Source: https://www.charitableplanning.com/library/documents/497982
Timestamp: 2018-05-25 03:02:11
Document Index: 270958891

Matched Legal Cases: ['§514', '§5', '§121', '§7', '§1308', '§1901', '§2', '§110', '§174', '§1034', '§201', '§1603', '§1878', '§10214', '§1016', '§2004', '§7811', '§13144', '§247', '§702', '§412', '§866', '§661', '§702', '§247', '§13144', '§13144', '§13144', '§1016', '§1018', '§1878', '§1016', '§2004', '§2004', '§10214', '§10214', '§1878', '§1018', '§1878', '§1018', '§1878', '§1018', '§201', '§1878', '§1603', '§1034', '§174', '§1034', '§1906', '§1901', '§1901', '§1308', '§1906', '§1901', '§1901', '§1901', '§121', '§121', '§121', '§121', '§866', '§247', '§13144', '§1016', '§10214', '§1034', '§110', '§110', '§1308', '§1607']

Section 514: Unrelated debt-financed income
(c)(6)(A)(ii)(I)
(c)(6)(A)(ii)(II)
(c)(9)(A)
(c)(9)(B)
(c)(9)(B)(i)
(c)(9)(B)(ii)
(c)(9)(B)(iii)
(c)(9)(B)(iv)
(c)(9)(B)(iv)(I)
(c)(9)(B)(iv)(II)
(c)(9)(B)(v)
(c)(9)(B)(vi)
(c)(9)(B)(vi)(I)
(c)(9)(B)(vi)(II)
(c)(9)(B)(vi)(III)
(c)(9)(C)
(c)(9)(C)(i)
(c)(9)(C)(ii)
(c)(9)(C)(iii)
(c)(9)(C)(iv)
(c)(9)(D)
(c)(9)(E)
(c)(9)(E)(i)
(c)(9)(E)(i)(I)
(c)(9)(E)(i)(II)
(c)(9)(E)(ii)
(c)(9)(E)(ii)(I)
(c)(9)(E)(ii)(II)
(c)(9)(E)(iii)
(c)(9)(F)
(c)(9)(F)(i)
(c)(9)(F)(i)(I)
(c)(9)(F)(i)(II)
(c)(9)(F)(ii)
(c)(9)(F)(ii)(I)
(c)(9)(F)(ii)(II)
(c)(9)(F)(iii)
(c)(9)(G)
(c)(9)(G)(i)
(c)(9)(G)(ii)
(c)(9)(H)
(c)(9)(H)(i)
(c)(9)(H)(ii)
(c)(9)(H)(ii)(I)
(c)(9)(H)(ii)(II)
(c)(9)(H)(ii)(III)
(c)(9)(H)(iii)
(c)(9)(H)(iii)(I)
(c)(9)(H)(iii)(II)
(c)(9)(H)(iv)
(c)(9)(H)(iv)(I)
(c)(9)(H)(iv)(II)
(c)(9)(H)(iv)(III)
(c)(9)(H)(v)
§514. Unrelated debt-financed income
(a) Unrelated debt-financed income and deductions
For purposes of this section, the term "debt-financed property" means any property which is held to produce income and with respect to which there is an acquisition indebtedness (as defined in subsection (c)) at any time during the taxable year (or, if the property was disposed of during the taxable year, with respect to which there was an acquisition indebtedness at any time during the 12-month period ending with the date of such disposition), except that such term does not include—
(A)(i) any property substantially all the use of which is substantially related (aside from the need of the organization for income or funds) to the exercise or performance by such organization of its charitable, educational, or other purpose or function constituting the basis for its exemption under section 501 (or, in the case of an organization described in section 511(a)(2)(B), to the exercise or performance of any purpose or function designated in section 501(c)(3)), or (ii) any property to which clause (i) does not apply, to the extent that its use is so substantially related;
(B) except in the case of income excluded under section 512(b)(5), any property to the extent that the income from such property is taken into account in computing the gross income of any unrelated trade or business;
(C) any property to the extent that the income from such property is excluded by reason of the provisions of paragraph (7), (8), or (9) of section 512(b) in computing the gross income of any unrelated trade or business;
(D) any property to the extent that it is used in any trade or business described in paragraph (1), (2), or (3) of section 513(a); or
(E) any property the gain or loss from the sale, exchange, or other disposition of which would be excluded by reason of the provisions of section 512(b)(19) in computing the gross income of any unrelated trade or business.
