Page:United States Statutes at Large Volume 104 Part 2.djvu/942

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104 STAT. 1388-534 PUBLIC LAW 101-508—NOV. 5, 1990 "(2) COORDINATION WITH SUBSECTION (b)(2).— For purposes of subsection (b)(2), the portion of a net operating loss for any taxable year which is attributable to the deduction allowed under section 166(a) shall be treated in a manner similar to the manner in which a specified liability loss is treated." (4) Subparagraph (B) of section 172(h)(4) (as redesignated by paragraph (1)) is amended to read as follows: "(B) COORDINATION WITH SUBSECTION (b)(2). —For purposes of subsection (b)(2) "(i) a corporate equity reduction interest loss shall be treated in a manner similar to the manner in which a specified liability loss is treated, and "(ii) in determining the net operating loss deduction for any prior taxable year referred to in the 3rd sentence of subsection (b)(2), the portion of any net operating loss which may not be carried to such taxable year under subsection (b)(1)(E) shall not be taken into account." 26 USC 172 note. (c) EFFECTIVE DATE. —The amendments made by this section shall apply to net operating losses for taxable years beginning after December 31, 1990. SEC. 11812. ELIMINATION OF OBSOLETE PROVISIONS IN SECTION 167. (a) GENERAL RULE. —Section 167 is amended— (1) by striking subsections (b), (c), (d), (e), (f), (j), (k), (1), (m), (p), and (q) and by redesignating subsections (g), (h), (r),'and (s) as subsections (c), (d), (e), and (f), respectively, and (2) by inserting after subsection (a) the following new subsection: "(b) CROSS REFERENCE. — "For determination of depreciation deduction in case of property to which section 168 applies, see section 168." (b) CONFORMING AMENDMENTS. — (1) Subsection (e) of section 167 (as redesignated by subsection (a)) is amended by striking "(h)" each place it appears in paragraphs (3)(B) and (4)(B) and inserting "(d)". (2)(A) Subparagraph (A) of section 168(e)(2) is amended to read as follows: "(A) RESIDENTIAL RENTAL PROPERTY.— "(i) RESIDENTIAL RENTAL PROPERTY. — The term 'residential rental property' means any building or structure if 80 percent or more of the gross rental income from such building or structure for the taxable year is rental income from dwelling units, "(ii) DEFINITIONS.— For purposes of clause (i)— "(I) the term 'dwelling unit' means a house or apartment used to provide living accommodations in a building or structure, but does not include a unit in a hotel, motel, or other establishment more than one-half of the units in which are used on a transient basis, and "(II) if any portion of the building or structure is occupied by the taxpayer, the gross rental income from such building or structure shall include the rental value of the portion so occupied."