Day 168 July 6, 2011 - History

Day 168 July 6, 2011 - History

Day 168 July 6, 2011

President Barack Obama tweets a question during the Twitter Town Hall in the East Room of the White House, July 6, 2011. Twitter co-founder and Executive Chairman Jack Dorsey, who served as the town hall moderator, is pictured at left.

9:15AM THE PRESIDENT and THE VICE PRESIDENT receive the Presidential Daily Briefing
Oval Office


10:45AM THE PRESIDENT meets with senior advisors
Oval Office


11:15AM THE PRESIDENT and THE VICE PRESIDENT meet with Secretary of the Treasury Geithner
Oval Office


12:30PM THE PRESIDENT and THE VICE PRESIDENT meet for lunch
Private Dining Room


2:00PM THE PRESIDENT hosts a Twitter Town Hall
East Room- Transcript

4:30PM THE PRESIDENT and THE VICE PRESIDENT meet with Secretary of State Clinton
Oval Office


26 U.S. Code § 168 - Accelerated cost recovery system

An election under paragraph (2)(D) [1] or (3)(D) may be made with respect to 1 or more classes of property for any taxable year and once made with respect to any class shall apply to all property in such class placed in service during such taxable year. Such an election, once made, shall be irrevocable.

For purposes of this section, the applicable recovery period shall be determined in accordance with the following table:

In the case of:

The applicable

recovery period

Residential rental property

Nonresidential real property

Any railroad grading or tunnel bore

Except as otherwise provided in this subsection, the applicable convention is the half-year convention.

The half-year convention is a convention which treats all property placed in service during any taxable year (or disposed of during any taxable year) as placed in service (or disposed of) on the mid-point of such taxable year.

The mid-month convention is a convention which treats all property placed in service during any month (or disposed of during any month) as placed in service (or disposed of) on the mid-point of such month.

The mid-quarter convention is a convention which treats all property placed in service during any quarter of a taxable year (or disposed of during any quarter of a taxable year) as placed in service (or disposed of) on the mid-point of such quarter.

Except as otherwise provided in this subsection, property shall be classified under the following table:

Property shall be treated as:

If such property has a class life (in years) of:

More than 4 but less than 10

10 or more but less than 16

16 or more but less than 20

20 or more but less than 25

The term “20-year property” means initial clearing and grading land improvements with respect to any electric utility transmission and distribution plant.

The term “railroad grading or tunnel bore” means all improvements resulting from excavations (including tunneling), construction of embankments, clearings, diversions of roads and streams, sodding of slopes, and from similar work necessary to provide, construct, reconstruct, alter, protect, improve, replace, or restore a roadbed or right-of-way for railroad track.

Any motion picture film or video tape.

Any works which result from the fixation of a series of musical, spoken, or other sounds, regardless of the nature of the material (such as discs, tapes, or other phonorecordings) in which such sounds are embodied.

In the case of any property to which this section would apply but for this paragraph, the depreciation deduction under section 167 shall be determined under the provisions of this section as in effect before the amendments made by section 201 of the Tax Reform Act of 1986.

In the case of:

The recovery

(i) Property not described in clause (ii) or (iii)

(ii) Personal property with no class life

(iii) Residential rental property

(iv) Nonresidential real property

(v) Any railroad grading or tunnel bore or water utility property

For purposes of paragraph (2), in the case of property described in any of the following subparagraphs of subsection (e)(3), the

If property is described

in subparagraph:

In the case of any qualified technological equipment, the recovery period used for purposes of paragraph (2) shall be 5 years.

In the case of any automobile or light general purpose truck, the recovery period used for purposes of paragraph (2) shall be 5 years.

In the case of any section 1245 property which is real property with no class life, the recovery period used for purposes of paragraph (2) shall be 40 years.

Except as otherwise provided in this paragraph, the term “tax-exempt bond financed property” means any property to the extent such property is financed (directly or indirectly) by an obligation the interest on which is exempt from tax under section 103(a).

For purposes of subparagraph (A), the proceeds of any obligation shall be treated as used to finance property acquired in connection with the issuance of such obligation in the order in which such property is placed in service.

The term “tax-exempt bond financed property” shall not include any qualified residential rental project (within the meaning of section 142(a)(7)).

If the taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, the alternative depreciation system under this subsection shall apply to all property in such class placed in service during such taxable year. Notwithstanding the preceding sentence, in the case of residential rental property, such election may be made separately with respect to each property.

An election under subparagraph (A), once made, shall be irrevocable.

The property described in this paragraph shall consist of any residential rental property, and qualified improvement property held by an electing real property trade or business (as defined in 163(j)(7)(B)).

Except as otherwise provided in this subsection, the term “ (B) Nonresidential real property

Clause (i) shall apply to any property only if the portion of such property leased to tax-exempt entities in disqualified leases is more than 35 percent of the property.

For purposes of this subparagraph, improvements to a property (other than land) shall not be treated as a separate property.

Subclause (IV) of clause (ii) shall not apply to any property which is leased within 3 months after the date such property is first used by the (C) Exception for short-term leases

Property shall not be treated as short-term lease.

The term “section 511. For purposes of subparagraph (B)(iii), any portion of a property so used shall not be treated as leased to a (E) Nonresidential real property defined

For purposes of this paragraph, the term “ residential rental property.

For purposes of this subsection, an organization shall be treated as an organization described in subparagraph (A)(ii) with respect to any property (other than property held by such organization) if such organization was an organization (other than a cooperative described in section 521) exempt from tax imposed by this chapter at any time during the 5-year period ending on the date such property was first used by such organization. The preceding sentence and subparagraph (D)(ii) shall not apply to the Federal Home Loan Mortgage Corporation.

In the case of an organization formerly exempt from tax under section 501(a) as an organization described in section 501(c)(12), clause (i) shall not apply to such organization with respect to any property if such organization elects not to be exempt from tax under section 501(a) during the tax-exempt use period with respect to such property.

For purposes of subclause (I), the term “ (III) Election

Any election under subclause (I), once made, shall be irrevocable.

Any organization which is engaged in activities substantially similar to those engaged in by a predecessor organization shall succeed to the treatment under this subparagraph of such predecessor organization.

Subclause (II) of clause (i) shall not apply to any property which is leased within 3 months after the date such property is first used by the (4) Related entities For purposes of this subsection—

In the case of any property which is leased to a partnership, the determination of whether any portion of such property is (B) Other pass-thru entities tiered entities

Rules similar to the rules of subparagraph (A) shall also apply in the case of any pass-thru entity other than a partnership and in the case of tiered partnerships and other entities.

Unless it is otherwise established to the satisfaction of the Secretary, it shall be presumed that the partners of a foreign partnership (and the beneficiaries of any other foreign pass-thru entity) are persons who are not (6) Treatment of property owned by partnerships, etc.

For purposes of subparagraph (A), a section 704(c)), whichever results in the largest proportionate share.

For purposes of clause (i), if a section 704(c)) may vary during the period such entity is a partner in the partnership, such share shall be the highest share such entity may receive.

For purposes of this subsection, in the case of any property which is owned by a partnership which has both a (E) Other pass-thru entities tiered entities

Rules similar to the rules of subparagraphs (A), (B), (C), and (D) shall also apply in the case of any pass-thru entity other than a partnership and in the case of tiered partnerships and other entities.

For purposes of this paragraph and paragraph (5), except as otherwise provided in this subparagraph, any (ii) Election If a (I)

For purposes of subclause (I), in the case of a corporation the stock of which is publicly traded on an established securities market, stock held by a (III) Section 318 to apply

For purposes of this clause, a section 318 (determined without regard to the 50-percent limitation contained in subsection (a)(2)(C) thereof).

For purposes of this subsection, the term “ (8) Regulations

The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this subsection.

The term “related peripheral equipment” means any auxiliary machine (whether on-line or off-line) which is designed to be placed under the control of the central processing unit of a computer.

For purposes of this paragraph, the term “high technology medical equipment” means any electronic, electromechanical, or (3) Lease term

For purposes of clause (i) of subparagraph (A), in the case of residential rental property, there shall not be taken into account any option to renew at fair market value, determined at the time of renewal.

Under regulations, a taxpayer may maintain 1 or more general asset accounts for any property to which this section applies. Except as provided in regulations, all proceeds realized on any (5) Changes in use

The Secretary shall, by regulations, provide for the method of determining the deduction allowable under section 167(a) with respect to any tangible property for any taxable year (and the succeeding taxable years) during which such property changes status under this section but continues to be held by the same person.

In the case of any property transferred in a transaction described in subparagraph (B), the transferee shall be treated as the transferor for purposes of computing the depreciation deduction determined under this section with respect to so much of the basis in the hands of the transferee as does not exceed the adjusted basis in the hands of the transferor. In any case where this section as in effect before the amendments made by section 201 of the Tax Reform Act of 1986 applied to the property in the hands of the transferor, the reference in the preceding sentence to this section shall be treated as a reference to this section as so in effect.

Under regulations, property which is disposed of and then reacquired by the taxpayer shall be treated for purposes of computing the deduction allowable under subsection (a) as if such property had not been disposed of.

In the case of any building erected (or improvements made) on leased property, if such building or improvement is property to which this section applies, the depreciation deduction shall be determined under the provisions of this section.

For treatment of qualified long-term real property constructed or improved in connection with cash or rent reduction from lessor to lessee, see section 110(b).

One way in which the requirements of subparagraph (A) are not met is if the taxpayer, for ratemaking purposes, uses a procedure or adjustment which is inconsistent with the requirements of subparagraph (A).

The procedures and adjustments which are to be treated as inconsistent for purposes of clause (i) shall include any procedure or adjustment for ratemaking purposes which uses an estimate or projection of the taxpayer’s tax expense, depreciation expense, or reserve for deferred taxes under subparagraph (A)(ii) unless such estimate or projection is also used, for ratemaking purposes, with respect to the other 2 such items and with respect to the rate base.

The Secretary may by regulations prescribe procedures and adjustments (in addition to those specified in clause (ii)) which are to be treated as inconsistent for purposes of clause (i).

In the case of any section 167(a) shall be an amount computed using the method and period referred to in subparagraph (A)(i).

The term “research and experimentation” has the same meaning as the term research and experimental has under section 174.

The terms “section 1245 property” and “section 1250 property” have the meanings given such terms by sections 1245(a)(3) and 1250(c), respectively.

The term “livestock” includes poultry.

The term “qualified rent-to-own property” means property held by a rent-to-own dealer for purposes of being subject to a rent-to-own contract.

The term “rent-to-own dealer” means a person that, in the ordinary course of business, regularly enters into rent-to-own contracts with customers for the use of consumer property, if a substantial portion of those contracts terminate and the property is returned to such person before the receipt of all payments required to transfer ownership of the property from such person to the customer.

The term “consumer property” means tangible personal property of a type generally used within the home for personal use.

Such term shall not include any transportation equipment, administrative services assets, warehouses, administrative buildings, hotels, or motels.

Such term shall not include any property placed in service after December 31, 2020 .

For purposes of subsection (a), the applicable recovery period for qualified Indian reservation property shall be determined in accordance with the table contained in paragraph (2) in lieu of the table contained in subsection (c).

For purposes of paragraph (1)—

In the case of:

Nonresidential real property

For purposes of determining alternative minimum taxable income under section 55, the deduction under subsection (a) for qualified Indian reservation property shall be determined under this section without regard to any adjustment under section 56.

Subparagraph (A)(ii) shall not apply to qualified infrastructure property located outside of the Indian reservation if the purpose of such property is to connect with qualified infrastructure property located within the Indian reservation.

For purposes of this subsection, the rental to others of real property located within an Indian reservation shall be treated as the active conduct of a trade or business within an Indian reservation.

Any reference in this subsection to a provision not contained in this title shall be treated for purposes of this subsection as a reference to such provision as in effect on the date of the enactment of this paragraph.

If a taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, paragraph (1) shall not apply to all property in such class placed in service during such taxable year. Such election, once made, shall be irrevocable.

This subsection shall not apply to property placed in service after December 31, 2020 .

In the case of property which is January 1, 2027 .

For purposes of this subparagraph, the term “ (iv) Application of subparagraph

This subparagraph shall not apply to any property which is described in subparagraph (C).

In the case of a taxpayer manufacturing, constructing, or producing property for the taxpayer’s own use, the requirements of subclause (III) of subparagraph (B)(i) shall be treated as met if the taxpayer begins manufacturing, constructing, or producing the property before January 1, 2027 .

In the case of a passenger automobile (as defined in section 280F(d)(5)) which is qualified property, the Secretary shall increase the limitation under section 280F(a)(1)(A)(i) by $8,000.

The deduction allowable under paragraph (1) shall be taken into account in computing any recapture amount under section 280F(b)(2).

For purposes of determining alternative minimum taxable income under section 55, the deduction under section 167 for (H) Production placed in service For purposes of subparagraph (A)—

An election under this paragraph may be revoked only with the consent of the Secretary.

If this paragraph applies to any specified plant, such specified plant shall not be treated as (E) Deduction allowed in computing minimum tax

Rules similar to the rules of paragraph (2)(G) shall apply for purposes of this paragraph.

