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TITLE 26-INTERNAL REVENUE CODE (5) Stock acquired through foreclosure by lending subsec. (b) of this section] shall apply to taxable years institution beginning after December 31, 1969." If a bank or other lending institution ac- quires by foreclosure (or by instrument in lieu of foreclosure) the stock of a tenant- stockholder, and a lease or the right to occupy an apartment or house to which such stock is appurtenant, such bank or other lending institution shall be treated as a tenant-stockholder for a period not to exceed three years from the date of acquisition. The preceding sentence shall apply even though, by agreement with the cooperative housing corporation, the bank (or other lending insti- tution) or its nominee may not occupy the house or apartment without the prior approv- al of such corporation. (c) Treatment as property subject to depreciation So much of the stock of a tenant-stockholder in a cooperative housing corporation as is allo- cable, under regulations prescribed by the Sec- retary, to a proprietary lease or right of tenan- cy in property subject to the allowance for de- preciation under section 167(a) shall, to the extent such proprietary lease or right of tenan- cy is used by such tenant-stockholder in a trade or business or for the production of income, be treated as property subject to the allowance for depreciation under section 167(a). The preced- Ing sentence shall not be construed to limit or deny a deduction for depreciation under 167(a) by a cooperative housing corporation with re- spect to property owned by such a corporation and leased to tenant-stockholders. (Aug. 16, 1954, ch. 736, 68A Stat. 71; Oct. 16, 1962, Pub. L. 87-834, § 28(a), 76 Stat. 1068; Dec. 30, 1969, Pub. L. 91-172, title IX, § 913(a), 83 Stat. 723; Oct. 4, 1976, Pub. L. 94-455, title XIX, § 1906(b)(13)(A), title XXI, § 2101(b), (f)(1), 90 Stat. 1834, 1899.) AMENDMENTS 1976-Subsec. (b)(2). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (b)(5). Pub. L. 94-455, § 2101(f), added par. (5). Subsec. (c). Pub. L. 94-455, §§ 1906(b)(13)(A), 2101(b), added "The preceding sentence shall not be construed to limit or deny a deduction for depreciation under 167(a) by a cooperative housing corporation with re- spect to property owned by such corporation and leased to tenant-stockholders" following "treated as property subject to the allowance for depreciation under 167(a)" and struck out "or his delegate" follow- ing "Secretary". 1969-Subsec. (b). Pub. L. 91-172 added par. (4). 1962-Pub. L. 87-834 substituted "Deduction of taxes, interest, and business depreciation by cooperat- ive housing corporation tenant-stockholders" for "Amounts representing taxes and interest paid to co- operative housing corporation" in section catchline, and added subsec. (c). EFFECTIVE DATE OF 1976 AMENDMENT Section 2101(f)(2) of Pub. L. 94-455 provided that: "The amendment made by paragraph (1) [enacting subsec. (b)(5) of this section] shall apply to stock ac- quired by banks or other lending institutions after the date of the enactment of this Act [Oct. 4, 19761." EFFECTIVE DATE OF 1969 AMENDMENT Section 913(b) of Pub. L. 91-172 provided that: "The amendment made by subsection (a) [adding par. (4) to EFFECTIVE DATE OF 1962 AMENDMENT Section 28(c) of Pub. L. 87-834 provided that: "The amendments made by subsection (a) [amending sec- tion catchline and adding subsec. (c) of this section] shall be effective with respect to taxable years begin- ning after December 31, 1961." CROSS REFERENCES Interest deductible, see section 163 of this title. Taxes deductible, see section 164 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 121, 1034 of this title. § 217. Moving expenses (a) Deduction allowed There shall be allowed as a deduction moving expenses paid or incurred during the taxable year in connection with the commencement of work by the taxpayer as an employee or as a self-employed individual, at a new principal place of work. (b) Definition of moving expenses (1) In general For purposes of this section, the term "moving expenses" means only the reason- able expenses- (A) of moving household goods and per- sonal effects from the former residence to the new residence, (B) of traveling (including meals and lodg- ing) from the former residence to the new place of residence, (C) of traveling (including meals and lodg- ing), after obtaining employment, from the former residence to the general location of the new principal place of work and return, for the principal purpose of searching for a new residence, (D) of meals and lodging while occupying temporary quarters in the general location of the new principal place of work during any period of 30 consecutive days after ob- taining employment, or (E) constituting qualified residence sale, purchase, or lease expenses. (2) Qualified residence sale, etc., expenses For purposes of paragraph (1)(E), the term "qualified residence sale, purchase, or lease expenses" means only reasonable expenses in- cident to- (A) the sale or exchange by the taxpayer or his spouse of the taxpayer's former resi- dence (not including expenses for work per- formed on such residence in order to assist in its sale) which (but for this subsection and subsection (e)) would be taken into ac- count in determining the amount realized on the sale or exchange, (B) the purchase by the taxpayer or his spouse of a new residence in the general lo- cation of the new principal place of work which (but for this subsection and subsec- tion (e)) would be taken into account in de- termining- (I) the adjusted basis of the new resi- dence, or § 217 Page 196