Page:United States Statutes at Large Volume 67.djvu/657

 67 S T A T. ]

PUBLIC LAW 287-AUG. 15, 1953

adjusted basis at the end of the month shall be computed without regard to the amortization deduction for such month. The amortization deduction above provided with respect to any month shall be in lieu of the deduction with respect to such facility for such month provided by section 23(1) (relating to exhaustion, wear and tear, and obsolescence).

621

26 USC 23.

" (b) ELECTION OF AMORTIZATION.—The election of the taxpayer

under subsection (a)(1) to take the amortization deduction and to begin the sixty-month period with the month following the month in which the facility was completed shall be made only by a statement to that effect in the return for the taxable year in which the facility was completed. The election of the taxpayer under subsection (a) (1) to take the amortization deduction and to begin such period with the taxable year succeeding such year shall be made only by a statement to that effect in the return for such succeeding taxable year. The election of the taxpayer under subsection (a)(2) to take the amortization deduction shall be made only by a statement to that effect in the return for the taxable year in which the facility was acquired. Notwithstanding the preceding three sentences, the election of the taxpayer under subsection (a)(1) or (2) may be made, under such regulations as the Secretary may prescribe, before the time prescribed in the applicable sentence. "(c) TERMINATION OF AMORTIZATION DEDUCTION.—A taxpayer which has elected under subsection (b) to take the amortization deduction provided in subsection (a) may, at any time after making such election, discontinue the amortization deduction with respect to the remainder of the amortization period, such discontinuance to begin as of the beginning of any month specified by the taxpayer in a notice in writing filed with the Secretary before the beginning of such month. The deduction provided under section 23(1) shall be allowed, begin- ^^ ^^^ ^3. ning with the first month as to which the amortization deduction is not applicable, and the taxpayer shall not be entitled to any further amortization deduction with respect to such facility. " (d) DEFINITION OF GRAIN STORAGE FACILITT.—For the purposes

of this section, the term 'grain storage facility' means— " (1) any corn crib, grain bin, or grain elevator, or any similar structure suitable primarily for the storage of grain, which crib, bin, elevator, or structure is intended by the taxpayer at the time of his election to be used for the storage of grain produced by him (or, if the election is made by a partnership, produced by the members thereof); and "(2) any public grain warehouse permanently equipped for receiving, elevating, conditioning, and loading out grain, the construction, reconstruction, or erection of which was completed after December 31, 1952, and on or before December 31, 1956. If any structure described in clause (1) or (2) of the preceding sentence is altered or remodeled so as to increase its capacity for the storage of grain, or if any structure is converted, through alteration or remodeling, into a structure so described, and if such alteration or remodeling was completed after December 31, 1952, and on or before December 31, 1956, such alteration or remodeling shall be treated as the construction of a grain storage facility. The term 'grain storage facility' shall include only property of a character which is subject to the allowance for depreciation provided in section 23(1). The term 'grain ^* "^^ ^^* storage facility' shall not include any facility any part of which is an emergency facility within the meaning of section 124A. 26 USC 124A. 27000 O - 53 - 42

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