If a taxpayer makes an election under this paragraph with respect to any class of property for any taxable year, paragraphs (1) and (2)(F) shall not apply to any (8) Phase down In the case of September 28, 2017 , and placed in service by the taxpayer after September 27, 2017 , paragraph (6) shall be applied by substituting for each percentage therein—

Any election under this paragraph shall be made at such time and in such form and manner as the Secretary may prescribe.

Such term shall not include any property to which subsection (k) applies.

Such term shall not include any property described in subsection (k)(2)(D).

Such term shall not include any property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103.

If a taxpayer makes an election under this subparagraph with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year.

For purposes of this subsection, rules similar to the rules of subsection (k)(2)(E) shall apply.

For purposes of this subsection, rules similar to the rules of subsection (k)(2)(G) shall apply.

For purposes of this subsection, rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified second generation biofuel plant property which ceases to be qualified second generation biofuel plant property.

The term “qualified reuse and recycling property” shall not include any property to which subsection (k) (determined without regard to paragraph (4) thereof) applies.

The term “qualified reuse and recycling property” shall not include any property to which the alternative depreciation system under subsection (g) applies, determined without regard to paragraph (7) of subsection (g) (relating to election to have system apply).

If a taxpayer makes an election under this clause with respect to any class of property for any taxable year, this subsection shall not apply to all property in such class placed in service during such taxable year.

In the case of a taxpayer manufacturing, constructing, or producing property for the taxpayer’s own use, the requirements of clause (iv) of subparagraph (A) shall be treated as met if the taxpayer begins manufacturing, constructing, or producing the property after August 31, 2008 .

For purposes of determining alternative minimum taxable income under section 55, the deduction under subsection (a) for qualified reuse and recycling property shall be determined under this section without regard to any adjustment under section 56.

The term “reuse and recycling property” means any machinery and equipment (not including buildings or real estate), along with all appurtenances thereto, including software necessary to operate such equipment, which is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials.

Such term does not include rolling stock or other equipment used to transport reuse and recyclable materials.

The term “qualified reuse and recyclable materials” means scrap plastic, scrap glass, scrap textiles, scrap rubber, scrap packaging, recovered fiber, scrap ferrous and nonferrous metals, or electronic scrap generated by an individual or business.

The term “recycling” or “recycle” means that process (including sorting) by which worn or superfluous materials are manufactured or processed into specification grade commodities that are suitable for use as a replacement or substitute for virgin materials in manufacturing tangible consumer and commercial products, including packaging.

[1] See References in Text note below.

[3] So in original. The word “or” probably should not appear.

Paragraph (2)(D), referred to in subsec. (b)(5), means par. (2)(D) of subsec. (b) of this section, which was redesignated par. (2)(C) of subsec. (b) by Pub. L. 115–97, title I, § 13203(b), Dec. 22, 2017 , 131 Stat. 2109.

The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsecs. (e)(3)(B)(vi)(II), (III), (g)(4)(K), and (i)(1), is the date of enactment of Pub. L. 101–508, which was approved Nov. 5, 1990 .

Section 168(e) as in effect before the amendments made by the Tax Reform Act of 1986, referred to in subsec. (f)(5)(A)(i), is subsec. (e) of this section prior to the general amendment of this section by Pub. L. 99–514.

The date of the enactment of this paragraph, referred to in subsec. (f)(5)(B)(ii)(I), probably means the date of enactment of Pub. L. 99–514, which was approved Oct. 22, 1986 .

The Tax Reform Act of 1986, referred to in subsecs. (f)(5)(B)(iii), (C) and (i)(7)(A), is Pub. L. 99–514, section 201(a) of which amended this section generally.

The Communications Satellite Act of 1962, referred to in subsec. (i)(10)(C), is Pub. L. 87–624, Aug. 31, 1962 , 76 Stat. 419, as amended, which is classified generally to chapter 6 (§ 701 et seq.) of Title 47, Telecommunications. For complete classification of this Act to the Code, see Short Title note set out under section 701 of Title 47 and Tables.

The date of the enactment of this sentence, referred to in subsec. (j)(6), is the date of enactment of Pub. L. 105–34, which was approved Aug. 5, 1997 .

The date of the enactment of this paragraph, referred to in subsec. (j)(7), is the date of enactment of Pub. L. 103–66, which was approved Aug. 10, 1993 .

The date of the enactment of this subsection, referred to in subsec. (l)(2)(B), (C), is the date of enactment of Pub. L. 109–432, which was approved Dec. 20, 2006 .

Par. (3) of section 165(h), referred to in subsec. (n)(3)(B), (C), was repealed by Pub. L. 113–295, div. A, title II, § 221(a)(27)(A), Dec. 19, 2014 , 128 Stat. 4040. However, the terms “federally declared disaster” and “disaster area” are defined elsewhere in that section.

Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

A prior section 168, acts Aug. 16, 1954, ch. 746, 68A Stat. 52 Aug. 26, 1957 , Pub. L. 85–165, § 4, 71 Stat. 414 Sept. 2, 1958 , Pub. L. 85–866, title I, § 9(a), (b), 72 Stat. 1608, 1609, related to deductions with respect to amortization of emergency facilities, prior to repeal by Pub. L. 94–455, title XIX, § 1951(b)(4)(A), Oct. 4, 1976 , 90 Stat. 1837.

Subsec. (e)(6)(A). Pub. L. 116–136, § 2307(a)(1)(B), inserted “made by the taxpayer” after “any improvement”.

Subsec. (g)(3)(B). Pub. L. 116–136, § 2307(a)(2), struck out table item relating to subpar. (D)(v) and inserted table item relating to subpar. (E)(vii).

2019—Subsec. (e)(3)(A)(i)(I). Pub. L. 116–94, § 114(a)(1), substituted “ January 1, 2021 ” for “ January 1, 2018 ”.

Subsec. (e)(3)(A)(i)(II). Pub. L. 116–94, § 114(a)(2), substituted “ December 31, 2020 ” for “ December 31, 2017 ”.

Subsec. (i)(15)(D). Pub. L. 116–94, § 115(a), substituted “ December 31, 2020 ” for “ December 31, 2017 ”.

Subsec. (j)(9). Pub. L. 116–94, § 116(a), substituted “ December 31, 2020 ” for “ December 31, 2017 ”.

Subsec. (l)(2)(D). Pub. L. 116–94, § 130(a), substituted “ January 1, 2021 ” for “ January 1, 2018 ”.

2018—Subsec. (d)(3)(B)(i). Pub. L. 115–141, § 401(a)(49), inserted comma after “real property”.

Subsec. (e)(3)(A)(i)(I). Pub. L. 115–123, § 40304(a)(1), substituted “ January 1, 2018 ” for “ January 1, 2017 ”.

Subsec. (e)(3)(A)(i)(II). Pub. L. 115–123, § 40304(a)(2), substituted “ December 31, 2017 ” for “ December 31, 2016 ”.

Subsec. (e)(3)(B). Pub. L. 115–141, § 302(a)(2), substituted “subclause (I) or (II) of clause (vi) by reason of beingPub. L. 115–141, § 302(a)(1), substituted “has a power production capacity of not greater than 80 megawatts, or” for “is a qualifying small power production facility within the meaning of section 3(17)(C) of the Federal Power Act (16 U.S.C. 796(17)(C)), as in effect on September 1, 1986 , or”.

Subsec. (g)(4)(G). Pub. L. 115–141, § 401(d)(1)(D)(iv), struck out “(other than a corporation which has an election in effect under section 936)” after “domestic corporation”.

Subsec. (i)(15)(D). Pub. L. 115–123, § 40305(a), substituted “ December 31, 2017 ” for “ December 31, 2016 ”.

Subsec. (j)(3). Pub. L. 115–141, § 101(e)(1), substituted Pub. L. 115–141, § 101(e)(2), substituted “paragraph (1)” for “this subsection”.

Subsec. (j)(9). Pub. L. 115–123, § 40306(a), substituted “ December 31, 2017 ” for “ December 31, 2016 ”.

Subsec. (k)(2)(B)(i)(III). Pub. L. 115–141, § 101(d)(1), inserted “binding” before “contract”.

Subsec. (k)(5)(B)(ii). Pub. L. 115–141, § 101(d)(2), inserted “crop or” after “more than one” and “a marketable crop or yield of” after “begins bearing”.

Subsec. (l)(2)(D). Pub. L. 115–123, § 40412(a), substituted “ January 1, 2018 ” for “ January 1, 2017 ”.

Subsec. (n). Pub. L. 115–141, § 401(b)(13)(A), struck out subsec. (n) which related to special allowance for qualified disaster assistance property.

2017—Subsec. (b)(2)(B) to (D). Pub. L. 115–97, § 13203(b), redesignated subpars. (C) and (D) as (B) and (C), respectively, and struck out former subpar. (B) which read as follows: “any property used in a farming business (within the meaning of section 263A(e)(4)),”.

Subsec. (b)(3)(G) to (I). Pub. L. 115–97, § 13204(a)(2), added subpar. (G) and struck out former subpars. (G) to (I) which read as follows:

“(G) Qualified leasehold improvement property described in subsection (e)(6).

“(H) Qualified restaurant property described in subsection (e)(7).

“(I) Qualified retail improvement property described in subsection (e)(8).”

Subsec. (e)(3)(B)(vii). Pub. L. 115–97, § 13203(a), substituted “after December 31, 2017 ” for “after December 31, 2008 , and which is placed in service before January 1, 2010 ”.

Subsec. (e)(3)(E)(iv) to (ix). Pub. L. 115–97, § 13204(a)(1)(A), redesignated cls. (vi) to (viii) as (iv) to (vi), respectively, and struck out former cls. (iv), (v), and (ix) which read as follows:

“(iv) any qualified leasehold improvement property,

“(v) any qualified restaurant property,

“(ix) any qualified retail improvement property.”

Subsec. (e)(6). Pub. L. 115–97, § 13204(a)(1)(B), (4)(B)(i), added par. (6) and struck out former par. (6) which defined “qualified leasehold improvement property”.

Subsec. (e)(7), (8). Pub. L. 115–97, § 13204(a)(1)(B), struck out pars. (7) and (8) which defined “qualified restaurant property” and “qualified retail improvement property”, respectively.

Subsec. (g)(2)(C)(iii) to (v). Pub. L. 115–97, § 13204(a)(3)(C), added items (iii) to (v) in table and struck out former items (iii) and (iv) which related to nonresidential real andPub. L. 115–97, § 13204(a)(3)(B), inserted table items relating to subpars. (D)(v) and (E)(iv) to (vi) and struck out table items relating to subpar. (E)(iv) to (ix).

Subsec. (i)(7)(B). Pub. L. 115–97, § 13504(b)(1), struck out concluding provisions which read as follows: “Subparagraph (A) shall not apply in the case of a termination of a partnership under section 708(b)(1)(B).”

Subsec. (k). Pub. L. 115–97, § 13201(b)(2)(B), struck out “acquired after December 31, 2007 , and before January 1, 2020 ” after “property” in heading.

Subsec. (k)(1)(A). Pub. L. 115–97, § 13201(a)(1)(A), substituted “thePub. L. 115–97, § 13201(g)(1), added subcl. (IV). Subcl. (IV) was added to cl. (i) after former subcl. (IV) was struck out by Pub. L. 115–97, § 13204(a)(4)(A), in view of directory language amending cl. (i) “as amended by section 13204”. See below.

Pub. L. 115–97, § 13204(a)(4)(A), struck out subcl. (IV) which read as follows: “which isPub. L. 115–97, § 13201(g)(1), added subcl. (V).

Subsec. (k)(2)(A)(ii). Pub. L. 115–97, § 13201(c)(1), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the original use of which commences with the taxpayer, and”.

Subsec. (k)(2)(A)(iii). Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “ January 1, 2027 ” for “ January 1, 2020 ”.

Subsec. (k)(2)(B)(i)(II). Pub. L. 115–97, § 13201(b)(1)(A)(ii)(I), substituted “ January 1, 2028 ” for “ January 1, 2021 ”.

Subsec. (k)(2)(B)(i)(III). Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “ January 1, 2027 ” for “ January 1, 2020 ”.

Subsec. (k)(2)(B)(ii). Pub. L. 115–97, § 13201(b)(1)(A)(ii)(II), substituted “pre- January 1, 2027 ” for “pre- January 1, 2020 ” in heading.

Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “ January 1, 2027 ” for “ January 1, 2020 ”.

Subsec. (k)(2)(E)(i). Pub. L. 115–97, § 13201(b)(1)(A)(i), substituted “ January 1, 2027 ” for “ January 1, 2020 ”.

Subsec. (k)(2)(E)(ii). Pub. L. 115–97, § 13201(c)(2), amended cl. (ii) generally. Prior to amendment, text read as follows: “For purposes of clause (iii) and subparagraph (A)(ii), if property is—

“(I) originally placed in service by a person, and

“(II) sold and leased back by such person within 3 months after the date such property was originally placed in service,

such property shall be treated as originally placed in service not earlier than the date on which such property is used under the leaseback referred to in subclause (II).”

Subsec. (k)(2)(E)(iii)(I). Pub. L. 115–97, § 13201(c)(3), amended subcl. (I) generally. Prior to amendment subcl. (I) read as follows: “property is originally placed in service by the lessor of such property,”.

