“(D) Exclusive rule for greenville auditorium board.— For reasons of this paragraph, substantial official governmental motion taken because of the Greenville County Auditorium Board of Greenville, South Carolina, in advance of May 23, 1983, shall be dealt with as considerable official governmental action with respect on the coliseum facility topic to a binding deal to lease which was in impact on January 1, 1985.
“(v) the project is an element of the facility to consolidate and modernize the silica manufacture of such corporation and also the undertaking was permitted by the president of these kinds of Company on August 19, 1985.
“(5) Distinctive policies for property A part of learn designs of integrated jobs.—The amendments made by part 201 shall not apply to any residence placed in provider pursuant to a grasp plan and that is clearly identifiable as of March one, 1986, for any venture described in any of the next subparagraphs of the paragraph: “(A) A venture is explained in this subparagraph if— “(i) the undertaking involves output platforms for offshore drilling, oil and gas pipeline to shore, procedure and storage services, and a marine terminal, and
“(II) the taxpayer treats these types of film as recovery assets for functions of section 168 of this kind of Code.
“(I) Assets is explained On this subparagraph if these types of property is utilized by a College as being a wonderful arts center along with the Board of Trustees of this sort of College licensed the sale-leaseback settlement with regard to such house on March seven, 1984.
No deduction for depreciation or amortization shall be allowed to this sort of human being with respect to such property,
“(ii) has pledged house (but only to your extent of The web reasonable marketplace price of the lessor’s curiosity in these kinds of residence), in addition to property topic for the settlement or property immediately or indirectly financed by indebtedness secured by property matter towards the arrangement, as security for,
The benefit of deductions by motive of your preceding sentence shall be allowed to estates and trusts in the exact same way as in the case of an individual. The allowable deduction shall be apportioned between the cash flow beneficiaries and also the fiduciary in accordance with rules prescribed less than area 642(file).”
“(K) Assets is described Within this subparagraph if this sort of home is used by university of osteopathic medication and health sciences, and on or prior to December 31, 1983, the Board of Trustees of such College accredited the development of this kind of home.
the taxpayer might be taken care of as utilizing a normalization way of accounting if, with respect to this kind of jurisdiction, the taxpayer utilizes the alternative process for community utility house that is definitely subject matter to your regulatory authority of that jurisdiction.
“(II) If an election less than this subclause is built with respect to any residence, the amendment produced by clause (i) shall use to these types of house whether or not positioned in services on or before September 27, 1985.”
“(B) The us or an company or instrumentality thereof hasn't delivered an indemnification versus the lack of all or even a percentage of the tax Gains claimed beneath the lease or support contract.
“(B) Class of goods.—For functions of subparagraph (A)— “(i) the term ‘course of products and solutions’ suggests any of the categories selected and numbered for a ‘course of merchandise’ from the 1977 Census of Manufacturers compiled and posted via the Secretary of Commerce underneath title 13 of the United States Code, and
(D) Exception wherever assets Employed in unrelated trade or organization The expression “tax-exempt use residence” shall not involve any percentage of a assets if such part is predominantly employed by the tax-exempt entity (directly or through a partnership of which this kind of entity is actually a spouse) in an unrelated trade rico168 or enterprise the revenue of which can be matter to tax below section 511.