95 STAT. 1642
PUBLIC LAW 97-119—DEC. 29, 1981 "(C) SHARED EQUITY FINANCING AGREEMENT.—For purposes of this paragraph, the term 'shared equity financing agreement' means an agreement under which— "(i) 2 or more persons acquire qualified ownership interests in a dwelling unit, and "(ii) the person (or persons) holding 1 or more of such interests— "(I) is entitled to occupy the dwelling unit for use as a principal residence, and "(II) is required to pay rent to 1 or more other persons holding qualified ownership interests in the dwelling unit. "(D) QUALIFIED OWNERSHIP INTEREST.—For purposes of this paragraph, the term 'qualified ownership interest' means an undivided interest for more than 50 years in the entire dwelling unit and appurtenant land being acquired in the transaction to which the shared equity financing agreement relates.". (2) DEFINITION OF QUALIFIED RENTAL PERIOD.—Subparagraph
26 USC 280A.
(B) of section 280A(d)(4) (defining qualified rental period), as redesignated by paragraph (1), is amended by striking out "to a person other than a member of the family (as defined in section 267(c)(4)) of the taxpayer". (b) TREATMENT OF EXPENSES WHILE AWAY FROM HOME IN PURSUIT OF TRADE OR BUSINESS.—
"(1) IN GENERAL.—Subsection (f) of section 280A is amended by adding at the end thereof the following new paragraph: "(4) COORDINATION WITH SECTION 162(a)(2), ETC.— "(A) IN GENERAL.—Nothing in this section shall be construed to disallow any deduction allowable under section 162(a)(2) (or any deduction which meets the tests of section 162(a)(2) but is allowable under another provision of this title) by reason of the taxpayer's being away from home in the pursuit of a trade or business (other than the trade or business of renting dwelling units). "(B) LIMITATION.—The Secretary shall prescribe amounts deductible (without substantiation) pursuant to the last sentence of section 162(a), but nothing in subparagraph (A) or any other provision of this title shall permit such a deduction for any taxable year of amounts in excess of the amounts determined to be appropriate under the circumstances.". (c) PRINCIPAL PLACE OF BUSINESS APPLIES TO ANY TRADE OR BUSI-
26 USC 280A "°*®-
NESS.—Subparagraph (A) of section 280A(c)(l) (relating to certain business use) is amended to read as follows: "(A) the principal place of business for any trade or business of the taxpayer.". (d) REPAIR AND MAINTENANCE OF DWELUNG UNIT.—The last sentence of paragraph (2) of section 280A(d) (relating to personal use of residence) is amended by inserting ", except that if the taxpayer is engaged in repair and maintenance on a substantially full time basis for any day, such authority shall not allow the Secretary to treat a dwelling unit as being used for personal use by the taxpayer on such day merely because other individuals who are on the premises on such day are not so engaged" after "paragraph". (e) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1975, except that in the case of taxable years beginning after December 31, 1975, and
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