Page:United States Statutes at Large Volume 98 Part 1.djvu/575

 PUBLIC LAW 98-369—JULY 18, 1984 yj si a

98 STAT. 527

apply to obligations issued before January 1, 1985, but the amount described in clauses (i) and (ii) of subparagraph (D) thereof shall be determined without regard to clauses (i)(II) and (ii) of subparagraph (F) thereof. (D) OTHER LAWS APPLICABLE.—

(i) IN GENERAL.—Except as provided in clause (ii), all provisions of law, including penalties, applicable with ' ' respect to the tax imposed by section 11 of such Code shall apply with respect to the tax imposed by this ^- ' * paragraph. (ii) No CREDITS AGAINST TAX, ETC.—The tax imposed by this paragraph shall not be treated as imposed by section 11 of such Code for purposes of— '^ '• (I) part VI of subchapter A of chapter 1 of such Code (relating to minimum tax for tax preferences), and (II) determining the amount of any credit allowable under subpart A of part IV of such sub; -. ^ chapter. M. - , (E) ELECTION.—Any election under subparagraph (A)— (i) shall be made at such time and in such manner as the Secretary may prescribe, 1„,, (ii) shall apply to any successor organization which is engaged in substantially similar activities, and (iii) once made, shall be irrevocable. (17) CERTAIN TRANSITIONAL LEASED PROPERTY.—The amendments made by this section shall not apply to property described in section 168(c)(2)(D) of the Internal Revenue Code of 1954, as in effect on the day before the date of the enactment of this Act, and which is described in any of the following subparagraphs: (A) Property is described in this subparagraph if such ^ property is leased to a university, and— (i) on June 16, 1983, the Board of Administrators of the university adopted a resolution approving the rehabilitation of the property in connection with an overall campus development program; and ' (ii) the property houses a basketball arena and university offices. (B) Property is described in this subparagraph if such property is leased to a charitable organization, and— (i) on August 21, 1981, the charitable organization "'^--'•acquired the property, with a view towards rehabilitatr<r-.: j. ing the property; and (ii) on June 12, 1982, an arson fire caused substantial r:-''- T. damage to the property, delaying the planned rehabilitation. (C) Property is described in this subparagraph if such property is leased to a corporation that is described in section 501(c)(3) of the Internal Revenue Code of 1954 (relating to organizations exempt from tax) pursuant to a contract— (i) which was entered into on August 3, 1983; and d » (ii) under which the corporation first occupied the property on December 22, 1983. (D) Property is described in this subparagraph if such ^ 1 property is leased to an educational institution for use as an Arts and Humanities Center and with respect to which—

26 USC 55.

26 USC 31.

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