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TITLE 26-INTERNAL REVENUE CODE by Pub. L. 92-178 applicable to taxable years begin. ning after Dec. 31, 1971, see section 601(f) of Pub. L. 92-178, set out as an Effective Date note under section 50A of this title. EFFECTIVE DATE OF 1970 AMENDMENT; DETERMINATION OF EXCESS REFERRED TO IN SUBSEC. (C) OF THIS SEC- TION IN THE CASE OF A TAXABLE YEAR BEGINNING IN 1969 AND ENDING IN 1970 Section 501(b) of Pub. L. 91-614 provided that: "The amendments made by subsection (a) [amend- ing this section] shall apply to taxable years ending after December 31, 1969. In the case of a taxable year beginning in 1969 and ending in 1970, the excess re- ferred to in section 56(c) of the Internal Revenue Code of 1954 (as added by subsection (a)) shall be an amount equal to the excess determined under such section (without regard to the sentence) multiplied by a fraction- "(1) the numerator of which is the number of days in the taxable year occurring after December 31, 1969, and "(2) the denominator of which is the number of days in the entire taxable year." EFFECTIVE DATE Section 301(c) of Pub. L. 91-172 provided that: "The amendments made by this section [enacting sections 5(a)(5), 12(8), 56 to 58, 443(d), and 511(d), and amending sections 46(a)(3), 51(b)(1), 453(c)(3), 901(a), 1373(c), 1375(a)(3), 6015(c)(1), and 6654(f)(1) of this title] shall apply to taxable years ending after Decem- ber 31, 1969. In the case of a taxable year beginning in 1969 and ending in 1970, the tax imposed by section 56 of the Internal Revenue Code of 1954 [this section] (as added by subsection (a)) shall be an amount equal to the tax imposed by such section (determined with- out regard to this sentence) multiplied by a fraction- "(1) the numerator of which is the number of days in the taxable year occurring after December 31. 1969, and "(2) the denominator of which is the number of days in the entire taxable year." APPLICABILITY OF SECTION 21 OF THIS TITLE Section 301(f) of Pub. L. 94-455 provided that: "For purposes of section 21 of the Internal Revenue Code of 1954 (section 21 of this title], the amendments made by this section [to this section and sections 57(a), (b), (d), 58(a), (b), (c), (h), (i) and 443(d) of this title] shall not be treated as a change in a rate of tax." HIGH INCOME TAXPAYER REPORT Section 2123 of Pub. L. 94-455 provided that: "The Secretary of the Treasury shall publish annually in- formation on the amount of tax paid by individual taxpayers with high total incomes. Total income for this purpose is to be calculated and set forth in three ways: "(1) by adding to adjusted gross income any items of tax preference excluded from, or deducted in ar- riving at, adjusted gross income, "(2) by subtracting any investment expenses in- curred in the production of such income to the extent of the Investment Income, and "(3) by making both of the adjustments referred to in paragraphs (1) and (2). In any event these data are to include the number of such individuals with total income over $200,000 who owe no Federal income tax (aftser credits) and the de- ductions, exclusions or credits used by them to avoid tax." SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 5, 12, 46, 50A, 58, 453, 511, 901, 936, 1373, 1375, 6015, 6362, 6654 of this title. § 57. Items of tax preference (a) In general For purposes of this part, the items of tax preference are- (1) Excess itemized deductions An amount equal to the excess itemized de. ductions for the taxable year (as determined under subsection (b)). (2) Accelerated depreciation on real property With respect to each section 1250 property (as defined in section 1250(c)), the amount by which the deduction allowable for the taxable year for exhaustion, wear and tear, obsoles- cence, or amortization exceeds the depreci- ation deduction which would have been al- lowable for the taxable year had the taxpayer depreciated the property under the straight line method for each taxable year of its useful life (determined without regard to sec- tion 167(k)) for which the taxpayer has held the property. (3) Accelerated depreciation on leased personal property With respect to each item of section 1245 property (as defined in section 1245(a)(3)) which is subject to a lease, the amount by which- (A) the deduction allowable for the tax- able year for depreciation or amortization, exceeds (B) the deduction which would have been allowable for the taxable year had the tax- payer depreciated the property under the straight-line method for each taxable year of its useful life for which the taxpayer has held the property. For purposes of subparagraph (B), useful life shall be determined as if section 167(m)(1) (relating to asset depreciation range) did not include the last sentence thereof. (4) Amortization of certified pollution control fa- cilities With respect to each certified pollution con- trol facility for which an election is in effect under section 169, the amount by which the deduction allowable for the taxable year under such section exceeds the depreciation deduction which would otherwise be allowa- ble under section 167. (5) Amortization of railroad rolling stock With respect to each unit of railroad rolling stock for which an election is in effect under section 184, the amount by which the deduc- tion allowable for the taxable year under such section exceeds the depreciation deduc- tion which would otherwise be allowable under section 167. (6) Stock options With respect to the transfer of a share of stock pursuant to the exercise of a qualified stock option (as defined in section 422(b)) or a restricted stock option (as defined in section 424(b)), the amount by which the fair market value of the share at the time of exercise ex- ceeds the option price. 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