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TITLE 26-INTERNAL REVENUE CODE under chapter 1 for the last taxable year in the period of 5 taxable years (or 7 taxable years) to which the election relates. Such de- ficiency may be assessed notwithstanding the provisions of any law or rule of law which would otherwise prevent such an assessment. (Added Pub. L. 91-172, title II, § 213(a), Dec. 30, 1969, 83 Stat. 571, and amended Pub. L. 92-178, title III, §311(a), Dec. !0, 1971, 85 Stat. 525; Pub. L. 94-455, title II, §214(a), title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1549, 1834.) AMENDMENTS 1976-Subsec. (d). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (e)(3). Pub. L. 94-455, §1906(b)(13)(A), struck out "or his delegate" following "Secretary". Subsec. (e)(4). Pub. L. 94-455, § 214(a), added par. (4). 1971-Subsec. (e). Pub. L. 92-178 added subsec. (e). EFFECTIVE DATE OF 1976 AMENDMENT Section 214(c) of Pub. L. 94-455 provided that: "The amendments made by this section [to subsec. (e)(4) of this section and -ction 6212(c)(2)(E) of this title] shall apply with ,spect to taxable years beginning after December 31, 1969; except that such amend- ments shall not apply to any taxable year ending before the date of the enactment of this Act [Oct. 4. 1976] with respect to which the period for assessing a deficiency has expired before such date of enact- ment." EFFECTIVE DATE OF 1971 AMENDMENT Section 311(b) of Pub. L. 92-178 provided that: "The amendment made by subsection (a) [enacting subsec. (e) of this section] shall apply to taxable years begin- ning after December 31, 1969." EFFECTIVE DATE Section 213(d) of Pub. L. 91-172 provided that: "The amendments made by this section [enacting this sec- tion, amending section 6504 of this title, and repealing section 270 of this title] shall apply to taxable years beginning after December 31, 1969." SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 280A, 6212 of this title. § 184. Amortization of certain railroad rolling stock (a) Allowance of deduction Every person, at his election, shall be entitled to a deduction with respect to the amortization of the adjusted basis (for determining gain) of any qualified railroad rolling stock (as defined in subsection (d)), based on a period of 60 months, Such amortization deduction shall be an amount, with respect to each month of such period within the taxable year, equal to the ad- Justed basis of the qualified railroad rolling stock at the end of such month divided by the number of months (including the month for which the deduction is computed) remaining in the period. Such adjusted basis at the end of the month shall be computed without regard to the amortization deduction for such month. The amortization deduction provided by this section with respect to any qualified railroad rolling stock for any month shall be in lieu of the depreciation deduction with respect to such rolling stock for such month provided by sec- tion 167. The 60-month period shall begin, as to any qualified railroad rolling stock, at the elec- tion of the taxpayer, with the month following the month in which such rolling stock was placed in service or with the succeeding taxable year. (b) Election of amortization The election of the taxpayer to take the am- ortization deduction and to begin the 60-month period with the month following the month in which the qualified railroad rolling stock was placed in service, or with the taxable year suc- ceeding the taxable year in which such rolling stock is placed in service, shall be made by filing with the Secretary, in such manner, in such form, and within such time, as the Secre- tary may by regulations prescribe, a statement of such election. () Termination of amortization deduction A taxpayer which has elected under subsec- tion (b) to take the amortization deduction pro- vided by subsection (a) may, at any time after making such election, discontinue the amortiza- tion deduction with respect to the remainder of the amortization period, such discontinuance to begin as of the beginning of any month speci- fied by the taxpayer in a notice in writing filed with the Secretary before the beginning of such month. The depreciation deduction pro- vided under section 167 shall be allowed, begin- ning with the first month as to which the am- ortization deduction does not apply, and the taxpayer shall not be entitled to any further amortization deduction under this section with respect to such rolling stock. (d) Qualified railroad rolling stock Except as provided in subsection (e)(4), the term "qualified railroad rolling stock" means, for purposes of this section, rolling stock of the type used by a common carrier engaged in the furnishing or sale of transportation by railroad and subject to the jurisdiction of the Interstate Commerce Commission if- (1) such rolling stock is- (A) used by a domestic common carrier by railroad on a full-time basis, or on a part- time basis if its only additional use is an in- cidental use by a Canadian or Mexican common carrier by railroad on a per diem basis, or (B) owned and used by a switching or ter- minal company all of whose stock is owned by one or more domestic common carriers by railroad, and (2) the original use of such rolling stock commences with the taxpayer after December 31, 1968. (e) Special rules (1) In general Except as otherwise provided in this subsec- tion, this section shall apply to qualified rail- road rolling stock placed in service after 1968 and before 1976. (2) Placed in service in 1969 If any qualified railroad rolling stock is placed in service in 1969- (A) the month as to which the amortiza- tion period shall begin with respect to such rolling stock shall be determined as if such rolling stock were placed in service on De- cember 31, 1969, and Page 185 § 184