96 STAT. 438
PUBLIC LAW 97-248—SEPT. 3, 1982 was engaged in substantially similar activities) which was exempt from taxation under this title at any time during the 5-year period ending on the date such agreement was entered into. "(II) SPECIAL RULE FOR FARMERS' COOPERATIVES.—
26 USC 521.
The term 'nonqualified tax-exempt organization' shall not include any farmers' cooperative organization described in section 521 whether or not exempt from taxation under section 521. "(Ill) SPECIAL RULE FOR PROPERTY USED IN UNRELATED TRADE OR BUSINESS.—An Organization shall not be treated as a nonqualified tax-exempt organization with respect to any property if such property is used in an unrelated trade or business (within the meaning of section 513) of such organization which is subject to tax under section 511. "(I) TRANSITIONAL RULES FOR CERTAIN TRANSACTIONS.—
"(i) IN GENERAL.—Except as provided in clause (ii), clause (ii) of subparagraph (D) shall not apply to any transitional safe harbor lease property (within the meaning of section 208(d)(3) of the Tax Equity and Fiscal Responsibility Act of 1982). "(ii) SPECIAL RULES.—For purposes of subparagraph (D)(ii)"(I)
DETERMINATION OF QUALIFIED BASE PROP-
ERTY.—The cost basis of property described in clause (i) (and other property placed in service during 1982 to which subparagraph (D)(ii) does not apply) shall be taken into account in determining the qualified base property of the taxpayer for the taxable year in which such property was placed in service. "(II) REDUCTION IN QUALIFIED LEASED PROPERTY.—
The cost basis of property which may be treated as qualified leased property under subparagraph (D)(ii) for the taxable year in which such property was placed in service (determined without regard to this subparagraph) shall be reduced by the cost basis of the property taken into account under subclause (I). "(J) COORDINATION WITH AT RISK RULES.—
"(i) IN GENERAL.—For purposes of section 465, in the case of property placed in service after the date of the enactment of this subparagraph, if^ "(I) an activity involves the leasing of section 1245 property which is safe harbor lease property, and "(II) the lessee of such property (as determined under this paragraph) would, but for this paragraph, be treated as the owner of such property for purposes of this title, then the lessor (as so determined) shall be considered to be at risk with respect to such property in an amount equal to the amount the lessee is considered at risk with respect to such property (determined under section 465 without regard to this paragraph).
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