486
PUBLIC LAW 183—OCT. 20, 1951
[65 STAT.
standard deduction for any taxable year may be made after the filing of the return for such year. I f the spouse of the taxpayer filed a separate return for any taxable year corresponding, for the purposes of paragraph (4), to the taxable year of the taxpayer, the change shall not be allowed unless, in accordance with such regulations— ' ' (A) the spouse makes a change of election with respect to the standard deduction for the taxable year covered in such separate return, consistent with the change of election sought by the taxpayer, and " (B) the taxpayer and his spouse consent in writing to the assessment, within such period as may be agreed upon with the Secretary, of any deficiency, to the extent attributable to such change of election, even though at the time of the filing of such consent the assessment of such deficiency would otherwise be prevented by the operation of any law or rule of law. This paragraph shall not apply if the tax liability of the taxpayer's spouse, for the taxable year corresponding (for the purposes of paragraph (4)) to the taxable year of the taxpayer, has fa u.^s.*a'5 3761. "6®^ compromised under the provisions of section 3761." (c) EFFECTIVE DATE.—The amendments made by this section shall be applicable only with respect to taxable years beginning after December 31, 1949. SEC. 309. EXPENDITURES IN THE DEVELOPMENT OF MINES. 63 Stat. 1^. (a) DEDUCTION or ExPENDiTUBES.^—Section 23 (relating to deduc^W,p'.486. • tions from gross income) is hereby amended by adding at the end 49^616. ^^' *^' ^^^' thereof the following new subsection: "(cc) DEVELOPMENT OF M I N E S. —
26U*s c' §23©.
"(1) IN GENERAL.—Except as provided in paragraph (2), all expenditures paid or incurred during the taxable year for the development of a mine or other natural deposit (other than an oil or gas well) if paid or incurred after December 31, 1950, and after me existence of ores or minerals in commercially marketable quantities has been disclosed. This subsection shall not apply to expenditures for the acc^uisition or improvement of property of a character which is subject to the allowance for depreciation provided in section 23(1), but allowances for depreciation shall be considered, for the purposes of this subsection, as expenditures. " (2) ELECTION OF TAXPAYER.—At the election of the taxpayer,
made in accordance with regulations prescribed by the Secretary, expenditures described in paragraph (1) paid or incurred during the taxable year shall be treated as deterred expenses and shall be deductible on a ratable basis as the units of produced ores or minerals benefited by such expenditures are sold. I n the case of such expenditures paid or incurred during the development stage of the mine or deposit, the election shall apply only with respect to the excess of such expenditures during the taxable year over the net receipts during the taxable year from the ores or minerals produced from such mine or deposit. The election under this paragraph, if made, must be for the total amount of such expenditures, or the total amount of such excess, as the case may be, with respect to the mine or deposit, and shall be binding for such taxable year. "(3) ADJUSTED BASIS or MINE OR DEPOSIT.—The amount of expenditures which are treated under paragraph (2) as deferred
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