Subsec. (k)(2)(F)(iii). Pub. L. 115–97, § 13201(f), substituted “acquired by the taxpayer before September 28, 2017 , and placed in service by the taxpayer after September 27, 2017 ” for “placed in service by the taxpayer after December 31, 2017 ” in introductory provisions.

Subsec. (k)(3). Pub. L. 115–97, § 13204(a)(4)(B)(ii), struck out par. (3) which defined Pub. L. 115–97, § 12001(b)(13), struck out par. (4) which related to election to accelerate AMT credits in lieu of bonus depreciation.

Subsec. (k)(5)(A). Pub. L. 115–97, § 13201(b)(1)(B), substituted “ January 1, 2027 ” for “ January 1, 2020 ” in introductory provisions.

“(i) in the case of a plant which is planted (or so grafted) in 2018, ‘40 percent’, and

“(ii) in the case of a plant which is planted (or so grafted) during 2019, ‘30 percent’.”

“(A) in the case of property placed in service in 2018 (or in the case of property placed in service in 2019 and described in paragraph (2)(B) or (C) (determined by substituting ‘2019’ for ‘2020’ in paragraphs (2)(B)(i)(III) and (ii) and paragraph (2)(E)(i)), ‘40 percent’,

“(B) in the case of property placed in service in 2019 (or in the case of property placed in service in 2020 and described in paragraph (2)(B) or (C), ‘30 percent’.”

2015—Subsec. (e)(3)(A)(i)(I). Pub. L. 114–113, § 165(a)(1), substituted “ January 1, 2017 ” for “ January 1, 2015 ”.

Subsec. (e)(3)(A)(i)(II). Pub. L. 114–113, § 165(a)(2), substituted “ December 31, 2016 ” for “ December 31, 2014 ”.

Subsec. (e)(3)(E)(iv), (v). Pub. L. 114–113, § 123(a), struck out “placed in service before January 1, 2015 ” after “property”.

Subsec. (e)(3)(E)(ix). Pub. L. 114–113, § 123(b), struck out “placed in service after December 31, 2008 , and before January 1, 2015 ” after “property”.

Subsec. (e)(6). Pub. L. 114–113, § 143(b)(6)(A), in introductory provisions, substituted “For purposes of this subsection—” for “The term ‘qualified leasehold improvement property’ has the meaning given such term in section 168(k)(3) except that the following special rules shall apply:” added subpars. (A) to (C) and redesignated former subpars. (A) and (B) as (D) and (E), respectively and, in subpar. (E), substituted “subparagraph (D)” for “subparagraph (A)” in introductory provisions.

Subsec. (e)(7)(B). Pub. L. 114–113, § 143(b)(6)(B), substituted Pub. L. 114–113, § 143(b)(6)(C), struck out subpar. (D). Text read as follows: “Property described in this paragraph which is not qualified leasehold improvement property shall not be consideredPub. L. 114–113, § 166(a), substituted “ December 31, 2016 ” for “ December 31, 2014 ”.

Subsec. (j)(8). Pub. L. 114–113, § 167(b), added par. (8). Former par. (8) redesignated (9).

Pub. L. 114–113, § 167(a), substituted “ December 31, 2016 ” for “ December 31, 2014 ”.

Subsec. (j)(9). Pub. L. 114–113, § 167(b), redesignated par. (8) as (9).

Subsec. (k). Pub. L. 114–113, § 143(b)(6)(J), substituted “and before January 1, 2020 ” for “and before January 1, 2016 ” in heading.

Pub. L. 114–113, § 143(a)(4)(A), substituted “ January 1, 2016 ” for “ January 1, 2015 ” in heading.

Subsec. (k)(2). Pub. L. 114–113, § 143(b)(1), amended par. (2) generally. Prior to amendment, par. (2) related to meaning ofPub. L. 114–113, § 143(a)(1)(B), substituted “ January 1, 2016 ” for “ January 1, 2015 ” wherever appearing.

Subsec. (k)(2)(A)(iv). Pub. L. 114–113, § 143(a)(1)(A), substituted “ January 1, 2017 ” for “ January 1, 2016 ”.

Subsec. (k)(2)(B)(ii). Pub. L. 114–113, § 143(a)(4)(B), substituted “pre- January 1, 2016 ” for “pre- January 1, 2015 ” in heading.

Subsec. (k)(3). Pub. L. 114–113, § 143(b)(2), amended par. (3) generally. Prior to amendment, par. (3) related to meaning of qualified leasehold improvement property for purposes of subsec. (k).

Subsec. (k)(4). Pub. L. 114–113, § 143(b)(3), amended par. (4) generally. Prior to amendment, par. (4) related to election to accelerate the AMT and research credits in lieu of bonus depreciation.

Subsec. (k)(4)(D)(iii)(II). Pub. L. 114–113, § 143(a)(3)(A), substituted “ January 1, 2016 ” for “ January 1, 2015 ”.

Subsec. (l)(2)(D). Pub. L. 114–113, § 189(a), substituted “ January 1, 2017 ” for “ January 1, 2015 ”.

Subsec. (l)(3)(A). Pub. L. 114–113, § 143(b)(6)(E)(i), substituted “subsection (k)” for “section 168(k)”.

Subsec. (l)(3)(B). Pub. L. 114–113, § 143(b)(6)(E)(ii), substituted “subsection (k)(2)(D)” for “section 168(k)(2)(D)(i)”.

Subsec. (l)(4). Pub. L. 114–113, § 143(b)(6)(F), substituted “subsection (k)(2)(E) shall apply.” for “subparagraph (E) of section 168(k)(2) shall apply, except that such subparagraph shall be applied—

“(A) by substituting ‘the date of the enactment of subsection (l)’ for ‘ December 31, 2007 ’ each place it appears therein, and

“(B) by substituting ‘Subsec. (l)(5). Pub. L. 114–113, § 143(b)(6)(G), substituted “subsection (k)(2)(G)” for “section 168(k)(2)(G)”.

2014—Subsec. (b)(5). Pub. L. 113–295, § 210(g)(2)(A), substituted “paragraph (2)(D)” for “paragraph (2)(C)”.

Subsec. (e)(3)(A)(i)(I). Pub. L. 113–295, § 121(a)(1), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

Subsec. (e)(3)(A)(i)(II). Pub. L. 113–295, § 121(a)(2), substituted “ December 31, 2014 ” for “ December 31, 2013 ”.

Subsec. (e)(3)(E)(iv), (v), (ix). Pub. L. 113–295, § 122(a), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

Subsec. (e)(7)(B), (8)(D). Pub. L. 113–295, § 211(b), inserted “which is not qualified leasehold improvement property” after “Property described in this paragraph”.

Subsec. (i)(15)(D). Pub. L. 113–295, § 123(a), substituted “ December 31, 2014 ” for “ December 31, 2013 ”.

Subsec. (i)(18)(A)(ii), (19)(A)(ii). Pub. L. 113–295, § 210(c), substituted “16 years” for “10 years”.

Subsec. (j)(8). Pub. L. 113–295, § 124(a), substituted “ December 31, 2014 ” for “ December 31, 2013 ”.

Subsec. (k). Pub. L. 113–295, § 125(d)(1), substituted “ January 1, 2015 ” for “ January 1, 2014 ” in heading.

Subsec. (k)(2). Pub. L. 113–295, § 125(a)(2), substituted “ January 1, 2015 ” for “ January 1, 2014 ” wherever appearing.

Subsec. (k)(2)(A)(iv). Pub. L. 113–295, § 125(a)(1), substituted “ January 1, 2016 ” for “ January 1, 2015 ”.

Subsec. (k)(2)(B)(i)(IV). Pub. L. 113–295, § 214(b), substituted “clause also applies” for “clauses also apply”.

Subsec. (k)(2)(B)(ii). Pub. L. 113–295, § 125(d)(2), substituted “pre- January 1, 2015 ” for “pre- January 1, 2014 ” in heading.

Subsec. (k)(4)(C)(i). Pub. L. 113–295, § 210(g)(2)(B), substituted “subsection (b)(2)(D)” for “subsection (b)(2)(C)” in concluding provisions.

Subsec. (k)(4)(D)(iii)(II). Pub. L. 113–295, § 125(c)(1), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

Subsec. (k)(4)(E)(iv). Pub. L. 113–295, § 212(b), substituted “adjusted net minimum tax” for “adjusted minimum tax”.

Subsec. (k)(4)(J)(iii). Pub. L. 113–295, § 202(e), substituted “its first taxable year ending after December 31, 2010 ” for “any taxable year ending after December 31, 2010 ” in introductory provisions.

Subsec. (l)(2)(D). Pub. L. 113–295, § 157(a), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

Subsec. (m)(2)(B)(i). Pub. L. 113–295, § 210(d), substituted “subsection (k) (determined without regard to paragraph (4) thereof)” for “section 168(k)”.

Subsec. (n)(2)(C)(ii). Pub. L. 113–295, § 125(d)(3), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

2013—Subsec. (e)(3)(E)(iv), (v), (ix). Pub. L. 112–240, § 311(a), substituted “ January 1, 2014 ” for “ January 1, 2012 ”.

Subsec. (i)(9)(A)(ii). Pub. L. 112–240, § 331(d), inserted “(respecting all elections made by the taxpayer under this section)” after “such property”.

Subsec. (i)(15)(D). Pub. L. 112–240, § 312(a), substituted “ December 31, 2013 ” for “ December 31, 2011 ”.

Subsec. (j)(8). Pub. L. 112–240, § 313(a), substituted “ December 31, 2013 ” for “ December 31, 2011 ”.

Subsec. (k). Pub. L. 112–240, § 331(e)(1), substituted “ January 1, 2014 ” for “ January 1, 2013 ” in heading.

Subsec. (k)(2). Pub. L. 112–240, § 331(a)(2), substituted “ January 1, 2014 ” for “ January 1, 2013 ” wherever appearing.

Subsec. (k)(2)(A)(iv). Pub. L. 112–240, § 331(a)(1), substituted “ January 1, 2015 ” for “ January 1, 2014 ”.

Subsec. (k)(2)(B)(ii). Pub. L. 112–240, § 331(e)(2), substituted “pre- January 1, 2014 ” for “pre- January 1, 2013 ” in heading.

Subsec. (l). Pub. L. 112–240, § 410(b)(2)(C), substituted “second generation” for “cellulosic” in heading.

Pub. L. 112–240, § 410(b)(2)(A), substituted “second generation biofuel” for “cellulosic biofuel” wherever appearing in text.

Subsec. (l)(2). Pub. L. 112–240, § 410(b)(2)(D), substituted “second generation” for “cellulosic” in heading.

Subsec. (l)(2)(A). Pub. L. 112–240, § 410(b)(1), substituted “solely to produce second generation biofuel (as defined in section 40(b)(6)(E))” for “solely to produce cellulosic biofuel”.

Subsec. (l)(2)(D). Pub. L. 112–240, § 410(a)(1), substituted “ January 1, 2014 ” for “ January 1, 2013 ”.

Subsec. (l)(3) to (8). Pub. L. 112–240, § 410(b)(2)(B), redesignated pars. (4) to (8) as (3) to (7), respectively, and struck out former par. (3). Text read as follows: “The term ‘cellulosic biofuel’ means any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis.”

Subsec. (n)(2)(C)(ii). Pub. L. 112–240, § 331(e)(3), substituted “ January 1, 2014 ” for “ January 1, 2013 ”.

2010—Subsec. (e)(3)(E)(iv), (v), (ix). Pub. L. 111–312, § 737(a), substituted “ January 1, 2012 ” for “ January 1, 2010 ”.

Subsec. (e)(7)(A)(i). Pub. L. 111–312, § 737(b)(1), struck out “if such building is placed in service after December 31, 2008 , and before January 1, 2010 ,” after “building,”.

Subsec. (e)(8)(E). Pub. L. 111–312, § 737(b)(2), struck out subpar. (E). Text read as follows: “Such term shall not include any improvement placed in service after December 31, 2009 .”

Subsec. (i)(15)(D). Pub. L. 111–312, § 738(a), substituted “ December 31, 2011 ” for “ December 31, 2009 ”.

Subsec. (j)(8). Pub. L. 111–312, § 739(a), substituted “ December 31, 2011 ” for “ December 31, 2009 ”.

Subsec. (k). Pub. L. 111–312, § 401(d)(1), substituted “ January 1, 2013 ” for “ January 1, 2011 ” in heading.

Pub. L. 111–240, § 2022(b)(1), substituted “ January 1, 2011 ” for “ January 1, 2010 ” in heading.

Subsec. (k)(2)(A)(iii). Pub. L. 111–312, § 401(a)(2), substituted “ January 1, 2013 ” for “ January 1, 2011 ” in subcls. (I) and (II).

Pub. L. 111–240, § 2022(a)(2), substituted “ January 1, 2011 ” for “ January 1, 2010 ” in subcls. (I) and (II).

Subsec. (k)(2)(A)(iv). Pub. L. 111–312, § 401(a), substituted “ January 1, 2013 ” for “ January 1, 2011 ” and “ January 1, 2014 ” for “ January 1, 2012 ”.

Pub. L. 111–240, § 2022(a), substituted “ January 1, 2011 ” for “ January 1, 2010 ” and “ January 1, 2012 ” for “ January 1, 2011 ”.

