Page:United States Statutes at Large Volume 99 Part 1.djvu/536

 99 STAT. 514

26 USC 501.

PUBLIC LAW 99-121—OCT. 11, 1985 (A) the Our Lady of Life Apartments owned by a Missouri not-for-profit corporation with the same name, (B) the Laclede Oaks Manor owned by the Lutheran Health Care Association of St. Louis, Missouri, and (C) the Luther Center Northeast owned by the Lutheran Altenheim Society of Missouri. (2) REQUIREMENTS.—A facility shall not be considered to be a specified independent living facility for the elderly— (A) if it is located at any site other than the site which it occupied (or was in the process of occupying through construction) on the date of the enactment of this Act, or (B) if its ownership is transferred after such date of enactment to a person other than an organization described in section 501(c)(3) of the Internal Revenue Code of 1954. SEC. 204. EFFECTIVE DATES.

26 USC 7872

note.

Contracts. 26 USC 7872

26 USC 7872 note. 98 Stat. 699.

(a) SECTION 2 0 1. —

(1) IN GENERAL.—The amendments made by section 201 shall apply with respect to loans made after the date of enactment of this Act. (2) SECTION 7872 NOT TO APPLY TO CERTAIN LOANS.—Section 7872 of the Internal Revenue Code of 1954 shall not apply to loans made on or before the date of the enactment of this Act to any qualified continuing care facility pursuant to a continuing care contract. For purposes of this paragraph, the terms "qualified continuing care facility" and "continuing care contract" have the meanings given such terms by section 7872(g) of such Code (as added by section 201). (b) SECTION 202.—The amendment made by section 202 shall apply to contracts entered into after June 30, 1985, in taxable years ending after such date, (c) SECTION 203.—The provisions of section 203 shall apply as if included in section 172(a) of the Tax Reform Act of 1984. Approved October 11, 1985.

LEGISLATIVE HISTORY—H.R. 2475: HOUSE REPORTS: No. 99-87 (Comm. on Ways and Means) and No. 99-250 (Comm. of ("'on TGT*(*n c s l

SENATE REPORT No. 99-83 (Comm. on Finance). CONGRESSIONAL RECORD, Vol. 131 (1985): May 21, considered and passed House. June 26, considered and passed Senate, amended. Aug. 1, House agreed to conference report. Oct. 1, Senate agreed to conference report.

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