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(6) Amount excluded.--The amount
excluded under this section with respect
to any qualified sale shall be the
lesser of --
(A) the amount covered by the
legal obligation described in
paragraph (5)(A), or
(B) the amount of the
adjustment agreed to by the
taxpayer before the close of
the merchandise return period.
(7) Merchandise return period.--
(A) * * * the term
"merchandise return period"
means, with respect to any
taxable year--
(i) in the case of
magazines, the period of
2 months and 15 days
first occurring after the
close of the taxable
year, ***
* * * * * * *
(c) Qualified Sales to Which Section Applies.--
(1) Election of benefits.-- * * *
An election under this section may
be made without the consent of the
Secretary. * * *
Regulations under section 458 were proposed on August 31,
1984. 49 Fed. Reg. 34520. Final regulations were published in
the Federal Register on August 25, 1992, and made retroactive to
the date of the proposed regulations. 57 Fed. Reg. 38596; sec.
1.458-1(a)(2), Income Tax Regs. Paragraphs (c) and (g) of
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