Taxpayers may elect under IRC § 195 to deduct in the first year of operation up to $5,000 of startup expenses (reduced by the excess of total startup costs over $50,000) of an active trade or business and generally must amortize the remainder over 15 years. In July, the IRS issued final, temporary and proposed regulations allowing the election to be deemed rather than made formally. Since 2004, enterprises were required to file a separate election statement such as Form 4562, Depreciation and Amortization. But effective Sept. 6, 2008, they are considered to have made the election unless they clearly elect to capitalize the costs. See TD 9411.