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PUBLIC LAW 103-66—AUG. 10, 1993 107 STAT. 537 (dXl) (or for which depreciation or amortization would not have been allowable but for this section) and which is acquired by the taxpayer after the date of the enactment of this section, if— ''(i) the intangible was held or used at any time on or after Julv 25, 1991, and on or before such date of enactment oy the taxpayer or a related person, "(ii) the intangible was acquired from a person who held such intcingible at any time on or after July 25, 1991, and on or before such date of enactment, and, as part of the transaction, the user of such intangi- ble does not change, or "(iii) the taxpayer grants the right to use such intangible to a person (or a person related to such person) who held or used such intangible at any time on or after July 25, 1991, and on or before sucn date of enactment. For purposes of this subparagraph, the determination of whetner the user of property changes as part of a trans- action shall be determined in accordance with regulations prescribed by the Secretary. For purposes of this subpara- graph, deductions allowable under section 1253(d) shall be treated as deductions allowable for amortization. "(B) EXCEPTION WHERE GAIN RECOGNIZED.—If— **(i) subparagraph (A) would not apply to an intan- gible acquired by the taxpayer but for the last sentence of subparagraph (CXi), and **(ii) the person firom whom the taxpayer acquired the intangible elects, notwithstanding any other provi- sion of this title— "(I) to recognize gain on the disposition of the intangible, and "(II) to pay a tax on such gain which, when added to any other income tax on such gain under this title, equals such gain multiplied by the high- est rate of income tax applicable to such person imder this title, then subparagraph (A) shall apply to the intangible only to the extent that the taxpayer's adjusted basis in the intangible exceeds the gain recognized under clause (iiXD. "(C) RELATED PERSON DEFINED.—For purposes of this paragraph— "(i) RELATED PERSON.—^A person (hereinafter in this paragraph referred to as the 'related person') is related to any person if— "(I) the related person bears a relationship to such person specified in section 267(b) or section 707(bXl), or "(II) the related person and such person are engaged in trades or businesses under common control (within the meaning of subparagraphs (A) and (B) of section 41(0(1)). For purposes of subclause (I), in applying section 267(b) or 707(bXl), '20 percent' shall be substituted for '50 percent'.