Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_280f
Timestamp: 2019-10-17 18:08:20
Document Index: 30545440

Matched Legal Cases: ['§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280', '§ 280']

Internal Revenue Code, § 280F. Limitation On Depreciation For Luxury Automobiles; Limitation Where Certain Property Used For Personal Purposes
I.R.C. § 280F(a) Limitation On Amount Of Depreciation For Luxury Automobiles
I.R.C. § 280F(a)(1) Depreciation
I.R.C. § 280F(a)(1)(A) Limitation —
I.R.C. § 280F(a)(1)(A)(i) —
I.R.C. § 280F(a)(1)(A)(ii) —
I.R.C. § 280F(a)(1)(A)(iii) —
I.R.C. § 280F(a)(1)(A)(iv) —
I.R.C. § 280F(a)(1)(B) Disallowed Deductions Allowed For Years After Recovery Period
I.R.C. § 280F(a)(1)(B)(i) In General —
I.R.C. § 280F(a)(1)(B)(ii) $5,760 Limitation —
I.R.C. § 280F(a)(1)(B)(iii) Property Must Be Depreciable —
I.R.C. § 280F(a)(1)(B)(iv) Amount Treated As Depreciation Deduction —
I.R.C. § 280F(a)(2) Coordination With Reductions In Amount Allowable By Reason Of Personal Use, Etc. —
I.R.C. § 280F(a)(2)(A) —
I.R.C. § 280F(a)(2)(B) —
I.R.C. § 280F(b) Limitation Where Business Use Of Listed Property Not Greater Than 50 Percent
I.R.C. § 280F(b)(1) Depreciation —
I.R.C. § 280F(b)(2) Recapture
I.R.C. § 280F(b)(2)(A) Where Business Use Percentage Does Not Exceed 50 Percent —
I.R.C. § 280F(b)(2)(A)(i) —
I.R.C. § 280F(b)(2)(A)(ii) —
such property is not predominantly used in a qualified business use for any subsequent taxable year, then any excess depreciation shall be included in gross income for the taxable year referred to in clause (ii), and the depreciation deduction for the taxable year referred to in clause (ii) and any subsequent taxable years shall be determined under section 168(g) (relating to alternative depreciation system).
I.R.C. § 280F(b)(2)(B) Excess Depreciation —
I.R.C. § 280F(b)(2)(B)(i) —
I.R.C. § 280F(b)(2)(B)(ii) —
I.R.C. § 280F(b)(3) Property Predominantly Used In Qualified Business Use —
I.R.C. § 280F(c) Treatment Of Leases
I.R.C. § 280F(c)(1) Lessor's Deductions Not Affected —
I.R.C. § 280F(c)(2) Lessee's Deductions Reduced —
I.R.C. § 280F(c)(3) Allowable Percentage —
I.R.C. § 280F(c)(4) Lease Term —
I.R.C. § 280F(c)(5) Lessee Recapture —
I.R.C. § 280F(d) Definitions And Special Rules —
I.R.C. § 280F(d)(1) Coordination With Section 179 —
I.R.C. § 280F(d)(2) Subsequent Depreciation Deductions Reduced For Deductions Allocable To Personal Use —
I.R.C. § 280F(d)(3) Deductions Of Employee
I.R.C. § 280F(d)(3)(A) In General —
I.R.C. § 280F(d)(3)(B) Employee Use —
I.R.C. § 280F(d)(4) Listed Property
I.R.C. § 280F(d)(4)(A) In General —
I.R.C. § 280F(d)(4)(A)(i) —
I.R.C. § 280F(d)(4)(A)(ii) —
I.R.C. § 280F(d)(4)(A)(iii) —
any property of a type generally used for purposes of entertainment, recreation, or amusement, and
I.R.C. § 280F(d)(4)(A)(iv) —
I.R.C. § 280F(d)(4)(B) Exception For Property Used In Business Of Transporting Persons Or Property —
I.R.C. § 280F(d)(5) Passenger Automobile
I.R.C. § 280F(d)(5)(A) In General —
I.R.C. § 280F(d)(5)(A)(i) —
I.R.C. § 280F(d)(5)(A)(ii) —
