Page:United States Statutes at Large Volume 119.djvu/2606

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[119 STAT. 2588]
[119 STAT. 2588]
PUBLIC LAW 109-000—MMMM. DD, 2005

119 STAT. 2588

PUBLIC LAW 109–135—DEC. 21, 2005 1, 2008, and allowable under this chapter to any taxpayer in connection with the employment of any individual— ‘‘(I) whose principal place of abode was located in the Gulf Opportunity Zone before August 28, 2005, ‘‘(II) who was unable to remain in such abode as the result of Hurricane Katrina, and ‘‘(III) whose principal place of employment with the taxpayer after such expense is located in the Gulf Opportunity Zone. For purposes of this clause, the term ‘moving expenses’ has the meaning given such term by section 217(b), except that the taxpayer’s former residence and new residence may be the same residence if the initial vacating of the residence was as the result of Hurricane Katrina. ‘‘(iii) Any deduction allowable under this chapter for expenses paid or incurred after August 27, 2005, and before January 1, 2008, to temporarily house any employee of the taxpayer whose principal place of employment is in the Gulf Opportunity Zone. ‘‘(iv) Any deduction for depreciation (or amortization in lieu of depreciation) allowable under this chapter with respect to any qualified Gulf Opportunity Zone property (as defined in subsection (d)(2), but without regard to subparagraph (B)(iv) thereof)) for the taxable year such property is placed in service. ‘‘(v) Any deduction allowable under this chapter for repair expenses (including expenses for removal of debris) paid or incurred after August 27, 2005, and before January 1, 2008, with respect to any damage attributable to Hurricane Katrina and in connection with property which is located in the Gulf Opportunity Zone. ‘‘(3) QUALIFIED GULF OPPORTUNITY ZONE CASUALTY LOSS.— ‘‘(A) IN GENERAL.—For purposes of paragraph (2)(B)(i), the term ‘qualified Gulf Opportunity Zone casualty loss’ means any uncompensated section 1231 loss (as defined in section 1231(a)(3)(B)) of property located in the Gulf Opportunity Zone if— ‘‘(i) such loss is allowed as a deduction under section 165 for the taxable year, and ‘‘(ii) such loss is by reason of Hurricane Katrina. ‘‘(B) REDUCTION FOR GAINS FROM INVOLUNTARY CONVERSION.—The amount of qualified Gulf Opportunity Zone casualty loss which would (but for this subparagraph) be taken into account under subparagraph (A) for any taxable year shall be reduced by the amount of any gain recognized by the taxpayer for such year from the involuntary conversion by reason of Hurricane Katrina of property located in the Gulf Opportunity Zone. ‘‘(C) COORDINATION WITH GENERAL DISASTER LOSS RULES.—Section 165(i) shall not apply to any qualified Gulf Opportunity Zone casualty loss to the extent such loss is taken into account under this subsection.

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