Page:United States Statutes at Large Volume 92 Part 3.djvu/270

 92 STAT. 2902

26 USC 191.

PUBLIC LAW 95-600—NOV. 6, 1978 was, on or after June 30, 1976, occupied by a certified historic structure (or by any structure in a registered historic district) which is demolished or substantially altered after such date— "(A) subsections (b), (j), (k), and (1) shall not apply, and "(B) the term 'reasonable allowance' as used in subsection (a) means only an allowance computed under the straight line method. The preceding sentence shall not apply if the last substantial alteration of the structure is a certified rehabilitation. "(2) EXCEPTIONS.—The limitations imposed by this subsection shall not apply— "(A) to personal property, and "(B) in the case of demolition or substantial alteration of a structure located in a registered historic district, if— "(i) such structure was not a certified historic structure, "(ii) the Secretary of the Interior certified to the Secretary that such structure is not of historic significance to the district, and "(iii) if the certification referred to in clause (ii) occurs after the beginning of the demolition or substantial alteration of such structure, the taxpayer certifies to the Secretary that, at the beginning of such demolition or substantial alteration, he in good faith was not aware of the requirements of clause (ii). "(3) DEFINITIONS.—For purposes of this subsection, the terms 'certified historic structure', 'registered historic district', and 'certified rehabilitation' have the respective meanings given such terms by section 191(d)." (5) DEMOLITION OF CERTAIN HISTORIC STRUCTURES.—Subsection

(b) of section 280B (relating to special rule for registered historic districts) is amended to read as follows: 26 USC 280B.

26 USC 191.

"(b) SPECIAL RULE FOR REGISTERED HISTORIC DISTRICTS.—For pur-

poses of this section, any building or other structure located in a registered historic district (as defined in section 191(d)(2)) shall be treated as a certified historic structure unless the Secretary of the Interior has certified that such structure is not a certified historic structure, and that such structure is not of historic significance to the district, and if such certification occurs after the beginning of the demolition of such structure, the taxpayer has certified to the Secretary that, at the time of such demolition, he in good faith was not aware of the certification requirement by the Secretary of the Interior." (6) SUBSTANTIALLY REHABIUTATED HISTORIC PROPERTY.—

26 USC 167.

26 USC 191. 26 USC 167. 26 USC 191.

(A) Paragraph (1) of section 167(o) (relating to substantially rehabilitated historic property) is amended by inserting "(other than property with respect to which an amortization deduction has been allowed to the taxpayer under section 191)" after "substantially rehabilitated historic property". (B) Paragraph (2) of section 167(o) is amended by striking out "section 191(d)(3)" and inserting in lieu thereof "section 191(d)(4)". (7) AMORTIZATION ALLOWABLE TO PERSONS WITH CERTAIN LEASE

26 USC 191.

INTERESTS.—Section 191(f) (relating to treatment of life tenants and remaindermen) is amended to read as follows: "(f) SPECDU. RULES FOR CERTAIN INTERESTS.—

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