Page:United States Statutes at Large Volume 83.djvu/695

 83 STAT. ]

PUBLIC LAW 91-172-DEC. 30, 1969

667

" (B) property which would be section 38 property but for section 49 is placed in service by the taxpayer to replace the property disposed of, the increase under paragraph (1) and the adjustment under paragraph (3) shall not be greater than the increase or adjustment which would result if the qualified investment of the property described in subparagraph (B) (determined as if such property were section 38 property) were substituted for the qualified investment of the property disposed of (as determined under paragraph (1)). Except in the case of a disposition by reason of a casualty or theft occurring before April 19, 1969, the preceding sentence shall apply only if the section 38 property disposed of is replaced within 6 months after the date of such disposition." (d) CONFORMING AMENDMENT.—The table of sections for subpart B of part IV of subchapter A of chapter 1 (relating to rules for computing credit for investment in certain depreciable property) is amended by adding at the end thereof the following new item:

^"^^' P- ^6°-

"Sec. 49. Termination of credit." SEC. 704. AMORTIZATION OF POLLUTION CONTROL FACILITIES.

(a) ALLOWANCE.—Part VI of subchapter B of chapter 1 (relating p^'tf^*^*' t%. to itemized deductions for individuals and corporations) is amended 674. by striking out section 169 and inserting in lieu thereof the following 26 USC leris?. new section: "SEC. 169. AMORTIZATION OF POLLUTION CONTROL FACILITIES. " (a) ALLOWANCE OF DEDTJCI^ON.—Every person, at his election, shall be entitled to a deduction with respect to the amortization of the amortizable basis of any certified pollution control facility (as defined in subsection (d), based on a period of 60 months. Such amortization deduction shall be an amount, with respect to each month of such period within the taxable year, equal to the amortizable basis of the pollution control facility at the end of such month divided by the number of months (including the month for which the deduction is computed) remaining in the period. Such amortizable basis at the end of the month shall be computed without regard to the amortization deduction for such month. The amortization deduction provided by this section with respect to any month shall be in lieu of the depreciation deduction with respect to such pollution control facility for such month provided by section 167. The 60-month period shall begin, as to, / " ^ ^ ^k?^'*^' any pollution control facility, at the election of the taxpayer, with the 26 USC 167. month following the month in which such facility was completed or acquired, or with t]ie succeeding taxable year. " (b) ELECTION or AMORTIZATION.—The election of the taxpayer to

take the amortization deduction and to begin the 60-month period with the month following the month in which the facility is completed or acquired, or with the taxable year succeeding the taxable year in which such facility is completed or acquired, shall be made by filing with the Secretary or his delegate, in such manner, in such form, and within such time, as the Secretary or his delegate may by regulations prescribe, a statement of such election. " (c) TERMINATION

or

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 or his delegate before the beginning of such month. The depreciation deduction provided under section 167 shall be allowed, beginning with the first month as to which the

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