Page:United States Statutes at Large Volume 99 Part 1.djvu/532

 99 STAT. 510

98 Stat. 633. 26 USC 48.

26 USC 47.

98 Stat. 633. 26 USC 57.

PUBLIC LAW 99-121—OCT. 11, 1985 (A) by striking out "15-year real property" each place it appears in the heading and the text and inserting in lieu thereof "19-year real property", and (B) by striking out "15 years" and inserting in lieu thereof "19 years". (5) Paragraph (2) of section 48(g) of such Code (relating to special rules for qualified rehabilitated buildings) is amended by striking out "18" in subparagraphs (A)(i) and (B)(v) thereof and inserting in lieu thereof "19". (6) The table contained in subparagraph (B) of section 47(a)(5) of such Code (relating to special rules for recovery property) is amended by striking out "For 15-year, 10-year, and 5-year property" and inserting in lieu thereof " For property other than 3-year property". (7) Clause (i) of section 57(a)(12XB) of such Code (relating to real property and low-income housing) is Amended by striWng out "18 years" and inserting in lieu thereof "19 years".

Loans.

SEC. 104. SPECIAL RULE FOR CERTAIN WORKOUTS.

Prohibitions. 98 Stat. 553 26 USC 483. 98 Stat. 538. 26 USC 1274.

(a) GENERAL RULE.—Sections 483 and 1274 of the Internal Revenue Code of 1954 shall not apply to the issuance or modification of any written indebtedness if— (1) such issuance or modification is in connection with a workout of a specified MLC loan which (as of May 31, 1985) was substantially in arrears, and (2) the aggregate principal amount of indebtedness resulting from such workout does not exceed the sum (as of the time of the workout) of the outstanding principal amount of the specified MLC loan and any arrearages on such loan. (b) SPECIFIED MLC LOAN.—For purposes of subsection (a), the term "specified MLC loan" means any loan which, in a submission dated June 17, 1985, on behalf of the New York State Mortgage Loan Enforcement and Administration Corporation, had one of the following loan numbers: 001, 005, 007, 012, 025, 038, 041, 042, 043, 049, 053, 064, 068, 090,141,180, or 188. SEC. 105. EFFECTIVE DATES.

26 USC 1274 note.

Prohibitions. 98 Stat. 3182.

(a) SECTIONS 101 AND 102.—

(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by sections 101 and 102 shall apply to sales and exchanges after June 30, 1985, in taxable years ending after such date. The amendment made by section 2 of Public Law 98-612 shall not apply to sales and exchanges after June 30, 1985, in taxable years ending after such date. (2) REGULATORY AUTHORITY TO ESTABLISH LOWER RATE.—Sec-

98 Stat. 531. 26 USC 168 note.

Prohibitions. Contracts.

tion 1274(d)(l)(D) of the Internal Revenue Code of 1954, as added by section 101(b), shall apply as if included in the amendments made by section 41 of the Tax Reform Act of 1984. (b) SECTION 103.—

(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by section 103 shall apply with respect to property placed in service by the taxpayer after May 8, 1985. (2) EXCEPTION.—The amendments made by section 103 shall not apply to property placed in service by the taxpayer before January 1, 1987, if—

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