Page:United States Statutes at Large Volume 96 Part 2.djvu/1006

 96 STAT. 2368 26 USC 168.

PUBLIC LAW 97-448—JAN. 12, 1983 (A) Paragraph (4) of section 168(h) (relating to qualified coal utilization property) is amended to read as follows: "(4) QUALIFIED COAL UTILIZATION PROPERTY.—The term '10year property' includes qualified coal utilization property which would otherwise be 15-year public utility property." (B) The heading of subparagraph (A) of section 168(g)(8) is amended to read as follows: "(A) QUALIFIED COAL UTILIZATION PROPERTY.—".

(C) The heading of subparagraph (B) of section 168(g)(8) is amended to read as follows: "(B) COAL UTILIZATION PROPERTY.—". (5) CLARIFICATION OF APPLICABLE PERCENTAGE FOR YEAR REAL PROPERTY PLACED IN SERVICE.—The third sentence of section

168(b)(2)(A) (relating to 15-year real property) is amended by striking out "For purposes of this subparagraph" and inserting in lieu thereof "In the CEise of 15-year real property". (6) SECTION 1245 RECOVERY PROPERTY INCLUDED AS UNREAUZED

26 USC 751.

RECEIVABLE.—The second sentence of subsection (c) of section 751 (relating to unrealized receivables and inventory items) is amended by inserting "section 1245 recovery property (as defined in section 1245(a)(5))," after "section 1245(a)(3)),". (7) CLARIFICATION OF ADDITIONAL DEPRECIATION IN THE CASE OF RECOVERY PROPERTY.—

26 USC 1250.

(A) Subsection (b) of section 1250 (defining additional depreciation) is amended by adding at the end thereof the following new paragraph: "(5) METHOD OF COMPUTING STRAIGHT U N E ADJUSTMENTS.—For

purposes of paragraph (1), the depreciation adjustments which would have resulted for any taxable year under the straight line method shall be determined— "(A) in the case of recovery property, by determining the adjustments which would have resulted for such year if the taxpayer had elected the straight line method for such year using the recovery period applicable to such property, and "(B) in the csise of any property which is not recovery property, if a useful life (or salvage value) was used in determining the amount allowable as a deduction for any taxable year, by using such life (or value)." (B) Paragraph (1) of section 1250(b) is amended by striking out the last sentence. (8) THEME PARKS, ETC.—Paragraph (2) of section 168(c) (defin-

26 USC 168.

ing classes of recovery property) is amended by adding at the end thereof the following new subparagraph: "(F) SPECIAL RULE FOR THEME PARKS, ETC.—For purposes

of subparagraphs (C) and (D), a building (and its structural components) shall not be treated as having a present class life of 12.5 years or less by reason of any use other than the use for which such building was originally placed in service." (9) ANTI-CHURNING PROVISIONS.—Parg^aph

Ante, p. 431.

(4) of section

168(e) (relating to certain transactions in property placed in service before 1981), as amended by section 206(b)(l) of the Tax Equity and Fiscal Responsibility Act of 1982, is amended— (A) by adding at the end of subparagraph (D) thereof the following new sentence: "In the case of the acquisition of property by any partnership which results from the termination of another partnership under section 708(b)(l)(B), the

