[Congressional Record Volume 163, Number 194 (Wednesday, November 29, 2017)]
[Senate]
[Page S7411]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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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