Final and temporary regulations have updated the rules for deducting start-up expenditures under IRC Sec. 195, organizational expenditures of corporations under IRC Sec. 248 , and organizational expenses of partnerships under IRC Sec. 709 , to reflect changes by the American Jobs Creation Act of 2004. Because of the various electronic filing initiatives and the fact that most taxpayers elect to deduct these costs, taxpayers are no longer required to file a separate election statement to deduct these costs.