(i) the acquired land is not in the neighborhood referred to in subparagraph (A), or
(ii) the organization (for the period after the first 5 years of the 10-year period) is unable to establish to the satisfaction of the Secretary that it is reasonably certain that the land will be used in the manner described in paragraph (1)(A) before the expiration of the 10-year period,
(i) shall apply with respect to any structure on the land when acquired by the organization, or to the land occupied by the structure, only if (and so long as) the intended future use of the land in the manner described in paragraph (1)(A) requires that the structure be demolished or removed in order to use the land in such manner;
(ii) shall not apply to structures erected on the land after the acquisition of the land; and
(iii) shall not apply to property subject to a lease which is a business lease (as defined in this section immediately before the enactment of the Tax Reform Act of 1976).
For purposes of this section, the term "acquisition indebtedness" means, with respect to any debt-financed property, the unpaid amount of—
(2) Property acquired subject to mortgage, etc.
(C) Liens for taxes or assessments
(i) a lien for taxes, or
(ii) a lien for assessments,
For purposes of this section, the term "acquisition indebtedness" does not include an obligation to pay an annuity which—
(A) is the sole consideration (other than a mortgage to which paragraph (2)(B) applies) issued in exchange for property if, at the time of the exchange, the value of the annuity is less than 90 percent of the value of the property received in the exchange,
(B) is payable over the life of one individual in being at the time the annuity is issued, or over the lives of two individuals in being at such time, and
(i) does not guarantee a minimum amount of payments or specify a maximum amount of payments, and
(ii) does not provide for any adjustment of the amount of the annuity payments by reference to the income received from the transferred property or any other property.
For purposes of this section, the term "acquisition indebtedness" does not include—
(i) an obligation, to the extent that it is insured by the Federal Housing Administration, to finance the purchase, rehabilitation, or construction of housing for low and moderate income persons, or
(I) issued by such company under section 303(a) of such Act, and
(II) held or guaranteed by the Small Business Administration.
(i) any organization which is exempt from tax under this title (other than a governmental unit) owns more than 25 percent of the capital or profits interest in such company, or
(ii) organizations which are exempt from tax under this title (including governmental units other than any agency or instrumentality of the United States) own, in the aggregate, 50 percent or more of the capital or profits interest in such company.
(8) Securities subject to loans
(A) payments with respect to securities loans (as defined in section 512(a)(5)) shall be deemed to be derived from the securities loaned and not from collateral security or the investment of collateral security from such loans,
(B) any deductions which are directly connected with collateral security for such loan, or with the investment of collateral security, shall be deemed to be deductions which are directly connected with the securities loaned, and
(C) an obligation to return collateral security shall not be treated as acquisition indebtedness (as defined in paragraph (1)).
(i) the price for the acquisition or improvement is not a fixed amount determined as of the date of the acquisition or the completion of the improvement;
(ii) the amount of any indebtedness or any other amount payable with respect to such indebtedness, or the time for making any payment of any such amount, is dependent, in whole or in part, upon any revenue, income, or profits derived from such real property;
(iii) the real property is at any time after the acquisition leased by the qualified organization to the person selling such property to such organization or to any person who bears a relationship described in section 267(b) or 707(b) to such person;
(I) bears a relationship which is described in subparagraph (C), (E), or (G) of section 4975(e)(2) to any plan with respect to which such trust was formed, or
(II) bears a relationship which is described in subparagraph (F) or (H) of section 4975(e)(2) to any person described in subclause (I);
(v) any person described in clause (iii) or (iv) provides the qualified organization with financing in connection with the acquisition or improvement; or
(I) all of the partners of the partnership are qualified organizations,
(II) each allocation to a partner of the partnership which is a qualified organization is a qualified allocation (within the meaning of section 168(h)(6)), or
(III) such partnership meets the requirements of subparagraph (E).
(C) Qualified organization
For purposes of this paragraph, the term "qualified organization" means—
(i) an organization described in section 170(b)(1)(A)(ii) and its affiliated support organizations described in section 509(a)(3);
(ii) any trust which constitutes a qualified trust under section 401;
(iii) an organization described in section 501(c)(25); or
(iv) a retirement income account described in section 403(b)(9).
(I) the allocation of items to any partner which is a qualified organization cannot result in such partner having a share of the overall partnership income for any taxable year greater than such partner's share of the overall partnership loss for the taxable year for which such partner's loss share will be the smallest, and
(II) each allocation with respect to the partnership has substantial economic effect within the meaning of section 704(b)(2).
