Qualified real property business indebtedness
The term “qualified real property business indebtedness” means indebtedness which—
(A)#
was incurred or assumed by the taxpayer in connection with real property used in a trade or business and is secured by such real property,
(B)#
was incurred or assumed before January 1, 1993 , or if incurred or assumed on or after such date, is qualified acquisition indebtedness, and
(C)#
with respect to which such taxpayer makes an election to have this paragraph apply.
Such term shall not include qualified farm indebtedness. Indebtedness under subparagraph (B) shall include indebtedness resulting from the refinancing of indebtedness under subparagraph (B) (or this sentence), but only to the extent it does not exceed the amount of the indebtedness being refinanced.