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PUBLIC LAW 287-AUG. 15, 1953
[67 S T A T.
"(c) For the purposes of this section, if the period, beginning on the first day of the taxable year of the predecessor corporation in which the acquisition occurred and ending on the last day of the ' ' taxable year of the successor corporation in which the acquisition occurred, is not more than twelve months, then— "(1) if such net operating loss or unused excess profits credit was for a taxable year beginning before January 1, 1948, the ., ,. number of succeeding taxable years to which such net operating loss or unused excess profits credit is a carry-over shall be three 26 USC 122,710. (instead of two, as respectively provided in section 122(b)(2) (A) and section 710(c)(3)(B) of such code); and " (2) if such net operating loss was for a taxable year beginning after December 31, 1947, and before January 1, 1950, the number of succeeding taxable years to which such net operating loss is a carry-over shall be four (instead of three, as provided in section 122 (b)(2)(C) of such code); and such regulations shall prescribe (as nearly as possible in the manner respectively prescribed in sections 122(b)(2) and 710 (c) (3)(B) of such code with respect to a net operating loss or an unused excess profits credit, as the case may be, for such taxable year) the amount to be carried over to the last of such succeeding taxable years." (2) The amendment made by paragraph (1) shall be effective as if included in such Act of July 15, 1947, at the time of its enactment. SEC. 206. AMORTIZATION DEDUCTION FOR GRAIN STORAGE FACILITIES. (a) ALLOWANCE OF DEDUCTION.—Supplement B of subchapter C 26 USC 124A. of chapter 1 is hereby amended by inserting after section 124A the following new section: 'SEC. 124B. AMORTIZATION DEDUCTION FOR GRAIN STORAGE FACILITIES. " (a) ALLOWANCE or DEDUCTION.— "(1) ORIGINAL OWNER.—Any person who constructs, recon-
structs, or erects a grain storage facility (as defined in subsection (d)) shall, at his election, be entitled to a deduction with respect to the amortization of the adjusted basis (for determining gain) of such facility based on a period of sixty months. The sixtymonth period shall begin as to any such facility, at the election of the taxpayer, with the month following the month in which the facility was completed, or with the succeeding taxable year. " (2) SUBSEQUENT OWNERS.—Any person who acquires a grain storage facility from a taxpayer who— " (A) elected under subsection (b) to take the amortization deduction provided by this subsection with respect to such facility, and " (B) did' not discontinue the amortization deduction pursuant to subsection (c). shall, at his election, be entitled to a deduction with respect to the adjusted basis (determined under subsection (e)(2)) of such facility based on the period, if any, remaining (at the time of acquisition) in the sixty-month period elected under subsection (b) by the person who constructed, reconstructed, or erected such facility. "(3) AMOUNT OF DEDUCTION.—The amortization deduction provided in paragraphs (1) and (2) shall be an amount, with respect to each month of the amortization period within the taxable year, equal to the adjusted basis of the facility at the end of such month, divided by the number of months (including the month for which the deduction is computed) remaining ir; tj ^tloJ. Such
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