Page:United States Statutes at Large Volume 98 Part 1.djvu/657

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 609

(1) EXISTING ACCOUNTING PRACTICES.—If, on March 1, 1984, any taxpayer was regularly computing his deduction for mining reclamation activities under a current cost method of accounting (as determined by the Secretary of the Treasury or his delegate), the liability for reclamation activities— (A) for land disturbed before the date of the enactment of this Act, or (B) to which paragraph (2) applies, shall be treated as having been incurred when the land was disturbed. (2) FIXED PRICE SUPPLY CONTRACT.—

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(A) IN GENERAL.—In the case of any fixed price supply contract entered into before March 1, 1984, the amendments made by subsection (b) shall not apply to any minerals extracted from such property which are sold pursuant to such contract. (B) No EXTENSION OR RENEGOTIATION.—Subparagraph (A)

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shall not apply— ^, (i) to any extension of any contract beyond the period SIB J'guch contract was in effect on March 1, 1984, or f (ii) to any renegotiation of, or other change in, the •inc' It terms and conditions of such contract in effect on March 1, 1984. (i) TRANSITIONAL RULE FOR ACCRUED VACATION PAY.— (1) IN GENERAL.—In the case of any taxpayer— (A) with respect to whom a deduction was allowable (other than under section 463 of the Internal Revenue Code of 1954) for vested accrued vacation pay for the last taxable year ending before the date of the enactment of this Act, and (B) who elects the application of section 463 of such Code for the first taxable year ending after the date of the enactment of this Act, then, for purposes of section 463(b) of such Code, the opening balance of the taxpayer with respect to any vested accrued vacation pay shall be determined under section 463(b)(1) of such Code. (2) VESTED ACCRUED VACATION PAY.—For purposes of this subsection, the term "vested accrued vacation pay" means any amount allowable under section 162(a) of such Code with respect to vacation pay of employees of the taxpayer (determined without regard to section 463 of such Code).

26 USC 461 note.

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SEC. 92. TREATMENT OF CERTAIN DEFERRED PAYMENTS FOR USE OF PROPERTY OR SERVICES.

(a) GENERAL RULE.—Subpart C of part II of subchapter E of chapter 1 (relating to taxable year for which deduction is taken) is amended by adding at the end thereof the following new section: "SEC. 467. CERTAIN PAYMENTS FOR THE USE OF PROPERTY OR SERVICES.

"(a) ACCRUAL METHOD ON PRESENT VALUE BASIS.—In the case of the lessor or lessee under any section 467 rental agreement, there shall be taken into account for purposes of this title for any taxable year the sum of— "(1) the amount of the rent which accrues during such taxable year as determined under subsection (b), and

26 USC 467.

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