Page:United States Statutes at Large Volume 98 Part 1.djvu/679

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 631

made without regard to whether such position constitutes part of a straddle. J (e) STRADDLE.—For purposes of this section, the term "straddle" has the meaning given to such term by section 1092(c) of the Internal Revenue Code of 1954 as in effect on the day after the date of the enactment of the Economic Recovery Tax Act of 1981, and 26 USC l note. shall include a straddle all the positions of which are regulated futures contracts. (f) COMMODITIES DEALER.—For purposes of this section, the term "commodities dealer" has the meaning given to such term by section 1402(i)(2)(B) of the Internal Revenue Code of 1954 (as added by this Ante, p. 622. subtitle). (g) REGULATED FUTURES CONTRACTS.—For purposes of this section, the term "regulated futures contracts" has the meaning given to such term by section 1256(b) of the Internal Revenue Code of 1954 Ante, p. 620. (as in effect before the date of enactment of this Act). (h) SYNDICATES.—Subsection (b) shall not apply to any syndicate (as defined in section 1256(e)(3)(B) of the Internal Revenue Code of 1954). 26 USC 1256.

Subtitle I—Depreciation SEC. 111. RECOVERY PERIOD FOR CERTAIN REAL PROPERTY EXTENDED TO 18 YEARS. (a) IN GENERAL.—Paragraph (2) of section 168(b) (relating to 15- 26 USC 168. year real property) is amended— (1) by striking out "15-year real property" each place it appears in the text and heading thereof and inserting in lieu thereof "18-year real property", (2) by striking out "15-year recovery period" in subparagraph (A)(i) and inserting in lieu thereof "18-year recovery period", and (3) by striking out "(200 percent declining balance method in the case of low-income housing)". (h) LOW-INCOME HOUSING.— (1) DETERMINATION OF RECOVERY PERCENTAGE.—Subsection (h)

of section 168 (relating to the amount of deduction) is amended by adding at the end thereof the following new paragraph: "(4) LOW-INCOME HOUSING.—

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"(A) IN GENERAL.—In the case of low-income housing, the applicable percentage shall be determined in accordance with the table prescribed in paragraph (2) (without regard to the mid-month convention), except that in prescribing such table, the Secretary shall— "(i) assign to the property a 15-year recovery period, and "(ii) assign percentages generally determined in accordance with use of the 200 percent declining balance method, switching to the method described in section 167(b)(1) at a time to maximize the deduction allowable under subsection (a). "(B) SPECIAL RULE FOR YEAR OF DISPOSITION.—In the case of a disposition of low-income housing, the deduction allowable under subsection (a) for the taxable year in which the disposition occurs shall reflect only the months during such year the property was placed in service."

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