90 STAT. 1918 26 USC 1250. Ante, pp. 1914, 1916. 26 USC 191 note.
PUBLIC LAW 94-455—OCT. 4, 1976 (D) Section 1250(b)(3) (relating to depreciation adjustments) is amended by striking out " o r 190" and inserting in lieu thereof "190 or 191". (4) EFFECTIVE DATE.—The amendments made by this subsection shall apply with respect to additions to capital account made after June 14, 1976 and before June 15, 1981. (b) DEMOLITION.— (1) DISALLOWANCE OF DEDUCTIONS.—Part IX of subchapter B
26 USC 280B.
of chapter 1 (relating to items not deductible) is amended by adding at the end thereof the following new section: "SEC. 280B. DEMOLITION OF CERTAIN HISTORIC STRUCTURES. " (a) GENERAL RULE. — I n the case of the demolition of a certified
historic structure (as defined in section 191(d)(1)) — " (1) no deduction otherwise allowable under this chapter shall be allowed to the owner or lessee of such structure for— " (A) any amount expended for such demolition, or " (B) any loss sustained on account of such demolition; and " (2) amounts described in paragraph (1) shall be treated as properly chargeable to capital account with respect to the land on which the demolished structure was located. " (b) SPECIAL RULE FOR REGISTERED HISTORIC D I S T R I C T S. — For p u r -
poses of this section, any building or other structure located in a Registered Historic District shall be treated as a certified historic structure unless the Secretary of the Interior has certified, p r i o r to the demolition of such structure, that such structure is not of historic significance to the district." (2) CLERICAL AMENDMENT.—The table of sections for part IX
of subchapter B of chapter 1 is amended by a d d i n g a t the end thereof the following new item: "Sec. 280B. Demolition of certain historic structures."
26 USC 280B note. 26 USC 167.
(3) EFFECTIVE DATE.—The amendments made by this subsection shall apply with respect to demolitions commencing after June 30, 1976, and before January 1, 1981. (c) DEPRECIATION OF IMPROVEMENTS.— (1) M E T H O D OF DEPRECIATION.—Section 167 ( r e l a t i n g to depre-
ciation) is amended by redesignating subsection (n) as (p), and by inserting after subsection (m) the following new subsection: " (n) STRAIGHT L I N E METHOD I N CERTAIN CASES.—
"Reasonable allowance."
26 USC 167 note.
" (1) IN GENERAL.—In the case of any property in whole or in part constructed, reconstructed, erected, o r used on a site which was, on or after June 30, 1976, occupied by a certified historic structure (as defined in section 191(d)(1)) which is demolished or substantially altered (other than by virtue of a certified rehabilitation as defined in section 191(d)(3)) after such date— " (A) subsections (b), (j), (k), and (1) shall not apply, " (B) the term 'reasonable allowance' as used in subsection (a) shall mean only an allowance computed under the s t r a i g h t line method. " (2) EXCEPTION.—The limitations imposed by t h i s subsection shall not apply to personal property." (2) EFFECTIVE DATE.—The amendment made by this subsection shall apply to that portion of the basis which is attributable to construction, reconstruction, or erection after December 31, 1975, and before January 1, 1981. (d) SUBSTANTIALLY REHABILITATED PROPERTY.—
(1) Section 167 (relating to depreciation) is amended by insert-
�
