i n lieu thereof "20". SEC. 2127. OUTDOOR ADVERTISING DISPLAYS. (a) IN GENERAL.—Section 1033(g) (relating to condemnation of real property held for productive use in trade or business or for investment) is amended by a d d i n g a t the end thereof the following new paragraph: " (3) ELECTION TO TREAT OUTDOOR ADVERTISING DISPLAYS AS REAL PROPERTY.

" (A) IN GENERAL.—^A taxpayer may elect, at such time and in such manner as the Secretary may prescribe, to treat property which constitutes an outdoor advertising display as real property for purposes of this chapter. The election provided by this subparagraph may not be made with respect to any property with respect to which the credit allowed by section 38 (relating to investment in certain depreciable property) is or has been claimed or with respect to which an election under section 179(a) (relating to additional firstyear depreciation allowance for small business) is in effect. " (B) ELECTION.—An election made under subparagraph (A) may not be revoked without the consent of the Secretary. " (C) OUTDOOR ADVERTISING DISPLAY.—For purposes of this

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paragraph, the term 'outdoor advertising display' means a rigidly assembled sign, display, or device permanently affixed to the ground or permanently attached to a building or other inherently permanent structure constituting, or used for the display of, a commercial or other advertisement to the public. " (D) CHARACTER OF REPLACEMENT PROPERTY.—For purposes

of this subsection, a n interest in real property purchased as replacement property for a compulsorily or involuntarily converted outdoor advertising display defined in subparagraph (C) (and treated by the taxpayer as real property) shall oe

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