in section 170(e)(3)(A) of the Internal Revenue Code of 1986) which— (A) is made during a taxable year of the corporation which begins during 2020 or 2021, and (B) does not consist of any drug or biological product that requires a prescription of a physician for its use by an individual. (4) Election A contribution shall be taken into account as a qualified contribution for purposes of this subsection only if the corporation elects (at such time and in such manner as the Secretary may provide) the application of this subsection with respect to such contribution. (b) Election To treat qualified contributions as made in prior taxable year In the case of any qualified contribution (as defined in subsection (a)(3) and determined without regard to this subsection) made during the corporation’s first taxable year beginning in 2020 with respect to which the corporation elects (as such time and in such manner as the Secretary may provide) the application of this subsection— (1) such contribution shall be treated as made in the taxable year preceding such taxable year (and not in such taxable year), and (2) such contribution shall not be treated as a qualified contribution for purposes of subsection (a). (c) Clarification of treatment of inventory costs The Secretary of the Treasury, or the Secretary’s designee, shall clarify, though a notice or other administrative guidance, the treatment of inventory costs as cost of goods sold for purposes of section 170 of the Internal Revenue Code of 1986.