of the qualified mutual ditch or irrigation company or like organization shall be treated as nonmember income in the year in which it is distributed or expended. (ii) Qualified mutual ditch or irrigation company or like organization For purposes of this paragraph— (I) In general The term qualified mutual ditch or irrigation company or like organization means any mutual ditch or irrigation company or like organization that diverted, delivered, transported, stored, or used its water for agricultural irrigation purposes on its own or through its shareholders in a qualified disaster area during any of calendar years 2012 through 2015. (II) Qualified asset The term qualified asset means any real property or tangible personal property used in the mutual ditch or irrigation company's (or like organization’s) system. (III) Multiple areas Under regulations, if the qualified assets of any mutual ditch or irrigation company or like organization are located in more than 1 qualified disaster area, all such areas shall be treated as 1 area and if more than 1 federally declared disaster is involved, the date on which the last of such disasters occurred shall be the date used for purposes of this paragraph. (iii) Applicable period For purposes of this paragraph, the term applicable period means the taxable year in which the federally declared disaster occurred and the 5 following taxable years. (iv) Other definitions (I) Qualified disaster area The term qualified disaster area means any area determined to warrant individual or individual and public assistance from the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of a federally declared disaster occurring during the period beginning on January 1, 2012, and ending on December 31, 2015. (II) Federally declared disaster The term federally declared disaster has the meaning given to such term under section 165(i)(5). . (b) Effective date The amendment made by subsection (a) shall apply to taxable years ending after December