PUBLIC LAW 95-618—NOV. 9, 1978
92 STAT. 3179
the aggregate of such expenditures made by all of such individuals during such calendar year. "(2)
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TENANT-STOCKHOLDER I N COOPERATIVE HOUSING CORPORA-
TION.—In the case of an individual who is a tenant-stockholder (as defined in section 216) in a cooperative housing corporation 26 USC 216. (as defined in such section), such individual shall be treated as having made his tenant-stockholder's proportionate share (as defined in section 2 1 6 (b)(3)) of any expenditures of such corporation. "(3)
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CONDOMINIUMS.—
" (A) IN GENERAL.—In the case of an individual who is a member of a condominium management association with respect to a condominium which ho owns, such individual shall be treated as having made his proportionate share of any expenditures of such association. "(B)
CONDOMINIUM MANAGEMENT ASSOCIATION.—For p u r -
poses of this paragraph, the term 'condominium management =' association' means an organization which meets the requirements of paragraph (1) of section 528(c) (other than sub- 26 USC 528. paragraph (E) thereof) with respect to a condominium project substantially all of the units of which are used as residences. " (4) 1977 EXPENDITURES ALLOWED FOR 197 8.— " (A) N o CREDIT FOR TAXABLE TEARS BEGINNING BEFORE
1978.—No credit shall be allowed under this section for any taxable year beginning before January 1, 1978. " (B) 1977 EXPENDITURES ALLOWED FOR 1978.—In the case of the taxpayer's first taxable year beginning after December 31, 1977, this section shall be applied by taking into account the period beginning April 20, 1977, and ending on the last day of such first taxable year. " (e) BASIS ADJUSTMENTS.—For purposes of this subtitle, if a credit is allowed under this section for any expenditure with respect to any property, the increase in the basis of such property which would (but for this subsection) result from such expenditure shall be reduced by the amount of the credit so allowed. " (f) TERMINATION.—This section shall not apply to expenditures made after December 31, 1985." (b) T E C H N I C A L AND CLERICAL AMENDMENTS. —
(1) The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 44B the following new item: "Sec. 44C. Residential energy credit." (2) Subsection (c) of section 56 (defining regular tax deduction) is amended by striking out "credits allowable under—" and all that follows and inserting in lieu thereof "credits allowable under subpart A of part IV other than under sections 31, 39, and 43." (3) Subsection (a) of section 1016 (relating to adjustments to basis) is amended by inserting after paragraph (20) the following new paragraph: " ( 2 1) to the extent provided in section 4 4 C (e), in the case of property with respect to which a credit has been allowed under section 44C;".
26 USC 56.
26 USC 31, 39, ^^• 26 USC 1016. Ante, p. 3175.
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