(I) as gross income derived from an unrelated trade or business, such holder's pro rata share of the items of income described in clause (ii)(I) of such organization, and
(II) as deductions allowable in computing unrelated business taxable income, such holder's pro rata share of the items of deduction described in clause (ii)(II) of such organization.
(ii) Description of amounts
(I) gross income is described in this clause to the extent such income would (but for this paragraph) be treated under subsection (a) as derived from an unrelated trade or business, and
(II) any deduction is described in this clause to the extent it would (but for this paragraph) be allowable under subsection (a)(2) in computing unrelated business taxable income.
(G) Special rules for purposes of the exceptions
(ii) Qualifying sale
(I) a qualified organization acquires property described in clause (iii) from a financial institution and any gain recognized by the financial institution with respect to the property is ordinary income,
(II) the stated principal amount of the financing provided by the financial institution does not exceed the amount of the outstanding indebtedness (including accrued but unpaid interest) of the financial institution with respect to the property described in clause (iii) immediately before the acquisition referred to in clause (iii) or (v), whichever is applicable, and
(III) the present value (determined as of the time of the sale and by using the applicable Federal rate determined under section 1274(d)) of the maximum amount payable pursuant to the financing that is determined by reference to the revenue, income, or profits derived from the property cannot exceed 30 percent of the total purchase price of the property (including the contingent payments).
(iii) Property to which subparagraph applies
(I) was acquired by the qualified organization from a financial institution which is in conservatorship or receivership, or from the conservator or receiver of such an institution, and
(II) was held by the financial institution at the time it entered into conservatorship or receivership.
(iv) Financial institution
For purposes of this subparagraph, the term "financial institution" means—
(I) any financial institution described in section 581 or 591(a),
(II) any other corporation which is a direct or indirect subsidiary of an institution referred to in subclause (I) but only if, by virtue of being affiliated with such institution, such other corporation is subject to supervision and examination by a Federal or State agency which regulates institutions referred to in subclause (I), and
(III) any person acting as a conservator or receiver of an entity referred to in subclause (I) or (II) (or any government agency or corporation succeeding to the rights or interest of such person).
(Aug. 16, 1954, ch. 736, 68A Stat. 172; Pub. L. 86–667, §5, July 14, 1960, 74 Stat. 536; Pub. L. 91–172, title I, §121(d)(1), (3)(A), (B), Dec. 30, 1969, 83 Stat. 543, 548; Pub. L. 93–625, §7(b)(2), Jan. 3, 1975, 88 Stat. 2115; Pub. L. 94–455, title XIII, §1308(a), title XIX, §§1901(a)(72), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1729, 1776, 1834; Pub. L. 95–345, §2(c), Aug. 15, 1978, 92 Stat. 482; Pub. L. 96–605, title I, §110(a), Dec. 28, 1980, 94 Stat. 3525; Pub. L. 98–369, div. A, title I, §174(b)(5)(B), title X, §1034(a), (b), July 18, 1984, 98 Stat. 707, 1039, 1040; Pub. L. 99–514, title II, §201(d)(9), title XVI, §1603(b), title XVIII, §1878(e), Oct. 22, 1986, 100 Stat. 2141, 2768, 2903; Pub. L. 100–203, title X, §10214(a), (b), Dec. 22, 1987, 101 Stat. 1330–407; Pub. L. 100–647, title I, §§1016(a)(5)(A), (6), 1018(u)(13), title II, §2004(h), Nov. 10, 1988, 102 Stat. 3574, 3575, 3590, 3603; Pub. L. 101–239, title VII, §7811(l), Dec. 19, 1989, 103 Stat. 2412; Pub. L. 103–66, title XIII, §13144(a), (b), Aug. 10, 1993, 107 Stat. 441, 442; Pub. L. 108–357, title II, §247(a), title VII, §702(b), Oct. 22, 2004, 118 Stat. 1449, 1546; Pub. L. 109–135, title IV, §412(ee)(2), Dec. 21, 2005, 119 Stat. 2639; Pub. L. 109–280, title VIII, §866(a), Aug. 17, 2006, 120 Stat. 1025.)
