to all residential rental units in such building. (ii) Special rule In the case of any building for which the low-income housing tax credit is allowable under section 42, the adjusted basis of the building under this section shall be determined without regard to property used in common areas or provided as comparable amenities to all residential rental units in such building. (C) No reduction for depreciation The adjusted basis of any building shall be determined without regard to paragraphs (2) and (3) of section 1016(a). (4) Credit allowable for certain buildings acquired during 10-year period described in paragraph (2)(b)(ii) On application by the taxpayer, the Secretary may waive paragraph (2)(B)(ii) with respect to any building acquired from an insured depository institution in default (as defined in section 3 of the Federal Deposit Insurance Act) or from a receiver or conservator of such an institution. (5) Acquisition of building before end of prior credit period (A) In general Under regulations prescribed by the Secretary, in the case of a building described in subparagraph (B) (or interest therein) which is acquired by the taxpayer— (i) paragraph (2)(B) shall not apply, but (ii) the credit allowable by reason of subsection (a) to the taxpayer for any period after such acquisition shall be equal to the amount of credit which would have been allowable under subsection (a) for such period to the prior owner referred to in subparagraph (B) had such owner not disposed of the building. (B) Description of building A building is described in this subparagraph if— (i) a credit was allowed by reason of subsection (a) to any prior owner of such building, and (ii) the taxpayer acquired such building before the end of the credit period for such building with respect to such prior owner (determined without regard to any disposition by such prior owner). (e) Rehabilitation expenditures treated as separate new building (1) In general Rehabilitation expenditures paid or incurred by the taxpayer with respect to any