118 STAT. 1479 PUBLIC LAW 108–357—OCT. 22, 2004 $10,000 for the taxable year) shall be treated for purposes of this section as a charitable contribution. ‘‘(2) AMOUNT DESCRIBED.— ‘‘(A) IN GENERAL.—The amount described in this para graph is the aggregate of the reasonable and necessary whaling expenses paid by the taxpayer during the taxable year in carrying out sanctioned whaling activities. ‘‘(B) WHALING EXPENSES.—For purposes of subpara graph (A), the term ‘whaling expenses’ includes expenses for— ‘‘(i) the acquisition and maintenance of whaling boats, weapons, and gear used in sanctioned whaling activities, ‘‘(ii) the supplying of food for the crew and other provisions for carrying out such activities, and ‘‘(iii) storage and distribution of the catch from such activities. ‘‘(3) SANCTIONED WHALING ACTIVITIES.—For purposes of this subsection, the term ‘sanctioned whaling activities’ means subsistence bowhead whale hunting activities conducted pursu ant to the management plan of the Alaska Eskimo Whaling Commission. ‘‘(4) SUBSTANTIATION OF EXPENSES.—The Secretary shall issue guidance requiring that the taxpayer substantiate the whaling expenses for which a deduction is claimed under this subsection, including by maintaining appropriate written records with respect to the time, place, date, amount, and nature of the expense, as well as the taxpayer’s eligibility for such deduction, and that (to the extent provided by the Secretary) such substantiation be provided as part of the tax payer’s return of tax.’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply to contributions made after December 31, 2004. SEC. 336. MODIFICATION OF DEPRECIATION ALLOWANCE FOR AIR CRAFT. (a) AIRCRAFT TREATED AS QUALIFIED PROPERTY.— (1) IN GENERAL.—Paragraph (2) of section 168(k) is amended by redesignating subparagraphs (C) through (F) as subparagraphs (D) through (G), respectively, and by inserting after subparagraph (B) the following new subparagraph: ‘‘(C) CERTAIN AIRCRAFT.—The term ‘qualified property’ includes property— ‘‘(i) which meets the requirements of clauses (ii) and (iii) of subparagraph (A), ‘‘(ii) which is an aircraft which is not a transpor tation property (as defined in subparagraph (B)(iii)) other than for agricultural or firefighting purposes, ‘‘(iii) which is purchased and on which such pur chaser, at the time of the contract for purchase, has made a nonrefundable deposit of the lesser of— ‘‘(I) 10 percent of the cost, or ‘‘(II) $100,000, and ‘‘(iv) which has— ‘‘(I) an estimated production period exceeding 4 months, and ‘‘(II) a cost exceeding $200,000.’’. 26 USC 170 note. Regulations.
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