The Small Business Investment Act of 1958, referred to in subsec. (c)(6)(A)(ii), is Pub. L. 85–699, Aug. 21, 1958, 72 Stat. 689, as amended, which is classified principally to chapter 14B (§661 et seq.) of Title 15, Commerce and Trade. Section 303(a) of the Act is classified to section 683(a) of Title 15. For complete classification of this Act to the Code, see Short Title note set out under section 661 of Title 15 and Tables.
2005—Subsec. (b)(1)(E). Pub. L. 109–135 substituted "section 512(b)(19)" for "section 512(b)(18)".
2004—Subsec. (b)(1)(E). Pub. L. 108–357, §702(b), added subpar. (E).
Subsec. (c)(6). Pub. L. 108–357, §247(a), reenacted heading without change and amended text of par. (6) generally. Prior to amendment, text read as follows: "For purposes of this section, the term &apos;acquisition indebtedness&apos; does not include an obligation, to the extent that it is insured by the Federal Housing Administration, to finance the purchase, rehabilitation, or construction of housing for low and moderate income persons."
1993—Subsec. (c)(9)(A). Pub. L. 103–66, §13144(b)(1), inserted at end "For purposes of this paragraph, an interest in a mortgage shall in no event be treated as real property."
Subsec. (c)(9)(B). Pub. L. 103–66, §13144(b)(2), struck out at end "For purposes of this paragraph, an interest in a mortgage shall in no event be treated as real property."
Subsec. (c)(9)(G), (H). Pub. L. 103–66, §13144(a), added subpars. (G) and (H).
1988—Subsec. (c)(9)(B). Pub. L. 100–647, §1016(a)(6), substituted "this paragraph" for "clause (vi)" in last sentence.
Pub. L. 100–647, §1018(u)(13)(A), amended directory language of Pub. L. 99–514, §1878(e)(1), (3), to clarify that general amendment by section 1878(e)(3) included concluding provision as well as cl. (vi) and that amendment by section 1878(e)(1) should have been to the concluding provisions as amended by section 1878(e)(3).
Subsec. (c)(9)(E). Pub. L. 100–647, §1016(a)(5)(A), added subpar. (E) relating to special rules for organizations described in section 501(c)(25).
Subsec. (c)(9)(E)(i). Pub. L. 100–647, §2004(h)(2), in subsec. (c)(9)(E), relating to certain allocations permitted, redesignated subcls. (II) and (III) as (I) and (II), respectively, and struck out former subcl. (I) which read as follows: "the allocation of items to any partner other than a qualified organization cannot result in such partner having a share of the overall partnership loss for any taxable year greater than such partner's share of the overall partnership income for the taxable year for which such partner's income share will be the smallest,".
Subsec. (c)(9)(E)(iii). Pub. L. 100–647, §2004(h)(1), in subsec. (c)(9)(E) relating to certain allocations permitted, added cl. (iii).
1987—Subsec. (c)(9)(B)(vi). Pub. L. 100–203, §10214(a), amended cl. (vi) generally. Prior to amendment, cl. (vi) read as follows: "the real property is held by a partnership (which does not fail to meet the requirements of clauses (i) through (v)), and—
"(I) any partner of the partnership is not a qualified organization, and
"(II) the principal purpose of any allocation to any partner of the partnership which is a qualified organization which is not a qualified allocation (within the meaning of section 168(h)(6)) is the avoidance of income tax."
Subsec. (c)(9)(E). Pub. L. 100–203, §10214(b), added subpar. (E).
1986—Subsec. (c)(9)(B). Pub. L. 99–514, §1878(e)(1), as amended by Pub. L. 100–647, §1018(u)(13)(A), which directed amendment of penultimate sentence by substituting "is unrelated business taxable income" for "would be unrelated business taxable income (determined without regard to this paragraph)", was executed by making the substitution for "would be unrelated business taxable income (determined without regard to this paragraph", as the probable intent of Congress.
Pub. L. 99–514, §1878(e)(3), as amended by Pub. L. 100–647, §1018(u)(13)(B), amended concluding provisions generally. Prior to amendment, concluding provisions read as follows: "For purposes of clause (vi)(I), an organization shall not be treated as a qualified organization if any income of such organization would be unrelated business taxable income (determined without regard to this paragraph)."
Subsec. (c)(9)(B)(vi). Pub. L. 99–514, §1878(e)(3), as amended by Pub. L. 100–647, §1018(u)(13)(B), amended cl. (vi) generally. Prior to amendment, cl. (vi) read as follows: "the real property is held by a partnership unless the partnership meets the requirements of clauses (i) through (v) and unless—
"(I) all of the partners of the partnership are qualified organizations, or
"(II) each allocation to a partner of the partnership which is a qualified organization is a qualified allocation (within the meaning of section 168(j)(9))."