I.R.C. § 280F(d)(5)(B) Exception For Certain Vehicles —
I.R.C. § 280F(d)(5)(B)(i) —
I.R.C. § 280F(d)(5)(B)(ii) —
I.R.C. § 280F(d)(5)(B)(iii) —
I.R.C. § 280F(d)(6) Business Use Percentage
I.R.C. § 280F(d)(6)(A) In General —
I.R.C. § 280F(d)(6)(B) Qualified Business Use —
I.R.C. § 280F(d)(6)(C) Exception For Certain Use By 5-Percent Owners And Related Persons
I.R.C. § 280F(d)(6)(C)(i) In General —
I.R.C. § 280F(d)(6)(C)(i)(I) —
I.R.C. § 280F(d)(6)(C)(i)(II) —
I.R.C. § 280F(d)(6)(C)(i)(III) —
I.R.C. § 280F(d)(6)(C)(ii) Special Rule For Aircraft —
I.R.C. § 280F(d)(6)(D) Definitions —
I.R.C. § 280F(d)(6)(D)(i) 5-Percent Owner —
I.R.C. § 280F(d)(6)(D)(ii) Related Person —
I.R.C. § 280F(d)(7) Automobile Price Inflation Adjustment
I.R.C. § 280F(d)(7)(A) In General —
I.R.C. § 280F(d)(7)(B) Automobile Price Inflation Adjustment —
I.R.C. § 280F(d)(7)(B)(i) In General —
I.R.C. § 280F(d)(7)(B)(i)(I) —
the C-CPI-U automobile component for October of the preceding calendar year, exceeds
I.R.C. § 280F(d)(7)(B)(i)(II) —
the automobile component of the CPI (as defined in section 1(f)(4)) for October of 1987.
the automobile component of the CPI (as defined in section 1(f)(4)) for October of 2017,
multiplied by the amount determined under 1(f)(3)(B).
I.R.C. § 280F(d)(7)(B)(ii) C-CPI-U Automobile Component —
the automobile component of the CPI (as defined in section 1(f)(4)) for October of 1987, multiplied by the amount determined under 1(f)(3)(B).
the automobile component of the CPI (as defined in section 1(f)(4)) for October of 2017, multiplied by the amount determined under 1(f)(3)(B).
I.R.C. § 280F(d)(8) Unrecovered Basis —
I.R.C. § 280F(d)(9) All Taxpayers Holding Interests In Passenger Automobile Treated As 1 Taxpayer —
I.R.C. § 280F(d)(10) Special Rule For Property Acquired In Nonrecognition Transactions —
I.R.C. § 280F(e) Regulations —
(Added by Pub. L. 98-369, div. A, title I, Sec. 179(a), July 18, 1984, 98 Stat. 713, and amended by Pub. L. 99-44, Sec. 4, May 24, 1985, 99 Stat. 78; Pub. L. 99-514, title II, Sec. 201(d)(4), title XVIII, Sec. 1812(e)(1)(A), (C), (2)-(5), Oct. 22, 1986, 100 Stat. 2139, 2836, 2837; Pub. L. 100-647, title I, Sec. 1002(a)(10), (b)(2), 1018(u)(3), Nov. 10, 1988, 102 Stat. 3354, 3357, 3590; Pub. L. 101-239, title VII, Sec. 7643(a), Dec. 19, 1989, 103 Stat. 2381; Pub. L. 101-508, title XI, Sec. 11813(b)(13)(A)-(E), Nov. 5, 1990, 104 Stat. 1388-554, 1388-555; Pub. L. 104-188, title I, Sec. 1702(h)(5), Aug. 20, 1996, 110 Stat. 1755; Pub. L. 105-34, title IX, Sec. 971(a), Aug. 5, 1997, 111 Stat 788; Pub. L. 105-206, title VI, Sec. 6009(c), July 22, 1998, 112 Stat 685; Pub. L. 107-147, title VI, Sec. 602(b)(1), Mar. 9, 2002, 116 Stat. 21; Pub. L. 111-240, title II, Sec. 2043, Sept. 27, 2010, 124 Stat. 2504; Pub. L. 113-295, Div. A, title II, Sec. 220(j), 221(a)(34)(E), Dec. 19, 2014, 128 Stat. 4010; Pub. L. 115-97, title I, Secs. 11002(d)(8), 13202, Dec. 22, 2017, 131 Stat. 2054.)
2017 — Subsec. (a)(1)(A)(i). Pub. L. 115-97, Sec. 13202(a)(1)(A), amended clause (i) by substituting “$10,000” for “$2,560”.
