Page:United States Statutes at Large Volume 96 Part 1.djvu/474

 96 STAT. 432 95 Stat. 264.

26 USC 189.

PUBLIC LAW 97-248—SEPT. 3, 1982 (b) EXCLUSION OF CERTAIN PROPERTY.—Subsection (d) of section 189 (relating to certain property excluded) is amended— (1) by striking out "or" a t the end of paragraph (1), (2) by redesignating paragraph (2) as paragraph (3), and (3) by inserting after paragraph (1) the following new paragraph: "(2) residential real property (other than low income housing) acquired, constructed, or carried by a corporation other than a n electing small business corporation (within the m e a n i n g of section 1371(b)), a personal holding company (within the m e a n i n g of section 542), or a foreign personal holding company (within the m e a n i n g of section 552), or". (c) ALLOCATION

OF I N T E R E S T. — Paragraph

(1) of section

189(e)

(relating to construction period interest and taxes) is amended by adding a t the end thereof the following sentence: " The Secretary shall prescribe regulations which provide for the allocation of interest to real property under construction." (d) CONFORMING

AMENDMENT. — Paragraph (1) of section

189(e)

(relating to construction period interest and taxes) is amended— (1) by striking o u t "construction period interest and tax e s " and inserting in lieu thereof "real property construction period interest and taxes", and (2) by striking o u t the caption thereof and inserting in lieu thereof: 26 USC 189 note.

"(1) R E A L PROPERTY TAXES.—". (e) EFFECTIVE D A T E. —

CONSTRUCTION

PERIOD

INTEREST AND

(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 1982, with respect to construction which commences after such date. (2) CERTAIN PLANNED CONSTRUCTION.—The amendments m a d e

by this section shall not apply with respect to construction of property which is used in a trade or business described in section 48(a)(3)(B) of the I n t e r n a l Revenue Code of 1954 or which is a hospital or n u r s i n g home if— (A) such construction is conducted pursuant to a written plan of the tax p a y e r which was in existence on July 1, 1982, and as to which approval from a government a l unit has been requested in writing, and (B) such construction commences before January 1, 1984, and shall not apply to the Alaska N a t u r a l G a s Transportation System (15 U.S.C. 719) and its related facilities. P A R T II—LEASING SEC. 208. LIMITATIONS AND ADDITIONAL REQUIREMENTS ON LEASES UNDER THE ACCELERATED COST RECOVERY SYSTEM. (a) LIMITATIONS ON LEASES U N D E R THE ACCELERATED COST RECOVERY SYSTEM.—

95 Stat. 204. Post, p. 445.

(1) IN GENERAL.—Section 168 (relating to the accelerated cost recovery system) is amended by redesignating subsection (i) a s subsection (j) and by inserting after subsection (h) the following new subsection:

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