Subsec. (k)(2)(B)(ii). Pub. L. 111–312, § 401(a)(2), (d)(2), substituted “pre- January 1, 2013 ” for “pre- January 1, 2011 ” in heading and “ January 1, 2013 ” for “ January 1, 2011 ” in text.

Pub. L. 111–240, § 2022(a)(2), (b)(2), substituted “pre- January 1, 2011 ” for “pre- January 1, 2010 ” in heading and “ January 1, 2011 ” for “ January 1, 2010 ” in text.

Subsec. (k)(2)(E)(i). Pub. L. 111–312, § 401(a)(2), substituted “ January 1, 2013 ” for “ January 1, 2011 ”.

Pub. L. 111–240, § 2022(a)(2), substituted “ January 1, 2011 ” for “ January 1, 2010 ”.

Subsec. (k)(4)(D)(iii). Pub. L. 111–312, § 401(d)(3)(C), substituted period for comma at the end.

Pub. L. 111–312, § 401(c)(1), substituted “or production—” for “or production after March 31, 2008 , and before January 1, 2010 , shall be taken into account under subparagraph (B)(ii) thereof,” and added subcls. (I) and (II) and concluding provisions.

Subsec. (k)(4)(D)(iv), (v). Pub. L. 111–312, § 401(d)(3)(A), struck out cls. (iv) and (v) which read as follows:

“(iv) ‘ January 1, 2011 ’ shall be substituted for ‘ January 1, 2012 ’ in subparagraph (A)(iv) thereof, and

“(v) ‘ January 1, 2010 ’ shall be substituted for ‘ January 1, 2011 ’ each place it appears in subparagraph (A) thereof.”

Subsec. (l)(5)(B). Pub. L. 111–312, § 401(d)(4)(B), (C), redesignated subpar. (C) as (B) and struck out former subpar. (B) which read as follows: “by substituting ‘ January 1, 2013 ’ for ‘ January 1, 2011 ’ in clause (i) thereof, and”.

Pub. L. 111–240, § 2022(b)(4), substituted “ January 1, 2011 ” for “ January 1, 2010 ”.

Subsec. (n)(2)(C)(ii). Pub. L. 111–312, § 401(d)(5), substituted “ January 1, 2013 ” for “ January 1, 2011 ”.

Pub. L. 111–240, § 2022(b)(5), substituted “ January 1, 2011 ” for “ January 1, 2010 ”.

2009—Subsec. (k). Pub. L. 111–5, § 1201(a)(2)(A), substituted “ January 1, 2010 ” for “ January 1, 2009 ” in heading.

Subsec. (k)(2)(A)(iii)(I), (II). Pub. L. 111–5, § 1201(a)(1)(B), substituted “ January 1, 2010 ” for “ January 1, 2009 ”.

Subsec. (k)(2)(A)(iv). Pub. L. 111–5, § 1201(a)(1), substituted “ January 1, 2010 ,” for “ January 1, 2009 ,” and “ January 1, 2011 .” for “ January 1, 2010 .”

Subsec. (k)(2)(B)(ii). Pub. L. 111–5, § 1201(a)(1)(B), (2)(B), substituted “pre- January 1, 2010 ” for “pre- January 1, 2009 ” in heading and “ January 1, 2010 ” for “ January 1, 2009 ” in text.

Subsec. (k)(2)(E)(i). Pub. L. 111–5, § 1201(a)(1)(B), substituted “ January 1, 2010 ” for “ January 1, 2009 ”.

Subsec. (k)(4)(D)(ii). Pub. L. 111–5, § 1201(a)(3)(A)(i), (iii), added cl. (ii). Former cl. (ii) redesignated (iii).

Subsec. (l)(5)(B). Pub. L. 111–5, § 1201(a)(2)(C), substituted “ January 1, 2010 ” for “ January 1, 2009 ”.

Subsec. (n)(2)(C)(ii). Pub. L. 111–5, § 1201(a)(2)(D), substituted “ January 1, 2010 ” for “ January 1, 2009 ”.

2008—Subsec. (b)(2)(C), (D). Pub. L. 110–343, § 306(c), added subpar. (C) and redesignated former subpar. (C) as (D).

Subsec. (e)(3)(A)(i). Pub. L. 110–246, § 15344(a), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “any race horse which is more than 2 years old at the time it is placed in service,”.

Subsec. (e)(3)(E)(iv), (v). Pub. L. 110–343, § 305(a)(1), substituted “ January 1, 2010 ” for “ January 1, 2008 ”.

Subsec. (e)(7). Pub. L. 110–343, § 305(b)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term ‘qualified restaurant property’ means anyPub. L. 110–343, § 305(c)(2), added par. (8).

Subsec. (g)(3)(B). Pub. L. 110–343, § 505(b), inserted table item relating to subpar. (B)(vii).

Pub. L. 110–343, § 305(c)(4), inserted table item relating to subpar. (E)(ix).

Subsec. (i)(15)(D). Pub. L. 110–343, § 317(a), substituted “ December 31, 2009 ” for “ December 31, 2007 ”.

Subsec. (j)(8). Pub. L. 110–343, § 315(a), substituted “ December 31, 2009 ” for “ December 31, 2007 ”.

Subsec. (k). Pub. L. 110–185, § 103(c)(11), substituted “ December 31, 2007 ” for “ September 10, 2001 ” and “ January 1, 2009 ” for “ January 1, 2005 ” in heading.

Pub. L. 110–185, § 103(a)(1), (3), substituted “ December 31, 2007 ” for “ September 10, 2001 ” and “ January 1, 2009 ” for “ January 1, 2005 ” wherever appearing in text.

Subsec. (k)(1)(A). Pub. L. 110–185, § 103(b), substituted “50 percent” for “30 percent”.

Subsec. (k)(2)(A)(iii)(I). Pub. L. 110–185, § 103(a)(2), substituted “ January 1, 2008 ” for “ September 11, 2001 ”.

Subsec. (k)(2)(A)(iv). Pub. L. 110–185, § 103(a)(4), substituted “ January 1, 2010 ” for “ January 1, 2006 ”.

Subsec. (k)(2)(B)(i)(I). Pub. L. 110–185, § 103(c)(1), substituted “(iii), and (iv)” for “and (iii)”.

Subsec. (k)(2)(B)(i)(IV). Pub. L. 110–185, § 103(c)(2), which directed substitution of “clause (iii)” for “clauses (ii) and (iii)”, was executed by substituting “clause (iii)” for “clause (ii) or (iii)” to reflect the probable intent of Congress .

Subsec. (k)(2)(B)(ii). Pub. L. 110–185, § 103(c)(12), substituted “pre- January 1, 2009 ” for “pre- January 1, 2005 ” in heading.

Subsec. (k)(2)(C)(i). Pub. L. 110–185, § 103(c)(3), substituted “, (iii), and (iv)” for “and (iii)”.

Subsec. (k)(2)(D)(iii). Pub. L. 110–185, § 103(c)(5)(B), struck out last sentence which read as follows: “The preceding sentence shall be applied separately with respect to property treated asPub. L. 110–185, § 103(c)(4), substituted “$8,000” for “$4,600”.

Pub. L. 110–185, § 103(c)(5)(A), struck out par. (4) which related to treatment of 50-percent bonus depreciation for certain property.

Subsec. (k)(4)(B)(iii). Pub. L. 110–185, § 103(a)(4), substituted “ January 1, 2010 ” for “ January 1, 2006 ”.

Subsec. (l). Pub. L. 110–343, § 201(b)(1), (2), substituted “cellulosic biofuel” for “cellulosic biomass ethanol” in heading and wherever appearing in text.

Subsec. (l)(2). Pub. L. 110–343, § 201(b)(3), substituted “cellulosic biofuel” for “cellulosic biomass ethanol” in heading.

Subsec. (l)(3). Pub. L. 110–343, § 201(a), amended heading and text of par. (3) generally. Prior to amendment, text read as follows: “For purposes of this subsection, the term ‘cellulosic biomass ethanol’ means ethanol produced by hydrolysis of any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis.”

Subsec. (l)(4). Pub. L. 110–185, § 103(c)(6), added subpar. (A) and redesignated former subpars. (A) to (C) as (B) to (D), respectively.

Subsec. (l)(5)(A). Pub. L. 110–185, § 103(c)(7)(A), substituted “ December 31, 2007 ” for “ September 10, 2001 ”.

Subsec. (l)(5)(B). Pub. L. 110–185, § 103(c)(7)(B), substituted “ January 1, 2009 ” for “ January 1, 2005 ”.

2007—Subsec. (l)(3). Pub. L. 110–172 struck out “enzymatic” before “hydrolysis”.

2006—Subsec. (e)(3)(E)(iv), (v). Pub. L. 109–432, § 113(a), substituted “2008” for “2006”.

Subsec. (j)(8). Pub. L. 109–432, § 112(a), substituted “2007” for “2005”.

2005—Subsec. (e)(3)(B)(vi)(I). Pub. L. 109–135, § 410(a), substituted “if ‘solar or wind energy’ were substituted for ‘solar energy’ in clause (i) thereof” for “if ‘solar and wind’ were substituted for ‘solar’ in clause (i) thereof”.

Pub. L. 109–58, § 1301(f)(5), amended subcl. (I) generally. Prior to amendment, subcl. (I) read as follows: “is described in subparagraph (A) of section 48(a)(3) (or would be so described if ‘solar and wind’ were substituted for ‘solar’ in clause (i) thereof),”.

Subsec. (e)(3)(C)(iv), (v). Pub. L. 109–58, § 1326(a), added cl. (iv) and redesignated former cl. (iv) as (v).

Subsec. (g)(3)(B). Pub. L. 109–58, § 1326(c), inserted table item relating to subpar. (C)(iv).

Pub. L. 109–58, § 1325(b), inserted table item relating to subpar. (E)(viii).

Pub. L. 109–58, § 1308(b), inserted table item relating to subpar. (E)(vii).

Subsec. (i)(15)(D). Pub. L. 109–135, § 412(s), substituted “Such term shall not include” for “This paragraph shall not apply to”.

Subsec. (k)(2)(A)(iv). Pub. L. 109–135, § 403(j)(1), substituted “subparagraph (B) or (C)” for “subparagraphs (B) and (C)”.

Subsec. (k)(4)(B)(ii). Pub. L. 109–135, § 405(a)(1), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “which is acquired by the taxpayer after May 5, 2003 , and before January 1, 2005 , but only if no written binding contract for the acquisition was in effect before May 6, 2003 , and”.

Subsec. (k)(4)(B)(iii). Pub. L. 109–135, § 403(j)(2), substituted “or paragraph (2)(C) (as so modified)” for “and paragraph (2)(C)”.

2004—Subsec. (b)(2)(A). Pub. L. 108–357, § 211(d)(2), inserted “not referred to in paragraph (3)” before comma at end.

Subsec. (e)(3)(C)(ii). Pub. L. 108–357, § 704(a), added cl. (ii). Former cl. (ii) redesignated (iii).

Subsec. (e)(3)(C)(iii). Pub. L. 108–357, § 706(a), added cl. (iii). Former cl. (iii) redesignated (iv).

Subsec. (e)(3)(C)(iv). Pub. L. 108–357, § 706(a), redesignated cl. (iii) as (iv).

Subsec. (g)(3)(A). Pub. L. 108–357, § 847(a), inserted “(notwithstanding any other subparagraph of this paragraph)” after “shall”.

Subsec. (g)(3)(B). Pub. L. 108–357, § 901(c), inserted table items relating to subpars. (E)(vi) and (F).

Pub. L. 108–357, § 706(c), which directed amendment of table by inserting item relating to subpar. (C)(iii) after item relating to subpar. (C)(ii), was executed by making the insertion after item relating to subpar. (C)(i) to reflect the probable intent of Congress .

Pub. L. 108–357, § 211(e), inserted table items relating to subpars. (E)(iv) and (E)(v).

Subsec. (h)(2)(A). Pub. L. 108–357, § 847(e), added cl. (iv) and concluding provisions.

Subsec. (h)(3)(A). Pub. L. 108–357, § 847(d), inserted at end “Notwithstanding subsection (i)(3)(A)(i), in determining aPub. L. 108–357, § 847(c), added cl. (ii) and redesignated former cl. (ii) as (iii).

Subsec. (j)(8). Pub. L. 108–311, § 316, substituted “2005” for “2004”.

Subsec. (k)(2)(A)(iv). Pub. L. 108–357, § 336(a)(2), substituted “subparagraphs (B) and (C)” for “subparagraph (B)”.

Subsec. (k)(2)(B)(i). Pub. L. 108–311, § 403(a)(1), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The term section 263A by reason of clause (ii) or (iii) of subsection (f)(1)(B) thereof.”

Subsec. (k)(2)(C). Pub. L. 108–357, § 336(a)(1), added subpar. (C). Former subpar. (C) redesignated (D).

Subsec. (k)(2)(D). Pub. L. 108–357, § 336(a)(1), redesignated subpar. (C) as (D). Former subpar. (D) redesignated (E).

Subsec. (k)(2)(D)(ii). Pub. L. 108–311, § 408(a)(6)(A), inserted “is” after “if property” in introductory provisions.

Pub. L. 108–311, § 403(a)(2)(B), inserted “clause (iii) and” before “subparagraph (A)(ii)” in introductory provisions.

