EXTENSION OF AMORTIZATION OF INTANGIBLES TO SPORTS FRANCHISES.

SEC. 886. EXTENSION OF AMORTIZATION OF INTANGIBLES TO SPORTS FRANCHISES.(a) In General.—Section 197(e) (relating to exceptions to definition of section 197 intangible) is amended by striking paragraph (6) and by redesignating paragraphs (7) and (8) as paragraphs (6) and (7), respectively.(b) Conforming Amendments.—(1)(A) Section 1056 (relating to basis limitation for player contracts transferred in connection with the sale of a franchise) is repealed.(B) The table of sections for part IV of subchapter O of chapter 1 is amended by striking the item relating to section 1056.(2) Section 1245(a) (relating to gain from disposition of certain depreciable property) is amended by striking paragraph (4).(3) Section 1253 (relating to transfers of franchises, trademarks, and trade names) is amended by striking subsection (e).(c) Effective Dates.—(1) In general.—Except as provided in paragraph (2), the amendments made by this section shall apply to property acquired after the date of the enactment of this Act.(2) Section 1245.—The amendment made by subsection (b)(2) shall apply to franchises acquired after the date of the enactment of this Act.