Section of Act | Section of Code | Description of Election | Availability of Election |
201(a) | 168(b)(5) | Election to depreciate property using the straight line method of recovery with respect to one or more classes of property for any taxable year | Property placed in service after 12-31-86. Election must be made for taxable year in which property is placed in service. Election shall apply to all property in the class placed in service during the taxable year for which the election is made. |
201(a) | 168(f)(1) | Election to exclude certain property from the accelerated cost recovery system | Property placed in service after 12-31-86. Election must be made for taxable year in which property is placed in service. |
201(a) | 168(g)(7) | Election to use alternative depreciation system with respect to one or more classes of property for any taxable year (except for residential rental or non-residential real property where the election may be made separately with respect to each property) | Property placed in service after 12-31-86. Election must be made for taxable year in which property is placed in service. Except for residential rental or non-residential real property, election shall apply to all property in the class placed in service during the taxable year for which the election is made. |
201(a), 1802(a) | 168(h)(6)(F)(ii), 168(j) (as in effect before October 22, 1986) | Election by a tax-exempt controlled entity to treat any gain recognized by the tax-exempt parent on any disposition of an interest in the tax-exempt controlled entity (and to treat any dividends or interest received or accrued from the tax-exempt controlled entity) as unrelated business taxable income under Code section 511 in order for the tax-exempt controlled entity to not be treated as a tax-exempt entity (or as a successor to a tax-exempt entity) | Property placed in service after 9-27-85, but can apply to property placed in service before such date if the tax-exempt controlled entity so elects. [See paragraph (a)(3)(ii) of this section.] |
203(a)(1)(B) | Election to apply Act section 201 (including all elections within section 201) | Property placed in service after 7-31-86 and before 1-1-87. | |
204(e) | Election to have Act section 201 either (i) not apply to any property placed in service during 1987 or 1988 which is replacement property for property lost, damaged or destroyed in a flood which occurred 11-3-85 through 11-7-85 and which was declared a natural disaster area by the President of the United States, or (ii) apply to all such replacement property placed in service during 1985 or 1986 | (i) Property placed in service during 1987 or 1988; or (ii) property placed in service during 1985 or 1986. | |
243(a) | Election to begin the 60 month amortization period with the first month of the taxpayer's first taxable year beginning after 11-19-82 in lieu of the 11-19-82 date or the bus operating authority acquisition date | Bus operating authorities held on 11/19/82, or acquired after that date under a written contract that was binding on that date. | |
243(b) | Election to begin the 60 month amortization period on the first month of the taxpayer's first taxable year beginning after the deregulation month in lieu of the deregulation month | Freight forwarder operating authorities held at the beginning of the 60 month period applicable to the taxpayer (i.e., the deregulation date or the first month of the first taxable year beginning after the deregulation date). | |
243 (a), (b) | Election by a qualified corporate taxpayer to allocate a portion of the cost basis of a qualified acquiring corporation in the stock of an acquired corporation to the basis of the authority | For bus operating authorities: authorities held on 11/19/82, or acquired after that date under a written contract that was binding on that date. For freight forwarders: authorities held at the beginning of the 60-month period applicable to the taxpayer. | |
252(a) | 42(f)(1) | Election concerning beginning of credit period for low-income housing credit | Buildings placed in service after 12-31-86 and before 1-1-90 (before 1-1-91 for buildings described in Code section 42(n)(2)(B)). [See paragraph (b) of this section.] |
252(a) | 42(g)(1) | Election concerning qualified low-income housing project to either satisfy the 20-50 or the 40-60 occupancy test | Buildings placed in service after 12-31-86 and before 1-1-90 (before 1-1-91 for buildings described in Code section 42(n)(2)(B)). [See paragraph (b) of this section.] |
