PUBLIC LAW 98-369—JULY 18, 1984
98 STAT. 633
(3) Subparagraph (B) of section 168(d)(2) is amended by striking out "15-year real property" and inserting in lieu thereof "18-year real property or low-income housing". (4) Clause (i) of section 168(f)(2)(C) (relating to recovery period for property used outside United States) is amended by striking out the item relating to 15-year real property in the table and inserting in lieu thereof the following new item: "18-year real property or low-income housing
t
26 USC 168.
35 or 45 years.".
(5) Sections 57(a)(12)(A) and 312(k)(3)(A) and subparagraphs (A), (B), and (C) of section 1245(A)(5) are each amended by striking out "15-year real property" each place it appears in the text and headings and inserting in lieu thereof "18-year real property and low-income housing". (6) Subparagraph (B) of section 57(a)(12) (relating to items of tax preference) is amended to read as follows:
26 USC 57, 312, 1245. 26 USC 57.
"(B) 18-YEAR REAL PROPERTY AND LOW-INCOME HOUSING.—
With respect to each recovery property which is 18-year ^ real property or low-income housing, the amount (if any) by J which the deduction allowed under section 168(a) for the taxable year exceeds the deduction which would have been allowable for a taxable year had the property been depreciated using the straight-line method (without regard to salvage value) over a recovery period of— "(i) 18 years in the case of 18-year real property, and n':«.. "(ii) 15 years in the case of low-income housing property." (7) Subparagraph (E) of section 57(a)(12) is amended by striking out " '15-year real property'," and inserting in lieu thereof s " '18-year real property, 'low-income housing',". (8) Paragraph (2) of section 48(g) (relating to qualified rehabili- 26 USC 48. tation expenditure) is amended— (A) by striking out "property" each place it appears in subparagraph (A)(i) and inserting in lieu thereof "real property", l'^^ (B) by striking out "15" in subparagraph (A)(i) and inserting in lieu thereof "18 (15 years in the case of low-income ,,,. housing), (C) by striking out "15 years" in subparagraph (B)(v) and cf-.^,{.^ inserting in lieu thereof "18 years (15 years in the case of low-income housing)", and .^ (D) by adding at the end thereof the following new subparagraph: "(D) Low-iNCOME HOUSING.—For purposes of subparagraph (B), the term 'low-income housing has the meaning given such term by section 168(c)(2)(F)." Ante, p. 632. (9) Subparagraph (A) of section 168(b)(3) (relating to election 26 USC 168. of different recovery percentage) is amended— (A) by striking out "under paragraphs (1) and (2)" and inserting in lieu thereof "under paragraph (1), (2), or (4)", 10 and (B) by striking out the item in the table relating to 15year real property and inserting in lieu thereof the following new item: "18-year real property and low-income housing
18, 35, or 45."
(10) Section 1245(a)(5)(D) is amended to read as follows:
26 USC 1245.
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