Page:United States Statutes at Large Volume 96 Part 2.djvu/1009

 PUBLIC LAW 97-448—JAN. 12, 1983

96 STAT. 2371

"(A) in the case of property other than 3-year property (within the meaning of section 168(c)), 100 percent, and ', and (B) by striking out "shall be treated as 5-year property" in the last sentence and inserting in lieu thereof "shall be treated as property which is not 3-year property". (2) PETROLEUM STORAGE FACILITIES.—

(A) Subparagraph (G) of section 48(a)(l) (defining section 26 USC 48. 38 property) is amended by inserting "(not including a building and its structural components)" after "storage facility". (B) Subparagraph (F) of section 1245(a)(3) (defining section 26 USC 1245. 1245 property^ is amended by inserting "(not including a building or its structural components)" after "storage facility". (3) CLERICAL AMENDMENT.—

(A) Paragraph (2) of section 47(d) is amended— 26 USC 47. (i) by striking out "section 48(c)(8)(D)" and inserting in lieu thereof "section 46(c)(8)(D)", and (ii) by striking out "section 48(c)(8)(B)" and inserting in lieu thereof "section 46(c)(8)(B)". (B) Subparagraph (A) of section 47(d)(3) is amended by striking out "section 46(c)(8)(E)" and inserting in lieu thereof "section 46(c)(8)(F)". (f) AMENDMENTS RELATED TO SECTION 212.— 95 Stat. 235. (1) CLARIFICATION OF TRANSITIONAL RULE.—Subparagraph (B)

of section 212(e)(2) of the Economic Recovery Tax Act of 1981 26 USC 46 note, (relating to transitional rule for increase in investment tax credit for qualified rehabilitation expenditures) is amended to read as follows: "(B) such building does not meet the requirements of paragraph (1) of section 48(g) of the Internal Revenue Code of 1954 (as amended by this Act)." (2) DETERMINATION OF SUBSTANTIAL REHABIUTATION.—Clause

(i) of section 48(g)(l)(C) (defining substantially rehabilitated) is 26 USC 48. amended by striking out "the 24-month period ending on the last day of the taxable year" and inserting in lieu thereof "the 24-month period selected by the taxpayer (at the time and in the manner prescribed by regulations) and ending with or within the taxable year". (3) CLARIFICATION OF BASIS ADJUSTMENT.—Subparagraph (A) of

section 48(g)(5) (relating to adjustments to basis) is amended— (A) by striking out "a credit is allowed under this section" and inserting in lieu thereof "a credit is determined under section 46(a)(2)", and (B) by striking out "the credit so allowed" and inserting in lieu thereof "the credit so determined". (4) EXTENSION OF TIME TO MAKE ELECTION TO USE STRAIGHT

UNE DEPRECIATION.—Subparagraph (B) of section 168(f)(4) (relat- 26 USC 168. ing to election made on return) is amended to read as follows: "(B) ELECTION MADE ON RETURN.—

"(i) IN GENERAL.—Except as provided in clause (ii), any election under this section shall be made on the taxpayer's return of the tax imposed by this chapter for the taxable year concerned. "(ii)

SPECIAL RULE FOR QUALIFIED

REHABIUTATED

BUILDINGS.—In the case of any qualified rehabilitated

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