98 STAT. 518
PUBLIC LAW 98-369—JULY 18, 1984 "(I) IN GENERAL.—In the case of any aircraft used under a qualifying lease (as defined in section 47(a)(7)(C)) and which is leased to a foreign person or entity before January 1, 1990, clause (i) shall be applied by substituting '3 years' for '6 months'. "(II) RECAPTURE PERIOD EXTENDED.—For purposes of applying subparagraph (B) of section 47(a)(5) and paragraph (1) of section 47(a), there shall not be taken into account any period of a lease to which subclause (I) applies. "(C) EXCEPTION FOR QUALIFIED REHABILITATED BUILDINGS
LEASED TO GOVERNMENTS, ETC.—If any qualified rehabilitated building is leased to a governmental unit (or a foreign person or entity), this paragraph shall not apply to that portion of the basis of such building which is attributable to qualified rehabilitation expenditures. "(D) CROSS REFERENCE.— Ante, p. 509.
"For provisions providing special rules for the application of this paragraph and paragraph (4), see section 168(j)." (c) REHABILITATION CREDIT NOT TO APPLY WHERE PROPERTY USED B TAX-EXEMPT ENTITY.— Y
26 USC 48.
(1) IN GENERAL.—Subparagraph (B) of section 48(g)(2) (relating to certain expenditures not treated as qualified rehabilitation expenditures) is amended by adding at the end thereof the following new clause: "(vi) TAX-EXEMPT USE PROPERTY.—
Ante, p. 509.
"(I) IN GENERAL.—Any expenditure in connection with the rehabilitation of a building which is allocable to that portion of such building which is (or may reasonably be expected to be) tax-exempt use property (within the meaning of section 168(j)(3)). "(II) CLAUSE NOT TO APPLY FOR PURPOSES OF PARA-
GRAPH (i)(c).—This clause shall not apply for purposes of determining under paragraph (I)(C) whether a building has been substantially rehabilitated." (2) TECHNICAL AMENDMENT.—Clause (i) of section 48(g)(2)(B) is amended by adding at the end thereof the following new sentence: "The preceding sentence shall not apply to any expenditure to the extent subsection (f)(12) or (j) of section 168 applies to such expenditure." (d) AUTHORITY TO PRESCRIBE PRESENT CLASS LIFE FOR CERTAIN
26 USC 168.
PROPERTY.—Paragraph (2) of section 168(g) (defining present class life) is amended by adding at the end thereof the following new sentence: "If any property (other than section 1250 class property) does not have a present class life within the meaning of the preceding sentence, the Secretary may prescribe a present class life for such property which reasonably reflects the anticipated useful life of such property to the industry or other group."
26 USC 7701. Post, p. 672.
ETC.—Section 7701 (relating to definitions), as amended by this Act, is amended by redesignating subsection (e) as subsection (f) and by inserting after subsection (d) the following new subsection:
26 USC 1 et seq.
ETC.—For purposes of chapter 1—
(e) TREATMENT OF CERTAIN CONTRACTS FOR PROVIDING SERVICES,
"(e) TREATMENT OF CERTAIN CONTRACTS FOR PROVIDING SERVICES,
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