107 STAT. 540 PUBLIC LAW 103-66 —AUG. 10, 1993 26 USC 197 note. (g) EFFECTIVE DATE. — (1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall apply with respect to property acquired after the date of the enactment of this Act. (2) ELECTION TO HAVE AMENDMENTS APPLY TO PROPERTY ACQUIRED AFTER JULY 25, 1991. — (A) IN GENERAL. —If an election under this paragraph applies to the taxpayer— (i) the amendments made by this section shall apply to property acquired by the taxpayer after July 25, 1991, (ii) subsection (c)(l)(A) of section 197 of the Internal Revenue Code of 1986 (as added by this section) (and so much of subsection (f)(9)(A) of such section 197 as precedes clause (i) thereof) shall be applied with respect to the taxpayer by treating July 25, 1991, as the date of the enactment of such section, and (iii) in applying subsection (f)(9) of such section, with respect to any property acquired by the taxpayer on or before the date of the enactment of this Act, only holding or use on July 25, 1991, shall be taken into account. (B) ELECTION. —An election under this paragraph shall be made at such time and in such manner as the Secretary of the Treasury or his delegate may prescribe. Such an election by any taxpayer, once made— (i) may be revoked only with the consent of the Secret£ury, and (ii) shall apply to the taxpayer making such election and any other taxpayer under common control with the taxpayer (within the meaning of subparagraphs (A) and (B) of section 41(f)(l) of such Code) at any time after August 2, 1993, and on or before the date on which such election is made. (3) ELECTIVE BINDING CONTRACT EXCEPTION. — (A) IN GENERAL. — The amendments made by this section shall not apply to any acquisition of property by the taxpayer if— (i) such acquisition is pursuant to a written binding contract in effect on the date of the enactment of this Act and at all times thereafter before such acquisition, (ii) an election under paragraph (2) does not apply to the taxpayer, and (iii) the taxpayer makes an election under this paragraph with respect to such contract. (B) ELECTION.— An election under this paragraph shall be made at such time and in such manner as the Secretary of the Treasury or his delegate shall prescribe. Such an election, once made— (i) may be revoked only with the consent of the Secretary, and (ii) shall apply to all property acquired pursuant to the contract with respect to whicn such election was made.
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