118 STAT. 1549 PUBLIC LAW 108–357—OCT. 22, 2004 (1) IN GENERAL.—The amendments made by this section shall apply to any property placed in service after the date of the enactment of this Act. (2) SPECIAL RULE FOR ASSET CLASS 80.0.—In the case of race track facilities placed in service after the date of the enactment of this Act, such facilities shall not be treated as theme and amusement facilities classified under asset class 80.0. (3) NO INFERENCE.—Nothing in this section or the amend ments made by this section shall be construed to affect the treatment of property placed in service on or before the date of the enactment of this Act. SEC. 705. SUSPENSION OF POLICYHOLDERS SURPLUS ACCOUNT PROVISIONS. (a) DISTRIBUTIONS TO SHAREHOLDERS FROM PRE 1984 POLICY HOLDERS SURPLUS ACCOUNT.—Section 815 (relating to distributions to shareholders from pre 1984 policyholders surplus account) is amended by adding at the end the following: ‘‘(g) SPECIAL RULES APPLICABLE DURING 2005 AND 2006.—In the case of any taxable year of a stock life insurance company beginning after December 31, 2004, and before January 1, 2007— ‘‘(1) the amount under subsection (a)(2) for such taxable year shall be treated as zero, and ‘‘(2) notwithstanding subsection (b), in determining any subtractions from an account under subsections (c)(3) and (d)(3), any distribution to shareholders during such taxable year shall be treated as made first out of the policyholders surplus account, then out of the shareholders surplus account, and finally out of other accounts.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2004. SEC. 706. CERTAIN ALASKA NATURAL GAS PIPELINE PROPERTY TREATED AS 7 YEAR PROPERTY. (a) IN GENERAL.—Section 168(e)(3)(C) (defining 7 year prop erty), as amended by this Act, is amended by striking ‘‘and’’ at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following new clause: ‘‘(iii) any Alaska natural gas pipeline, and’’. (b) ALASKA NATURAL GAS PIPELINE.—Section 168(i) (relating to definitions and special rules), as amended by this Act, is amended by inserting after paragraph (15) the following new paragraph: ‘‘(16) ALASKA NATURAL GAS PIPELINE.—The term ‘Alaska natural gas pipeline’ means the natural gas pipeline system located in the State of Alaska which— ‘‘(A) has a capacity of more than 500,000,000,000 Btu of natural gas per day, and ‘‘(B) is— ‘‘(i) placed in service after December 31, 2013, or ‘‘(ii) treated as placed in service on January 1, 2014, if the taxpayer who places such system in service before January 1, 2014, elects such treatment. Such term includes the pipe, trunk lines, related equipment, and appurtenances used to carry natural gas, but does not include any gas processing plant.’’. 26 USC 815 note.
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