118 STAT. 1186 PUBLIC LAW 108–311—OCT. 4, 2004 ‘‘(2) PASS THRU ENTITIES.—In the case of a pass thru entity described in subparagraph (A), (B), (C), (D), (E), or (F) of section 1(h)(10) of the Internal Revenue Code of 1986, as amended by this Act, the amendments made by this section shall apply to taxable years ending after December 31, 2002; except that dividends received by such an entity on or before such date shall not be treated as qualified dividend income (as defined in section 1(h)(11)(B) of such Code, as added by this Act).’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall take effect as if included in section 302 of the Jobs and Growth Tax Relief Reconciliation Act of 2003. SEC. 403. AMENDMENTS RELATED TO JOB CREATION AND WORKER ASSISTANCE ACT OF 2002. (a) AMENDMENTS RELATED TO SECTION 101 OF THE ACT.— (1) Clause (i) of section 168(k)(2)(B) is amended to read as follows: ‘‘(i) IN GENERAL.—The term ‘qualified property’ includes any property if such property— ‘‘(I) meets the requirements of clauses (i), (ii), and (iii) of subparagraph (A), ‘‘(II) has a recovery period of at least 10 years or is transportation property, ‘‘(III) is subject to section 263A, and ‘‘(IV) meets the requirements of clause (ii) or (iii) of section 263A(f)(1)(B) (determined as if such clauses also apply to property which has a long useful life (within the meaning of section 263A(f))).’’. (2)(A) Subparagraph (D) of section 168(k)(2) is amended by adding at the end the following new clauses: ‘‘(iii) SYNDICATION.—For purposes of subparagraph (A)(ii), if— ‘‘(I) property is originally placed in service after September 10, 2001, by the lessor of such property, ‘‘(II) such property is sold by such lessor or any subsequent purchaser within 3 months after the date such property was originally placed in service, and ‘‘(III) the user of such property after the last sale during such 3 month period remains the same as when such property was originally placed in service, such property shall be treated as originally placed in service not earlier than the date of such last sale. ‘‘(iv) LIMITATIONS RELATED TO USERS AND RELATED PARTIES.—The term ‘qualified property’ shall not include any property if— ‘‘(I) the user of such property (as of the date on which such property is originally placed in service) or a person which is related (within the meaning of section 267(b) or 707(b)) to such user or to the taxpayer had a written binding contract in effect for the acquisition of such property at any time on or before September 10, 2001, or 26 USC 168. 26 USC 1 note.
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