83 STAT. ]
PUBLIC LAW 91-172-DEC. 30, 1969
taxable year in which such rolling stock is placed in service, shall be made by filing with the Secretary or his delegate, in such manner, in such form, aaid within such time, as the Secretary or his delegate may by regulations prescribe, a statement of such election. "(c)
TERMINATION OF AMORTIZATION DEDUCTION.—A
which has elected under subsection (b) to take the amortization deduction provided by 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 i
shall be allowed, beginning with the first month as to which the amortization deduction does not apply, and the taxpayer shall not be entitled to any further amortization deduction under this section with respect to such rolling stock. " (d) QUALIFIED RAILROAD ROLLING STOCK.—Except as provided in subsection (e)(4), the term 'qualified railroad rolling stock' means, for purposes of this section, rolling stock of the type used by a common carrier engaged in the furnishing or sale of transportation by railroad and subject to the jurisdiction of the Interstate Commerce Commission if— " (1) such rolling stock is— " (A) used by a domestic common carrier by railroad on a full-time basis, or on a part-time basis if its only additional use is an incidental use by a Canadian or Mexican common carrier by railroad on a per diem basis, or " (B) owned and used by a switching or terminal company all of whose stock is owned by one or more domestic common carriers by railroad, and "(2) the original use of such rolling stock commences with the taxpayer after December 31, 1968. "(e)
"(1) IN GENERAL.—Except as otherwise provided in this subsection, this section shall apply to qualified railroad rolling stock placed in service after 1968 and before 1975. "(2) PLACED I N SERVICE I N I 9 6 9. — I f any qualified railroad
rolling stock is placed in service in 1969— " (A) the month as to which the amortization period shall begin with respect to such rolling stock shall be determined as if such rolling stock were placed in service on December 31, 1969, and " (B) subsections (a) and (b) shall be applied by substituting '48' for '60' each place that it appears in such subsections. This section shall not apply to any qualified railroad rolling stock laced in service in 1969 and owned by any person who is not a omestic common carrier by railroad, or a corporation at least 95 percent of the stock of which is owned by one or more such common carriers. " (3) PLACED I N SERVICE I N 1970.—If any qualified railroad rolling stock is placed in service in 1970 by a domestic common carrier by railroad or by a corporation at least 95 percent of the stock of which is owned by one or more such common carriers, then subsection (a) shall be applied, without regard to paragraph (2), as if such rolling stock were placed in service on December 31, 1969.
RAILROAD ROLLING STOCK NOT I N SHORT SUPPLY.—The
Secretary or his delegate shall determine (with the assistance of the Secretary of Transportation) which types of railroad rolling
^"'^' P- 649. '"^ u s e t fi.'7 26 TTcr* 167.