26 USC 179B - Deduction for capital costs incurred in complying with Environmental Protection Agency sulfur regulations

U.S Code last checked for updates: Nov 22, 2024

§ 179B.

Deduction for capital costs incurred in complying with Environmental Protection Agency sulfur regulations

(a)

Allowance of deduction

(b)

Reduced percentage

(c)

Basis reduction

(1)

In general

(2)

Ordinary income recapture

(d)

Coordination with other provisions

(e)

Election to allocate deduction to cooperative owner

(1)

In general

If—

(A)

a small business refiner to which subsection (a) applies is an organization to which part I of subchapter T applies, and

(B)

one or more persons directly holding an ownership interest in the refiner are organizations to which part I of subchapter T apply,

the refiner may elect to allocate all or a portion of the deduction allowable under subsection (a) to such persons. Such allocation shall be equal to the person’s ratable share of the total amount allocated, determined on the basis of the person’s ownership interest in the taxpayer. The taxable income of the refiner shall not be reduced under section 1382 by reason of any amount to which the preceding sentence applies.

(2)

Form and effect of election

(3)

Written notice to owners

(Added Pub. L. 108–357, title III, § 338(a), Oct. 22, 2004, 118 Stat. 1480; amended Pub. L. 109–58, title XIII, § 1324(a), Aug. 8, 2005, 119 Stat. 1015; Pub. L. 110–172, § 7(a)(3)(A), (C), Dec. 29, 2007, 121 Stat. 2482.)

cite as: 26 USC 179B