Page:United States Statutes at Large Volume 95.djvu/265

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 239

(c) LODGING TO QUALIFY.—Paragraph (3) of section 48(a) (relating to 26 USC 48. property used for lodging) is amended— (1) by striking out "and" at the end of subparagraph (B), (2) by striking out the period at the end of subparagraph (C) and inserting in lieu thereof ", and", and (3) by adding at the end thereof the following new subparagraph: "(D) a certified historic structure to the extent of that portion of the basis which is attributable to qualified rehabilitation expenditures." (d) REPEAL OF STRUCTURES.—

CERTAIN

PROVISIONS

RELATING

TO HISTORIC

(1) IN GENERAL.—Section 191 (relating to amortization of cer- Repeals, tain rehabilitation expenditures for certified historic structures)?L^^^ ^^^' and subsections (n) and (o) of section 167 (relating to depreciation) are hereby repealed. (2) CONFORMING AMENDMENTS.—

(A) Paragraph (8) of section 48(a) (relating to amortized property) is amended by striking out "188, or 191" and inserting in lieu thereof'W188". (B) Paragraph (2) of section 57(a) (relating to items of tax preference) is amended by striking out "or 191". (C) Section 280B (relating to demolition of certain historic structures) is amended— (i) by striking out "section 191(d)(1)" in subsection (a), and inserting in lieu thereof "48(g)(3)(A)", and (ii) by striking out "section 191(d)(2)" in subsection (b) and inserting in lieu thereof "section 48(g)(3)(B)". (D) Subsection (f) of section 642 (relating to special rules for credits and deductions) is amended by striking out "188, and 191" and inserting in lieu thereof "and 188". (E) Subparagraph (B) of section 1082(a)(2) (relating to basis for determining gain or loss) is amended by striking out "188, or 191" and inserting in lieu thereof "or 188". (F) Paragraph (2) of section 1245(a) (relating to gain from dispositions of certain depreciable property) and paragraph (4) of section 1250(b) (relating to gain from dispositions of certain depreciable realty) are each amended by inserting "(as in effect before its repeal by the Economic Recovery Tax Act of 1981)" after "191" each place it appears. (G) Subsection (a) of section 1016 (relating to adjustments to basis) is amended— (i) by striking out "and" at the end of paragraph (22), (ii) by striking out the period at the end of paragraph (23) and inserting in lieu thereof ", and", and (iii) by adding at the end thereof the following new paragraph: "(24) to the extent provided in section 48(g)(5), in the case of expenditures with respect to which a credit has been allowed under section 38." (e) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to expenditures incurred after December 31, 1981, in taxable years ending after such date. (2) TRANSITIONAL RULE.—The amendments made by this section shall not apply with respect to any rehabilitation of a building if^

26 USC 48. 26 USC 57. 26 USC 280B.

26 USC 642. 26 USC 1082. 26 USC 1245. 26 USC 1250.

26 USC 1016.

Ante, p. 236. 26 USC 46 note.

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