and organizational expenditures so taken into account. . (b) Organizational expenditures Section 195(d) of such Code, as redesignated by subsection (a), is amended by adding at the end the following new paragraph: (3) Organizational expenditures The term organizational expenditures means any expenditure which— (A) is incident to the creation of a corporation or a partnership, (B) is chargeable to capital account, and (C) is of a character which, if expended incident to the creation of a corporation or a partnership having an ascertainable life, would be amortizable over such life. (4) Application to certain disregarded entities In the case of any entity with a single owner that is disregarded as an entity separate from its owner, this section shall be applied in the same manner as if such entity were a corporation. . (c) Election Section 195(e)(2) of such Code, as redesignated by subsection (a), is amended to read as follows: (2) Partnerships and S corporations In the case of any partnership or S corporation, the election under subsection (b) shall be made (and this section shall be applied) at the entity level. . (d) Conforming amendments (1) (A) Part VIII of subchapter B of chapter 1 is amended by striking section 248 of such Code (and by striking the item relating to such section in the table of sections of such part). (B) Section 170(b)(2)(D)(ii) of such Code is amended by striking (except section 248) . (C) Section 312(n)(3) of such Code is amended by striking Sections 173 and 248 and inserting Sections 173 and 195 . (D) Section 535(b)(3) of such Code is amended by striking (except section 248) . (E) Section 545(b)(3) of such Code is amended by striking (except section 248) . (F) Section 545(b)(4) of such Code is amended by striking (except section 248) . (G) Section 834(c)(7) of such Code is amended by striking (except section 248) . (H) Section 852(b)(2)(C) of such Code is amended by striking (except section 248) . (I) Section 857(b)(2)(A) of such Code is amended by striking (except section 248) . (J)