Subsec. (k)(2)(D)(ii)(I). Pub. L. 108–311, § 408(a)(6)(B), struck out “is” before “originally”.

Subsec. (k)(2)(E). Pub. L. 108–357, § 336(a)(1), redesignated subpar. (D) as (E). Former subpar. (E) redesignated (F).

Subsec. (k)(2)(E)(iii)(II). Pub. L. 108–357, § 337(a), which directed amendment of subcl. (II) by inserting before comma at end “(or, in the case of multiple units of property subject to the sameCongress .

Subsec. (k)(2)(F). Pub. L. 108–357, § 336(a)(1), redesignated subpar. (E) as (F). Former subpar. (F) redesignated (G).

Pub. L. 108–311, § 408(a)(8), substituted “minimum” for “miniumum” in heading.

Subsec. (k)(4)(A)(ii). Pub. L. 108–357, § 336(b)(2), substituted “paragraph (2)(D)” for “paragraph (2)(C)”.

Subsec. (k)(4)(B)(iii). Pub. L. 108–357, § 336(b)(3), inserted “and paragraph (2)(C)” after “of this paragraph)”.

Subsec. (k)(4)(C). Pub. L. 108–357, § 336(b)(4), substituted “subparagraphs (B), (C), and (E)” for “subparagraphs (B) and (D)”.

Subsec. (k)(4)(D). Pub. L. 108–357, § 336(b)(5), substituted “Paragraph (2)(F)” for “Paragraph (2)(E)”.

2003—Subsec. (k). Pub. L. 108–27, § 201(c)(1), substituted “ January 1, 2005 ” for “ September 11, 2004 ” in heading.

Subsec. (k)(2)(A)(iii). Pub. L. 108–27, § 201(b)(2), substituted “ January 1, 2005 ” for “ September 11, 2004 ” in subcls. (I) and (II).

Subsec. (k)(2)(B)(ii). Pub. L. 108–27, § 201(b)(1), substituted “pre- January 1, 2005 ” for “pre- September 11, 2004 ” in heading and “ January 1, 2005 ” for “ September 11, 2004 ” in text.

Subsec. (k)(2)(C)(iii). Pub. L. 108–27, § 201(b)(3), inserted at end “The preceding sentence shall be applied separately with respect to property treated asPub. L. 108–27, § 201(b)(1)(A), substituted “ January 1, 2005 ” for “ September 11, 2004 ”.

2002—Subsec. (j)(8). Pub. L. 107–147, § 613(b), substituted “ December 31, 2004 ” for “ December 31, 2003 ”.

1998—Subsec. (c). Pub. L. 105–206, § 6006(b)(2), reenacted subsec. heading without change and substituted “For purposes of this section, the applicable recovery period shall be determined in accordance with the following table:” for “For purposes of this section—

“(1) In general .—Except as provided in paragraph (2), the applicable recovery period shall be determined in accordance with the following table:”.

Subsec. (c)(2). Pub. L. 105–206, § 6006(b)(1), struck out heading and text of par. (2). Text read as follows: “In the case of property to which an election under subsection (b)(2)(C) applies, the applicable recovery period shall be determined under the table contained in subsection (g)(2)(C).”

Subsec. (g)(3)(B). Pub. L. 105–34, § 1086(b)(2), inserted table item relating to subpar. (A)(iii).

Subsec. (j)(6). Pub. L. 105–34, § 1604(c)(1), inserted concluding provisions “For purposes of the preceding sentence, such section 3(d) shall be applied by treating the term 25 CFR Part 151 (as in effect on the date of the enactment of this sentence).”

Subsec. (c)(1). Pub. L. 104–188, § 1613(b)(2), inserted table item relating toPub. L. 104–188, § 1702(h)(1)(B), inserted closing provisions.

Subsec. (e)(3)(B)(vi)(I). Pub. L. 104–188, § 1704(t)(54), provided that section 11813(b)(9)(A)(i) of Pub. L. 101–508 shall be applied as if a comma appeared after “(3)(A)(ix)” in the material proposed to be stricken. See 1990 Amendment note below.

Subsec. (e)(3)(F). Pub. L. 104–188, § 1613(b)(3)(B)(i), struck out subpar. (F) which read as follows: “20- year property .—The term Pub. L. 104–188, § 1613(b)(3)(A), added par. (5).

Subsec. (g)(2)(C)(iv). Pub. L. 104–188, § 1613(b)(4), inserted “orPub. L. 104–188, § 1120(b), inserted table item relating to subpar. (E)(iii).

Pub. L. 104–188, § 1613(b)(3)(B)(ii), struck out table item relating to subpar. (F) for which theSubsec. (g)(4)(K). Pub. L. 104–188, § 1702(h)(1)(C), substituted “section 48(l)(3)(A)(ix) (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)” for “section 48(a)(3)(A)(iii)”.

Subsec. (i)(8). Pub. L. 104–188, § 1121(a), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “In the case of any building erected (or improvements made) on leased property, if such building or improvement is property to which this section applies, the depreciation deduction shall be determined under the provisions of this section.”

1995—Subsec. (g)(4)(B)(i). Pub. L. 104–88 substituted “rail carrier subject to part A of subtitle IV” for “domestic railroad corporation providing transportation subject to subchapter I of chapter 105”.

1993—Subsec. (c)(1). Pub. L. 103–66, § 13151(a), substituted “39 years” for “31.5 years” in table item relating toPub. L. 103–66, § 13321(a), added subsec. (j).

1990—Subsec. (e)(2)(A). Pub. L. 101–508, § 11812(b)(2)(A), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The term Subsec. (e)(3)(B)(vi)(I). Pub. L. 101–508, § 11813(b)(9)(A)(i), which directed the substitution of “subparagraph (A) of section 48(a)(3) (or would be so described if ‘solar and wind’ were substituted for ‘solar’ in clause (i) thereof)” for “paragraph (3)(A)(viii), (3)(A)(ix) or (4) of section 48(l)” was executed by making the substitution for “paragraph (3)(A)(viii), (3)(A)(ix), or (4) of section 48(l)”. See 1996 Amendment note above.

Subsec. (e)(3)(B)(vi)(II). Pub. L. 101–508, § 11813(b)(9)(A)(ii), inserted “(as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)” after “48(l)”.

Subsec. (e)(3)(D)(i). Pub. L. 101–508, § 11813(b)(9)(B)(i), substituted “subsection (i)(13)” for “section 48(p)”.

Subsec. (f)(2). Pub. L. 101–508, § 11812(b)(2)(C), substituted “subsection (i)(10)” for “section 167(l)(3)(A).”

Subsec. (g)(4). Pub. L. 101–508, § 11813(b)(9)(C), substituted heading for one which read: “Property used predominantly outside thePub. L. 101–508, § 11812(b)(2)(D), inserted at end “The reference in this paragraph to subsection (m) of section 167 shall be treated as a reference to such subsection as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990.”

Subsec. (i)(9)(A)(ii). Pub. L. 101–508, § 11812(b)(2)(E), struck out “(determined without regard to section 167(l))” after “section 167”.

Subsec. (i)(10). Pub. L. 101–508, § 11812(b)(2)(B), amended par. (10) generally. Prior to amendment, par. (10) read as follows: “The term Pub. L. 101–508, § 11813(b)(9)(B)(ii), added par. (13).

1989—Subsec. (b)(3)(D), (E). Pub. L. 101–239, § 7816(f), redesignated subpar. (D), relating to property described in subsec. (e)(3)(D)(ii), as (E).

Subsec. (b)(5). Pub. L. 101–239, § 7816(e)(1), substituted “paragraph (2)(C)” for “paragraph (2)(B)”.

Subsec. (c)(2). Pub. L. 101–239, § 7816(e)(2), substituted “subsection (b)(2)(C)” for “subsection (b)(2)(B)”.

Subsec. (i)(1). Pub. L. 101–239, § 7816(w), made clarifying amendment to directory language of Pub. L. 100–647, § 6253, see 1988 Amendment note below.

1988—Subsec. (b)(2). Pub. L. 100–647, § 1002(a)(11)(A), substituted “150 percent declining balance method in certain cases” for “15-year andPub. L. 100–647, § 6028(a), added subpar. (B) and redesignated former subpar. (B) as (C).

Subsec. (b)(3)(C). Pub. L. 100–647, § 1002(i)(2)(B)(i), added subpar. (C). Former subpar. (C) redesignated (D).

Subsec. (b)(3)(D). Pub. L. 100–647, § 6029(b), added subpar. (D) relating to property described in subsec. (e)(3)(D)(ii).

Pub. L. 100–647, § 1002(i)(2)(B)(i), redesignated subpar. (C), relating to property with respect to which the taxpayer elects under par. (5), as (D).

Subsec. (b)(5). Pub. L. 100–647, § 1002(i)(2)(B)(ii), substituted “paragraph (3)(D)” for “paragraph (3)(C)”.

Pub. L. 100–647, § 1002(a)(11)(B), substituted “paragraph (2)(B) or (3)(C)” for “paragraph (3)(C)”.

Subsec. (c). Pub. L. 100–647, § 1002(a)(11)(C), amended subsec. (c) generally, designating existing provisions as par. (1) and adding par. (2).

Subsec. (d)(3)(A)(i). Pub. L. 100–647, § 1002(a)(5), struck out “and which are” after “this section applies”.

Subsec. (d)(3)(B). Pub. L. 100–647, § 1002(a)(23)(A), struck out “real” after “Certain” in heading and amended text generally. Prior to amendment, text read as follows: “For purposes of subparagraph (A),Pub. L. 100–647, § 1002(i)(2)(E), substituted Pub. L. 100–647, § 1002(a)(21), substituted “any section 1245 property” for “any property”.

Subsec. (e)(3)(C). Pub. L. 100–647, § 6027(b)(1)(C), redesignated cl. (iii) as (ii), and struck out former cl. (ii) which read as follows: “any single-purpose agricultural or horticultural structure (within the meaning of section 48(p)), and”.

Subsec. (e)(3)(D). Pub. L. 100–647, § 6029(a), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “The term Pub. L. 100–647, § 6027(a), added subpar. (D). Former subpar. (D) redesignated (E).

Subsec. (e)(3)(E), (F). Pub. L. 100–647, § 6027(a), redesignated former subpars. (D) and (E) as (E) and (F), respectively.

Subsec. (f)(4). Pub. L. 100–647, § 1002(a)(16)(B), amended par. (4) generally. Prior to amendment, par. (4) read as follows: “Any sound recording described in section 48(r)(5).”

Subsec. (f)(5)(B)(ii). Pub. L. 100–647, § 1002(a)(6)(A)(i), substituted “1st taxable year” for “1st full taxable year”.

Subsec. (g)(3)(B). Pub. L. 100–647, § 6029(c), substituted “(D)(i)” for “(D)” and added item for “(D)(ii)” in table.

Pub. L. 100–647, § 6027(b)(2), substituted “(D)” for “(C)(ii)”, “(E)(i)” for “(D)(i)”, “(E)(ii)” for “(D)(ii)”, and “(F)” for “(E)” in table.

Subsec. (h)(2)(B). Pub. L. 100–647, § 1002(a)(8), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows:

Subsec. (i)(1)(E)(iii). Pub. L. 100–647, § 1002(i)(2)(G), added cl. (iii), which provided: “ Special rule for railroad grading or tunnel bores .—In the case of any property which is aPub. L. 100–647, § 1002(a)(7)(A), inserted at end “In any case where this section as in effect before the amendments made by section 201 of the Tax Reform Act of 1986 applied to the property in the hands of the transferor, the reference in the preceding sentence to this section shall be treated as a reference to this section as so in effect.”

Subsec. (i)(7)(B). Pub. L. 100–647, § 1002(a)(7)(B), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “The transactions described in this subparagraph are any transaction described in section 332, 351, 361, 371(a), 374(a), 721, or 731. Subparagraph (A) shall not apply in the case of a termination of a partnership under section 708(b)(1)(B).”

Subsec. (i)(7)(D). Pub. L. 100–647, § 1002(a)(7)(C), struck out subpar. (D) which read as follows: “This paragraph shall not apply to any transaction to which subsection (f)(5) applies (relating to churning transactions).”

Subsec. (j)(9)(E). Pub. L. 100–647, § 1018(b)(2), amended subpar. (E), as amended by section 1802(a)(2) of Pub. L. 99–514 and as in effect before the general amendment by section 201(a) of Pub. L. 99–514, by substituting “this paragraph and paragraph (8)” for “this paragraph” in cls. (i) and (ii)(I) and by striking out cl. (iii) and inserting a new cl. (iii) which read as follows: “ Tax-exempt controlled entity.—

1986—Pub. L. 99–514, § 201(a), amended section generally, applicable, with exceptions enumerated in sections 203, 204, and 251(d) of Pub. L. 99–514 [set out as notes below and under section 46 of this title], to property placed in service after Dec. 31, 1986 , modifying existing accelerated cost recovery system by substituting new subsecs. (a) to (i) for former subsecs. (a) to (k). See following paragraphs of 1986 Amendment note for amendments to former text by sections 1802 and 1809 of Pub. L. 99–514.

