98 STAT. 608
PUBLIC LAW 98-369—JULY 18, 1984 (1) IN GENERAL.—Part II of subchapter B of chapter 1 (relating to items specifically included in gross income) is amended by adding at the end thereof the following new section:
26 USC 88.
"SEC. 88. CERTAIN AMOUNTS WITH RESPECT TO NUCLEAR DECOMMISSIONING COSTS.
"In the case of any taxpayer who is required to include the amount of any nuclear decommissioning costs in the taxpayer's cost of service of ratemaking purposes, there shall be includible in the gross income of such taxpayer the amount so included for any taxable year." (2) CONFORMING AMENDMENT.—The table of sections for part II of subchapter B of chapter 1 is amended by adding at the end thereof the following new item: 26 USC 461 note.
26 USC 1 et seq. Ante, p. 598. Ante, p. 598.
"Sec. 88. Certain amounts with respect to nuclear decommissioning costs." (g) EFFECTIVE D A T E S. —
(1) IN GENERAL.—Except as provided in this subsection and subsections (h) and (i), the amendments made by this section shall apply to amounts with respect to which a deduction would be allowable under chapter 1 of the Internal Revenue Code of 1954 (determined without regard to such amendments) after— (A) in the case of amounts to which section 461(h) of such Code (as added by such amendments) applies, the date of the enactment of this Act, and (B) in the case of amounts to which section 461(i) of such Code (as so added) applies, after March 31, 1984. (2) TAXPAYER MAY ELECT EARLIER APPLICATION.—
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(A) IN GENERAL.—In the case of amounts described in paragraph (1)(A), a taxpayer may elect to have the amendments made by this section apply to amounts which— (i) are incurred before the date of the enactment of this Act (determined without regard to such amendments), and (ii) are incurred on or after the date of the enactment of this Act (determined with regard to such amendments). (B) ELECTION TREATED AS CHANGE IN THE METHOD OF AC-
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Ante, p. 598. 26 USC 461 note.
COUNTING.—For purposes of section 481 of the Internal Revenue Code of 1954, if an election is made under subparagraph (A) with respect to any amount, the application of the amendments made by this section shall be treated as a change in method of accounting— (i) initiated by the taxpayer, (ii) made with the consent of the Secretary of the Treasury, and (iii) with respect to which section 481 of such Code shall be applied by substituting a 3-year adjustment period for a 10-year adjustment period. (3) SECTION 461(h) TO APPLY IN CERTAIN CASES.—Notwithstanding paragraph (1), section 461(h) of the Internal Revenue Code of 1954 (as added by this section) shall be treated as being in effect to the extent necessary to carry out any amendments made by this section which take effect before section 461(h). (h) EXCEPTION TRACTS.—If—
FOR CERTAIN
EXISTING
ACTIVITIES AND CON-
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