252(a) | 42(i)(2) | Election to reduce eligible basis by outstanding balance of Federal loan subsidy | Buildings placed in service after 12-31-86 and before 1-1-90 (before 1-1-91 for buildings described in Code section 42(n)(2)(B)). [See paragraph (b) of this section.] |
252(a) | 42(j)(5) | Election to have certain partnerships treated as the taxpayer eligible for low-income housing credit | Buildings placed in service after 12-31-86 and before 1-1-90 (before 1-1-91 for buildings described in Code section 42(n)(2)(B) [See paragraph (b) of this section.] |
311(d)(2) | Revocation of prior election under Code section 631(a) | Election for taxable years beginning before 1-1-87 may be revoked for taxable years ending after 12-31-86. | |
411(b)(1) | 263(i) | For intangible drilling and development costs paid or incurred with respect to an oil, gas, or geothermal well located outside the United States, election to include such costs in adjusted basis for purposes of computing the amount of any deduction under Code section 611 (without regard to section 613) | Costs paid or incurred after 12-31-86 in taxable years ending after such date. [See paragraph (a)(2)(iii) of this section.] |
411(b)(2) | 616(d) | For expenditures paid or incurred with respect to the development of a mine or other natural deposit (other than an oil, gas, or geothermal well) located outside the United States, election to include such expenditures paid or incurred during the taxable year for which made in adjusted basis for purposes of computing the amount of any deduction under Code section 611 (without regard to section 613) | Costs paid or incurred after 12-31-86 in taxable years ending after such date. [See paragraph (a)(2)(iv) of this section.] |
411(b)(2) | 617(h) | For expenditures paid or incurred before the development stage for the purpose of ascertaining the existence, location, extent or quality of any deposit of ore or other mineral deposit (other than an oil, gas or geothermal well) located outside the United States, election to include all such expenditures, paid or incurred during the taxable year with respect to any such deposit, in adjusted basis for purposes of computing the amount of any deduction under Code section 611 (without regard to section 613) | Costs paid or incurred after 12-31-86 in taxable years ending after such date. [See paragraph (a)(2)(v) of this section.] |
501(a) | 469(j)(9) | Election to increase basis of property by amount of disallowed credit for purposes of determining gain or loss from a disposition of property used in a passive activity | Taxable years beginning after 12-31-86. [See paragraph (a)(3)(iii) of this section.] |
614(b) | 1059(c)(4) | Election to determine whether a dividend is extraordinary by reference to the fair market value of the share of stock with respect to which the dividend was received | Dividends declared after July 18, 1986 in taxable years ending after such date. |
644(d) | 216(b)(3) | Election by a cooperative housing corporation to allocate real estate taxes or interest or both to each tenant-stockholder's dwelling unit in a manner which reasonably reflects the cost to the corporation of the tenant-stockholder's dwelling unit | Taxable years beginning after 12-31-86. [See paragraph (a)(3)(iv) of this section.] |
646 | Election by an entity to be treated as a trust under the Internal Revenue Code if such entity was created in 1906 as a common law trust and governed by the trust laws of the State of Minnesota, receives royalties from iron ore leases, and income interests in the entity are publicly traded on a national stock exchange | The election is effective beginning on the first day of the first taxable year beginning after October 22, 1986 and following the year in which the election is made. Such election must be made by the board of trustees of such entity and must be accompanied by a written agreement signed by the board of trustees of the entity. | |
651 | 4982(e)(4) | Election by a regulated investment company to use taxable years ending on 11-30 or 12-31 for purposes of computing capital gain net income under Code section 4982 | Calendar years beginning after 12-31-86. [See paragraph (a)(2)(vi) of this section.] |
701(a) | 56(f)(3)(B) | Election to have amount of net book income be equal to amount of earnings and profits | Taxable years beginning after 12-31-86. |
