former tax-exempt use property
(1) Treatment of former tax-exempt use property (A) In general In the case of any former tax-exempt use property— (i) any deduction allowable under subsection (b) with respect to such property for any taxable year shall be allowed only to the extent of any net income (without regard to such deduction) from such property for such taxable year, and (ii) any portion of such unused deduction remaining after application of clause (i) shall be treated as a deduction allowable under subsection (b) with respect to such property in the next taxable year. (B) Former tax-exempt use property For purposes of this subsection, the term “former tax-exempt use property” means any property which— (i) is not tax-exempt use property for the taxable year, but (ii) was tax-exempt use property for any prior taxable year.