[Code of Federal Regulations]
[Title 26, Volume 13]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR]

[Page 642-643]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Procedure and Administration--Table of Contents
 
Sec.  1.9200-2  Manner of taking deduction.

    (a) In general. The deduction provided by Sec.  1.9200-1 shall be 
taken by multiplying the amount of the monthly deduction determined 
under Sec.  1.9200-1 (c)(2) for each motor carrier operating authority 
by the number of months in the taxable year for which the deduction is 
allowable, and entering the resulting amount at the appropriate place on 
the taxpayer's return for each year in which the deduction is properly 
claimed. Additionally, any taxpayer who has claimed the deduction 
provided by Sec.  1.9200-1 must (unless it has already filed a statement 
containing the required information) attach a statement to the next 
income tax return of the taxpayer which has a filing due date on or 
after June 4, 1984. The statement shall provide, in addition to the 
taxpayer's name, address, and taxpayer identification number, the 
following information for each motor carrier operating authority for 
which a deduction was claimed:
    (1) The taxable year of the taxpayer for which the deduction was 
first claimed;
    (2) Whether the taxpayer's deduction was determined using the 
adjusted basis of the authority under section 1012 or an allocated stock 
basis under Sec.  1.9200-1 (e) (2); and
    (3) If an allocation of stock basis has been made under Sec.  
1.9200-1(e)(2), the calculations made in determining the amount of basis 
to be allocated to the authority.
    (b) Filing and amendment of returns. A taxpayer who has filed its 
return for the taxable year that includes July 1, 1980, claiming the 
deduction allowed under Sec.  1.9200-1, may amend its return for such 
year in order to elect under Sec.  1.9200-1(c)(1)(ii) to begin the 60-
month period in the subsequent taxable year. A taxpayer eligible to take 
the deduction under Sec.  1.9200-1 who has filed its returns for both 
the taxable year that includes July 1, 1980, and the following taxable 
year without claiming the deduction, may claim the deduction by filing 
amended returns or claims for refund for the taxable year in which the 
taxpayer elects to begin the 60-month period, and for subsequent taxable 
years. If a taxpayer first claims the deduction on an amended return 
under the preceding sentence, the statement required by paragraph (a) of 
this section must be attached to such amended return.

[[Page 643]]

    (c) Deduction taken for operating authority other than under Sec.  
1.9200-1. If a deduction other than the deduction allowed under Sec.  
1.9200-1 was taken in any taxable year for the reduction in value of a 
motor carrier operating authority caused by administrative or 
legislative actions to decrease restrictions on entry into the 
interstate motor carrier business, the taxpayer should file an amended 
return for such taxable year which computes taxable income without 
regard to such deduction.

(Approved by the Office of Management and Budget under control number 
1545-0767)


(Sec. 266, Economic Recovery Tax Act of 1981 (Pub. L. 97-34; 95 Stat. 
265); sec. 517, Highway Revenue Act of 1982 (Pub. L. 97-424; 96 Stat. 
2097); and sec. 7805, Internal Revenue Code of 1954 (68A Stat. 917; 26 
U.S.C. 7805)

[T.D. 7947, 49 FR 8249, Mar. 6, 1984]