56 STAT.] 77TH CONG. , 2D SESS.-CH. 619-OCT. 21 , 1942 lieu thereof "at or prior to the time prescribed for the filing of the taxpayer's return for the taxable year of the taxpayer beginning in 1942, or if there is more than one taxable year of the taxpayer beginning in 1942, for the last taxable year so beginning". SEC. 155. EXTENSION OF DEDUCTION FOR AMORTIZATION OF EMER- GENCY FACILITIES. (a) GENERAL RuE. - The first sentence of section 124 (a) is amended to read as follows: "Every person, at his election, shall be entitled to a deduction with respect to the amortization of the adjusted basis (for determining gain) of any emergency facility (as defined in subsection (e)), based on a period of sixty months." (b) ELECTION OF AMORTIZATION. -Section 124 (b) is amended by adding at the end thereof the following new sentence: "In the case of an emergency facility completed or acquired (1) after December 31, 1939, and before June 11, 1940, by a corporation, or (2) after December 31, 1939, and before January 1, 1942, by a person other than a corporation, the taxpayer's election to take the amortization deduction and to begin such period with either the month following the month in which the facility was completed or acquired or with the succeeding taxable year shall be made only by a statement in writing to that effect to the Commissioner and shall be made before the expiration of six months after the date of enactment of the Revenue Act of 1942." (c) TERMINATION OF AMORTIZATION PERIOD.- (1) Section 124 (d) (3) is amended to read as follows: "(3) In the case of a taxpayer which has not elected, in the manner prescribed in subsection (b), to take an amortization deduction with respect to an emergency facility, if the date of the proclamation or the date specified in the certificate, referred to in paragraph (1) of this subsection, whichever is earlier, is before the expiration of sixty months from the last day of the month in which such emergency facility was completed or acquired, then the taxpayer may elect (in accordance with paragraph (4) of this subsection) the amortization deduction provided in subsection (a), using an amortization period beginning with the month fol- lowing the month in which the emergency facility was completed or acquired and ending as of the end of the month within which such proclamation was issued or within which occurred the date specified in such certificate, whichever is the earlier." (2) Section 124 (d) is amended by inserting at the end thereof the following new paragraph: "(6) In the case of a taxpayer which has not elected, in the manner prescribed in subsection (b), to take an amortization de- duction with respect to an emergency facility, if the date of the proclamation referred to in paragraph (1) of this subsection or the date specified in the certificate referred to in paragraph (1) of this subsection is before the completion of such emergency facility, then the taxpayer may elect (in accordance with para- graph (4) of this subsection) the amortization deduction pro- vided in subsection (a), using an amortization period beginning with the month in which the construction, reconstruction, erec- tion, or installation of the emergency facility was begun and end- ing as of the end of the month within which such proclamation was issued or within which occurred the date specified in the cer- tificate referred to in paragraph (1) of this subsection, whichever is the earlier." 54 Stat. 909. 26U. .C.. 124(a). 54 Stat. 999 . 2U.S.C. 124(b). 4 Stat. 1000. 26 ..8 . 24 (d) (3). M Stat. 1000. 26 U.S. C.. 124 (d). 65714°-- 43-PT. I-54
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