Subsec. (a)(1)(A)(ii). Pub. L. 115-97, Sec. 13202(a)(1)(A), amended clause (ii) by substituting “$16,000” for “$4,100”.
Subsec. (a)(1)(A)(iii). Pub. L. 115-97, Sec. 13202(a)(1)(A), amended clause (iii) by substituting “$9,600” for “$2,450”.
Subsec. (a)(1)(A)(iv). Pub. L. 115-97, Sec. 13202(a)(1)(A), amended clause (iv) by substituting “$5,760” for “$1,475”.
Subsec. (a)(1)(B)(ii). Pub. L. 115-97, Sec. 13202(a)(2)(A), amended clause (ii) by substituting “$5,760” for “$1,475” in the text and heading.
Subsec. (d)(4)(A)(iii)-(v). Pub. L. 115-97, Sec. 13202(b)(1)(A), amended subpar. (A) by inserting “and” at the end of clause (iii); by striking clause (iv), and by redesignating clause (v) as clause (iv). Before being struck, clause (iv) read as follows:
“(iv) any computer or peripheral equipment (as defined in section 168(i)(2)(B)), and”.
Subsec. (d)(4)(B)-(C). Pub. L. 115-97, Sec. 13202(b)(2), amended par. (4) by striking subpar. (B) and by redesignating subpar. (C) as subpar. (B). Before being struck, subpar. (B) read as follows:
“(B) Exception For Certain Computers.—The term “listed property” shall not include any computer or peripheral equipment (as so defined) used exclusively at a regular business establishment and owned or leased by the person operating such establishment. For purposes of the preceding sentence, any portion of a dwelling unit shall be treated as a regular business establishment if (and only if) the requirements of section 280A(c)(1) are met with respect to such portion.”
Subsec. (d)(7)(A). Pub. L. 115-97, Sec. 13202(a)(2)(B)(i), amended subpar. (A) by substituting “2018” for “1988”.
Subsec. (d)(7)(B). Pub. L. 115-97, Sec. 11002(d)(8), amended subpar. (B). Before being amended, subpar. (B) read as follows:
“(I) the CPI automobile component for October of the preceding calendar year, exceeds
“(II) the CPI automobile component for October of 1987.
“(ii) CPI Automobile Component.—The term “CPI automobile component” means the automobile component of the Consumer Price Index for All Urban Consumers published by the Department of Labor.”
Subsec. (d)(7)(B)(i)(II). Pub. L. 115-97, Sec. 13202(a)(2)(B)(ii), amended subclause (II) by substituting “2017” for “1987”.
2014 — Subsec. (a)(1)(C). Pub. L. 113-295, Div. A, Sec. 221(a)(34)(E), amended par. (1) by striking subpar. (C). Before being struck, it read as follows:
“(C) Special Rule For Certain Clean-Fuel Passenger Automobiles.—
“(i) Modified Automobiles.—In the case of a passenger automobile which is propelled by a fuel which is not a clean-burning fuel and to which is installed qualified clean-fuel vehicle property (as defined in section 179A(c)(1)(A)) for purposes of permitting such vehicle to be propelled by a clean burning fuel (as defined in section 179A(e)(1)), subparagraph (A) shall not apply to the cost of the installed qualified clean burning vehicle property.
“(ii) Purpose Built Passenger Vehicles.—In the case of a purpose built passenger vehicle (as defined in section 4001(a)(2)(C)(ii)), each of the annual limitations specified in subparagraphs (A) and (B) shall be tripled.
“(iii) Application Of Subparagraph.—This subparagraph shall apply to property placed in service after August 5, 1997, and before January 1, 2007.”
Subsec. (d)(8). Pub. L. 113-295, Div. A, Sec. 220(j), amended par. (8) by substituting “subsection (a)(1)” for “subsection (a)(2)”.
Subsec. (d)(10). Pub. L. 113-295, Div. A, Sec. 220(j), amended par. (10) by substituting “subsection (a)(1)” for “subsection (a)(2)”.
2010 — Subsec. (d)(4)(A)(iv)-(vi). Pub. L. 111-240, Sec. 2043(a), amended subpar. (A) by inserting “and” at the end of clause (iv); by striking clause (v); and by redesignating clause (vi) as clause (v). Before being struck, clause (v) read as follows:
“(v) any cellular telephone (or other similar telecommunications equipment), and”.
