TREATMENT OF CASUALTIES AND CERTAIN REPLACEMENTS.

SEC. 107. TREATMENT OF CASUALTIES AND CERTAIN REPLACEMENTS. (a) Casualties Treated as Dispositions— (1) Sections 46(c)(4) (relating to certain replacements of section 38 property) and 47(a) (4) (relating to property destroyed by casualty, etc.) are hereby repealed. (2) The repeals made by paragraph (1) shall apply to casual-ties and thefts occurring after August 15, 1971. (b) Certain Replacements During Termination Period— (1) Section 47(a)(5) (relating to certain property replaced after April 18, 1969) is hereby repealed. (2) The repeal made by paragraph (1) shall not apply if replacement property described in subparagraph (B) of such section 47(a)(5) is not property described in section 50 of the Internal Revenue Code of 1954.