PUBLIC LAW 94-455—OCT. 4, 1976
9 0 STAT. 1917
" (d) DEFINITIONS. — For purposes of this section— " (1) CERTIFIED HISTORIC STRUCTURE.—The term 'certified his-
toric structure' means a building or structure which is of a character subject to the allowance for depreciation provided in section 167 which— " (A) is listed in the National Register, " (B) is located in a Registered Historic District and is certified by the Secretary of the Interior as being of historic significance to the district, or " (C) is located in an historic district designated under a statute of the a p p r o p r i a t e State or local government if such statute is certified by the Secretary of the Interior to the Secretary as containing criteria which will substantially achieve the purpose of preserving and rehabilitating buildings of historic significance to the district. " (2) AMORTIZABLE BASIS.—The term 'amortizable basis' means the portion of the basis attributable to amounts expended in connection with certified rehabilitation. " (3) CERTIFIED REHABILITATION.—The term 'certified rehabilitation' means any rehabilitation of a certified historic structure which the Secretary of the Interior has certified to the Secretary as being consistent with the historic character of such property or the district in which such property is located.
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" (e) DEPRECIATION DEDUCTION.—The depreciation deduction p r o -
vided by section 167 shall, despite the provisions of subsection (a), be allowed with respect to the portion of the adjusted basis which is not the amortizable basis. "(f)
L I F E T E N A N T AND R E M A I N D E R M A N. — I n the case of property
held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property and shall be allowable to the life tenant. "(g)
CROSS REFERENCES.— "(1) For rules relating to the listing of buildings and structures in the National Register and for definitions of 'National Register* and 'Registered Historic District', see section 470 et seq. of title 16 of the United States Code. "(2") For special rule with respect to certain gain derived from the disposition of property the adjusted basis of which is determined with regard to this section, see section 1245." (2) G A I N ON DISPOSITION.—Section 1245(a)
(relating to gain
26 USC 1245.
from dispositions of certain depreciable property) is amended by strikina: out "or 190" each place it appears and inserting in lieii thereof "190, or 191". (3) CONFORMING AMENDMENTS.—•
(A) The table of sections for part VI of subchapter B of chapter 1 is amended by inserting a t the end thereof the following new item: "Sec. 191. Amortization of certain rehabilitation expenditures for certified historic structures."
(B) Section 642(f) (relating to amortization deductions 26 USC 642. of estates and trust) is amended by striking out " and 188" and inserting in lieu thereof "188, and 191". (C) Section 1082(a)(2)(B) (relating to basis for deter- 26 USC 1082. mining gain or loss) is amended by striking out " o r 188" and inserting in lieu thereof "188, or 191".
89-194 O—78—pt. 2
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