SECTION 4. PLACED IN SERVICE

REQUIREMENT

.01 In General . Eligible property (as defined in § 48C(c)(2)) is placed in service for purposes of the § 48C(e) program in the earlier of the following taxable years:

(1) The taxable year in which, under the taxpayer’s depreciation practice, the period for depreciation with respect to such eligible property begins; or

(2) The taxable year in which the eligible property is placed in a condition or state of readiness and availability for a specifically assigned function, whether in a trade or business or in the production of income.

.02 No Section 48C(e) Allocation if Placed in Service Prior to Allocation Award . Eligible property placed in service prior to being awarded an allocation of § 48C credits under the § 48C(e) program is not eligible to receive such an allocation.