Page:United States Statutes at Large Volume 95.djvu/1667

 PUBLIC LAW 97-119—DEC. 29, 1981

95 STAT. 1641

(5) The recovery property class and the ADR midpoint life of the leased property; (6) The payment terms between the parties to the lease transaction; (7) Whether the ACRS deductions and the investment tax credit are allowable to the same taxpayer; (8) The aggregate amount paid to outside parties to arrange or carry out the transaction; (9) For the lessor only: the unadjusted basis of the property as defined in section 168(d)(l); ^"^^' P 204. (10) For the lessor only: if the lessor is a partnership or a grantor trust, the name, address, and taxpayer identifying number of the partners or the beneficiaries, and the district director's office with which the income tax return of each partner or beneficiary is filed; and (11) Such other information as may be required by the return or its instructions. Paragraph (8) shall not apply with respect to any person for any calendar year if it is reasonable to estimate that the aggregate adjusted basis of the property of such person which will be subject to subsection (a) for such year is $1,000,000 or less. (c) COORDINATION WITH OTHER INFORMATION REQUIREMENTS.—In

the case of agreements executed after December 31, 1982, to the extent provided in regulations prescribed by the Secretary of the Treasury or his delegate, the provisions of this section shall be modified to coordinate such provisions with the other information requirements of the Internal Revenue Code of 1954. SEC. 113. EXPENSES IN CONNECTION WITH BUSINESS USE OF A HOME, ETC. (a) RENTAL TO FAMILY MEMBERS AND SHARED EQUITY AGREEMENTS

(1) IN GENERAL.—Subsection (d) of section 280A (relating to 26 USC 280A. disallowance of certain expenses in connection with business use of home, rental of vacation homes, etc.) is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph: "(3) RENTAL TO FAMILY MEMBER, ETC., FOR USE AS PRINCIPAL RESIDENCE.—

"(A) IN GENERAL.—A taxpayer shall not be treated as using a dwelling unit for personal purposes by reason of a rental arrangement for any period if for such period such dwelling unit is rented, at a fair rental, to any person for use as such person's principal residence. "(B) SPECIAL RULES FOR RENTAL TO PERSON HAVING INTER-

EST IN UNIT.— "(i) RENTAL MUST BE PURSUANT TO SHARED EQUITY

FINANCING AGREEMENT.—Subparagraph (A) shall apply to a rental to a person who has an interest in the dwelling unit only if such rental is pursuant to a shared equity financing agreement. "(ii) DETERMINATION OF FAIR RENTAL.—In the case of a rental pursuant to a shared equity financing agreement, fair rental shall be determined as of the time the agreement is entered into and by taking into account the occupant's qualified ownership interest.

