100 STAT. 2124
PUBLIC LAW 99-514—OCT. 22, 1986 ,,'C'5
"(i) any race horse which is more than 2 years old at the time it is placed in service, and ,.J ff',f - " "(ii) any horse other than a race horse which is more ^^a'l.r. ' than 12 years old at the time it is placed in service. "(B) 5-YEAR PROPERTY.—The term '5-year property' includes— "(i) any automobile or light general purpose truck, "(ii) any semi-conductor manufacturing equipment, ,, J: "(iii) any computer-based telephone central office . switching equipment, "(iv) any qualified technological equipment, _.-^.,^,., "(v) any property used in connection with research and experimentation, and "(vi) any property which— "(I) is described in paragraph (3)(A)(viii), (3)(A)(ix), or (4) of section 48(1), or "(II) is described in paragraph (15) of section 48(1) and is a qualifying small power production facility within the meaning of section 3(17)(C) of the Federal Power Act (16 U.S.C. 796(17)(C)), as in effect on September 1, 1986. "(C) 7-YEAR PROPERTY.—The term '7-year property' includes— "(i) any railroad track, •' "(ii) any single-purpose agricultural or horticultural 'structure (within the meaning of section 48(p)), and "(iii) any property which— -ftj* =,! or «<(j) (jQgg jjQ^ have a class life, and "(II) is not otherwise classified under paragraph (2) or this paragraph. ••>• > . "(D) 15-YEAR PROPERTY.—The term *15-year property' includes— "(i) any municipal wastewater treatment plant, and ', "(ii) any telephone distribution plant and comparable . equipment used for 2-way exchange of voice and data communications. "(E) 20-YEAR PROPERTY.—The term '20-year property' includes any municipal sewers. "(0 PROPERTY TO WHICH SECTION DOES NOT APPLY.—This section shall not apply to— "(1) CERTAIN METHODS OF DEPRECIATION.—Any property i — f
"(A) the taxpayer elects to exclude such property from the application of this section, and "(B) for the 1st taxable year for which a depreciation I ' * deduction would be allowable with respect to such property in the hands of the taxpayer, the property is properly pa: depreciated under the unit-of-production method or any •~rp, ( ri*: method of depreciation not expressed in a term of years (other than the retirement-replacement-betterment method or similar method). "(2) CERTAIN PUBLIC UTILITY PROPERTY.—Any public utility property (within the meaning of section 167(1)(3)(A)) if the taxpayer does not use a normalization method of accounting. 3-yi (3) FILMS AND VIDEO TAPE.—Any motion picture film or video tape. 0? "(4) SOUND RECORDINGS.—Any sound recording described in section 48(r)(5).
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