2002 — Subsec. (a)(1)(C)(iii). Pub. L. 107-147, Sec. 602(b)(1), added clause (iii).
1998 — Subsec. (a)(1)(C). Pub. L. 105-206, Sec. 6009(c), amended clause (ii) by substituting “subparagraphs (A) and (B)” for “subparagraph (A)”.
1997 — Subsec. (a)(1)(C). Pub. L. 105-34, Sec. 971(a), added subpar. (C).
1996 — Subsec. (a). Pub. L. 104-188, Sec. 1702(h)(5), struck out ‘Investment Tax Credit And’ from the heading of subsection (a).
1990 — Pub. L. 101-508, Sec. 11813(b)(13)(E), struck out ‘investment tax credit and’ after ‘Limitation on’ in section catchline.
Subsec. (a)(1). Pub. L. 101-508, Sec. 11813(b)(13)(A)(i), redesignated par. (2) as (1) and struck out former par. (1) ‘Investment tax credit’ which read as follows: ‘The amount of the credit determined under section 46(a) for any passenger automobile shall not exceed $675.’
Subsec. (a)(2). Pub. L. 101-508, Sec. 11813(b)(13)(A)(i), redesignated par. (3) as (2). Former par. (2) redesignated (1).
Subsec. (a)(2)(B). Pub. L. 101-508, Sec. 11813(b)(13)(A)(ii), struck out ‘the credit determined under section 46(a) or’ after ‘the amount of’.
Subsec. (a)(3). Pub. L. 101-508, Sec. 11813(b)(13)(A)(i), redesignated par. (3) as (2).
Subsec. (a)(4). Pub. L. 101-508, Sec. 11813(b)(13)(A)(i), struck out par. (4) ‘Special rule where election of reduced credit in lieu of the basis adjustment’ which read as follows: ‘In the case of any election under section 48(q)(4) with respect to any passenger automobile, the limitation of paragraph (1) applicable to such passenger automobile shall be 2/3 of the amount which would be so applicable but for this paragraph.’
Subsec. (b). Pub. L. 101-508, Sec. 11813(b)(13)(B), redesignated pars. (2) to (4) as (1) to (3), respectively, and struck out former par. (1) ‘Investment tax credit’ which read as follows: ‘For purposes of this subtitle, any listed property shall not be treated as section 38 property for any taxable year unless such property is predominantly used in a qualified business use for such taxable year.’
Subsec. (c)(1). Pub. L. 101-508, Sec. 11813(b)(13)(C), struck out ‘credits and’ after ‘Lessor's' in heading.
Subsec. (d)(3)(A). Pub. L. 101-508, Sec. 11813(b)(13)(D), struck out ‘the amount of any credit allowable under section 38 to the employee or’ after ‘of determining’.
1989 — Subsec. (d)(4)(A)(v), (vi). Pub. L. 101-239 added cl. (v) and redesignated former cl. (v) as (vi).
1988 — Subsec. (b)(3)(B)(i). Pub. L. 100-647, Sec. 1018(u)(3), substituted ‘depreciation deductions’ for ‘recovery deductions’.
Subsec. (d)(1). Pub. L. 100-647, Sec. 1002(b)(2), substituted ‘subsections (a) and (b), and the limitation of paragraph (3) of this subsection,’ for ‘subsections (a) and (b)’.
Subsec. (d)(3)(A). Pub. L. 100-647, Sec. 1002(a)(10), substituted ‘depreciation deduction’ for ‘recovery deduction’.
1986 — Subsec. (a)(2)(A). Pub. L. 99-514, Sec. 201(d)(4)(A)(i), (K), substituted ‘depreciation deduction’ for ‘recovery deduction’ in introductory provisions and substituted cls. (i) to (iv) for former cls. (i) and (ii) which read as follows:
‘(i) $3,200 for the first taxable year in the recovery period,
‘(ii) $4,800 for each succeeding taxable year in the recovery period.’
Subsec. (a)(2)(B). Pub. L. 99-514, Sec. 201(d)(4)(A)(ii), (K), substituted ‘$1,475’ for ‘$4,800’ in heading and text of cl. (ii), and ‘depreciation deduction’ for ‘recovery deduction’ in heading and text of cl. (iv).
Subsec. (a)(3)(B). Pub. L. 99-514, Sec. 201(d)(4)(K), substituted ‘depreciation deduction’ for ‘recovery deduction’ in two places.
