112 STAT. 788 PUBLIC LAW 105-206-^JULY 22, 1998 (4) So much of paragraph (13) of section 1(h) as precedes subparagraph (C) is amended to read as follows: " (13) SPECIAL RULES.— " (A) DETERMINATION OF 28-PERCENT RATE GAIN.— In applying paragraph (5)— "(i) the amount determined under subparagraph (A) of paragraph (5) shall include long-term capital gain (not otherwise described in such subparagraph)— "(I) which is properly taken into account for the portion of the taxable year before May 7, 1997; or "(II) from property held not more than 18 months which is properly taken into account for the portion of the taxable year after July 28, 1997, and before January 1, 1998; "(ii) the amount determined under subparagraph (B) of paragraph (5) shall include long-term capital loss (not otherwise described in such subparagraph)— "(I) which is properly taken into account for the portion of the taxable year before May 7, 1997; or "(II) from property held not more than 18 months which is properly taken into account for the portion of the taxable year after July 28, 1997, and before January 1, 1998; and Applicability. "(iii) subparagraph (B) of paragraph (5) (as in effect immediately before the enactment of this clause) shall apply to amounts properly taken into account before January 1, 1998. " (B) DETERMINATION OF UNRECAPTURED SECTION 1250 GAIN. —The amount determined under paragraph (7)(A) shall not include gain— "(i) which is properly taken into account for the portion of the taxable year before May 7, 1997; or "(ii) from property held not more than 18 months which is properly taken into account for the portion of the taxable year after July 28, 1997, and before January 1, 1998.". (5) Paragraphs (11) and (12) of section 1223, and section 1235(a), are each amended by striking "18 months" each place it appears and inserting "1 year". 26 USC 1 note. (b) EFFECTIVE DATES.— Applicability. (1) IN GENERAL. —Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years ending after December 31, 1997. (2) SUBSECTION (a)(5). —The amendments made by subsection (a)(5) shall take effect on January 1, 1998. SEC. 5002. CLArariCATION OF EXCLUSION OF MEALS FOR CERTAIN EMPLOYEES. (a) IN GENERAL. —Subsection (b) of section 119 (relating to meals or lodging furnished for the convenience of the employer) is amended by adding at the end the following new paragraph: "(4) MEALS FURNISHED TO EMPLOYEES ON BUSINESS PREM- ISES WHERE MEALS OF MOST EMPLOYEES ARE OTHERWISE EXCLUDABLE. —All meals furnished on the business premises of an employer to such employer's employees shall be treated
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