801(a) | 448(d)(4) | Election of common parent of an affiliated group that all members of such group be treated as one taxpayer if substantially all the activities of all members of the affiliated group involve performance of services in the same field | Taxable years beginning after 12-31-86. |
801(d)(2) | Election to continue using the cash method of accounting for loans, leases and related party transactions | Loans, leases and related party transactions entered into before 9-26-85. | |
802 | 474 | Election by certain small businesses to use the simplified dollar-value LIFO method | Taxable years beginning after 12-31-86. [See paragraph (a)(3)(v) of this section.] |
803(a) | 263A(d)(3) | Election to have rules of Code section 263A (relating to capitalization and inclusion in inventory costs of certain expenses) not apply to any plant or animal produced in any farming business conducted by the electing taxpayer | Unless consent is obtained from the Commissioner, the first taxable year beginning after 12-31-86 during which the taxpayer engages in a farming business. [See paragraph (c) of this section.] |
806(e)(2)(C) | Election to have net income for the short taxable year of a partnership or S corporation which results from the required change in accounting period included entirely in income for such short taxable year | Partner and shareholder taxable years beginning after 12-31-86 with or within which the short taxable year created under section 806 of the Act ends. [See paragraph (d) of this section.] | |
Election to reduce partnership or S corporation income for the short taxable year resulting from a required change in accounting period under section 806 of the Act by an unamortized adjustment amount existing as of October 22, 1986, where such adjustment was required to effectuate a previous accounting period change under Rev. Proc. 72-51, 1972-2 C.B. 832 or Rev. Proc. 83-25, 1983-1 C.B. 689 | Short taxable years of partnerships or S corporations beginning after 12-31-86. [See paragraph (e) of this section.] | ||
811(a) | 453C(b)(2)(B) | Election to compute adjusted bases using depreciation deduction used under Code section 312(k) | Taxable years ending after 12-31-86 with respect to dispositions made after 2-28-86. |
811(a) | 453C(e)(4) | Election to have Code section 453C not apply to obligations arising from sales of timeshares and unimproved residential lots to invidividuals | Taxable years ending after 12-31-86 with respect to dispositions made after 2-28-86. [See paragraph (a)(3)(vi) of this section.] |
905(a) | 165(l)(1) | Election to treat amount of reasonably estimated loss on a deposit in insolvent or bankrupt qualified financial institution as a loss described in Code section 165(c)(3) and incurred in the taxable year | Taxable years beginning after 12-31-81. [See the cross--reference in paragraph (f) of this section.] |
905(c) | Election to apply Code section 451(f) (relating to treatment of interest on frozen deposits in certain financial institutions) | Taxable years beginning after 12-31-82 and before 1-1-87. | |
1301(b) | 141(b)(9) | Election by issuer of tax-exempt bonds to treat a portion of an issue as a qualified 501(c)(3) bond if such portion would have qualified as a 501(c)(3) bond had it been issued separately | Bonds issued after 8-15-86. [See paragraph (g) of this section.] |
1301(b) | 142(d)(1) | Election by issuer of tax-exempt bonds for residential rental property to satisfy either the 20-50 or the 40-60 occupancy test | Bonds issued after 8-15-86. [See paragraph (g) of this section.] |
1301(b) | 142(d)(4)(B) | Election by issuer of tax-exempt bonds for residential rental property to treat the project as a deep rent skewed project | Bonds issued after 8-15-86. [See paragraph (g) of this section.] |
1301(b) | 143(k)(9)(D)(iii) | Election to treat limited equity cooperative housing as residential rental property and not as owner-occupied housing | Bonds issued after 8-15-86 and before 1-1-89. [See paragraph (g) of this section.] |
1301(b) | 145(d) | Election by issuer of tax-exempt bonds to have Code section 145 not apply to the issue if the issue is an issue of exempt facility bonds or qualified redevelopment bonds, to which the volume cap applies | Bonds issued after 8-15-86. [See paragraph (g) of this section.] |
