PUBLIC LAW 94-455—OCT. 4, 1976
9 0 STAT. 1919
ing" after subsection (n) (as added by subsection (c) of this section) the following new subsection: " (o) SUBSTANTIALLY REHABILITATED HISTORIC PROPERTY.— " (1) GENERAL RULE. — Pursuant to regulations prescribed by the
Secretary, the taxpayer may elect to compute the depreciation deduction attributable to substantially rehabilitated historic property as t h o u g h the original use of such property commenced with him. The election shall be effective with respect to the taxable year referred to in paragraph (2) and all succeeding taxable years. "(2)
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SUBSTANTIALLY REHABILITATED PROPERTY.—For purposes
of paragraph (1), the term 'substantially rehabilitated historic property ' means any certified historic structure (as defined in sec.ition 191(d)(1)) with respect to which the additions to capital Ante, p. 1916. m account for any certified rehabilitation (as defined in section 1 9 1 (d)(3)) during the 24-month period ending on the last day of any taxable year, reduced by any amounts allowed or allowable as depreciation or amortization with respect thereto, exceeds the greater of— ,,,„i. " (A) the adjusted basis of such property, or " (B) $5,000. _ ,: v.|. The adjusted basis of the property shall be determined as of the beginning of the first day of such 24-month period, or of the holding period of the property (within the meaning of section 1250 ,.(e)), whichever is later." (2) EFFECTIVE DATE.—The amendment made by this subsection 26 USC 167 shall apply with respect to additions to capital account occurring note, after June 30, 1976, and before July 1, 1981. at (e) TRANSFERS OF PARTIAL INTERESTS I N PROPERTY FOR CONSERVATION PURPOSES.— (1) INCOME TAX DEDUCTIONS FOR CHARITABLE CONTRIBUTIONS OF PARTIAL INTERESTS I N PROPERTY FOR CONSERVATION PURPOSES. SEC-
tion 1 7 0 (f)(3) (relating to charitable contributions) is 26 USC 170. amended— (A) by striking out " o r " a t the end of subparagraph (B)(i), (B) by striking out "property.", a t the end of subparagraph (B) (ii) and inserting in lieu thereof "property,, (C) by a d d i n g after clause ( i i) of subparagraph (B) the following new clauses: " ( i i i) a lease on, option to purchase, or easement with respect to real property of not less than 30 years' duration granted to an organization described in subsection (b)(1)(A) exclusively for conservation purposes, or " ( i v) a remainder interest in real property which is granted to an organization described in subsection (b) (1)(A) exclusively for conservation purposes.", and (D) by a d d i n g a t the end thereof the following new subparagraph: "(C)
CONSERVATION PURPOSES DEFINED.—For purposes of
subparagraph (B), the term 'conservation purposes' means—• " (i) the preservation of land areas for public outdoor recreation or education, or scenic enjoyment; " ( i i) the preservation of historically important land areas or structures; or " ( i i i) the protection of n a t u r a l environmental systems.". (2) ESTATE TAX DEDUCTION FOR TRANSFER OF PARTIAL INTERESTS I N PROPERTY FOR CONSERVATIONS PURPOSES.—Section 2 0 5 5 (e)(2)
26 USC 2055.
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