98 STAT. 632
PUBLIC LAW 98-369—JULY 18, 1984
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26 USC 168.
(2) LOW-INCOME HOUSING DEFINED.—Paragraph (2) of section
168(c) (defining recovery property) is amended by redesignating subparagraph (F) as subparagraph (G) and by inserting after subparagraph (E) the following new subparagraph: "(F) LOW-INCOME HOUSING.—The term 'low-income housing' means property described in clause (i), (ii), (iii), or (iv) of section 1250(a)(1)(B)."
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(3) CONFORMING AMENDMENTS.—
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(A) Subparagraph (A) of section 168(b)(2) is amended by striking out the last sentence thereof. (B) Subparagraph (D) of section 168(c)(2) is amended to read as follows: "(D) 18-YEAR REAL PROPERTY.—The term '18-year real property' means section 1250 class property which— "(i) does not have a present class life of 12.5 years or less, and "(ii) is not low-income housing."
(c) TRANSITIONAL RULE FOR COMPONENTS.—Subparagraph (B)
of
ooSl DBli & section 168(f)(1) is amended to read as follows: S "(B) TRANSITIONAL RULES.— "(i) BUILDINGS PLACED IN SERVICE BEFORE 1981.—In
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the case of any building placed in service by the taxpayer before January 1, 1981, for purposes of applying subparagraph (A) to components of such buildings placed in service after December 31, 1980, and before March 16, 1984, the deduction allowable under subsection (a) with respect to such components shall be computed in the same manner as the deduction allowable with respect to the first such component placed in service after December 31, 1980. "(ii) BUILDINGS PLACED IN SERVICE BEFORE MARCH 16,
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1984.—In the case of any building placed in service by ^^® taxpayer before March 16, 1984, for purposes of applying subparagraph (A) to components of such buildings placed in service after March 15, 1984, the deduction allowable under subsection (a) with respect to such components shall be computed in the same manner as the deduction allowable with respect to the first such component placed in service after March 15, 1984. "(iii) FIRST COMPONENT TREATED AS SEPARATE BUILDING.—For purposes of clause (i) or (ii), the method of computing the deduction allowable with respect to the first component described in such clause shall be determined as if it were a separate building."
(d) USE OF MID-MONTH CONVENTION.—Subparagraphs (A) and
(B)
of section 168(b)(2) are each amended by inserting "(using a midmonth convention)" after "months". (e) CONFORMING AMENDMENTS.—
(1) Subsections (b)(3)(B)(iii), (f)(2)(B), (f)(2)(C)(ii)(II), (f)(2)(E), and (f)(5) of section 168 are each amended by striking out "15-year 5«af real property" each place it appears and inserting in lieu thereof "18-year real property or low-income housing". (2) Clause (ii) of section 168(b)(3)(B) is amended by striking out iit»i "15-year real property" and inserting in lieu thereof "18-year real property or low-income housing,".
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