Subsec. (b)(2). Pub. L. 99-514, Sec. 201(d)(4)(J) , substituted ‘section 168(g) (relating to alternative depreciation system)’ for ‘the straight line method over the earnings and profits life for such property’.
Subsec. (b)(3)(A). Pub. L. 99-514, Sec. 201(d)(4)(B), (K), substituted ‘depreciation deduction’ for ‘recovery deduction’ and ‘section 168(g) (relating to alternative depreciation system)’ for ‘the straight line method over the earnings and profits life’ in closing provisions.
Subsec. (b)(4). Pub. L. 99-514, Sec. 201(d)(4)(C), in amending par. (4) generally, struck out heading ‘Definitions’, redesignated as par. (4) former subpar. (A) heading and text, substituted ‘For purposes of this section, property’ for ‘Property’, and struck out former subpar. (B) definition of straight line method over earnings and profits life.
Subsec. (c)(4). Pub. L. 99-514, Sec. 201(d)(4)(D), substituted ‘section 168(i)(3)(A)’ for ‘section 168(j)(6)(B)’.
Subsec. (d)(1). Pub. L. 99-514, Sec. 201(d)(4)(E), substituted ‘depreciation deduction’ for ‘recovery deduction’.
Subsec. (d)(2). Pub. L. 99-514, Sec. 1812(e)(5), substituted ‘is use described in’ for ‘is not use described in’.
Pub. L. 99-514, Sec. 201(d)(4)(F), substituted ‘depreciation deduction’ for ‘recovery deduction’ and ‘use in a trade or business (including the holding for the production of income)’ for ‘use described in section 168(c)(1) (defining recovery property)’.
Subsec. (d)(3)(A). Pub. L. 99-514, Sec. 1812(e)(2), inserted ‘(or the amount of any deduction allowable to the employee for rentals or other payments under a lease of listed property)’.
Subsec. (d)(4)(A)(iv). Pub. L. 99-514, Sec. 201(d)(4)(G), substituted ‘section 168(i)(2)(B)’ for ‘section 168(j)(5)(D)’.
Subsec. (d)(4)(B). Pub. L. 99-514, Sec. 1812(e)(3), inserted ‘and owned or leased by the person operating such establishment’.
Subsec. (d)(4)(C). Pub. L. 99-514, Sec. 1812(e)(4), added subpar. (C).
Subsec. (d)(5)(A). Pub. L. 99-514, Sec. 1812(e)(1)(A), (C), substituted ‘unloaded gross vehicle weight’ for ‘gross vehicle weight’ in cl. (ii) and inserted at end ‘In the case of a truck or van, clause (ii) shall be applied by substituting ‘gross vehicle weight’ for ‘unloaded gross vehicle weight’.'
Subsec. (d)(8). Pub. L. 99-514, Sec. 201(d)(4)(H), amended par. (8) generally. Prior to amendment, par. (8) read as follows: ‘For purposes of subsection (a)(2), the term ‘unrecovered basis’ means the excess (if any) of -
‘(A) the unadjusted basis (as defined in section 168(d)(1)(A)) of the passenger automobile, over
‘(B) the amount of the recovery deductions which would have been allowable for taxable years in the recovery period determined after the application of subsection (a) and as if all use during the recovery period were use described in section 168(c)(1).’
Subsec. (d)(10). Pub. L. 99-514, Sec. 201(d)(4)(I), struck out ‘, notwithstanding any regulations prescribed under section 168(f)(7),’ after ‘For purposes of subsection (a)(2)’.
1985 - Subsec. (a)(1). Pub. L. 99-44, Sec. 4(a)(1), substituted ‘$675’ for ‘$1,000’.
Subsec. (a)(2)(A)(i). Pub. L. 99-44, Sec. 4(a)(2)(A), substituted ‘$3,200’ for ‘$4,000’.
Subsec. (a)(2)(A)(ii), (B)(ii). Pub. L. 99-44, Sec. 4(a)(2)(B), substituted ‘$4,800’ for ‘$6,000’ wherever appearing in text and heading.
Subsec. (d)(7)(A). Pub. L. 99-44, Sec. 4(b)(1), inserted ‘placed in service after 1988’ after ‘passenger automobile’.
Subsec. (d)(7)(B)(i). Pub. L. 99-44, Sec. 4(b)(3), struck out last sentence which directed that in the case of calendar year 1984, the automobile price inflation adjustment would be zero.
