26 USC 1354 - Alternative tax election; revocation; termination

U.S Code last checked for updates: Nov 26, 2024

§ 1354.

Alternative tax election; revocation; termination

(a)

In general

(b)

Time and manner; years for which effective

An election under this subchapter—

(1)

shall be made in such form as prescribed by the Secretary, and

(2)

shall be effective for the taxable year for which made and all succeeding taxable years until terminated under subsection (d).

Such election may be effective for any taxable year only if made on or before the due date (including extensions) for filing the corporation’s return for such taxable year.

(c)

Consistent elections by members of controlled groups

(d)

Termination

(1)

By revocation

(A)

In general

(B)

When effective

Except as provided in subparagraph (C)—

(i)

a revocation made during the taxable year and on or before the 15th day of the 4th month thereof shall be effective on the 1st day of such taxable year, and

(ii)

a revocation made during the taxable year but after such 15th day shall be effective on the 1st day of the following taxable year.

(C)

Revocation may specify prospective date

(2)

By person ceasing to be qualifying vessel operator

(A)

In general

(B)

When effective

(C)

Annualization

(e)

Election after termination

(Added Pub. L. 108–357, title II, § 248(a), Oct. 22, 2004, 118 Stat. 1451; amended Pub. L. 109–135, title IV, § 403(g)(4), Dec. 21, 2005, 119 Stat. 2624; Pub. L. 114–41, title II, § 2006(a)(2)(C), July 31, 2015, 129 Stat. 457.)

cite as: 26 USC 1354