PUBLIC LAW 94-12—MAR. 29, 1975
89 STAT. 65
apply to any p r i m a r y product from oil, gas, coal, or iiranium. For purposes of the preceding sentence, the term 'processing' does not include extracting or handling, packing, packaging, g r a d i n g, storing, or t r a n s p o r t i n g. " (b) EFFECTIVE D A T E. — The amendments made by subsection (a) 26 USC 993note, shall apply to sales, exchanges, and other dispositions made after March 18, 1975, in taxable years ending after such date. SEC. 604. TREATMENT FOR PURPOSES OF THE INVESTMENT CREDIT OF CERTAIN PROPERTY USED IN INTERNATIONAL OR TERRITORIAL WATERS. (a) AMENDMENT TO 1954 CODE.—
26 USC 1 et seq.
(1) IN GENERAL.—Clause (x) of section 4 8 (a)(2)(B) (relating 26 USC 48. to property used outside the United States) is amended by striking out "territorial waters" and inserting in lieu thereof "territorial waters within the northern portion of the Western Hemisphere". (2) DEFINITION. — Subparagraph (B) of section 4 8 (a)(2) is amended by a d d i n g at the end thereof the following new sentence: " For purposes of clause (x), the term 'northern portion of the Western Hemisphere' means the area lying west of the 30th meridian west of Greenwich, east of the international dateline, and north of the E q u a to r, but not including any foreign country which is a country of South America.". (b) EFFECTIVE D A T E. —
26 USC 48 note.
(1) IN GENERAL.—The amendments made by subsection (a) shall apply to property, the construction, reconstruction, or erection of which was completed after March 18, 1975, or the acquisition of which by the taxpayer occurred after such date. (2) BINDING CONTRACT.—The amendments made by subsection (a) shall not apply to property constructed, reconstructed, erected, or acquired pursuant to a contract which was on April 1, 1974, and at all times thereafter, binding on the taxpayer. (3) CERTAIN LEASE-BACK TRANSACTIONS, ETC.—Where a person
who is a party to a binding contract described in paragraph (2) transfers rights in such contract (or in the property to which such contract relates) to another person b u t a party to such contract retains a right to use the property under a lease with such other person, then to the extent of the transferred rights such other person shall, for purposes of paragraph (2), succeed to the position of the transferor with respect to such binding contract and such property. The preceding sentence shall apply, in any case in which the lessor does not make an election under section 4 8 (d) of the I n t e r n a l Revenue Code of 1954, only if a party to such contract retains a right to use the property under a longterm lease.
TITLE VII—MISCELLANEOUS PROVISIONS SEC. 701. CERTAIN UNEMPLOYMENT COMPENSATION. (a)
AMENDMENT OF EMERGENCY UNEMPLOYMENT COMPENSATION
ACT OF 1974.—Section 102(e) of the Emergency Unemployment Com- 26 USC 3304 pensation Act of 1974 is amended—
note. (1) in paragraph (2) thereof, by striking out " The a m o u n t " and inserting m lieu thereof " E x c e p t as provided in paragraph (3), the a m o u n t "; and
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