PUBLIC LAW 98-369—JULY 18, 1984 "(2) RECAPTURE AMOUNT.—For purposes of paragraph (1), the term 'recapture amount' means the lesser of^ "(A) the prior understated inclusions, or "(B) the excess of the amount realized (or in the case of a disposition other than a sale, exchange, or involuntary conversion, the fair market value of the property) over the adjusted basis of such property. The amount determined under subparagraph (B) shall be reduced by the amount of any gain treated as ordinary income on the disposition under any other provision of this subtitle. "(3) PRIOR UNDERSTATED INCLUSIONS.—For purposes of this subsection, the term 'prior understated inclusion' means the excess (if any) of^ "(A) the amount which would have been taken into account by the lessor under subsection (a) for periods before the disposition if subsection (b)(2) had applied to the agreement, over "(B) the amount taken into account under subsection (a) by the lessor for periods before the disposition. "(4) LEASEBACK OR LONG-TERM AGREEMENT.—For purposes of this subsection, the term 'leaseback or long-term agreement' means any agreement described in subsection (b)(3)(A). "(5) SPECIAL RULES.—Under regulations prescribed by the Secretary— "(A) exceptions similar to the exceptions applicable under section 1245 or 1250 (whichever is appropriate) shall apply for purposes of this subsection, "(B) any transferee in a disposition excepted by reason of subparagraph (A) who has a transferred basis in the property shall be treated in the same manner as the transferor, and "(C) for purposes of sections 163(d), 170(e), 341(e)(12), i3ihi f.if 453B(d)(2), and 751(c), amounts treated as ordinary income under this section shall be treated in the same manner as amounts treated as ordinary income under section 1245 or 1250.
98 STAT. 611
M'^- - i r;mk V
"(d) SECTION 467 RENTAL AGREEMENTS.—
"(1) IN GENERAL.—Except as otherwise provided in this subsection, the term 'section 467 rental agreements' means any rental agreement for the use of tangible property under which— "(A) there is at least one amount allocable to the use of property during a calendar year which is to be paid after the close of the calendar year following the calendar year in which such use occurs, or "(B) there are increases in the amount to be paid as rent under the agreement. "(2) SECTION NOT TO APPLY TO AGREEMENTS INVOLVING PAY-
1.
MENTS OF $250,000 OR LESS.—This section shall not apply to any amount to be paid for the use of property if the sum of the following amounts does not exceed $250,000— "(A) the aggregate amount of payments received as consideration for such use of property, and "(B) the aggregate value of any other consideration to be received for such use of property. For purposes of the preceding sentence, rules similar to the rules of clauses (ii) and (iii) of section 1274(c)(2)(C) shall apply. Ante, p. 538.
�
