§1.45G-1   Railroad track maintenance credit.

(a) In general.

(b) Definitions.

(1) Class II railroad and Class III railroad.

(2) Eligible railroad track.

(3) Eligible taxpayer.

(4) Qualifying railroad structure.

(5) Qualified railroad track maintenance expenditures.

(6) Rail facilities.

(7) Railroad-related property.

(8) Railroad-related services.

(9) Railroad track.

(10) Form 8900.

(11) Examples.

(c) Determination of amount of railroad track maintenance credit for the taxable year.

(1) General amount.

(2) Limitation on the credit.

(i) Eligible taxpayer is a Class II railroad or Class III railroad.

(ii) Eligible taxpayer is not a Class II railroad or Class III railroad.

(iii) No carryover of amount that exceeds limitation.

(3) Determination of amount of QRTME paid or incurred.

(i) In general.

(ii) Effect of reimbursements received from persons other than a Class II or Class III railroad.

(4) Examples.

(d) Assignment of track miles.

(1) In general.

(2) Assignment eligibility.

(3) Effective date of assignment.

(4) Assignment information statement.

(i) In general.

(ii) Assignor.

(iii) Assignee.

(iv) Special rule for returns filed prior to November 9, 2007.

(5) Special rules.

(i) Effect of subsequent dispositions of eligible railroad track during the assignment year.

(ii) Effect of multiple assignments of eligible railroad track miles during the same taxable year.

(6) Examples.

(e) Adjustments to basis.

(1) In general.

(2) Basis adjustment made to railroad track.

(3) Examples.

(f) Controlled groups.

(1) In general.

(2) Definitions.

(i) Trade or business.

(ii) Group and controlled group.

(iii) Group credit.

(iv) Consolidated group.

(v) Credit year.

(3) Computation of the group credit.

(4) Allocation of the group credit.

(5) Special rules for consolidated groups.

(i) In general.

(ii) Special rule for allocation of group credit among consolidated group members.

(6) Tax accounting periods used.

(i) In general.

(ii) Special rule when timing of QRTME is manipulated.

(7) Membership during taxable year in more than one group.

(8) Intra-group transactions.

(i) In general.

(ii) Payment for QRTME.

(g) Effective/applicability date.

(1) In general.

(2) Taxable years ending before September 7, 2006.

(3) Special rules for returns filed prior to November 9, 2007.

(4) Taxable years beginning after December 31, 2011.

(5) Taxable years beginning before January 1, 2012.