Section 1 Election to expense race horses
In general— Part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 179E the following new section:
“179F. Election to expense race horses
“A taxpayer may elect to treat the cost of any race horse as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the race horse is placed in service.”
Clerical amendment— The table of sections for part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 179E the following new item:
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.