Amended 1976, 1982
- 1982 Pub. L. 97-248 Pub. L. 97–248, § 201(d)(9)(A), designated existing provisions as subsec. (a), added subsec. (a) heading, and added subsec. (b).
- 1976 Pub. L. 94-455 Pub. L. 94–455 struck out “or his delegate” after “Secretary” in two places.
Cases: Florida Publishing Co. v. Commissioner, 64 T.C. 269 (1975); Washington Post Co. v. United States, 405 F.2d 1279 (Ct. Cl. 1969); Davee v. United States, 444 F.2d 557 (Ct. Cl. 1971)
(a) General rule Notwithstanding section 263, all expenditures (other than expenditures for the purchase of land or depreciable property or for the acquisition of circulation through the purchase of any part of the business of another publisher of a newspaper, magazine, or other periodical) to establish, maintain, or increase the circulation of a newspaper, magazine, or other periodical shall be allowed as a deduction; except that the deduction shall not be allowed with respect to the portion of such expenditures as, under regulations prescribed by the Secretary, is chargeable to capital account if the taxpayer elects, in accordance with such regulations, to treat such portion as so chargeable. Such election, if made, must be for the total amount of such portion of the expenditures which is so chargeable to capital account, and shall be binding for all subsequent taxable years unless, upon application by the taxpayer, the Secretary permits a revocation of such election subject to such conditions as he deems necessary.
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(b) Cross reference For election of 3-year amortization of expenditures allowable as a deduction under subsection (a), see section 59(e).
Amended 1984, 1986, 1988
- 1988 Pub. L. 100-647 Pub. L. 100–647 substituted “section 59(e)” for “section 59(d)”.
- 1986 Pub. L. 99-514 Pub. L. 99–514 substituted “section 59(d)” for “section 58(i)”.
- 1984 Pub. L. 98-369 Pub. L. 98–369 substituted “3-year” for “10-year”.