Page:United States Statutes at Large Volume 96 Part 1.djvu/481

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 439

"(ii) SUBPARAGRAPH NOT TO APPLY TO CERTAIN SERVICE

CORPORATIONS.—Clause (i) shall not apply to any lessor which is a corporation the principal function of which is the performance of services in the field of health, law, engineering, architecture, accounting, actuarial science, performing arts, athletics, or consulting. "(iii) SPECIAL RULE FOR PROPERTY PLACED IN SERVICE BEFORE DATE OF ENACTMENT OF THIS SUBPARAGRAPH.— This subparagraph shall apply to property placed in service before the date of enactment of this subparagraph if the provisions of section 465 did not apply to the lessor before such date but become applicable to such lessor after such date." (c) CERTAIN LEASES BEFORE OCTOBER 20, 1981, TREATED AS QUAU- 26 USC 168 note. FiED LEASES.—Nothing in paragraph (8) of section 168(f) of the Internal Revenue Code of 1954, or in any regulations prescribed Post, p. 442. thereunder, shall be treated as making such paragraph inapplicable to any agreement entered into before October 20, 1981, solely because under such agreement 1 party to such agreement is entitled to the credit allowable under section 38 of such Code with respect to property and another party to such agreement is entitled to the deduction allowable under section 168 of such Code with respect to such property. Section 168(f)(8)(B)(ii) of such Code shall not apply to the party entitled to such credit. (d) EFFECTIVE DATES.— 26 USC 168 note. (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by subsections (a) and (b) of this section shall apply to agreements entered into after July 1, 1982, or to property placed in service after July 1, 1982. (2) TRANSITIONAL RULE FOR CERTAIN SAFE HARBOR LEASE PROPERTY.—

(A) IN GENERAL.—The amendments made by subsections (a) and (b) shall not apply to transitional safe harbor lease property. (B) SPECIAL RULE FOR CERTAIN PROVisiONS.Subparagraph (A) shall not apply with respect to the provisions of paragraph (6) of section 168(i) of the Internal Revenue Code of 1954 (as added by subsection (a)(D), to the provisions of ^"^e. P- 432. section 168(f)(8)(J) of such Code (as added by subsection Ante, p. 437. (b)(4)), or to the amendment made by subsection (b)(1). (3) TRANSITIONAL SAFE HARBOR LEASE PROPERTY.—For purposes

of this subsection, the term "transitional safe harbor lease property" means property described in any of the following subparagraphs: (A) IN GENERAL.—Property is described in this subparagraph if such property is placed in service before January 1, 1983, if— (i) with respect to such property a binding contract to acquire or to construct such property was entered into by the lessee after December 31, 1980, and before July 2, 1982, or (ii) such property was acquired by the lessee, or construction of such property was commenced by or for the lessee, after December 31, 1980, and before July 2, 1982.

97-200 O—84—pt. 1

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