taxpayer on the applicable date the fifth taxable year beginning after the applicable date . . . 50 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date 50 plus 50 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date the sixth taxable year beginning after the applicable date . . . 40 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date 50 plus 40 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date the seventh taxable year beginning after the applicable date . . . 30 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date 50 plus 30 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date the eighth taxable year beginning after the applicable date . . . 20 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date 50 plus 20 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date the ninth taxable year beginning after the applicable date . . . 10 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date 50 plus 10 percent of the number of applicable single-family residences owned by the taxpayer on the applicable date any taxable year beginning more than 9 years after the applicable date . . . 0 50. (d) Definitions For purposes of this section— (1) Applicable single-family residence The term applicable single-family residence means any single-family residence which was acquired on or before the applicable date. (2) Applicable date (A) In general The term applicable date means— (i) the last day of the first full taxable year ending on or after the date of the enactment of this chapter, or (ii) in the case of any taxpayer described in subparagraph (B), the date