Subsec. (c)(9)(B)(vi)(II). Pub. L. 99–514, §201(d)(9), substituted "section 168(h)(6)" for "section 168(j)(9)".
Subsec. (c)(9)(C)(i). Pub. L. 99–514, §1878(e)(2), substituted "section 509(a)(3)" for "section 509(a)".
Subsec. (c)(9)(C)(iii). Pub. L. 99–514, §1603(b), added cl. (iii).
1984—Subsec. (c)(9). Pub. L. 98–369, §1034(a), amended par. (9) generally, substituting provisions relating to real property acquired by a qualified organization for provisions relating to real property acquired by a qualified trust, with "qualified organization" expanded to include trusts constituting qualified trusts under section 401 of this title as well as organizations described in section 170(b)(1)(A)(ii) of this title and their affiliated support organizations described in section 509(a) of this title.
Subsec. (c)(9)(B)(iii). Pub. L. 98–369, §174(b)(5)(B), inserted reference to section 707(b).
Subsec. (g). Pub. L. 98–369, §1034(b), added subsec. (g).
1976—Subsecs. (a)(1), (b)(3)(A), (B)(ii). Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" after "Secretary".
Subsec. (b)(3)(C)(iii). Pub. L. 94–455, §1901(a)(72)(C), substituted "(as defined in this section immediately before the enactment of the Tax Reform Act of 1976)" for "as (defined in subsection (f))" after "is a business lease".
Subsec. (c)(1). Pub. L. 94–455, §1901(a)(72)(A), struck out exception following subpar. (C) that in any taxable year beginning before January 1, 1972, any acquisition indebtedness incurred prior to June 28, 1966, would not be taken into account except for business lease indebtedness of certain organizations.
Subsec. (c)(2)(C). Pub. L. 94–455, §1308(a), added subpar. (C).
Subsecs. (c)(7), (e). Pub. L. 94–455, §1906(b)(13)(A), struck out "or his delegate" after "Secretary".
Subsec. (f). Pub. L. 94–455, §1901(a)(72(B), struck out subsec. (f) relating to definition of business lease, special rules applicable to such leases, and exceptions to the definition and applicable rules, and redesignated subsec. (h) as (f).
Subsec. (g). Pub. L. 94–455, §1901(a)(72)(B), struck out subsec. (g) relating to definition and special rules applicable to business lease indebtedness.
Subsec. (h). Pub. L. 94–455, §1901(a)(72)(B), redesignated subsec. (h) as (f).
1969—Subsec. (a). Pub. L. 91–172, §121(d)(1), substituted "Unrelated debt-financed income" for "Business leases" in heading and substituted in text material covering unrelated debt-financed income and deductions for material covering business lease rents and deductions.
Subsecs. (b) to (e). Pub. L. 91–172, §121(d)(1), (3)(A), added subsecs. (b), (c), (d) and (e). Former subsecs. (b), (c), and (d) redesignated (f), (g), and (h), respectively.
Subsec. (f). Pub. L. 91–172, §121(d)(3)(A), (B), redesignated subsec. (b) as subsec. (f), and, in par. (1) of subsec. (f) as so redesignated, substituted reference to subsec. (g) for reference to subsec. (c).
Subsecs. (g), (h). Pub. L. 91–172, §121(d)(3)(A), redesignated subsecs. (c) and (d) as (g) and (h), respectively.
Pub. L. 109–280, title VIII, §866(b), Aug. 17, 2006, 120 Stat. 1025, provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning on or after the date of enactment of this Act [Aug. 17, 2006]."
Pub. L. 108–357, title II, §247(b), Oct. 22, 2004, 118 Stat. 1449, provided that: "The amendment made by this section [amending this section] shall apply to indebtedness incurred after the date of the enactment of this Act [Oct. 22, 2004] by a small business investment company licensed after the date of the enactment of this Act."
Pub. L. 103–66, title XIII, §13144(c), Aug. 10, 1993, 107 Stat. 442, provided that:
"(1) In general.—The amendments made by this section [amending this section] shall apply to acquisitions on or after January 1, 1994.
"(2) Small leases.—The provisions of section 514(c)(9)(G)(i) of the Internal Revenue Code of 1986 shall, in addition to any leases to which the provisions apply by reason of paragraph (1), apply to leases entered into on or after January 1, 1994."
