[Code of Federal Regulations]
[Title 26, Volume 2]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.168A-2]

[Page 1107-1108]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.168A-2  Election of amortization.

    (a) General rule. An election by the taxpayer to take amortization 
deductions with respect to an emergency facility and to begin the 60-
month amortization period either with the month

[[Page 1108]]

following the month in which such facility was completed or acquired, or 
with the taxable year succeeding the taxable year in which such facility 
was completed or acquired, shall be made by a statement to that effect 
in its return for the taxable year in which falls the first month of the 
60-month amortization period so elected. However, if the facility is 
described in section 168(e)(2)(C) and an application for a certificate 
is filed within the period prescribed by section 9(c) of the Technical 
Amendments Act of 1958 (72 Stat. 1609) and paragraph (b) of Sec. 
1.168A-1, the election may be made by a statement in an amended income 
tax return for the taxable year in which falls the first month of the 
60-month amortization period so elected. The statement and amended 
return in such case must be filed not later than 90 days after the date 
the certificate is made or not later than April 4, 1960, whichever is 
later. Amended income tax returns or claims for credit or refund should 
also be filed for other taxable years which are within such amortization 
period and which precede the taxable year in which the election is made. 
Nothing in this paragraph should be construed as extending the time 
specified in section 6511 within which a claim for credit or refund may 
be filed.
    (b) Election not made, in prescribed manner. If the statement of 
election is not made by the taxpayer as prescribed in paragraph (a) of 
this section, it may, in the discretion of the Commissioner and for good 
cause shown, be made in such manner and form and within such time as may 
be approved by the Commissioner.
    (c) Other requirements and considerations. No method of making such 
election other than those prescribed in this section and corresponding 
sections of prior regulations is permitted. Any statement of election 
should contain a description clearly identifying each emergency facility 
for which an amortization deduction is claimed. A taxpayer which does 
not elect, in the manner prescribed in this section or corresponding 
sections of prior regulations, to take amortization deductions with 
respect to an emergency facility shall not be entitled to such 
deductions.

[T.D. 6500, 25 FR 11402, Nov. 26, 1960; 25 FR 14021, Dec. 21, 1960. 
Redesignated and amended by T.D. 8116, 51 FR 46618, Dec. 24, 1986]