Subsec. (b)(2)(A). Pub. L. 99–514, § 1809(a)(2)(A)(i)(I), struck out closing provisions relating to determination, in the case of 19-year real property, ofPub. L. 99–514, § 1809(a)(2)(A)(i)(II), substituted “Mid-month convention for 19-year real property” for “Special rule for year ofPub. L. 99–514, § 1809(a)(1)(A), which directed that the table be amended by striking “and low-income housing” in last item, was executed by striking “and low-income housing” after “19-year real property” in next-to-the-last item, to reflect the probable intent of Congress , because that phrase did not appear in last item.

Pub. L. 99–514, § 1809(a)(1)(B), inserted at the end item for low-income housing with recovery periods of 15, 35, or 45 years.

Subsec. (b)(4)(B). Pub. L. 99–514, § 1809(a)(2)(B), substituted “Monthly convention” for “Special rule for year ofPub. L. 99–514, § 1809(a)(2)(A)(ii), redesignated existing provisions as entire subpar. (B), struck out “(i) In general”, redesignated subcls. (I) and (II) as cls. (i) and (ii), and in cl. (ii) struck out “(taking into account the next to the last sentence of subsection (b)(2)(A))” after “assign percentages” and struck out heading, “(ii) Special rule forPub. L. 99–514, § 1809(b)(1), amended subpar. (A) generally, substituting “In the case of recovery property transferred in a transaction described in subparagraph (B), for purposes of computing the deduction allowable under subsection (a) with respect to so much of the basis in the hands of the transferee as does not exceed the adjusted basis in the hands of the transferor—

“(i) if the transaction is described in subparagraph (B)(i), the transferee shall be treated in the same manner as the transferor, or

“(ii) if the transaction is described in clause (ii) or (iii) of subparagraph (B) and the transferor made an election with respect to such property under subsection (b)(3) or (f)(2)(C), the transferee shall be treated as having made the same election (or its equivalent).”

Subsec. (f)(10)(B). Pub. L. 99–514, § 1809(b)(2), inserted at end “Clause (i) shall not apply in the case of the termination of a partnership under section 708(b)(1)(B).”

Subsec. (f)(12)(B)(ii). Pub. L. 99–514, § 1809(a)(4)(A), amended cl. (ii) generally, substituting “In the case of 19-year real property, the amount of the deduction allowed shall be determined by using the straight-line method (without regard to salvage value) and a recovery period of 19 years.” for prior provisions.

Subsec. (f)(12)(C). Pub. L. 99–514, § 1809(a)(4)(B), substituted “Exception for low- and moderate-income housing” for “Exception for projects forPub. L. 99–514, § 1802(b)(1), redesignated the par. (13) relating to motor vehicle operatingPub. L. 99–514, § 1809(a)(2)(C)(i), substituted “Cross reference” for “19-year real property” in heading and amended text generally, substituting “For other applicable conventions, see paragraphs (2)(B) and (4)(B) of subsection (b).” for prior provisions.

Subsec. (j)(3)(D). Pub. L. 99–514, § 1802(a)(1), inserted at end “For purposes of subparagraph (B)(iii), any portion of a property so used shall not be treated as leased to aPub. L. 99–514, § 1802(a)(2)(A), (G), substituted “any property (other than property held by such organization)” for “any property of which such organization is the lessee”, “first used by” for “first leased to”, and “preceding sentence and subparagraph (D)(ii)” for “preceding sentence”.

Subsec. (j)(4)(E)(ii). Pub. L. 99–514, § 1802(a)(2)(B), (C), struck out “of which such organization is the lessee” after “respect to any property” in subcl. (I) and substituted “is first used by the organization” for “is placed in service under thePub. L. 99–514, § 1802(a)(2)(D), added cl. (iv), first used, which read as follows: “For purposes of this subparagraph, property shall be treated as first used by the organization—

“(I) when the property is first placed in service under a Pub. L. 99–514, § 1802(a)(3), struck out cl. (iv), relating to exclusion of property not subject to rapid obsolescence.

Subsec. (j)(8), (9)(A). Pub. L. 99–514, § 1802(a)(4)(A), (B)(i), struck out “and paragraphs (4) and (5) of section 48(a)” after “For purposes of this subsection” in introductory provisions.

Subsec. (j)(9)(B)(i). Pub. L. 99–514, § 1802(a)(4)(B)(ii), inserted a comma between “loss” and “deduction”.

Subsec. (j)(9)(D). Pub. L. 99–514, § 1802(a)(7)(A), added subpar. (D), determination of whether property used in unrelated trade or business, which read as follows: “For purposes of this subsection, in the case of any property which is owned by a partnership which has both aPub. L. 99–514, § 1802(a)(7), redesignated former subpar. (D) as (E) and substituted “(C), and (D)” for “and (C)”. Former subpar. (E), was redesignated (F).

Pub. L. 99–514, § 1802(a)(2)(E)(i), added subpar. (E), treatment of certain taxable entities, consisting of cl. (i), in general, which read: “For purposes of this paragraph, except as otherwise provided in this subparagraph, anysection 318 determined without regard to the 50-percent limitation contained in subsection (a)(2)(C) thereof) by 1 or more tax-exempt entities.” Former subpar. (E) was redesignated (F).

Subsec. (j)(9)(F). Pub. L. 99–514, § 1802(a)(7)(A), redesignated former subpar. (E) as (F). Former subpar. (F) redesignated (G).

Subsec. (j)(9)(G). Pub. L. 99–514, § 1802(a)(7)(A), redesignated former subpar. (F) as (G).

1985—Subsec. (b)(2). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” in heading and wherever appearing in text.

Subsec. (b)(2)(A)(i). Pub. L. 99–121, § 103(a), substituted “19-year recovery period” for “18-year recovery period”.

Subsec.(b)(3)(A). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” in table.

Pub. L. 99–121, § 103(b)(2), substituted “19, 35, or 45 years” for “18, 35, or 45” in table.

Subsec. (b)(3)(B)(ii), (iii). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” wherever appearing.

Subsec. (c)(2)(D). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” in heading and in text.

Subsec. (d)(2)(B). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property”.

Subsec. (f)(1)(B)(ii). Pub. L. 99–121, § 103(b)(3)(B), substituted “ March 15, 1984 , and before May, 9, 1985, the” for “ March 15, 1984 , the”.

Subsec. (f)(1)(B)(iii), (iv). Pub. L. 99–121, § 103(b)(3)(A), (C), added cl. (iii), redesignated former cl. (iii) as (iv), and in cl. (iv) substituted “, (ii), or (iii)” for “or (ii)”.

Subsec. (f)(2), (5). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” wherever appearing.

Subsec. (f)(12)(B)(ii). Pub. L. 99–121, § 103(b)(4), substituted “19-year real property” for “15-year real property” in heading and wherever appearing in text, and substituted “19 years” for “15 years”.

Subsec. (j). Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” wherever appearing in headings, table, and text.

1984—Subsec. (b)(2). Pub. L. 98–369, § 111(a)(1), substituted “18-year real property” for “15-year real property” in heading and wherever appearing in text.

Pub. L. 98–369, § 111(d), inserted in provision following cl. (ii) “(using a mid-month convention)”.

Subsec. (b)(2)(A). Pub. L. 98–369, § 111(b)(3)(A), struck out in text following cl. (ii) provision that for purposes of this subparagraph “low-income housing” means property described in section 1250(a)(1)(B)(i), (ii), (iii), or (iv).

Subsec. (b)(2)(A)(i). Pub. L. 98–369, § 111(a)(2), substituted “18-year recovery period” for “15-year recovery period”.

Subsec. (b)(2)(A)(ii). Pub. L. 98–369, § 111(a)(3), struck out “(200 percent declining balance method in the case of low-income housing)” after “declining balance method”.

Subsec. (b)(2)(B). Pub. L. 98–369, § 111(d), inserted “(using a mid-month convention)”.

Subsec. (b)(3)(A). Pub. L. 98–369, § 111(e)(9)(A), substituted “under paragraph (1), (2), or (4)” for “under paragraphs (1) and (2)”.

Pub. L. 98–369, § 111(e)(9)(B), substituted in table “18-year real property and low-income housing” for “15-year real property” and “18” for “15” and struck out “years” after “45”.

Subsec. (b)(3)(B)(ii). Pub. L. 98–369, § 111(e)(2), substituted “18-year real property or low-income housing,” for “15-year real property”.

Subsec. (b)(3)(B)(iii). Pub. L. 98–369, § 111(e)(1), substituted “18-year real property or low-income housing” for “15-year real property”.

Subsec. (c)(2)(D). Pub. L. 98–369, § 111(b)(3)(B), amended subpar. (D) generally, substituting “18-year real property” for “15-year real property” in heading and text and including within such definitionPub. L. 98–369, § 111(b)(2), added subpar. (F) and redesignated former subpar. (F) as (G).

Subsec. (d)(2)(B). Pub. L. 98–369, § 111(e)(3), substituted “18-year real property or low-income housing” for “15-year real property”.

Subsec. (e). Pub. L. 98–369, § 113(b)(2)(A), substituted “title” for “section” in provision preceding par. (1).

Subsec. (f)(1)(B). Pub. L. 98–369, § 111(c), designated existing provision as cl. (i), inserted heading, inserted “, and before March 16, 1984 ,” and struck out provision that for the purposes of the preceding sentence, the method of computing the deduction allowable with respect to such first component be determined as if it were a separate building, which provision is covered in cl. (iii), and added cls. (ii) and (iii).

Subsec. (f)(2)(B). Pub. L. 98–369, § 111(e)(1), substituted “18-year real property or low-income housing” for “15-year real property” wherever appearing.

Subsec. (f)(2)(C)(i). Pub. L. 98–369, § 111(e)(4), substituted in table “18-year real property or low-income housing” for “15-year real property”.

Subsec. (f)(2)(C)(ii)(II), (E), (5). Pub. L. 98–369, § 111(e)(1), substituted “18-year real property or low-income housing” for “15-year real property”.

Subsec. (f)(12)(C). Pub. L. 98–369, § 628(b)(1), designated provisions preceding cl. (i) and cl. (i) as subpar. (C), and struck out cls. (ii), (iii), and (iv) which dealt with the application of subpar. (A) to a sewage or solid waste disposal facility, an air or water pollution control facility or a facility which has received an urban development action grant under section 119 of the Housing and Community Development Act of 1974.

Subsec. (f)(12)(D), (E). Pub. L. 98–369, § 628(b)(2), redesignated subpar. (E) as (D) and struck out former subpar. (D) which read as follows: “For purposes of this paragraph, the term ‘existing facility’ means a plant or property in operation before July 1, 1982 .”

Subsec. (f)(13). Pub. L. 98–369, § 32(a), added second par. (13) relating to motor vehicle operatingPub. L. 98–369, § 113(a)(2), added par. (14).

Subsec. (g)(2). Pub. L. 98–369, § 31(d), inserted “If any property (other than section 1250 class property) does not have a presentPub. L. 98–369, § 474(r)(7)(D), in subsec. (i) as amended by section 209(b) of Pub. L. 97–248, substituted “subparts A, B, and D of part IV” for “subpart A of part IV”.

Pub. L. 98–369, § 474(r)(7)(A), in subsec. (i) as added by section 208(a)(1) of Pub. L. 97–248, substituted “subparts A, B, and D of part IV” for “subpart A of part IV”.

Subsec. (i)(1)(D)(iii). Pub. L. 98–369, § 612(e)(5), in subsec. (i) as amended by section 209(b) of Pub. L. 97–248, substituted “section 26(b)(2)” for “section 25(b)(2)”.

Pub. L. 98–369, § 612(e)(4), in subsec. (i) as added by section 208(a)(1) of Pub. L. 97–248, substituted “section 26(b)(2)” for “section 25(b)(2)”.

Pub. L. 98–369, § 474(r)(7)(E), in subsec. (i) as amended by section 209(b) of Pub. L. 97–248, substituted “section 25(b)(2)” for “the last sentence of section 53(a)”.

Pub. L. 98–369, § 474(r)(7)(B), in subsec. (i) as added by section 208(a)(1) of Pub. L. 97–248, substituted “section 25(b)(2)” for “the last sentence of section 53(a)”.

Subsec. (i)(4)(A). Pub. L. 98–369, § 12(a)(3)(B), in subsec. (i) as amended by section 209(b) of Pub. L. 97–248, substituted “1989” for “1985” in cls. (i) and (ii).

Pub. L. 98–369, § 474(r)(7)(C), in subsec. (i) as added by section 208(a)(1) of Pub. L. 97–248, substituted “section 38” for “subpart A of part IV of subchapter A of this chapter”.

Subsecs. (j), (k). Pub. L. 98–369, § 31(a), added subsec. (j) and redesignated former subsec. (j) as (k).

1983—Subsec. (b)(2)(A). Pub. L. 97–448, § 102(a)(5), substituted “In the case of 15-year real property” for “For purposes of this subparagraph” in third sentence.

Subsec. (d)(2)(B). Pub. L. 97–448, § 102(a)(2), substituted “paragraph (7) or (10) of subsection (f)” for “subsection (f)(7)”.

Subsec. (e)(3)(C), (D). Pub. L. 97–424, § 541(a)(1), added subpar. (C). Former subpar. (C) redesignated (D).

