“(A) subparagraph (D) of section 1272(a)(2) (relating to obligations issued by natural persons before March 2, 1984), and
Prior to amendment, text read as follows: “This subsection shall not apply to any debt instrument described in. 115–141, § 401(c)(1)(C), substituted “The portion of the original issue discount with respect to any debt instrument which is” for “In the case of any debt instrument issued after July 1, 1982, the portion of the original issue discount with respect to such debt instrument which is”. The preceding sentence shall not apply to any portion of such passive activity loss which is attributable to a rental real estate activity with respect to which the taxpayer actively participates (within the meaning of section 469(i)(6)) during such taxable year.”
Text read as follows: “Investment income of the taxpayer for any taxable year shall be reduced by the amount of the passive activity loss to which section 469(a) does not apply for such taxable year by reason of section 469(m).
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