26 C.F.R. § 1.50-1 Restoration of credit.
Title 26 - Internal Revenue
(a) In general. Section 49(a) (relating to termination of credit) does not apply to property— (1) The construction, reconstruction, or erection of which by the taxpayer— (i) Is completed after August 15, 1971, or (ii) Is begun after March 31, 1971, or (2) Which is acquired by the taxpayer— (i) After August 15, 1971, or (ii) After March 31, 1971, and before August 16, 1971, pursuant to an order which the taxpayer establishes was placed after March 31, 1971. (b) Transitional rule. In the case of property (other than pretermination property) the construction, reconstruction, or erection of which by the taxpayer is begun before April 1, 1971, and completed after August 15, 1971, there shall be taken into account as the basis of new section 38 property in determining qualified investment only that portion of the basis which is properly attributable to construction, reconstruction, or erection after August 15, 1971. (c) Principles to be applied. The principles of §1.48–2 (b) and (c) shall be applied in determining when property is acquired and in determining that portion of the basis of property properly attributable to construction, reconstruction, or erection after August 15, 1971. [T.D. 7203, 37 FR 17133, Aug. 25, 1972]
Title 26: Internal Revenue
PART 1—INCOME TAXES
rules for computing credit for investment in certain depreciable property
§ 1.50-1 Restoration of credit.
