Page 133

107 STAT. 444 PUBLIC LAW 103-66—AUG. 10, 1993 "(11) the conservator or receiver of such an institu- tion (or any government agency or corporation succeed- ing to the rights or interests of the conservator or receiver), "(ii) such property is designated by the organization within the 9-month period beginning on the date of its acquisition as property held for sale, except that not more than one-half (by value determined as of such date) of property acquired in a single transaction may be so designated, "(iii) such sale, exchange, or disposition occurs before the later of— "(I) the date which is 30 months after the date of the acquisition of such property, or "(II) the date specified by the Secretary in order to assure an orderly disposition of property held by persons described in subparagraph (A), and "(iv) while such property was held by the organization, the aggregate expenditures on improvements and develop- ment activities included in the basis of the property are (or were) not in excess of 20 percent of the net selling price of such property. "(B) Property is described in this subparagraph if it is real property which— "(i) was held by the financial institution at the time it entered into conservatorship or receivership, or "(ii) was foreclosure property (as defined in section 514(c)(9)(HXv)) which secured indebtedness held by the financial institution at such time. For purposes of this subparagraph, real property includes an interest in a mortgage." 26 use 512 note. (b) EFFECTIVE DATE.—^The amendment made by subsection (a) shall apply to property acquired on or after January 1,1994. SEC. 13148. EXCLUSION FROM UNRELATED BUSINESS TAX OF CER- TAIN FEES AND OPTION PREMIUMS. 26 use 512. (a) LOAN COMMITMENT FEES.—Paragraph (1) of section 512(b) (relating to modifications) is amended by inserting "amounts received or accrued as consideration for entering into agreements to make loans," before "and annuities". (b) OPTION PREMIUMS.—The second sentence of section 512(bX5) is £miended— (1) by striking "all gains on" and inserting "all gains or losses recognized, in connection with the organization's invest- ment activities, from", (2) by striking ", written by the organization in connection with its investment activities," and (3) by inserting "or real property and all gains or losses from the forfeiture of good-faith deposits (that £U'e consistent with established business practice) for the purchase, sale, or lease of real property in connection with the organization's investment activities" before the period. 26 use 512 note. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to amounts received on or after January 1,1994.