S.Amdt. 1602

SA 1602. Mr. INHOFE submitted an amendment intended to be proposed by
him to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

Strike section 13303 and insert the following:

SEC. 13303. TREATMENT OF LIKE-KIND EXCHANGES.

(a) In General.--Section 1031(a) is amended by adding at
the end the following new paragraph:
``(4) Additional exception for disqualified bonus
depreciation property.--
``(A) In general.--This subsection shall not apply to any
exchange in which the property received by the taxpayer is
100 percent bonus depreciation property.
``(B) 100 percent bonus depreciation property.--For
purposes of this paragraph, the term `100 percent bonus
depreciation property' mean any property--
``(i) which is qualified property (as defined in section
168(k)(2)), and
``(ii) an allowance of 100 percent or more of the adjusted
basis of which was included in the depreciation deduction
provided by section 167(a) for the taxable year in which such
property was placed in service by the taxpayer.''.
(b) Effective Date.--The amendments made by this section
shall apply to exchanges completed after December 31, 2017.
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