12 2 STA T .39 2 7PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8‘ ‘ (I)rehabil i t ate sp r o pert yd a m a g ed , or repla c es property destroyed or co n demned, as a res u lto f such federally declared disaster, e x cept that, for purposes of this clause, property shall be treated as replacing property destroyed or con - demned if, as part of an integrated plan, such property replaces property w hich is included in a continuous area which includes real property destroyed or condemned, and ‘‘(II) is similar in nature to, and located in the same county as, the property being rehabili- tated or replaced, ‘‘(i v ) the original use of which in such disaster area commences with an eligible taxpayer on or after the applicable disaster date, ‘‘(v) which is ac q uired by such eligible taxpayer by purchase (as defined in section 179 (d)) on or after the applicable disaster date, but only if no written binding contract for the acquisition was in effect before such date, and ‘‘(vi) which is placed in service by such eligible taxpayer on or before the date which is the last day of the third calendar year following the applicable dis- aster date (the fourth calendar year in the case of nonresidential real property and residential rental property) . ‘‘( B ) EXCEPTIONS . — ‘‘(i) O T H E RB ON U S D EPRECI A TION PROPERT Y .— T he term ‘qualified disaster assistance property ’ shall not include— ‘‘(I) any property to which subsection ( k ) (determined without regard to paragraph ( 4 )), (l), or (m) applies, ‘‘(II) any property to which section 14 0 0 N (d) applies, and ‘‘(III) any property described in section 1400N(p)( 3 ). ‘‘(ii) AL TERNATI V E DEPRECIATION PROPERTY.—The term ‘qualified disaster assistance property’ shall not include any property to which the alternative deprecia- tion system under subsection (g) applies, determined without regard to paragraph (7) of subsection (g) (relating to election to have system apply). ‘‘(iii) TAX-EXE M PT BOND F INANCED PROPERTY.— S uch term shall not include any property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103. ‘‘(iv) Q UALIFIED REVITALI Z ATION BUILDIN G S.—Such term shall not include any qualified revitali z ation building with respect to which the taxpayer has elected the application of paragraph (1) or ( 2 ) of section 1400I(a). ‘‘(v) ELECTION OUT.—If a taxpayer makes an elec- tion under this clause with respect to any class of property for any taxable year, this subsection shall
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