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Correction Act of 1988, with the same effective dates and
explanations, and ultimately enacted without change by the
Technical and Miscellaneous Revenue Act of 1988 (TAMRA 1988),
Pub. L. 100-647, 102 Stat. 3342.
The language thus enacted is what we must construe in the
instant case.
F. Analysis of the Statute
From the foregoing, we draw the following conclusions.
(1) Initial Objectives
Although the movement to enact what became section 163(h)
may have started with a concern about subsidizing already-tax-
favored investments and “extraordinary consumption expenditures
(such as second homes)” (infra Appendix 1. The Treasury Report),
the enacted statute is different--narrower in some respects and
broader in others--from the original announced objectives.
It is not at all unusual for the Congress to act outside the
confines of the problem described in the legislative history; the
Congress has done so in many different areas of the tax law.
See, e.g., Bartels Trust for Ben. of Univ. v. United States, 209
F.3d 147, 153-154 (2d Cir. 2000) (relating to charities’
unrelated trade or business income); Corn Belt Tel. Co. v. United
States, 633 F.2d 114, 117-118 (8th Cir. 1980) (relating to the
definition of “public utility property” for investment credit
purposes); Warrensburg Board & Paper Corp. v. Commissioner, 77
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