Page:United States Statutes at Large Volume 98 Part 3.djvu/1087

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PUBLIC LAW 98-000—MMMM. DD, 1984

CONCURRENT RESOLUTION S — J U N E 29, 1984

98 STAT. 3459

(43) Strike out subsection (d) of section 111 of the bill and insert in lieu thereof the following: "(d) U S E OF MID-MONTH CONVENTION.—Subparagraphs (A) and (B)

of section 168(b)(2) are each amended by inserting '(using a midmonth convention)' after 'months'." (44) In paragraph (2) of section 111(g) of the bill, strike out "but only if property is not" and insert in lieu thereof "but only if the property is not". (45) In subparagraph (B) of section 111(g)(3) of the bill, strike out "March 1984" and insert in lieu thereof "March 16, 1984". (46) In paragraph (1) of section 48(r) of the Code (as added by section 113(a)(1) of the bill), strike out "commences with taxpayer" and insert in lieu thereof "commences with the taxpayer". (47) In paragraph (1) of section 113(b) of the bill, strike out "FILM[" and insert in lieu thereof "FILMS". (48) Strike out subsection (c) of section 113 of the bill and insert in lieu thereof the following: "(c) EFFECTIVE DATES.— "(1) SOUND RECORDINGS.—The

amendments made by subsection (a) shall apply to property placed in service after March 15, 1984, in taxable years ending after such date. "(2) FILMS AND OTHER PROPERTY.—

"(A) The amendment made by paragraph (1) of subsection (b) shall apply to any motion picture film or video tape placed in service before, on, or after the date of the enactment of this Act, except that such amendment shall not apply to— "(i) any qualified film placed in service by the taxpayer before March 15, 1984, if the taxpayer treated such film as recovery property for purposes of section 168 of the Internal Revenue Code of 1954 on a return of tax under chapter 1 of such Code filed before March 16, 1984, or "(ii) any qualified film placed in service by the tas:payer before January 1, 1985, if— "(I) 20 percent or more of the production costs of such film were incurred before March 16, 1984, and "(II) the taxpayer treats such film as recovery property for purposes of section 168 of such Code. No credit shall be allowable under section 38 of such Code with respect to any qualified film described in clause (ii), except to the extent provided in section 48(k) of such Code. "(B) The amendments made by paragraphs (2) and (3) of subsection (b) shall apply as if included in the amendments made by sections 201(a), 211(a)(1), and 211(f)(1) of the ECOH nomic Recovery Tax Act of 1981. "(C) The amendment made by paragraph (4) of subsection (b) shall take effect as if included in the amendments made by section 205(a)(1) of the Tax Equity and Fiscal Responsibility Act of 1982. "(D) For purposes of this paragraph, the terms 'qualified film' and 'production costs' have the same respective meanings as when used in section 48(k) of the Internal Revenue Code of 1954." (49) In paragraph (1) of section 121(b) of the bill, strike out "the