after the date of the enactment of this Act. 208. Modification and clarification of rights relating to building purchase (a) Modification of right of first refusal (1) In general Subparagraph (A) of section 42(i)(7) of the Internal Revenue Code of 1986 is amended by striking a right of 1st refusal and inserting an option . (2) Conforming amendment The heading of paragraph (7) of section 42(i) of such Code is amended by striking right of 1st refusal and inserting option . (b) Clarification with respect to right of first refusal and purchase options (1) Purchase of partnership interest (A) In general Subparagraph (A) of section 42(i)(7) of the Internal Revenue Code of 1986, as amended by subsection (a), is amended by 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) Application to S corporations and other pass-through entities Subparagraph (A) of section 42(i)(7) of such Code is amended by adding at the end the following: Except as provided by the Secretary, the rules of this paragraph shall apply to S corporations and other pass-through entities in the same manner as such rules apply to partnerships. . (C) Conforming amendment Subparagraph (B) of section 42(i)(7) of such Code is amended by adding at the end the following: In the case of a purchase of all of the partnership interests, the minimum purchase price under this subparagraph shall be an amount not less than the sum of the interests’ shares of the amount which would be determined with respect to the property under this subparagraph without regard to this sentence. . (2) Property includes assets relating to the building Paragraph (7) of section 42(i) of such Code 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,