26 U.S.C. § 453C: Repealed. Pub. L. 100–203, title X, § 10202(a)(1) , Dec. 22, 1987 , 101 Stat. 1330–388 ]

Except as otherwise provided in this section, the amendments made by this section [enacting this section] shall apply to taxable years ending after December 31, 1986 , with respect to dispositions after February 28, 1986 . Repealed. Pub. L. 105–34, title X, § 1088(a) , Aug. 5, 1997 , 111 Stat. 959 .] 12⅝ percent subordinated debentures with a total face amount of $175,000,000 issued pursuant to a trust indenture dated as of September 1, 1985 . A revolving credit term loan in the maximum amount of $130,000,000 made pursuant to a revolving credit and security agreement dated as of September 6, 1985 , payable in various stages with final payment due on August 31, 1992 . for which a contract to purchase land for the project was entered into at least 5 years before the date of the enactment of this Act, with respect to which land for the project was purchased before September 26, 1985 , with respect to which building permits for the project were obtained, and construction commenced, before September 26, 1985 , in conjunction with which not less than 80 units of low-income housing are deeded to a tax-exempt organization designated by a local government, and with respect to which at least $1,000,000 of expenses were incurred before September 26, 1985 . such corporation was incorporated on May 25, 1984 , for the purpose of acquiring all of the stock of another corporation, such acquisition took place on October 23, 1984 , in connection with such acquisition, the corporation incurred indebtedness of approximately $151,000,000, and substantially all of the stock of the corporation is owned directly or indirectly by employees of the corporation the stock of which was acquired on October 23, 1984 . in the 1st taxable year of the taxpayer ending after December 31, 1986 , shall be taken into account ratably over the 3 taxable years beginning with such 1st taxable year, and in the 2nd taxable year of the taxpayer ending after December 31, 1986 , shall be taken into account ratably over the 2 taxable years beginning with such 2nd taxable year. any increase in tax imposed by chapter 1 of the Internal Revenue Code of 1986 for the 1st taxable year of the taxpayer ending after December 31, 1986 , by reason of the amendments made by this section shall be treated as imposed ratably over the 3 taxable years beginning with such 1st taxable year, and any increase in tax imposed by such chapter 1 for the 2nd taxable year of the taxpayer ending after December 31, 1986 (determined without regard to subparagraph (A)), by reason of the amendments made by this section shall be treated as imposed ratably over the 2 taxable years beginning with such 2nd taxable year. such note agreement was executed pursuant to an agreement of purchase and sale dated April 25, 1980 , more than ½ of the installment payments of the aggregate principal of such notes have been received by August 29, 1986 , and the last installment payment of the principal of such notes is due August 29, 1989 , The term ‘applicable installment obligation’ shall not include any obligation arising out of any disposition or sale described in paragraph (1) or (2) of section 453(k) of such Code (as added by section 812(a)). In the case of a taxpayer’s 1st taxable year ending after December 31, 1986 , dispositions after February 28, 1986 , and before the 1st day of such taxable year shall be treated as made on such 1st day.”