Hi, Diane, many thanks for your response. Are there any significant benefits to take the election to deduct R&D costs as a current business expense. I have three questions: (i) If you make this election, can you change your mind in the following year and "unelect" to deduct R&D costs as a current business expense?; (ii) If you did not apply for qualified R&D tax credits in past filings (previous years), can you apply for them later?; and (3) Can you use R&D tax credits to offset AMT? Thanks again!
