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pursuant to a written contract which was
binding on [December 31, 1985] March 1, 1986,
(B) property which is constructed or
reconstructed by the taxpayer if–-
(i) the lesser of (I) $1,000,000,
or (II) 5 percent of the cost of such
property has been incurred or committed
by [December 31, 1985] March 1, 1986,
and
(ii) the construction or
reconstruction of such property began by
such date, or
(C) an equipped building or plant
facility if construction has commenced as of
[December 31, 1985] March 1, 1986, pursuant
to a written specific plan and more than one-
half of the cost of such equipped building or
facility has been incurred or committed by
such date.
(2) Requirement That Certain Property Be
Placed In Service Before Certain Date.--
(A) In general.--Paragraph (1) and
section 204(a) (other than paragraph (8) or
(12) thereof) shall not apply to any property
unless such property has a class life of at
least 7 years and is placed in service before
the applicable date determined under the
following table:
In the case of property The applicable
with a class life of: date is:
At least 7 but less than 20 years...January 1, 1989
20 years or more....................January 1, 1991
(B) Residential rental and
nonresidential real property.--In the case of
residential rental property and
nonresidential real property, the applicable
date is January 1, 1991.
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