Pub. L. 100–647, title I, §1016(a)(5)(B), Nov. 10, 1988, 102 Stat. 3575, provided that: "The amendment made by subparagraph (A) [amending this section] shall apply with respect to interests in the organization acquired after June 10, 1987, except that such amendment shall not apply to any such interest acquired after June 10, 1987, pursuant to a binding written contract in effect on June 10, 1987, and at all times thereafter before such acquisition."
Pub. L. 100–203, title X, §10214(c), Dec. 22, 1987, 101 Stat. 1330–408, provided that: "The amendments made by this section [amending this section] shall apply to—
"(1) property acquired by the partnership after October 13, 1987, and
"(2) partnership interests acquired after October 13, 1987,
except that such amendments shall not apply in the case of any property (or partnership interest) acquired pursuant to a written binding contract in effect on October 13, 1987, and at all times thereafter before such property (or interest) is acquired."
Pub. L. 98–369, div. A, title X, §1034(c), July 18, 1984, 98 Stat. 1040, provided that:
"(1) In general.—The amendments made by this section [amending this section] shall apply to indebtedness incurred after the date of the enactment of this Act [July 18, 1984].
"(2) Exception for indebtedness on certain property acquired before january 1, 1985.—
"(A) The amendment made by subsection (a) [amending this section] shall not apply to any indebtedness incurred before January 1, 1985, by a partnership described in subparagraph (B) if such indebtedness is incurred with respect to property acquired (directly or indirectly) by such partnership before such date.
"(B) A partnership is described in this subparagraph if—
"(i) before October 21, 1983, the partnership was organized, a request for exemption with respect to such partnership was filed with the Department of Labor, and a private placement memorandum stating the maximum number of units in the partnership that would be offered had been circulated,
"(ii) the interest in the property to be acquired, directly or indirectly (including through acquiring an interest in another partnership) by such partnership was described in such private placement memorandum, and
"(iii) the marketing of partnership interests in such partnership is completed not later than 2 years after the later of the date of enactment of this Act [July 18, 1984] or the date of publication in the Federal Register of such exemption by the Department of Labor and the aggregate number of units in such partnership sold does not exceed the amount described in clause (i).
"(3) Exception for indebtedness on certain property acquired before january 1, 1986.—
"(A) The amendment made by subsection (a) [amending this section] shall not apply to any indebtedness incurred before January 1, 1986, by a partnership described in subparagraph (B) if such indebtedness is incurred with respect to property acquired (directly or indirectly) by such partnership before such date.
"(B) A partnership is described in this paragraph if—
"(i) before March 6, 1984, the partnership was organized and publicly announced, the maximum amount of interests which would be sold in such partnership, and
"(ii) the marketing of partnership interests in such partnership is completed not later than the 90th day after the date of the enactment of this Act [July 18, 1984] and the aggregate amount of interests in such partnership sold does not exceed the maximum amount described in clause (i).
"(C) Binding contracts.—For purposes of this paragraph, property shall be deemed to have been acquired before January 1, 1986, if such property is acquired pursuant to a written contract which, on January 1, 1986, and at all times thereafter, required the acquisition of such property and such property is placed in service not later than 6 months after the date such contract was entered into."
Pub. L. 96–605, title I, §110(c), Dec. 28, 1980, 94 Stat. 3526, provided that: "The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1980."
Pub. L. 96–605, title I, §110(b), Dec. 28, 1980, 94 Stat. 3526, provided that: "The amendment made by subsection (a) [amending this section] shall not be considered a precedent with respect to extending such amendment (or similar rules) to any other person."
Pub. L. 94–455, title XIII, §1308(b), Oct. 4, 1976, 90 Stat. 1729, provided that: "The amendment made by this section [amending this section] shall apply to taxable years ending after December 31, 1969."
Pub. L. 99–514, title XVI, §1607, Oct. 22, 1986, 100 Stat. 2771, provided that: "For purposes of applying section 514(c) of the Internal Revenue Code of 1986, with respect to a disposition during calendar year 1986 or calendar year 1987 of land acquired during calendar year 1984, the term &apos;acquisition indebtedness&apos; does not include indebtedness incurred in connection with bonds issued after January 1, 1984, and before July 19, 1984, on behalf of an organization which is a community college and which is described in section 511(a)(2)(B) of such Code."