MARVIN MANDEL,

Governor

3161

(G) EVERY PERSON IS ENTITLED TO DEDUCTION WITH
RESPECT TO THE AMORTIZATION OF THE AMORTIZABLE BASIS OF
ANY CERTIFIED HISTORIC STRUCTURE BASED ON A PERIOD OF 120
MONTHS, THIS AMORTIZATION DEDUCTION SHALL BE AN AMOUNT,
WITH RESPECT TO EACH MONTH OF THE PERIOD WITHIN THE
TAXABLE YEAR, EQUAL TO THE AMORTIZABLE BASIS AT THE END
OF SUCH MONTH DIVIDED BY THE NUMBER OF MONTHS (INCLUDING
THE MONTH FOR WHICH THE DEDUCTION IS COMPLETED) REMAINING
IN THE PERIOD. THE AMORTIZABLE BASIS AT THE END OF THE
MONTH SHALL BE COMPUTED WITHOUT REGARD TO THE
AMORTIZATION DEDUCTION FOR THE MONTH. THE AMORTIZATION
DEDUCTION PROVIDED BY THIS SECTION WITH RESPECT TO ANY
MONTH SHALL BE IN LIEU OF THE DEPRECIATION DEDUCTION WITH
RESPECT TO SUCH BASIS FOR SUCH MONTH PROVIDED BY SECTION
167 OF THE INTERNAL REVENUE CODE. THE 120-MONTH PERIOD
SHALL BEGIN, AS TO ANY HISTORIC STRUCTURE, AT THE
ELECTION OF THE TAXPAYER, WITH THE MONTH FOLLOWING THE
MONTH IN WHICH THE BASIS IS ACQUIRED, OR WITH THE
SUCCEEDING TAXABLE YEAR.

(H) THE ELECTION OF THE TAXPAYER TO TAKE THE
AMORTIZATION DEDUCTION AND TO BEGIN THE 120-MONTH PERIOD
WITH THE MONTH FOLLOWING THE MONTH IN WHICH THE BASIS IS
ACQUIRED, OR WITH THE TAXABLE YEAR SUCCEEDING THE TAXABLE
YEAR IN WHICH THE BASIS IS ACQUIRED, SHALL BE MADE BY
FILING A STATEMENT OF THE ELECTION WITH THE STATE
COMPTROLLER OR HIS DELEGATE, IN A MANNER AND WITHIN A
TIME PERIOD AS THE STATE COMPTROLLER OR HIS DELEGATE MAY
PRESCRIBE BY REGULATION.

(I) A TAXPAYER WHO HAS ELECTED UNDER SUBSECTION (H)
TO TAKE THE AMORTIZATION DEDUCTION PROVIDED IN SUBSECTION
(G) MAY DISCONTINUE, AT ANY TIME AFTER MAKING THE
ELECTION, THE AMORTIZATION DEDUCTION WITH RESPECT TO THE
REMAINDER OF THE AMORTIZATION PERIOD, THE DISCONTINUANCE
TO BEGIN AS OF THE BEGINNING OF ANY MONTH SPECIFIED BY
THE TAXPAYER IN A NOTICE IN WRITING FILED WITH THE STATE
COMPTROLLER OR HIS DELEGATE BEFORE THE BEGINNING OF THE
MONTH. THE DEPRECIATION DEDUCTION PROVIDED UNDER SECTION
167 OF THE INTERNAL REVENUE CODE SHALL BE ALLOWED,
BEGINNING WITH THE FIRST MONTH AS TO WHICH THE
AMORTIZATION DEDUCTION DOES NOT APPLY, AND THE TAXPAYER
IS NOT ENTITLED TO ANY FURTHER AMORTIZATION DEDUCTION
UNDER THIS SECTION WITH RESPECT TO THE CERTIFIED HISTORIC
STRUCTURE.

(J) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION
(B) OF THIS SECTION, ANY DEPRECIATION DEDUCTION PROVIDED
BY SECTION 167 OF THE INTERNAL REVENUE CODE IS ALLOWED
WITH RESPECT TO THE PORTION OF THE ADJUSTED BASIS WHICH
IS NOT THE AMORTIZABLE BASIS.

(K) IN THE CASE OF PROPERTY HELD BY ONE PERSON FOR
LIFE WITH REMAINDER TO ANOTHER PERSON, THE DEDUCTION