Page:United States Statutes at Large Volume 98 Part 1.djvu/1092

 98 STAT. 1044

26 USC 3507.

26 USC 32 note.

26 USC 48.

PUBLIC LAW 98-369—JULY 18, 1984

"(A) for earned income between $0 and $11,000, and "(B) for adjusted gross income between $6,500 and $11,000." (3) Clauses (i) and (ii) of section 3507(c)(2)(B) are amended to read as follows: "(i) of not more than 11 percent of the first $5,000 of earned income, which "(ii) phases out between $6i^00 and $11,000 of earned income, or". (4) Clauses (i) and (ii) of section 3507(c)(2)(C) are amended to read as follows: "(i) of not more than 11 percent of the first $2,500 of earned income, which "(ii) phases out between $3,250 and $5,500 of earned income." (e) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1984. SEC. 1043. ALTERNATIVE TEST FOR DEFINITION OF QUALIFIED REHABILITATED BUILDING. (a) IN GENERAL.—Paragraph (1) of section 48(g) (relating to qualified rehabilitated buildings) is amended by adding at the end thereof the following new subparagraph: "(E) ALTERNATIVE TEST FOR DEFINITION OF QUALIFIED REHABILI-

26 USC 48 note.

TATED BUILDING.—The requirement in clause (iii) of subparagraph (A) shall be deemed to be satisfied if in the rehabilitation process— "(i) 50 percent or more of the existing external walls of the building are retained in place as external walls, "(ii) 75 percent or more of the existing external walls of such building are retained in place as internal or external walls, and "(iii) 75 percent or more of the existing internal structural framework of such building is retained in place." 0^) EFFECTIVE DATE.—The amendments made by this section shall apply to expenditures incurred after December 31, 1983, in taxable years ending after such date.

Subtitle F—Miscellaneous Housing Provisions

26 USC 165.

SEC. 1051. DISASTER LOSS DEDUCTION WHERE TAXPAYER ORDERED TO DEMOLISH OR RELOCATE RESIDENCE IN DISASTER AREA BECAUSE OF DISASTER. (a) GENERAL RULE.—Section 165 (relating to losses) is amended by redesignating subsection (k) as subsection (1) and by inserting after subsection (j) the following new subsection: "(k) TREATMENT AS DISASTER Loss WHERE TAXPAYER ORDERED TO DEMOLISH OR RELOCATE RESIDENCE IN DISASTER AREA BECAUSE OF

42 USC 5121 note.

DISASTER.—In the case of a taxpayer whose residence is located in an area which has been determined by the President of the United States to warrant assistance by the Federal Government under the Disaster Relief Act of 1974, if— "(1) not later than the 120th day after the date of such determination, the taxpayer is ordered, by the government of the State or any political subdivision thereof in which such residence is located, to demolish or relocate such residence, and

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