Page:United States Statutes at Large Volume 102 Part 4.djvu/574

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PUBLIC LAW 100-000—MMMM. DD, 1988

102 STAT. 3544

26 USC 103 note. 26 USC 103 note.

PUBLIC LAW 100-647—NOV. 10, 1988 proceeds of any bond which, when issued, purported to be a qualified small issue bond, no deduction shall be allowed under this chapter for interest on such financing which accrues during the period such bond is not a qualified small issue bond. (34XA) Paragraph (7) of section 103(c) of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of the Tax Reform Act of 1986) is amended by striking out "necessary" and inserting in lieu thereof "necessary. (B) Subparagraph (A) shall apply to obligations sold after May 2, 1978, and to which Treasury regulation section 1.103-13 (1979) was provided to apply. (35) VALIDATION OF SINKING FUND REGULATIONS.—

(A) Treasunr Regulation section 1.103-13(g) (1979) is hereby enacted into positive law. (B)(i) Except as provided in clause (ii), subparagraph (A) shall apply to obligations sold after May 2, 1978, and to which such regulation was provided to apply. (ii) Treasury Regulation section 1.103-13(g) (1979) as enacted into positive law by subparagraph (A) shall cease to apply to the extent hereafter modified by the Secretary of the Treasury or his delegate by regulations. (36) Clause (i) of section 147(fK2XE) of the 1986 Code is amended by adding at the end thereof the following new sentence: "If the office of any elected official described in subclause (II) is vacated and an individual is appointed by the chief elected executive officer of the governmental unit and confirmed by the elected legislative body of such unit (if any) to serve the remaining term of the elected official, the individual so appointed shall be treated as the elected official for such remaining term." (37) The table of sections for part III of subchapter B of chapter 1 of the 1986 Code is amended by striking out the items relating to sections 103 and 103A and inserting in lieu thereof the following new item: "Sec. 103. Interest on State and local bonds."

(38) Subparagraph (B) of section 141(b)(5) of the 1986 Code is amended by striking out "which would cause bond" and inserting in lieu thereof "which would cause a bond". (39) Clause (ii) of section 142(b)(l)(B) of the 1986 Code is amended by striking out "(as defined in 168(i)(3))" and inserting in lieu thereof "(as defined in section 168(i)(3))". (40) Subparagraph (B) of section 146(d)(4) of the 1986 Code is £unended by striking out "with respect a possession" and inserting in lieu thereof "with respect to a possession". (41) Clause (ii) of section 48(1)(1 IXA) of the 1986 Code is amended by striking out "an industrial development bond (within the meaning of section 103(b)(2))" and inserting in lieu thereof "a private activity bond (within the meaning of section 141)". (42) Subsection (a) of section 7478 of the 1986 Code is amended— (A) by striking out "whether prospective obligations are described in section 103(a)" in paragraph (1) and inserting