PUBLIC LAW 94-455—OCT. 4, 1976
90 STAT. 1779
( 8 6) AMENDMENTS o r SECTION 6 1 3 A. —
(A) Section 6 1 3 A (b)(1)(C) (relating to exemption for 26 USC 613A. certain domestic gas wells) is amended by striking out "within the meaning of section 6 1 3 (b)(1)(A) ". (B) Section 613A(c)(6)(i) (relating to limitations on percentage depletion in case of oil and gas wells) is amended by striking o u t "determined w i t h " and inserting i n lieu thereof "determined without". (87)
AMENDMENTS
OF SECTION 6 1 4. —
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(A)(i) Section 614(c) (relating to aggregation of mineral 26 USC 614. interests in mines) is amended by striking out paragraph (4) (relating to special rule as to exploration deductions p r i o r to i aggregation). (ii) The amendment made by clause (i) shall a p p l y with 26 USC 614 respect to elections to form aggregations of operating min- "o*®eral interests made under section 614(c)(1) of the Internal Revenue Code of 1954 for taxable years beginning after December 31, 1976. (B) The t h i r d sentence of section 614(c)(2) (relating to election to treat a single interest as more than one property) is amended to read as follows: " A separate property so •>!::; formed may, under regulations prescribed by the Secretary, be included as a part of a n aggregation in accordance with paragraph s (1) and (3). " (C) Section 6 1 4 (c)(3) (relating to manner and scope of election) is amended to read as follows: "(3)
M A N N E K AND SCOPE OF ELECTION.—The elections provided
by paragraph s (1) and (2) shall be made, in accordance with regulations prescribed by the Secretary, not later than the time prescribed for filing the return (including extensions thereof) for the first taxable year— " (A) in which, in the case of an election under paragraph (1), any expenditure for development or operation in respect of the separate operating mineral interest is m a d e by the taxpayer after the acquisition of such interest, or " (B) in which, in the case of an election under paragraph (2), expenditures for development or operation of more than one mine in respect of a property are made by the taxpayer after the acquisition of the property. A n election made under paragraph (1) or (2) for a taxable year shall be binding upon the taxpayer for such year and all subsequent taxable years, except that the Secretary may consent to a different treatment of any interest with respect to which a n election has been made."
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(88) REPEAL OF SECITON 615.—Section 615 (relating to deduc- 26 USC 615.
tion of pre-1970 exploration expenses) is repealed. (89) AMENDMENT
OF SECTION
617.—Section
617(a)(2)(B)
26 USC 617.
(relating to time and scope of election to deduct certain mining exploration expenditures) is amended by striking out " may not be revoked after the last day of the t h i r d month following the month in which the final regulations issued under the authority of this subsection are published in the Federal Register, unless" and inserting in lieu thereof "may not be revoked unless". (90) R E P E A L OF SECTION 6;52.—Section 632 ( r e l a t i n g to tax in
26 USC 632.
case of sale of oil and gas properties) is repealed. (91)
AMENDMENT
OF SECTION
69I.—Section
691(c)(1)(B)
(relating to deduction for estate tax) is amended by striking out the last sentence.
26 USC 691.
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