12 2 STA T .3867PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 SEC.304 . E XT E N S IO NO FL OO K- T HRU RULE FOR REL A TE D CON- TROLLED FOREI G N COR P ORATIONS. (a)INGE NE RAL.—Subp a r a g rap h ( C ) ofsecti o n954 (c)( 6 ) (re l ating to application) is a m en d edb y stri k ing ‘ ‘ J anuary 1,20 09 ’ ’ and inserting ‘‘January 1, 2010’’. (b) EF FE CTIV E D ATE.— T he amendment made by this section shall apply to ta x able years of foreign corporations beginning after December 3 1, 200 7 , and to taxable years of U nited States share - holders w ith or within which such taxable years of foreign corpora- tions end. SEC. 30 5 . EXTENSION OF 1 5- Y EAR STRAIGHT-LINE COST RECO V ERY FOR Q UALIFIED LEASEHOLD I M PROVEMENTS AND QUALI- FIED RESTAURANT IMPROVEMENTS
15-YEAR STRAIGHT- LINE COST RECOVERY FOR CERTAIN IMPROVEMENTS TO RETAIL SPACE. (a) E X TEN S I O NOF L EASE H OL D AND R ESTA U RANT I MP ROVE- MENTS.— (1) IN G ENERAL.—Clauses (i v ) and (v) of section 16 8 (e)(3)(E) (relating to 15-year property) are each amended by striking ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’’. (2) EFFECTIVE DATE.—The amendments made by this sub- section shall apply to property placed in service after December 31, 2007. (b) TREATMENT TO INCLUDE N E W CONSTRUCTION.— (1) IN GENERAL.— P aragraph (7) of section 168(e) (relating to classification of property) is amended to read as follows
‘‘(7) Q UALIFIED RESTAURANT PROPERT Y .— ‘‘( A ) IN GENERAL.—The term ‘ q ualified restaurant prop- erty’ means any section 1250 property which is— ‘‘(i) a building, if such building is placed in service after December 31, 2008, and before January 1, 2010, or ‘‘(ii) an improvement to a building, if more than 50 percent of the building’s square footage is devoted to preparation of, and seating for on-premises consumption of, prepared meals. ‘‘( B ) EXCLUSION FROM B ONUS DEPRECIATION.—Property described in this paragraph shall not be considered quali- fied property for purposes of subsection (k).’’. (2) EFFECTIVE DATE.—The amendment made by this sub- section shall apply to property placed in service after December 31, 2008. (c) RECOVERY PERIOD FOR DEPRECIATION OF CERTAIN IMPROVE- MENTS TO RETAIL SPACE.— (1) 15-YEAR RECOVERY PERIOD.—Section 168(e)(3)(E) (relating to 15-year property) is amended by striking ‘‘and’’ at the end of clause (vii), by striking the period at the end of clause (viii) and inserting ‘‘, and’’, and by adding at the end the following new clause: ‘‘(ix) any qualified retail improvement property placed in service after December 31, 2008, and before January 1, 2010.’’. (2) QUALIFIED RETAIL IMPROVEMENT PROPERTY.—Section 168(e) is amended by adding at the end the following new paragraph: ‘‘(8) QUALIFIED RETAIL IMPROVEMENT PROPERTY.— 26USC1 6 8note. 26 USC 168 note. 26 USC 954 note. 26 USC 954.
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