Subsec. (d)(7)(B)(i)(II). Pub. L. 99-44, Sec. 4(b)(2), substituted ‘1987’ for ‘1983’.
Amendment by Pub. L. 115-97, Sec. 11002(d)(8), effective for taxable years beginning after December 31, 2017.
Amendments by Pub. L. 115-97, Sec. 13202, effective for property placed in service after December 31, 2017, in taxable years ending after such date.
Amendments by Pub. L. 113-295, Div. A, Sec. 220(j), effective on the date of the enactment of this Act [Enacted: Dec. 19, 2014].
Amendment by Pub. L. 113-295, Div. A, Sec. 221(a)(34)(E), effective on the date of the enactment of this Act [Enacted: Dec. 19, 2014].
Amendments by Sec. 2043 of Pub. L. 111-240 effective for taxable years beginning after December 31, 2009.
Amendment by Sec. 602(b)(1) of Pub. L. 107-147 applicable to property placed in service after December 31, 2001.
Amendment by Sec. 6009(c) of Pub. L. 105-206 applicable as if included in the amendments of the Taxpayer Relief Act of 1997 to which it relates [Effective Date of Pub. L. 105-34, Sec. 971: Property placed in service after August 5, 1997 and before January 1, 2005].
Amendment by Sec. 971(a) of Pub. L. 105-34, as amended by Pub. L. 107-147, Sec. 602(b)(2), applicable to property placed in service after the date of the enactment of this Act [Aug. 5, 1997].
Section 7643(b) of Pub. L. 101-239 provided that: ‘The amendment made by subsection (a) (amending this section) shall apply to property placed in service or leased in taxable years beginning after December 31, 1989.’
Amendment by section 201(d)(4) of Pub. L. 99-514 applicable to property placed in service after Dec. 31, 1986, in taxable years ending after such date, with exceptions, see sections 203 and 204 of Pub. L. 99-514, set out as a note under section 168 of this title.
Amendment by section 201(d)(4) of Pub. L. 99-514 not applicable to any property placed in service before Jan. 1, 1994, if such property placed in service as part of specified rehabilitations, and not applicable to certain additional rehabilitations, see section 251(d)(2), (3) of Pub. L. 99-514, set out as a note under section 46 of this title.
Amendment by section 1812(e)(1)(A), (C), (2)-(5) of Pub. L. 99-514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99-514, set out as a note under section 48 of this title.
Section 6(e) of Pub. L. 99-44 provided that:
‘(1) Except as provided in paragraph (2), the amendments made by section 4 (amending this section) shall apply to -
‘(A) property placed in service after April 2, 1985, in taxable years ending after such date, and
‘(B) property leased after April 2, 1985, in taxable years ending after such date.
‘(2) The amendments made by section 4 (amending this section) shall not apply to any property -
‘(A) acquired by the taxpayer pursuant to a binding contract in effect on April 1, 1985, and at all times thereafter, but only if the property is placed in service before August 1, 1985, or
‘(B) of which the taxpayer is the lessee, but only if the lease is pursuant to a binding contract in effect on April 1, 1985, and at all times thereafter, and only if the taxpayer first uses such property under the lease before August 1, 1985.’
Section 179(d) of Pub. L. 98-369 provided that:
‘(1) In general. -
‘(A) Except as provided in subparagraph (B), the amendments made by subsections (a) and (c) (enacting this section) shall apply to -
‘(i) property placed in service after June 18, 1984, in taxable years ending after such date, and
‘(ii) property leased after June 18, 1984, in taxable years ending after such date.
‘(B) The amendments made by subsections (a) and (c) shall not apply to any property -
‘(i) acquired by the taxpayer pursuant to a binding contract in effect on June 18, 1984, and at all times thereafter (or under construction on such date) but only if the property is placed in service before January 1, 1985 (January 1, 1987, in the case of 15-year real property), or
‘(ii) of which the taxpayer is the lessee but only if the lease is pursuant to a binding contract in effect on June 18, 1984, and at all times thereafter and only if the taxpayer first uses such property under the lease before January 1, 1985 (January 1, 1987, in the case of 15-year real property).
‘(2) Compliance provisions. - The amendments made by subsection (b) (amending sections 274, 6653, and 6695 of this title) shall apply to taxable years beginning after December 31, 1984.’