(a) Section 167(g) of the Internal Revenue Code, relating to depreciation under income forecast method, shall be modified as follows: (1) Section 167(g)(2)(C) of the Internal Revenue Code is modified by substituting âSection 19521â for âSection 460(b)(7)â of the Internal Revenue Code. (2) Section 167(g)(5)(D) of the Internal Revenue Code is modified by substituting âPart 10.2 (commencing with Section 18401) (other than Section 19136)â for âSubtitle F (other than Sections 6654 and 6655).â (3) Section 167(g)(5)(E) of the Internal Revenue Code, relating to treatment of distribution costs, shall not apply. (4) Section 167(g)(7) of the Internal Revenue Code, relating to treatment of participations and residuals, shall not apply. (b) Section 167(h) of the Internal Revenue Code, relating to amortization of geological and geophysical expenditures, shall not apply.
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