# Pub. L. 99-121: changes to the Internal Revenue Code 1985-10-11, 99 Stat. 510. Source: . ## Legislative history - Bill: [H.R. 2475](https://www.congress.gov/bill/99th-congress/house-bill/2475) ## § 47: Rehabilitation credit - § 47(a): Pub. L. 99–121 substituted “For property other than 3-year property” for “For 15-year, 10-year, and 5-year property” in table heading. ## § 48: Energy credit - § 48: Pub. L. 99–121 substituted “19” for “18”. ## § 168: Accelerated cost recovery system - § 168(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. - § 168(b)(2)(A): Pub. L. 99–121, § 103(a), substituted “19-year recovery period” for “18-year recovery period”. - § 168(b)(3)(A): Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” in table. - § 168(b)(3)(A): Pub. L. 99–121, § 103(b)(2), substituted “19, 35, or 45 years” for “18, 35, or 45” in table. - § 168(b)(3)(B): Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” wherever appearing. - § 168(c): Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” in heading and in text. - § 168(d)(2)(B): Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property”. - § 168(f)(1)(B): Pub. L. 99–121, § 103(b)(3)(B), substituted “March 15, 1984, and before May, 9, 1985, the” for “March 15, 1984, the”. - § 168(f)(1)(B): 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)”. - § 168(f)(2), § 168(f)(5): Pub. L. 99–121, § 103(b)(1)(A), substituted “19-year real property” for “18-year real property” wherever appearing. - § 168(f): 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”. - § 168(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. ## § 280G: Golden parachute payments ## § 312: Effect on earnings and profits - § 312(k)(3)(A): Pub. L. 99–121 substituted “19-year real property” for “18-year real property” wherever appearing. ## § 483: Interest on certain deferred payments - § 483(b): Pub. L. 99–121, § 101(a)(2)(A), struck out “120 percent of” after “discount rate equal to” in closing provisions. - § 483(c)(1)(B): Pub. L. 99–121, § 101(a)(2)(B), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “under which, using a discount rate equal to 110 percent of the applicable Federal rate determined under section 1274(d), there is total unstated interest.” - § 483(e): Pub. L. 99–121, § 102(c)(1), (2), redesignated subsec. (f) as (e), and as so redesignated substituted “6 percent” for “7 percent” in par. (1). Former subsec. (e), which related to the interest rates in the case of the sales of principal residences or farm lands, was struck out. - § 483(f): Pub. L. 99–121, § 102(c)(1), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e). - § 483(g), § 483: Pub. L. 99–121, § 102(c)(1), (3), redesignated subsec. (h) as (g) and amended it generally, designating existing undesignated cross reference as par. (3), and adding pars. (1) and (2). Former subsec. (g) redesignated (f). ## § 1245: Gain from dispositions of certain depreciable property - § 1245(a): Pub. L. 99–121 substituted “19-year real property” for “18-year real property”. ## § 1274: Determination of issue price in the case of certain debt instruments issued for property - § 1274(b)(2)(B): Pub. L. 99–121, § 101(a)(1)(A), struck out “120 percent of” after “rate equal to”. - § 1274(c)(1)(A)(ii): Pub. L. 99–121, § 101(a)(1)(B), amended cl. (ii) generally, substituting “the imputed principal amount of such debt instrument determined under subsection (b)” for “the testing amount”. - § 1274(c)(2): Pub. L. 99–121, § 101(a)(1)(C), substituted “the imputed principal amount of such debt instrument determined under subsection (b)” for “the testing amount”. - § 1274(c)(3): Pub. L. 99–121, § 101(a)(1)(D), redesignated par. (4) as (3). Former par. (3), defining “testing amount”, was struck out. - § 1274(c)(4): Pub. L. 99–121, § 102(b), added par. (4). Former par. (4) redesignated (3). - § 1274(d)(1)(B), § 1274(d)(1)(C), § 1274(d)(1)(D): Pub. L. 99–121, § 101(b)(1), amended subpars. (B) to (D) generally, in subpar. (B) substituting provisions setting a monthly schedule for the determination of Federal rates for provisions which had formerly set a semi-annual schedule for the determination of such rates, in subpar. (C) substituting provisions setting a monthly schedule for the determination of Federal short-term, mid-term, and long-term rates based on the average market yield during any 1-month period ending in the month in which the determination is made for former provisions which had directed that the Federal rate determined under subpar. (A) apply during the appropriate 6-month period, and in subpar. (D) substituting provisions allowing a lower rate in certain cases for provisions relating to the setting of the Federal rate for any 6-month period. - § 1274(d)(2): Pub. L. 99–121, § 101(b)(2), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “In the case of any sale or exchange, the determination of the applicable Federal rate shall be made as of the first day on which there is a binding contract in writing for the sale or exchange.” - § 1274(e): Pub. L. 99–121, § 101(c), added subsec. (e). ## § 1274A: Special rules for certain transactions where stated principal amount does not exceed $2,800,000 - Enacted 26 U.S.C. § 1274A. ## § 7872: Treatment of loans with below-market interest rates - § 7872(c)(1): Pub. L. 99–121, § 201(c)(1), inserted “and subsection (g)” after “this subsection” in provisions preceding subpar. (A). - § 7872(c)(1)(E): Pub. L. 99–121, § 201(c)(2), substituted “(C), or (F)” for “or (C)”. - § 7872(c)(1)(F): Pub. L. 99–121, § 201(b), added subpar. (F). - § 7872(f)(11): Pub. L. 99–121, § 202, added par. (11) relating to time for determining rate applicable to employee relocation loans. - § 7872(g), § 7872(h): Pub. L. 99–121, § 201(a), added subsec. (g) and redesignated former subsec. (g) as (h).