92 STAT. 2828
PUBLIC LAW 95-600—NOV. 6, 1978
26 USC 47.
"(5) SPECIAL RULE FOR APPLYING SECTION 47.—For purposes of section 47, any single purpose agricultural or horticultural structure shall be treated as meeting the requirements of this subsection for any period during which such structure is held for the use under which it qualified under this subsection. "(6) LIVESTOCK.—The term 'livestock' includes poultry." 26 USC 48 note. (c) EFFECTIVE DATE.—The amendments made by subsections (a) and db) shall apply to taxable years ending after August 15, 1971. SEC. 315. INVESTMENT CREDIT ALLOWED FOR CERTAIN REHABILITATED BUILDINGS. 26 USC 48. (a) IN GENERAL.—Paragraph (1) of section 48(a) (defining section 38 26 USC 38. property) is amended by striking out the period at the end of subparagraph (D) and by inserting in lieu thereof "; or" and the following new subparagraph: "(E) in the case of a qualified rehabilitated building, that portion of the basis which is attributable to qualified rehabilitation expenditures (within the meaning of subsection (g))." (b) QUALIFIED REHABILITATED BUILDINGS DEFINED.—Section 48 is
amended by inserting after subsection (f) the following new subsection: "(g) SPECIAL RULES FOR QUALIFIED REHABILITATED BUILDINGS.—For
purposes of this subpart— "(1) QUALIFIED REHABILITATED BUILDING DEFINED.—
"(A) IN GENERAL.—The term 'qualified rehabilitated building' means any building (and its structural components)— "(i) which has been rehabilitated, "(ii) which was placed in service before the beginning of the rehabilitation, and "(iii) 75 percent or more of the existing external walls of which are retained in place as external walls in the rehabilitation process. "(B) 20 YEARS MUST HAVE ELAPSED SINCE CONSTRUCTION OR
PRIOR REHABILITATION.—A building shall not be a qualified
.,,,,i
rehabilitated building unless there is a period of at least 20 years between— "(i) the date the physical work on this rehabilitation of the building began, and "(ii) the later of— "(I) the date such building was first placed in service, or "(II) the date such building was placed in service in connection with a prior rehabilitation with respect to which a credit was allowed by reason of subsection (a)(1)(E). "(C) MAJOR PORTION TREATED AS SEPARATE BUILDING IN
CERTAIN CASES.—Where there is a separate rehabilitation of a major portion of a building, such major portion shall be treated as a separate building. "(D) REHABILITATION INCLUDES RECONSTRUCTION.—Reha-
bilitation includes reconstruction. "(2)(^i QUALIFIED REHABILITATION EXPENDITURE DEFINED.— (A) IN GENERAL.—The term 'qualified rehabilitation expenditure' means any amount properly chargeable to capital account which is incurred after October 31, 1978— "(i) for property (or additions or improvements to property) with a useful life of 5 years or more, and
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