Page:United States Statutes at Large Volume 96 Part 2.djvu/1008

 96 STAT. 2370

PUBLIC LAW 97-448—JAN. 12, 1983 "(C) SUBPARAGRAPHS (A) AND (B) INAPPUCABLE WHERE

26 USC 57.

95 Stat. 224. 26 USC 1248. 26 USC 562.

LONGER RECOVERY PERIODS APPLY.—If, pursuant to section 168G)X3) or 168(f)(2), the recovery period for any property is longer than the recovery period for such property set forth in subparagraph (A) or (B), subparagraph (A) or (B) (as the case may be) shall not apply to such property." (4) Subparagraph (A) of section 57(a)(12) is amended by striking out under section 168(a)" and inserting in lieu thereof "under section 168(a) (or, in the case of property described in section 167(k), under section 167)". (c) AMENDMENTS RELATED TO SECTION 206.— (1) Paragraph (1) of section 1248(c) is amended by striking out "section 312(k)(3)" and inserting in lieu thereof "section 312(k)(4)". (2) Section 562 (relating to rules applicable in determining dividends eligible for dividends paid deduction) is amended by adding at the end thereof the following new subsection: "(e) SPECIAL RULES FOR REAL ESTATE INVESTMENT TRUSTS.—In the

case of a real estate investment trust, in determining the amount of dividends under section 316 for purposes of computing the dividends paid deduction, the earnings and profits of such trust for any taxable year beginning after December 31, 1980, shall be increased by the total amount of gain (if any) on the sale or exchange of real property by such trust during such taxable year." 95 Stat. 225. (d) AMENDMENTS RELATED TO SECTION 207.— 95 Stat. 226. (1) Paragraph (1) of section 209(c) of the Economic Recovery 26 USC 168 note. -jax Act of 1981 (relating to effective date for carryover provisions) is amended by adding at the end thereof the following new subparagraph: "(C) If any net operating loss for any taxable year ending on or before December 31, 1975, could be a net operating loss carryover to a taxable year ending in 1981 by reason of subclause (II) of section 172(b)(l)(E)(ii) of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of this Act and as modified by section 1(b) of 26 USC 172 note. Public Law 96-595), such net operating loss shall be a net operating loss carryover under section 172 of such Code to each of the 15 taxable years following the taxable year of such loss." 26 USC 168 note. (2) Subsection (c) of section 209 of the Economic Recovery Tax Act of 1981 is amended by adding at the end thereof the following new paragraph: "(3) CARRYOVER MUST HAVE BEEN AUVE IN 1981.—The amendments made by subsections (a), (b), and (c) of section 207 shall not apply to any amount which, under the law in effect on the day before the date of the enactment of this Act, could not be carried to a tsixable year ending in 1981." 26 USC 53. (3) Paragraph (2) of section 207(c) of the Economic Recovery Tax Act of 1981 (relating to new employee credit) is amended by striking out "section 53(c)" and inserting in lieu thereof "section 53(b)". 95 Stat. 227. (e) AMENDMENTS RELATED TO SECTION 211.— (1) APPLICABLE INVESTMENT TAX CREDIT PERCENTAGE FOR RECOVERY PROPERTY.—Paragraph (7) of section 46(c) (relating to applicable percentage for recovery property) is amended— (A) by striking out subparagraph (A) and inserting in lieu thereof the following:

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