Page:United States Statutes at Large Volume 96 Part 2.djvu/1039

 PUBLIC LAW 97-448—JAN. 12, 1983

96 STAT. 2401

(ii) by inserting ", or section 168(f)(8)(J) of such Code, 26 USC 168 note, as added by subsection (b)(4)" after "as added by subsection (a)(D" in paragraph (5) thereof. (B) Subsection (d) of section 208 of such Act (relating to 26 USC 168 note, effective dates) is amended by adding at the end thereof the following new paragraph: "(7) COORDINATION WITH AT RISK RULES.—Subparagraph (J) of

section 168(f)(8) of the Internal Revenue Code of 1954 (as added by subsection (b)(4)) shall take effect as provided in such subparagraph (J)." (C) Subparagraph (C) of section 208(d)(3) of such Act 26 USC 168 note, (defining transitional safe harbor lease property) is amended to read as follows: "(C) AUTOMOTIVE MANUFACTURING PROPERTY.—

"(i) IN GENERAL.—Property is described in this subparagraph if— "(I) such property is used principally by the taxpayer directly in connection with the trade or business of the taxpayer of the manufacture of automobiles or light-duty trucks, "(II) such property is automotive manufacturing property, and "(III) such property would be described in subparagraph (A) if 'October 1' were substituted for 'January 1'. "(ii) LIGHT-DUTY TRUCK.—For purposes of this subparagraph, the term 'light-duty truck' means any truck with a gross vehicle weight of 13,000 pounds or less. Such term shall not include any truck tractor. "(iii) AUTOMOTIVE MANUFACTURING PROPERTY.—For purposes of this subparagraph, the term 'automotive manufacturing property' means machinery, equipment, and special tools of the type included in the former asset depreciation range guideline classes 37.11 and 37.12. "(iv) SPECIAL TOOLS USED BY CERTAIN VENDORS.—For

purposes of this subparagraph, any special tools owned by a taxpayer described in subclause (I) of clause (i) which are used by a vendor solely for the production of component parts for sale to the taxpayer shall be treated as automotive manufacturing property used directly by such taxpayer." (5) AMENDMENT RELATED TO SECTION 211.—Paragraph (2) of Ante, p. 448.

section 211(e) of the Tax Equity and Fiscal Responsibility Act of 26 USC 907 note. 1982 (relating to effective date for foreign tax credit for taxes on oil and gas income) is amended to read as follows: "(2) Retention of old sections 907(b) and 904(f)(4) where taxpayer had separate basket foreign loss.— "(A) IN GENERAL.—If, after applying old sections 907(b) and 904(fK4) to a taxable year beginning before January 1, 1983, the taxpayer had a separate basket foreign loss, such loss shall not be recaptured from income of a kind not taken into account in computing the amount of such separate basket foreign loss more rapidly than ratably over the 8-year period beginning with the first taxable year beginning after December 31, 1982. "(B) DEFINITIONS.—For purposes of this paragraph—

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