498
PUBLIC LAW 9 2 - 1 7 8 - D E C. 10, 1971
[85 STAT.
TITLE V—DOMESTIC INTERNATIONAL SALES CORPORATIONS Sec. Sec. Sec. Sec. Sec. Sec. Sec.
501. Domestic international sales corporations. 502. Deductions, credits, etc. 503. Source of Income. 504. Procedure and administration. 505. Export trade corporations. 506. Submission of annual reports to Congress. 507. General effective date of title.
TITLE VI—JOB DEVELOPMENT RELATED TO WORK INCENTIVE PROGRAM Sec. 601. Tax credit for certain expenses incurred in work incentive program. TITLE VII—TAX INCENTIVES FOR CONTRIBUTIONS TO CANDIDATES FOR PUBLIC OFFICE Sec. 701. Allowance of credit. Sec. 702. Deduction in lieu of credit. Sec. 703. Effective date. TITLE VIII—FINANCING OF PRESIDENTIAL ELECTION CAMPAIGNS Sec. 801. Presidential Election Campaign Fund Act. Sec. 802. Miscellaneous amendments. (c) AMENDMENT
68A Stat. 3. 26 USC 1 etseq.
O F 1954 C O D E. — E x c e p t
as other w i s e
expressly
provided, whenever i n t h i s Act a n amendment is expressed i n term s of a n amendment to a section o r other provision, the reference is to a section o r other provision of the I n t e r n a l Revenue C o d e of 1954.
TITLE I—JOB DEVELOPMENT INVESTMENT CREDIT; DEPRECIATION REVISION 76 Stat, 963. 26 USC 46.
83 Stat. 660.
SEC. 101. RESTORATION OF INVESTMENT CREDIT. (a) Subpart B of part IV of subchapter A of chapter 1 ( r e l a t i n g to rules for c o m p u t i n g c r e d i t for investment i n certain depreciable property) is amended by a d d i n g a t the e n d thereof the following n e w section: "SEC. 50. RESTORATION OF CREDIT. "(a)
GENERAL RULE.—Section 49(a)
(relating to termination
of
c r e d i t) shall not a p p l y to property — " (1) the construction, reconstruction, or erection of which — " (A) is completed by the tax p a y e r after August 15, 1971, or " (B) is b e g u n by the tax p a y e r after March 31, 1971, o r " (2) which is acquired by the tax p a y e r — " (A) after August 15, 1971, o r " (B) after March 31, 1971, and before August 16, 1971, pursuant to a n o r d e r which the tax p a y e r establishes w a s placed after March 31, 1971. "(b)
T R A N S I T I O N A L RULE. — I n a p p l y i n g section 4 6 (c)(1)(A)
in
the case of property described i n subsection (a)(1)(A) the construction, r e construction, o r erection of which is b e g u n before April 1, 1971, the r e shall be t a k e n i n to account only that p o r t i o n of the basis which is p r o p e r l y a t t r i b u t a b l e to construction, reconstruction, o r erection after August 15, 1971. T h i s subsection shall not a p p l y to p r e - termination property ( w i t h i n the m e a n i n g of section 4 9 (b)). " (b)
CONFORMING AMENDMENTS. —
(1) Section 4 9 (a) ( r e l a t i n g to termination of c r e d i t) is amended b ^ a d d i n g a t the e n d thereof the following n e w sentence: " T h i s subsection shall not a p p l y to property described i n section 5 0. "
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