PUBLIC LAW 100-647—NOV. 10, 1988
102 STAT. 3505
"(iii) 5-YEAR PHASE-IN AMOUNT.—The 5-year phase-in amount is the lesser of— "(I) the applicable percentage (determined under the following table for purposes of this subclause) of the 5-year debt amount, or "(II) the applicable percentage (determined under the following table for purposes of this subclause) of the 5-year debt amount reduced by paydowns: The applicable "In the case of the: 1st taxable year 2nd taxable year 3rd taxable year 4th taxable year 5th taxable year
The applicable
'^l':""*?!*/?'" purposes of subclause (I) is: 8% 16% 25 33% 16%
^nnr^!!^? purposes of subclause (II) is: 10 25 50 100 100.
"(iv) 4-YEAR PHASE-IN AMOUNT.—The 4-year phase-in amount is the lesser of— "(I) the applicable percentage (determined under the following table for purposes of this subclause) of the 4-year debt amount, or "dD the applicable percentage (determined under the following table for purposes of this subclause) of the 4-year debt amount reduced by paydowns to the extent such paydowns exceed the 5-year debt amount: ..,.. ,.. "In the case of the: 1st taxable year 2nd taxable year 3rd taxable year 4th taxable year 5th taxable year
The applicable percentage for %urposls of subclause (I) is: 5 10 15 20 0
The applicable percentage for purposes of subclause (II) is: 6V* 16% 31V2 100 0.
"(v) 5-YEAR DEBT AMOUNT.—The term '5-year debt amount' means the excess (if any) of— "(X) the amount of the outstanding indebtedness of the taxpayer on May 29, 1985, over "(11) the amount of the outstanding indebtedness of the taxpayer as of the close of December 31, 1983. The 5-year debt amount shall not exceed the aggregate amount of indebtedness of the taxpayer outstanding on November 16, 1985. "(vi) 4-YEAR DEBT AMOUNT.—The term *4-year debt amount' means the excess (if any) of— "(I) the amount referred to in clause (v)(n), over "(II) the amount of the outstanding indebtedness of the taxpayer as of the close of December 31, 1982. The 4-year debt amount shall not exceed the aggregate amount t}f inddbtedness of the taxpayer outstanding on November 16, 1985, reduced by the^year debt amount.
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