Sec. 18. Uniform seven-year amortization for geological and geophysical expenditures
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/bill/117/s/1167/is/section-18A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 167(h) of the Internal Revenue Code of 1986 is amended— by striking 24-month period each place it appears in paragraphs
(1)and
(4)and inserting 84-month period ; by striking paragraph
(2)and inserting the following: For purposes of paragraph (1), any payment paid or incurred during any month shall be treated as paid or incurred on the mid-point of such month. ; and by striking paragraph (5). The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act.