Research and experimental expenditures which are otherwise properly deductible currently for Federal income tax purposes, under section 174(a) of the Internal Revenue Code of 1954, may be so deducted regardless of the manner in which such expenditures are recorded by …

Rev. Rul. 58-74 The deduction by a taxpayer of research or experimental expenditures on his income tax return for his first taxable year beginning after December 31, 1953, and ending after August 16, 1954, in which he pays or incurs …