expenditure with respect to such building shall be taken into account for the taxable year for which such expenditure is properly chargeable to capital account with respect to such building, and (B) if such building is not self-converted property, any qualified conversion expenditure with respect to such building shall be taken into account for the taxable year in which paid. (2) Property to which subsection applies (A) In general This subsection shall apply to any building which is being converted by or for the taxpayer if— (i) the normal conversion period for such building is 2 years or more, and (ii) it is reasonable to expect that such building will be a qualified converted building in the hands of the taxpayer when it is placed in service. Clauses (i) and (ii) shall be applied on the basis of facts known as of the close of the taxable year of the taxpayer in which the conversion begins (or, if later, at the close of the first taxable year to which an election under this subsection applies). (B) Normal conversion period For purposes of subparagraph (A), the term normal conversion period means the period reasonably expected to be required for the conversion of the building— (i) beginning with the date on which physical work on the conversion begins (or, if later, the first day of the first taxable year to which an election under this subsection applies), and (ii) ending on the date on which it is expected that the property will be available for placing in service. (3) Special rules for applying paragraph (1) For purposes of paragraph (1)— (A) Component parts, etc Property which is to be a component part of, or is otherwise to be included in, any building to which this subsection applies shall be taken into account— (i) at a time not earlier than the time at which it becomes irrevocably devoted to use in the building, and (ii) as if (at the time referred to in clause (i)) the taxpayer had expended an amount equal to that portion of the cost to the taxpayer of such component or other property which, for