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TITLE 26-INTERNAL REVENUE CODE the Secretary to the extent proper to carry out the purposes of this section. (f) Personal property leased with real property For purposes of this section, the term "real property" includes personal property of the lessor leased by it to a lessee of its real estate if the lease of such personal property is made under, or in connection with, the lease of such real estate. (Aug. 16, 1954, ch. 736, 68A Stat. 172; July 14, 1960, Pub. L. 86-667, § 5, 74 Stat. 436; Dec. 30, 1969, Pub. L. 91-172, title I, § 121(d)(1), (3)(A), (B), 83 Stat. 543, 548; Jan. 3, 1975, Pub. L. 93- 625, § 7(b)(2), 88 Stat. 2115; Oct. 4, 1976, Pub. L. 94-455, title XIII, § 1308(a), title XIX, §§ 1901(a)(72), 1906(b)(13)(A), 90 Stat. 1729, 1776, 1834.) REFERENCES IN TEXT The Tax Reform Act of 1976, referred to in subsec. (b)(3)(C)(ii), is Pub. L. 94-455, Oct. 4, 1976, 90 Stat. 1520, which was enacted Oct. 4, 1976. For complete classification of this Act to the Code, see Tables volume. AMENDMENTS 1976-Subsec. (a)(1). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (b)(3)(A). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (b)(3)(B)(1i). Pub. L. 94-455, § 1906(b)(13)(A). struck out "or his delegate" following "Secretary". Subsec. (b)(3)(C)(iii). Pub. L. 94-455, § 1901(a)(72)(C), substituted "(as defined in this sec- tion immediately before the enactment of the Tax Reform Act of 1976)" for "as (defined in subsection (f))" following "is a business lease". Subsec. (c)(1). Pub. L. 94-455, § 1901(a)(72)(A), struck out exception following subpar. (C) that in any taxable year beginning before January 1. 1972, any ac- quisition indebtedness incurred prior to June 28, 1966, would not be taken into account except for business lease indebtedness of certain organizations. Subsec. (c)(2)(C). Pub. L. 94-455, §1308(a), added subpar.(C). Subsec. (c)(7). Pub. L. 94-455, §1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (e). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (f). Pub. L. 94-455, § 1901(a)(72(B), struck out subsec. (f) relating to definition of business lease, special rules applicable to such leases, and exceptions to the definition and applicable rules, and redesignat- ed former subsec. (h) as (f). Subsec. (g). Pub. L. 94-455, § 1901(a)(72)(B), struck out subsec. (g) relating to definition and special rules applicable to business lease indebtedness. Subsec. (h. Pub. L. 94-455, § 1901(a)(72)(B). redesig- nated former subsec. (h) as (f). 1975-Subsec. (b)(3)(D). Pub. L. 93-625 struck out last sentence provisions for allowance and payment of interest on any overpayment for a taxable year result- ing from application of subpar. (B) after actual use condition was satisfied at rate of 4 in lieu of 6 percent per annum. 1969-Subsec. (a). Pub. L. 91-172, § 121(d)(1), substi- tuted "Unrelated debt-financed income" for "Business leases" in catchline and substituted in the text materi- al covering unrelated debt-financed income and deduc- tions for material covering business lease rents and de- ductions. Subsecs. (b) to (e). Pub. L. 91-172, § 121(d)(1), (3)(A), added subsecs. (b), (c), (d) and (e). Former subsecs. (b), c) and (d) were redesignated as subsecs. (f), (g) and (h), respectively. Subsec. (f). Pub. L. 91-172, § 121(d)(3)(A), (B), rede- signated subsec. (b) as subsec. (f), and, in par. (1) of subsec. (f) as so redesignated, substituted reference to subsec. (g) for reference to subsec. (c). Subsecs. (g), (h). Pub. L. 91-172, § 121(d)(3)(A), rede- signated subsecs. c) and (d) as subsecs. (g) and (h), re- spectively. 1960-Subsec. (c)(8). Pub. L. 86-667 added subsec. (c)(8). EFFECTIVE DATE OF 1976 AMENDMENT Section 1308(b) of Pub. L. 94-455 provided that: "The amendment made by this section [enacting subsec. (c)(2)(C) of this section] shall apply to taxable years ending after December 31, 1969." Amendment of subsecs. (b)(3)(C)(li), (c)(1), (fM to (hi, by section 1901(a)(72) of Pub. L. 94-455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under sec- tion 2 of this title. EEcTIvE DATE OF 1975 AMENDMENT Amendment by Pub. L. 93-625 effective on July 1, 1975, and applicable to amounts outstanding on such date or arising thereafter, see section 7(e) of Pub. L. 93-625, set out as an Effective Date note under section 6621 of this title. EnECTIVE DATE OF 1969 AMENDMENT Amendment by section 121(d)(1) of Pub. L. 91-172 applicable to taxable years beginning after Dec. 31, 1969, and to the manner of treatment to be accorded indebtednesses secured by certain mortgages on prop- erties bargain-purchased before Oct. 9, 1969. see sec- tion 121(g) of Pub. L. 91-172, set out as an Effective Date of 1969 Amendment note under section 511 of this title. EFFECTIVE DATE OF 1960 AMENDMENT Amendment by Pub. L. 86-667 applicable to taxable years beginning after Dec. 31, 1959, see section 6 of Pub. L. 86-667, set out as an Effective Date of 1960 Amendments note under section 501 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 48, 512, 4942 of this title. § 515. Taxes of foreign countries and possessions of the United States The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed by section 511 to the extent provided in section 901; and in the case of the tax imposed by sec- tion 511, the term "taxable income" as used in section 901 shall be read as "unrelated business taxable income". (Aug. 16, 1954, ch. 736, 68A Stat. 176.) PART IV-FARMERS' COOPERATIVES Sec. 521. Exemption of farmers' cooperatives from tax. [522. Revealed.] AMENDMENTS 1969-Pub. L. 91-172, title I, § 101(a), Dec. 30, 1969. 83 Stat. 492, substituted "Part IV" for "Part III" as the Part designation. 1962-Pub. L. 87-834, § 17(b)(5), Oct. 16, 1962, 76 Stat. 1051, struck out item 522. PART REFERRED TO IN OTHER SECTIONS This part Is referred to in section 501 of this title. Page 399