Subsec. (e)(4)(D). Pub. L. 97–448, § 102(a)(9)(A), inserted provision that, in the case of the acquisition of property by any partnership which results from the termination of another partnership under section 708(b)(1)(B), the determination of whether the acquiring partnership is related to the other partnership shall be made immediately before the event resulting in such termination occurs.

Subsec. (f)(4)(B). Pub. L. 97–448, § 102(f)(4), substituted “Election made on return” for “Made on return” as the subpar. (B) heading, designated existing provisions as cl. (i), added heading for cl. (i), substituted “Except as provided in clause (ii), any election” for “Any election”, in cl. (i) as so designated, and added cl. (ii).

Subsec. (f)(5). Pub. L. 97–448, § 102(a)(1), inserted provision that, in the case of 15-year real property, the first sentence of this paragraph shall not apply to the taxable year in which the property is placed in service or disposed of.

Subsec. (f)(8)(D). Pub. L. 97–448, § 102(a)(10)(A), amended subpar. (D), as in effect before the amendments made by the Tax Equity and Fiscal Responsibility Act of 1982 [Pub. L. 97–248], by inserting at end thereof the following new sentence: “Under regulations prescribed by the Secretary,Pub. L. 97–448, § 102(a)(3), added par. (13).

Subsec. (g)(8)(A). Pub. L. 97–448, § 102(a)(4)(B), substituted “Qualified coal utilization property” for “In general” in heading.

Subsec. (g)(8)(B). Pub. L. 97–448, § 102(a)(4)(C), substituted “Coal utilization property” for “In general” in heading.

Subsec. (h)(4). Pub. L. 97–448, § 102(a)(4)(A), substituted “coal utilization property which would otherwise be 15-yearPub. L. 97–248, § 206(a), substituted “table” for “tables” in introductory provisions, struck out designation “(A)” preceding the table and struck out subpar. (A) heading which had limited the application of the table to property placed in service after Dec. 31, 1980 , and before Jan. 1, 1985 , and struck out subpars. (B) and (C), which had provided tables, respectively, for property placed in service in 1985 and for property placed in service after Dec. 31, 1985 .

Subsec. (e)(4). Pub. L. 97–248, §§ 206(b), 224(c)(1), substituted “1981” for “1986” in heading, in subpar. (E) inserted provision that a similar rule shall apply in the case of a deemed liquidation under section 338, and struck out former subpar. (H) which had provided for special rules for property placed in service before certain percentages took effect.

Subsec. (f)(8). Pub. L. 97–248, § 209(a), amended par. (8) generally, substituting provisions relating to special rules for financePub. L. 97–248, § 208(a)(2)(A), inserted “except as provided in subsection (i),” before “for purposes of this subtitle”.

Subsec. (f)(8)(B)(i)(I). Pub. L. 97–354, § 5(a)(19), substituted “an S corporation” for “an electing small business corporation (within the meaning of section 1371(b))” in subsec. (f)(8)(B)(i)(I) as in effect before the enactment of the Tax Equity and Fiscal Responsibility Act of 1982 [Pub. L. 97–248].

Pub. L. 97–248, § 208(b)(1), inserted “which is not a related person with respect to the lessee”.

Subsec. (f)(8)(B)(iii). Pub. L. 97–248, § 208(b)(2), in subcl. (I) substituted “120 percent of the presentPub. L. 97–354, § 5(a)(20), in par. (8) as amended by section 209(a) of Pub. L. 97–248, substituted “an S corporation” for “an electing small business corporation within the meaning of section 1371(b)”.

Subsec. (f)(8)(D). Pub. L. 97–248, § 208(b)(3), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows:

“(D) Qualified leased property defined.— For purposes of subparagraph (A), the term ‘qualified leased property’ means recovery property (other than a qualified rehabilitated building within the meaning of section 48(g)(1)) which is—

“(i) new section 38 property (as defined in section 48(b)) of the lessor which is leased within 3 months after such property was placed in service and which, if acquired by the lessee, would have been new section 38 property of the lessee,

“(I) which was new section 38 property of the lessee,

“(II) which was leased within 3 months after such property was placed in service by the lessee, and

Subsec. (f)(8)(H) to (K). Pub. L. 97–248, § 208(b)(4), added subpars. (H) to (J) and redesignated former subpar. (H) as (K).

Subsec. (f)(10)(B)(i). Pub. L. 97–248, § 224(c)(2), struck out “(other than a transaction with respect to which the basis is determined under section 334(b)(2))” after “section 332”.

Subsec. (i). Pub. L. 97–248, § 209(b), amended subsec. (i) generally, substituting provisions concerning limitations relating toPub. L. 97–248, § 208(a)(1), added subsec. (i). Former subsec. (i) redesignated (j).

Subsec. (j). Pub. L. 97–248, § 208(a)(1), redesignated former subsec. (i) as (j).


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News of the World to close as Rupert Murdoch acts to limit fallout

Rupert Murdoch acted with characteristic ruthlessness by closing the News of the World, Britain's best-selling Sunday newspaper, in a desperate attempt to limit the political and commercial fallout from the phone-hacking affair engulfing his media empire.

Murdoch's son James, who runs his UK titles, told the paper's 200 staff that Sunday's edition of the paper, which sells 2.6m copies a week, would be its last, ending the 168-year history of the title his father bought in 1969, a purchase that introduced him to the British public for the first time. The last News of the World will carry no commercial advertising.

"The good things the News of the World does … have been sullied by behaviour that was wrong. Indeed, if recent allegations are true, it was inhuman and has no place in our company," he said.

"The News of the World is in the business of holding others to account. But it failed when it came to itself."

There was immediate speculation last night that the paper will be replaced by a Sunday edition of the Sun which could be produced by staff at the daily. The domain names TheSunOnSunday.co.uk, TheSunOnSunday.com and SunOnSunday.co.uk were registered two days ago.

Readers and retailers had reacted with disgust to the revelation this week that journalists at the News of the World ordered the private investigator Glenn Mulcaire to hack into voicemail messages left on a mobile phone belonging to murdered teenager Milly Dowler in 2002, one of the most damaging in a series of reports by the Guardian on the hacking scandal over the last two years.

It also emerged that Mulcaire may have targeted the relatives of British servicemen killed in Afghanistan and Iraq and survivors of the 7/7 terrorist attacks on London. A reader boycott also seemed likely and one independent chain of newsagents said it would not stock the title.

Mark Lewis, the solicitor for Milly Dowler's family, said: "People are losing their jobs in order to sacrifice themselves to save the real perpetrators … lots of good individuals have lost their jobs or will lose their jobs and the people who should have fallen on their swords are still there."

Of Rupert Murdoch, who was filmed on a golf course during the crisis and refused to comment, Lewis added: "It's a bit like Nero fiddling while Rome was burning."

News International's chief executive, Rebekah Brooks, a former editor of the News of the World, was said to be in tears as news of the closure was announced. A News of the World employee who did not want to be named said Brooks had said she had offered to resign in the wake of Ed Miliband's call for her to be sacked, but that offer had been rejected. News International denies that claim.

Miliband said last night of the closure: "It's a big act but I don't think it solves the real issues. One of the people who's remaining in her job is the chief executive of News International who was the editor at the time of the hacking of Milly Dowler's phone."

Downing Street said last night: "What matters is that all wrongdoing is exposed and those responsible for these appalling acts are brought to justice."

Staff at the paper reacted with fury to the news, with one source claiming there was a "lynch mob mentality" at its London offices.

Colin Myler, the editor of the News of the World, said: "Whatever price this staff are paying for past misdeeds, nothing should diminish everything this great newspaper has achieved."

The newspaper was once Murdoch's flagship title although its stablemate, the Sun, is now more profitable, but it remained a totemic title around the world. In 1951 it sold 8.4m copies, the biggest ever circulation for any newspaper. Even now, only a handful of English-language newspapers can match its circulation.

The closure followed another day of high drama, during which more companies, including O2, the mobile phone company 3, Sainsbury's and Boots said they would not be placing adverts in the paper on Sunday. The News of the World takes about £660,000 in advertising income each weekend.

James Murdoch admitted to staff it was "a matter of serious regret" that he had authorised a six-figure payment to a phone-hacking victim several years ago, but blamed others at the company for his decision. "I now know that I did not have a complete picture when I did so," he said. "I acted on the advice of executives and lawyers."

A News of the World employee said staff suspected Murdoch had closed the title to ensure his £8bn bid to take full control of BSkyB goes through. Miliband has called for the deal to be blocked.

Labour MP Tom Watson, who has been highlighting the phone-hacking scandal at the paper for two years, said: "Rupert Murdoch did not close the News of the World. It is the revulsion of families up and down the land as to what they got up to. It was going to lose all its readers and it had no advertisers left. They had no choice."

Murdoch is renowned for risk-taking and for making bold moves swiftly. But the closure of the News of the World is one of the most shocking and unexpected decisions he has made since he moved his title secretly to Wapping in east London in a successful attempt to break the print unions. It is the first closure of a national newspaper in Britain since Today was shut down, also by Murdoch, in 1995.

Murdoch bought the News of the World 42 years ago after a protracted takeover battle with the late Robert Maxwell and immediately took it in a direction that many regarded as downmarket. It became the building block for his UK newspaper empire, which would in turn finance the expansion of News Corp into a global media conglomerate.


Sexual harassment: Here are some of the biggest cases

The company reportedly knew Bill O'Reilly had recently settled in a harassment case when it gave him a $7 million raise. Video provided by Newsy

Ani Chopourian, was awarded possibly the largest single settlement as a plaintiff in a sexual harassment suit. (Photo: KXTV)

Following the report of a $32 million sexual harassment settlement by former top-rated Fox News host Bill O'Reilly, here are other major payouts to victims who charged they were sexually harassed:

Ani Chopourian vs. Catholic Healthcare West (2012)

A federal jury in California awarded Chopourian $168 million, potentially the largest judgment in U.S. history for a single victim of workplace sexual harassment. The award capped a trial in which the former physician assistant at Mercy General Hospital in Sacramento alleged she filed multiple complaints to no avail during her two-year tenure. The complaints included an allegation that one surgeon would greet her each morning by saying, "I'm horny," and then slap her bottom, the Los Angeles Times reported. After attorneys on both sides submitted legal arguments about the award, the judge in the case decreased the total to $82,230,484. But the judge later vacated the award because attorneys reached a negotiated settlement, court records show.

Ashley Alford vs. Aaron's Rents (2011)

Alford was an Illinois employee at Aaron's Rents, a lease-to-own retail chain that offers furniture and other home furnishings. She won a $95 million federal court verdict in an Equal Employment Opportunity Commission case in which she charged she had been sexually harassed and assaulted by Richard Moore, a manager at her workplace. Despite her repeated complaints, the company did little until Moore attacked her, yanked up her shirt and then masturbated, ejaculating on her, Alford alleged. The jury verdict was later reduced to $41.3 million because of a cap on federal damages. Aaron's Rents moved to either reconsider the verdict or order a new trial. Court records show attorneys in the case subsequently reached an out-of-court settlement. The agreement totaled $6 million, according to several media accounts.

Gretchen Carlson vs. Roger Ailes (2016)

FOX agreed to pay $20 million to former broadcaster Gretchen Carlson to settle a sexual harassment lawsuit she filed against former FOX News CEO Roger Ailes.

The former Fox News Network host, whose new book 'Be Fierce: Stop Harassment and Take Your Power Back' is out Tuesday, delivers a personal message about ending workplace harassment.

The parent company of the Fox News Channel apologized to Gretchen Carlson, a former broadcaster for the company, as it agreed to a $20 million settlement of the sexual harassment lawsuit she filed against Fox News' ex-CEO Roger Ailes. The outcome was confirmed by a person briefed on the terms who sought anonymity because the settlement amount was not disclosed publicly. Along with the apology, Fox praised Carlson's work and professionalism as it settled allegations that her contract wasn't renewed because she "refused to sleep" with Ailes and suffered "severe and pervasive sexual harassment" at work. Ailes left the company in July 2016 with a $40 million settlement. He died in May. Carlson's book, Be Fierce: Stop Harassment and Take Your Power Back, was published this month.

Anucha Browne Sanders vs. Madison Square Garden et al (2007)

File photo taken in 2007 shows New York Knicks president and coach Isiah Thomas (right) leaving Manhattan federal court on the second week of trial in the sexual harassment lawsuit former team executive Anucha Browne Sanders filed against Thomas, Madison Square Garden and team owner James Dolan. (Photo: Louis Lanzano, AP)

Browne Sanders, a former executive for the NBA's New York Knicks, alleged she was fired after complaining that she'd been sexually harassed by Isiah Thomas, the team's then-president of basketball operations and head coach. He called her "bitch" and "ho" to her face, and later made a "thinly veiled solicitation for sex," Browne Sanders alleged. A Manhattan federal court jury ruled in her favor after a trial that aired embarrassing testimony for Thomas, the Knicks, Madison Square Garden, and team owner James Dolan, who was also a defendant. The jury decided that Browne Sanders was entitled to $11.6 million in punitive damages. Days before a judge was to consider compensatory damages, attorneys on both sides agreed to an $11.5 million settlement that ended all appeals, The New York Times reported.

