Page 159

TITLE 26-INTERNAL REVENUE CODE to this section] shall apply with respect to all taxable years for which a return has not been filed before August 1, 1969." Section 521(g) of Pub. L. 91-172 provided that: "The amendments made by this section [amending sections 167, 381, and 1250 of this title] shall apply with re- spect to taxable years ending after July 24, 1969." EFFECTIVE DATE OF 1967 AMENDMENT Amendment of subsec. (i) by sections 1 and 2(b) of Pub, L. 90-26 applicable with respect to taxable years ending after March 9, 1967, see section 4 of Pub. L. 90- 26, set out as an Effective Date of 1967 Amendment note under section 48 of this title. EFFECTIVE DATE OF 1966 AMENDMENT Amendment by Pub. L. 89-800 applicable to taxable years ending after Oct. 9, 1966, see section 4 of Pub. L. 89-800, set out as an Effective Date of 1966 Amend- ment note under section 48 of this title. ErrECTivE DATE OF 1962 AMENDMENT Amendment of subsec. (e) by Pub. L. 87-834 applica- ble to taxable years beginning after Dec. 31. 1962, and of subsec. (f) applicable to taxable years beginning after Dec. 31, 1961, and ending after Oct. 16, 1962, see section 13(g) of Pub. L. 87-834, set out as an Effective Date note under section 1245 of this title. EFFECTIVE DATE OF 1958 AMENDMENT Amendment of subsec. (d) by Pub. L. 85-866 applica- ble only if mailing occurred after Sept. 2, 1058, see sec- tion 89(d) of Pub. L, 85-866, set out as an Effective Date of 1958 Amendment note under section 7502 of this title. CLASS LIFE SYSTEM; APPLICATION TO REAL PROPERTY; GENERAL RULE Section 5(a) of Pub. L. 93-625 provided that: "In the case of buildings and other items of section 1250 property (within the meaning of section 1250(c) of the Internal Revenue Code of 1954) [section 1250(c) of this title] placed in service before the effective date of the class lives first prescribed by the Secretary of the Treasury or his delegate under section 167(m) of such Code (subsec. (m) of this section] for the class in which such property falls, if an election under such section 167(m) applies to the taxpayer for the taxable year in which such property is placed in service, the taxpayer may, in accordance with regulations pre- scribed by the Secretary of the Treasury or his dele- gate, elect to determine the useful life of such proper- ty- "(1) under Revenue Procedure 62-21 (as amended and supplemented) Ps in effect on December 31, 1970, or "(2) on the facts and circumstances." TRANSITIONAL RULES FOR REASONABLE ALLOWANCE FOR DEPREcIATION Section 109(e) of Pub. L. 92-178, as amended Pub. L. 93-625, § 5(b), Jan. 3, 1975, 88 Stat. 2112, provided that: "(1) [Repealed. Pub. L. 93-625, § 5(b), Jan. 3, 1975, 88 Stat. 2112.] "(2) Subsidiary asset.-If a significant portion of a class of property first prescribed by the Secretary of the Treasury or his delegate under section 167(m) of the Internal Revenue Code of 1954 [subsec. (m) of this section] consists of subsidiary assets, all such subsid- iary assets in such class placed in service by the tax- payer during the period beginning on January 1, 1971, and ending on December 31, 1973 (or such earlier date on which a class which includes such subsidiary assets subsequently prescribed by the Secretary of the Trea- sury or his delegate under such section becomes effec- tive), may, in accordance with regulations prescribed by the Secretary of the Treasury or his delegate, be excluded by the taxpayer from an election under such section." REHABIIJTATION EXPENDITURES FOR LOW INCOME RENTAL HoUsING INCURRED AFTER DECEMBER 31, 1974, AND BEFORE JANUARY 1, 1978, PURSUANT TO CONTRACT ENTERED BEFORE DECEMBER 31, 1974 Pub. L. 93-482, § 4, Oct. 26, 1974, 88 Stat. 1456, pro- vided that: "Notwithstanding the provisions of section 167(k)(1) of the Internal Revenue Code of 1954 (subsec. (k)(1) of this section] (relating to depreciation of expenditures to rehabilitate low Income rental housing), the provisions of section 167(k) [subsec. (k) of this section] shall apply with respect to rehabilita- tion expenditures incurred with respect to low income rental houslin after December 31, 1974, and before January 1, 19GW. if such expenditures are incurred pur- suant to a binding contract entered into before De- cember 31, 1974." CROSS REFERENCES Adjusted gross income as gross income minus, among others, depreciation deduction, see section 62 of this title, Allowance of deduction for depletion, see section 611 of this title, Capital expenditures not deductible, see section 263 of this title. Depreciation- Adjustments to basis for determining gain or loss, see section 1016 of this title. Allocation among partners, see section 704 of this title. Development expenses, see section 616 of this title. Estates or trusts, see section 642 of this title. Payments to encourage exploration, development and mining for defense purposes, see section 621 of this title. Property used in trade or business as property sub- ject to depreciation allowance, see section 1231 of this title. Undivided interest in property contributed to part- nership, see section 704 of this title. Taxable year deductions to be taken, see section 461 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 46, 47, 48, 57, 62, 163, 169, 172, 174, 175, 179, 182, 184, 189, 191, 216, 312, 381, 404, 542, 543, 545. 556, 616, 617, 642, 804, 817, 822, 832, 1016, 1071, 1082, 1221, 1231, 1239, 1245, 1250, 49410 of this title; title 33 sections 1316, 1326; title 46 section 1177. [§ 168. Repealed. Pub. L. 94-455, title XIX, § 1951(b)(4)(A), Oct. 4, 1976, 90 Stat. 1837] Section, acts Aug. 16, 1954, ch. 746, 68A Stat. 52; Aug. 26, 1957, Pub. L. 85-165, § 4, 71 Stat. 414; Sept. 2, 1958, Pub. L. 85-866, title I, § 9(a), (b), 72 Stat. 1608, 1609, related to deductions with respect to amortiza- tion of emergency facilities. SAVINGS PROVISION Section 1951(b)(4)(B) of Pub. L. 94-455 provided that: "Nctwithstanding the repeal made by subpara- graph (A) [repealing this section], if a certificate was issued before January 1, 1960, with respect to an emer- gency facility which is or has been placed In service before the date of the enactment of this Act [Oct. 4, 1976], the provisions of section 168 shall not, with re- spect to such facility, be considered repealed, The benefit of deductions by reason of the preceding sen- tence shall be allowed to estates and trusts in the same manner as in the case of an individual. The al- lowable deduction shall be apportioned between the income beneficiaries and the fiduciary in accordance with regulations prescribed under section 642(f)." AVAILABILITY OF EMERGENCY AMORTIZATION DEDUCTION Section 9(c) of Pub. L. 85-866 exempted facilities for primary processing of uranium ore or uranium concen- Page 159 § 168