Section of Act | Section of code | Description of election | Availability of election |
201(a) | 168(b)(3) | Different recovery period | Property placed in service after 1980. |
201(a) | 168(d)(2)(A) | Inclusion in income of entire proceeds of disposition | Property placed in service after 1980. |
201(a) | 168(e)(2) | Exclusion of property from recovery system | Property placed in service after 1980. |
201(a) | 168(f)(2)(C) | Different recovery period for property used outside U.S. | Property placed in service after 1980. |
202(a) | 179 | Expensing certain depreciable property | Taxable years beginning after 1981. |
237 | 474 | For small business to use one inventory pool when LIFO is elected | Taxable years beginning after 1981. |
266(a) | Deferral of commencement of amortization period for motor carrier operating authority | Taxable years ending after June 30, 1980. | |
508(c) | Application of title V of the Act to all regulated futures contracts or positions held on June 23, 1981 | Property held on June 23, 1981. | |
509 | Application of Code sec. 1256 and extension of time for payment of tax for all regulated futures contracts held at any time during taxable year that includes June 23, 1981 | Property held during taxable year that includes June 23, 1981. |
The candidate shall attach to the statement a copy of the statement of designation filed with the Federal Election Commission.
Note that this election does not itself constitute an election as to the status of the corporation; the corporation must make the election provided in section 1372(a) to be treated as an electing small business corporation.
A qualified heir making an election under this paragraph must pay interest on the additional estate tax from the date that is 9 months after the date of the decedent's death to the date of the payment of the additional estate tax.
If the additional information is not provided within 60 days after the request is made, the election may, at the discretion of the Commissioner, be held invalid.
26 C.F.R. §301.9100-4T