striking the property and inserting the property or all of the partnership interests (other than interests of the person exercising such option or a related party thereto (within the meaning of section 267(b) or 707(b)(1)) relating to the property . (B) Conforming amendment Subparagraph (B) of section 42(i)(7) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of a purchase of a partnership interest, the minimum purchase price is an amount not less than such interest's ratable share of the amount determined under the first sentence of this subparagraph. . (2) Property includes assets relating to the building Paragraph (7) of section 42(i) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (C) Property For purposes of subparagraph (A), the term property may include all or any of the assets held for the development, operation, or maintenance of a building. . (3) Exercise of right of first refusal and purchase options Subparagraph (A) of section 42(i)(7) of the Internal Revenue Code of 1986, as amended by subsection (a) and paragraph (1)(A), is amended by adding at the end the following: “For purposes of determining whether an option, including a right of first refusal, to purchase property is described in the preceding sentence— (i) such option or right of first refusal may be exercised with or without the approval of the taxpayer, and (ii) a right of first refusal may be exercised in response to any offer to purchase the property, including an offer by a related party. . (c) Effective dates (1) Modification of right of first refusal The amendment made by subsection (a) shall apply to agreements entered into after the date of the enactment of this Act. (2) Clarification The amendments made by subsection (b) shall apply to agreements among the owners of the project (including partners, members, their affiliated organizations, and designated entities described in subparagraph (A)) entered into before, on, or after the date