Carla Ingraham vs. UBS Financial Services (2011)

File photo taken in 2009 shows the UBS logo on a New York City building where the Swiss bank has offices. (Photo: Chris Hondros, Getty Images)

Ingraham was a senior client service associate at UBS Financial Services in Kansas City, Mo. Starting in 2003, the male broker she worked for referred to her as his "work wife," and said he had "better get laid" on a specific weekend, Ingraham alleged. He also made comments about her breast size, asked what sexual positions she liked and once advised her to perform oral sex on a financial client, Ingraham charged. UBS fired her in 2009, one week after she filed an amended charge of sexual discrimination, court filings show. After Ingraham sued, a state court jury awarded her $10,592,000, agreeing that she had been sexually harassed and finding that UBS had retaliated against her. A judge reduced the award to $8,439,941, including attorney's fees, and other expenses, court records show. But the award was vacated in January 2012, when attorneys reached a "confidential resolution" of the case, the records show.

Linda Gilbert vs. Daimler Chrysler (1999)

File photo taken in 2012 shows Chrysler's Jefferson North Assembly Plant in Detroit, Michigan. (Photo: GEOFF ROBINS, AFP/Getty Images)

Gilbert was the first female millwright at Chrysler's Jefferson North Assembly Plant in Michigan when she was hired in 1992. She alleged that male co-workers immediately started harassing her, with one remarking that a "bitch" had joined the work crews and another suggesting that she wear a dress to work so he could look up her skirt, Gilbert charged. The alleged sexual harassment continued for seven years, with sexual taunts and one incident in which an unknown co-worker left an "obscene" cartoon in her toolbox, she charged. After Gilbert sued, a state court jury awarded her $21 million for her harassment claims. An appeals court upheld the decision, ruling that it was impossible to say that the trial court abused its discretion. But the Michigan Supreme Court overturned the decision in 2004, ruling that Gilbert's attorney had used "prejudice baiting rhetoric" and misleading arguments that swayed jurors toward a verdict of "passion" and "prejudice." The top court sent the case back for further proceedings.


Forbes' List of the Top 30 Social Entrepreneurs

Darell Hammond read a Washington Post article about children who suffocated while playing in an abandoned car because they had nowhere else to play. Willy Foote met vanilla farmers in Mexico who didn't have access to credit and couldn't connect to markets. Sara Horowitz was working at a lawyer, didn't qualify for health insurance because she was considered a "freelancer," and started thinking about other people who faced the same problem. While working in Argentina, Linda Rottenberg wondered why more Latin American entrepreneurs didn't create global companies.

And then-- unlike millions of us who recognize some kind of problem, feel a pang of hopelessness, and move on-- Hammond, Foote and others shifted careers and set about fixing the problems they saw in the world.

For the first time in Forbes' 94-year history, we've assembled the Impact 30: a list of the world's leading social entrepreneurs. We're defining "social entrepreneur" as a person who uses business to solve social issues.

Take Jordan Kassalow, for example. An optometrist by training, Kassalow now runs an organization that sells ready-made reading glasses to people in the developing world. (Check out a longer profile here.)

Sam Goldman and Ned Tozun, of D.Light Design, manufacture inexpensive lamps and sell them in communities that don't have reliable electricity.

Tom Skazy dropped out of Princeton to create Terracycle, which sells fertilizer and over 250 products made from 60 waste streams.

Jane Chen's company manufactures a sleeping bag-like device called the "Thermpod," which warms low-birth weight babies in hospitals and clinics that have unreliable electricity and heat lamps that don't always work.

Some of the people on our list run nonprofits, so the market-based approach doesn't apply. But we've included them anyway, because they're creating innovative, new solutions to a host of old problems.

To select our list, we recruited a blue-ribbon panel of experts, including:

Ashoka founder and chief executive Bill Drayton

Yale economics professor and MIT Poverty Action Lab research fellow Dean Karlan

Deb Nelson, executive director of the Social Venture Network

Antony Bugg-Levine, the chief executive of the Nonprofit Finance Fund and

Jed Emerson, the executive vice president of ImpactAssets.

Our panelists helped us identify the leading innovators across health, education, finance and other sectors. They also provided good insights for my cover story on Acumen Fund founder Jacqueline Novogratz.

My hope is that years from now, our list members will be out of work, their organizations so successful that the problem they set out to solve no longer exists. Until then, we showcase their efforts.


Leaked Documents Confirm the Worst-Kept Secret of Trump’s Presidency

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Trump departs the Oval Office, January 25, 2019. By Alex Edelman/AFP/Getty Images.

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One of the most closely guarded and worst-kept secrets of Donald Trump’s presidency is his extraordinary laziness. Despite efforts to project a manly ardor, the current leader of the free world spends most of his free time tweeting, calling friends, and watching Fox News. Of his 745 days in office, Trump has spent 222 days unwinding at Trump-branded properties and 168 days golfing. According to the testimony of numerous West Wing staffers, he struggles to focus in meetings, largely ignores intelligence briefings, and tunes out policy minutiae. Once, according to former White House aide Cliff Sims, Trump literally got up and wandered away while Paul Ryan was in the Oval Office attempting to explain the Republican health-care bill. While Ryan was still talking, Trump walked down the hall to his private dining room and turned on the TV.

We’ve known since January 2018 that White House staffers have an official designation for these unstructured periods on Trump’s private schedule: “Executive Time.” What we didn’t know is exactly how much of the president’s average day is spent un-presidenting.

In fact, “Executive Time” is far more than just a respite from the duties of the office. In perhaps the most remarkable White House leak this year, Axios on Sunday published about three months’ worth of Trump’s private daily schedules, dating back to the day after the midterm elections. They reveal that Trump has spent around 297 hours—or roughly 60 percent of his waking hours since the midterms—in “Executive Time.” For comparison, he’s only spent about 77 hours in meetings—less time than his travel (51 hours) and eating lunch (39 hours) combined.

Leaks are endemic to the Trump administration, but this one has especially rattled an already paranoid White House. “If most [leaks] are involuntary manslaughter,” Sims told Axios, “this was premeditated murder.” Morale inside the West Wing has reportedly taken a substantial hit. “What a disgraceful breach of trust to leak schedules,” tweeted Madeleine Westerhout, the White House’s director of Oval Office operations. “What these don’t show are the hundreds of calls and meetings @realDonaldTrump takes everyday.”

If Trump really is taking “hundreds” of undocumented calls and meetings every day, that’s another problem entirely, at least for those who care about transparency. But it’s hard to believe Westerhout’s denial, especially when the evidence of how Trump spends his time is so obvious online. From shortly after he wakes up until mid-morning, the president’s Twitter feed is often just responses to what he is watching on Fox News. Often, there is a consistent delay between what had just aired on Fox & Friends and a Trump tweet, suggesting that the president watches his programs on a DVR. In the evening, he returns to live-tweeting his favorite Fox hosts, or raging against an unflattering story on CNN.

In stark contrast, Trump’s predecessors’ schedules were fully booked. Bill Clinton was known to work constantly and at all hours, sometimes calling aides in the middle of the night. George W. Bush began his day at 5:15 A.M., and Barack Obama would stay up until 2 A.M. reading. Trump seems to believe that nobody has ever worked harder—“[Obama] just sat in here and watched basketball all day,” Sims recalls Trump saying in the Oval Office—but his protestations appear to be little more than projection.

It’s unclear whether Trump’s leaked post-midterm schedules reflect an increase or decrease in “Executive Time” over the past year, but it’s clearly information the White House didn’t want made public. The image of the 72-year-old president doddering around the White House with nothing to do for 60 percent of the time is hardly the image his campaign wants seen by the public before the next election. But this particular leak is unnerving for other reasons, too. It suggests, once again, that Trump’s inner circle is not loyal to him. It also would seem to confirm many of the other unflattering portraits of the president as incurious, disorganized, and distractible. ”Trump does review briefing materials, at least if you make it a point to have him do so,” one former senior White House official told Axios. “But only if you talk and guide him through it as he’s reading.”


July 2021 - Overview for the Month

The Blessed Virgin appeared to St. Simon Stock, holding in her hand a scapular, and directed him to found a Confraternity whose members should wear this scapular and consecrate themselves to her service. The Sabbatine privilege will then insure their early release from Purgatory on the Saturday after their death.

The month of July is dedicated to The Precious Blood of Jesus. The entire month falls within the liturgical season of Ordinary Time, which is represented by the liturgical color green. This symbol of hope is the color of the sprouting seed and arouses in the faithful the hope of reaping the eternal harvest of heaven, especially the hope of a glorious resurrection. It is used in the offices and Masses of Ordinary Time.

Social Friendship: We pray that, in social, economic and political situations of conflict, we may be courageous and passionate architects of dialogue and friendship. (See also Pope's Worldwide Prayer Network)

The feasts on the General Roman Calendar celebrated during the month of July are:

The Gospel readings for the Sundays in July 2021 are taken from St. Mark and St. John— all are from Year B, Cycle 1.

July is usually hot and a time for relaxing. It is also the time when crops planted in the Spring are maturing and growing. Just as the crops are dependent upon summer rains not only to grow but to survive so our spiritual development is dependent upon our frequenting the sacraments and receiving the Blood of Christ.

The main feasts of this month are St. Junipero Serra (July 1), St. Thomas the Apostle (July 3) , St. Anthony Mary and St. Elizabeth of Portugal (July 5), St. Maria Goretti, (July 6), St. Augustine Zhao Rong (July 9), St. Henry (July 13), Bl. Kateri Tekakwitha (USA - July 14), St. Bonaventure (July 15), Our Lady of Mt. Carmel (July 16),St. Apollinaris (Junly 20), St. Lawrence of Brindisi (July 21), St. Mary Magdalene (July 22), St. Bridget (July 23), St. Sharbel (July 24), Sts. Joachim and Anne (July 26), St. Peter Chrysologus (July 30), St. Ignatius of Loyola (July 31).

The feasts of St. Benedict (July 11), St. Camillus (July 18),and St. James (July 25) are superseded by the Sunday liturgy.

The Blood that coursed through the veins of Christ was a part of that Sacred Humanity made possible by the maternity of Mary, whose parents, St. Joachim and St. Anne are honored this month. (July 26). Our Lord's blood poured out on the Cross purchased our salvation, washed clean the robes of the martyrs, and gave birth to the Church as it flowed from his wounded side. The Precious Blood of Christ — now pulsing through his Mystical Body — continues its salvific work, preserving and purifying, repairing and providing nourishment for regeneration and renewal of its members.

July’s longer and warmer days also provide us with the opportunity for renewal, both interior and exterior. Schedules relax and pressures ease, inviting travel. But, whether we travel or not, like the missionary, St. Junipero Serra (July 1), we preach to others — by our conduct, our speech, even the clothes we wear. May we be modest in everything we do, imitating St. Maria Goretti, the young martyr for purity (July 6), and “preaching” Christ to everyone we meet.

The summer Readings of Ordinary Time remind us that our earthly pilgrimage is also a journey, a great adventure towards union with Christ, the Beginning and the End of our journey. Each Sunday with its Easter renewal becomes a mile marker along the way, linking where we have been with where we are going. May the Precious Blood of Jesus sustain us as we journey to our true home, with Mary and the angels as our companions on the way.


Mission & Vision

CARE works around the globe to save lives, defeat poverty, and achieve social justice. We seek a world of hope, inclusion, and social justice, where poverty has been overcome and all people live with dignity and security.

CARE’s History: A Timeline

In 1945, as the world began to heal from the devastation of World War II, an inspired group of Americans sought to alleviate suffering. Seven decades on, their simple idea has evolved from a surplus package of U.S. Army rations to a global mission to uplift women and girls and ultimately eradicate poverty in every corner of the earth.

CARE works around the globe to save lives, defeat poverty and achieve social justice. We seek a world of hope, tolerance and social justice, where poverty has been overcome and all people live with dignity and security.

90% of all our expenses go to program services.

90% of all our expenses go to program services.

CARE is a 501(c)(3) not-for-profit organization. Our EIN number is 13-1685039. © 2020 CARE. All rights reserved.


Deepwater Horizon – BP Gulf of Mexico Oil Spill

On April 20, 2010, the oil drilling rig Deepwater Horizon, operating in the Macondo Prospect in the Gulf of Mexico, exploded and sank resulting in the death of 11 workers on the Deepwater Horizon and the largest spill of oil in the history of marine oil drilling operations. 4 million barrels of oil flowed from the damaged Macondo well over an 87-day period, before it was finally capped on July 15, 2010. On December 15, 2010, the United States filed a complaint in District Court against BP Exploration & Production and several other defendants alleged to be responsible for the spill.

This webpage provides information and materials on EPA’s enforcement response to the Deepwater Horizon Oil Spill, settlements with several of the defendants, including the record-setting settlement with BP Exploration & Production for an unprecedented $5.5 billion Clean Water Act penalty and up to $8.8 billion in natural resource damages.

This webpage is limited to EPA’s enforcement-related activities only, and does not cover all legal or other actions against BP Exploration & Production and other parties for the spill, such as private party/class action settlements for medical claims and economic damages, or other actions against those responsible for the spill. The U.S. District Court for the Eastern District of Louisiana has established the Deepwater Horizon Oil Spill website for this purpose. In addition, links for additional information on the spill, cleanup activities and other responses are provided below.

You may need a PDF reader to view some of the files on this page. See EPA’s About PDF page to learn more.


Watch the video: Today in History for July 6th