118 STAT. 1659 PUBLIC LAW 108–357—OCT. 22, 2004 as purchased by such corporation for purposes of applying paragraph (1)(A). ‘‘(7) TIME FOR ASSESSMENT OF DEFICIENCIES.—If the tax payer has made the election under paragraph (1) and any gain is recognized by such taxpayer as provided in paragraph (1)(B), then— ‘‘(A) the statutory period for the assessment of any deficiency, for any taxable year in which any part of the gain on the transaction is realized, attributable to such gain shall not expire prior to the expiration of 3 years from the date the Secretary is notified by the taxpayer (in such manner as the Secretary may by regulations pre scribe) of the purchase of exempt utility property or of an intention not to purchase such property, and ‘‘(B) such deficiency may be assessed before the expira tion of such 3 year period notwithstanding any law or rule of law which would otherwise prevent such assess ment. ‘‘(8) PURCHASE.—For purposes of this subsection, the tax payer shall be considered to have purchased any property if the unadjusted basis of such property is its cost within the meaning of section 1012. ‘‘(9) ELECTION.—An election under paragraph (1) shall be made at such time and in such manner as the Secretary may require and, once made, shall be irrevocable. ‘‘(10) NONAPPLICATION OF INSTALLMENT SALES TREAT MENT.—Section 453 shall not apply to any qualifying electric transmission transaction with respect to which an election to apply this subsection is made.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to transactions occurring after the date of the enactment of this Act, in taxable years ending after such date. SEC. 910. EXPANSION OF LIMITATION ON DEPRECIATION OF CERTAIN PASSENGER AUTOMOBILES. (a) IN GENERAL.—Section 179(b) (relating to limitations) is amended by adding at the end the following new paragraph: ‘‘(6) LIMITATION ON COST TAKEN INTO ACCOUNT FOR CERTAIN PASSENGER VEHICLES.— ‘‘(A) IN GENERAL.—The cost of any sport utility vehicle for any taxable year which may be taken into account under this section shall not exceed $25,000. ‘‘(B) SPORT UTILITY VEHICLE.—For purposes of subpara graph (A)— ‘‘(i) IN GENERAL.—The term ‘sport utility vehicle’ means any 4 wheeled vehicle— ‘‘(I) which is primarily designed or which can be used to carry passengers over public streets, roads, or highways (except any vehicle operated exclusively on a rail or rails), ‘‘(II) which is not subject to section 280F, and ‘‘(III) which is rated at not more than 14,000 pounds gross vehicle weight. ‘‘(ii) CERTAIN VEHICLES EXCLUDED.—Such term does not include any vehicle which— ‘‘(I) is designed to have a seating capacity of more than 9 persons behind the driver’s seat, 26 USC 451 note.
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