1301(b) | 147(b)(4)(A) | Election by issuer of qualified 501(c)(3) bonds to have such bonds treated as meeting the limitation on maturity requirements of Code section 147(b)(1) if the requirements of section 147(b)(4)(B) are met | Bonds issued after 8-15-86. [See paragraph (g) of this section.] |
1704(b) | Election to revoke prior election under Code section 1402(e) (relating to exemption from social security taxes for certain clergy) | Remuneration received in taxable years ending on or after October 22, 1986. [See paragraph (h) of this section.] | |
1801(a) | 168(i) (as in effect before October 22, 1986) | Election to make finance leasing rules inapplicable to property which would otherwise be subject to them under the transitional rules of section 12(c)(1) of the Tax Reform Act of 1984 | Personal property leased under certain lease agreements effective on or after 1-1-84. [See paragraph (a)(3)(vii) of this section.] |
1804(e)(4) | Election by a common parent of an affiliated group to apply amendments made by the Tax Reform Act of 1984 for taxable years beginning after 12-31-83 | Groups which include a corporation which on 6-22-84 is a member of the group which files a consolidated return for such corporation's taxable year which includes 6-22-84. | |
1807(a)(7) | 468B | Election to treat a qualified payment made to a court-ordered fund as a payment made to a designated settlement fund | Generally, liabilities arising out of personal injury, death or property damage that are incurred after 7-18-84 under law in effect before the enactment of Code section 461(h). Election is made for the taxable year in which qualified payments are made to a designated settlement fund. |
1809(e)(2) | 48(b)(2) | Election by lessee and lessor not to apply the rule of Code section 48(b)(2) concerning the date leased property is treated as originally placed in service | Property originally placed in service after 4-11-84 (as determined under Code section 48(b) prior to its amendment by section 114(a)of the Tax Reform Act of 1984). [See paragraph (a)(3)(viii) of this section.] |
1810(1)(4) | 7701(b) | Election to be treated as a resident alien | Taxable years beginning after December 31, 1984. [See paragraph (a)(3)(ix) of this section.] |
1879(p)(1) | 83(c)(3) | Election to treat certain stock acquired upon the exercise of nonqualified stock options as subject to a substantial risk of forfeiture by reason of Code section 83(c)(3) even though the transfer of stock pursuant to such exercise occurred before 1-1-82, the effective date of section 83(c)(3) | Transfers of stock described in section 1879(p)(1) of the Act. [See paragraph (a)(2)(vii) and(a)(3)(x) of this section.] |
1882(c) | 3121(w)(2) | Election to revoke prior election under Code section 3121(w) (relating to exemption from social security taxes for certain churches and qualified church-controlled organizations) | Remuneration paid after 12-31-86 unless such electing church or church-controlled organization had withheld and paid over all employment taxes due, as if such election had never been in effect during the period from the stated effective date of the election being revoked through 12-31-86. [See paragraph (i) of this section.] |
The statement of election under section 4982(e)(4) shall be attached to the prescribed form regardless of whether the regulated investment company is liable for the excise tax imposed by section 4982 for the excise tax period in question.
Act Sections | Code Sections |
201(a) | 168(b)(5), 168(f)(1), 168(g)(7), 168(h)(6)(F)(ii) |
203(a)(1)(B), 252(a) | 42(f)(1), 42(g)(1), 42(i)(2), 42(j)(5) |
411(b)(1) | 263(i) |
411(b)(2)(A) | 616(d)(2)(A) |
501(a) | 469(j)(9) |
801(d)(2), 905(c), 1301(b) | 141(b)(9), 142(d)(1), 142(d)(4)(B) 143(k)(9)(D)(iii), 145(d), 147(b)(4)(A) |
1704(b), 1802(a) | 168(j) as in effect before October 22, 1986 |
1804(e)(4), 1879(p)(1) | 83(c)(3) |
1882(c) | 3121(w)(2) |
are irrevocable.
Act Sections | Code Sections |
204(e), 243(a), 243(b), 243(a)(b), 411(b)(2)(B) | 617(h)(2)(A) |
614(b) | 1059(c)(4) |
644(d) | 216(b)(3) |
646, 651 | 4982(e)(4)(B) |
701(a) | 56(f)(3)(B) |
801(a) | 448(d)(4) |
802 | 474 |
803(a) | 263A(d)(3) |
806(e)(2)(C) and the election described in H.R. Rep. No. 99-841 at II-320, 811(a) | 453C(b)(2)(B)(i), 453C(e)(4) |
905(a) | 165(l)(1) |
1801(a) | 168(i) as in effect before October 22, 1986 |
1807(a)(7) | 468B) |
1809(e)(2) | 48(b)(2) |
1810(l)(4) | 7701(b) |
are revocable only with the consent of the Commissioner.
26 C.F.R. §301.9100-7T