98 STAT. 808
PUBLIC LAW 98-369—JULY 18, 1984 nonqualified nonrecourse financing (within the meaning of section 46(c)(8)) with respect to any property to which section 46(c)(8) applied, then the tax under this chapter for such taxable year shall be increased by an amount equal to the aggregate decrease in credits allowed under section 38 for all prior taxable years which would have resulted from reducing the qualified investment taken into account with respect to such property by the amount of such net increase. "(2) TRANSFERS OF DEBT MORE THAN i YEAR AFTER INITIAL
BORROWING NOT TREATED AS INCREASING NONQUALIFIED NONRECOURSE FINANCING.—For purposes of paragraph (1), the amount of nonqualified nonrecourse financing (within the meaning of section 46(c)(8)(D)) with respect to the taxpayer shall not be treated as increased by reason of a transfer of (or agreement to transfer) any evidence of an indebtedness if such transfer occurs (or such agreement is entered into) more than 1 year after the date such indebtedness was incurred."
Ante, p. 805.
(c) CLARIFICATION OF COORDINATION OF SECTION 48(d)
26 USC 48.
WITH AT-
RISK RULES.—Subsection (d) of section 48 (relating to certain leased property) is amended by adding at the end thereof the following new paragraph: "(6) COORDINATION WITH AT-RISK RULES.— "(A) EXTENSION OF AT-RISK RULES TO CERTAIN LESSORS.— "(i) IN GENERAL.—If^
"(I) a lessor makes an election under this subsection with respect to any at-risk property leased to an at-risk lessee, and "(II) but for this clause, section 46(c)(8) would not apply to such property in the hands of the lessor, section 46(c)(8) shall apply to the lessor with respect to such property, "(ii) EXCEPTIONS.—Clause (i) shall not apply— "(I) if the lessor manufactured or produced the property, "(II) if the property has a readily ascertainable fair market value, or "(III) in circumstances which the Secretary determines by regulations to be circumstances where the application of clause (i) is not necessary to carry out the purposes of section 46(c)(8). "(B) REQUIREMENT THAT LESSOR BE AT RISK.—In the case of any property which, in the hands of the lessor, is property to which section 46(c)(8) applies, the amount of the credit allowable to the lessee under section 38 with respect to such property by reason of an election under this subsection shall at no time exceed the credit which would have been allowable to the lessor with respect to such property (determined without regard to section 46(e)(3)) if— "(i) the lessor's basis in such property were equal to the lessee acquisition amount, and "(ii) no election had been made under this subsection.
Post, p. 827.
"(C) LESSEE SUBJECT TO AT-RISK LIMITATIONS.—
.7|i:).r: I (iS. ,^"
"(i) IN GENERAL.—In the case of any lease where— "(I) the lessee is an at-risk lessee, "(II) the property is at-risk property, and "(III) the at-risk percentage is less than the required percentage,
�
