Page:United States Statutes at Large Volume 98 Part 1.djvu/764

 98 STAT. 716

PUBLIC LAW 98-369—JULY 18, 1984 "(v) any other property of a type specified by the Secretary by regulations. "(B) ExciSPTiON FOR CERTAIN COMPUTERS.—The term 'listed property' shall not include any computer or peripheral equipment (as so defined) used exclusively at a regular business establishment. For purposes of the preceding sentence, any portion of a dwelling unit shall be treated as a regular business establishment if (and only if) the requirements of section 280A(c)(l) are met with respect to such portion. "(5) PASSENGER AUTOMOBILE.—

"(A) IN GENERAL.—Except as provided in subparagraph (B), the term 'passenger automobile' means any 4-wheeled vehicle— "(i) which is manufactured primarily for use on public streets, roads, and highways, and "(ii) which is rated at 6,000 pounds gross vehicle weight or less. "(B) EXCEPTION FOR CERTAIN VEHICLES.—The term 'passenger automobile' shall not include— "(i) any ambulance, hearse, or combination ambulance-hearse used by the taxpayer directly in a trade or business, "(ii) any vehicle used by the taxpayer directly in the trade or business of transporting persons or property for compensation or hire, and "(iii) under regulations, any truck or van. "(6) BUSINESS USE PERCENTAGE.—

"(A) IN GENERAL.—The term 'business use percentage' means the percentage of the use of any listed property during any taxable year which is a qualified business use. "(B) QuAUFiED BUSINESS USE.—Exccpt as provided in subparagraph (C), the term 'qualified business use' means anyuse in a trade or business of the taxpayer. "(C) EXCEPTION FOR CERTAIN USE BY 5-PERCENT OWNERS AND RELATED PERSONS.—

26 USC 3401 et seq.

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"(i) IN GENERAL.—The term 'qualified business use' shall not include— "(I) leasing property to any 5-percent owner or related person, "(II) use of property provided as compensation for the performance of services by a 5-percent owner or related person, or "(III) use of property provided as compensation for the performance of services by any person not described in subclause (II) unless an amount is included in the gross income of such person with respect to such use, and, where required, there was withholding under chapter 24. "(ii) SPECIAL RULE FOR AIRCRAFT.—Clause (i) shall not apply with respect to any aircraft if at least 25 percent of the total use of the aircraft during the taxable year consists of qualified business use not described in claused). "(D) DEFINITIONS.—For purposes of this paragraph— "(i) 5-PERCENT OWNER.—The term '5-percent owner' means any person who is a 5-percent owner with re-

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