Miscellaneous elections—(1) Elections to which this paragraph applies. This paragraph applies to the following elections provided under the Economic Recovery Tax Act of 1981:

Time for making elections—(i) In general. Except as otherwise provided in this paragraph (a)(2), the elections specified in paragraph (a)(1) of this section shall be made by the later of—

The due date (taking extensions into account) of the income tax return for the taxable year for which the election is to be effective, or

April 15, 1982.

No extension of time for payment. Payments of tax due shall be made in accordance with chapter 62 of the Code.

Elections under section 508(c) or 509 of the Act. Elections under section 508(c) or 509 of the Act shall be made by the due date (taking extensions into account) of the income tax return for the taxable year for which the election is to be effective.

Manner of making elections. The elections specified in paragraph (a)(1) of this section shall be made by attaching a statement to the income tax return (or amended return) for the taxable year for which the election is made. Except as otherwise provided in the return or in the instructions accompanying the return for the taxable year, the statement shall—

Contain the name, address, and taxpayer identification number of the electing taxpayer,

Identify the election,

Indicate the section of the Code (or, if the provision is not codified, the section of the Act) under which the election is being made,

Specify the period for which the election is being made and the property to which the election is to apply, and

Provide any information required by the relevant statutory provisions and any information necessary to show that the taxpayer is entitled to make the election.

Designation of principal campaign committee. This paragraph applies to the designation of a principal campaign committee under section 527(h) of the Code, as added by section 128 of the Act. References in this section to “elections” include designations under section 527(h). Under that provision a candidate for Congress may designate one committee as the candidate's principal campaign committee. The political organization taxable income of that committee shall be taxed at the appropriate rates under section 11(b); that income is ordinarily taxed at the highest rate specified in section 11(b). The candidate shall designate the principal campaign committee by filing a statement of designation with the income tax return of the committee for the first taxable year of the committee ending after 1981 for which the designation is to be effective. The return and the statement shall be filed by the due date (taking extensions into account) of the return. The rules of section 21 (relating to effects of changes in rates during a taxable year) shall apply in the case of any taxable year beginning before 1982 for which a designation is made. The statement of designation shall be signed by the candidate and shall—

Contain the name, address, and taxpayer identification number of the candidate and of the committee,

Identify the statement as a designation under section 527(h) of the Code, and

Designate the committee as the principal campaign committee of the candidate.

Election to be treated as a qualified fund for purposes of the research credit. This paragraph applies to the election provided under section 44F(e)(4) of the Code, as added by section 221(a) of the Act. The election to be treated as a qualified fund for purposes of the research credit may be made effective as of any date after June 30, 1981, and before January 1, 1986. An organization shall make this election by filing with the service center with which it files its annual return a statement signed by a person authorized to act on behalf of the organization. That statement shall—

Contain the name, address, and taxpayer identification number of the electing organization and of the organization that established and maintains the electing organization,

Identify the election as an election under section 44F(e)(4) of the Code,

Specify the date on which the election is to become effective (in the case of elections filed before February 1, 1982, not earlier than the date that is 7 months before the date on which the election is filed; in the case of elections filed after January 31, 1982, not earlier than the date on which the election is filed), and

Provide all information necessary to show that the organization is entitled to make the election.

Election to treat qualified subchapter S trust as grantor trust. This paragraph applies to the election provided under section 1371(g)(2) of the Code, as added by section 234(b) of the Act. The election to treat a qualified subchapter S trust as a grantor trust described in section 1371(e)(1)(A) of the Code is available for taxable years beginning after 1981. The beneficiary of the trust (or the legal representative of the beneficiary) shall make this election by signing and filing with the service center with which the subchapter S corporation files its income tax return a statement that—

Contains the name, address, and taxpayer identification number of the beneficiary, the trust, and the subchapter S corporation,

Identifies the election as an election under section 1371(g)(2) of the Code,

Specifies the date on which the election is to become effective (not earlier than 60 days before the date on which the election is filed), and

Provides all information necessary to show that the beneficiary is entitled to make the election.

Election to have Code section 422A apply to options granted before 1981. This paragraph applies to the election provided under section 251(c)(1)(B) of the Act to have Code section 422A apply to certain options granted before 1981. A corporation may make only one election under this provision. Thus, a corporation that makes an election under this provision with respect to certain options granted before 1981 may not make any subsequent election under this provision with respect to other options granted before 1981. An election under this provision shall be made no later than the due date (taking extensions into account) of the income tax return of the corporation for its first taxable year during which either an option subject to the election or an option subject to the rules of section 422A of the Code is exercised. In any event, no election under this provision will be permitted after the due date (taking extensions into account) of the income tax return for the taxable year including December 31, 1982. A corporation shall make this election by attaching to its income tax return (or amended return) a statement that—

Contains the name, address, and taxpayer identification number of the corporation,

Identifies the election as an election under section 251(c)(1)(B) of the Economic Recovery Tax Act of 1981,

Specifies the options to which the election applies, and

Provides all information necessary to show that the corporation is entitled to make the election.

Election to increase basis of property on which additional estate tax is imposed. This paragraph applies to the election provided under section 1016(c) of the Code, as amended by section 421(g) of the Act. The election to increase the basis of property on which additional estate tax is imposed is available with respect to the estates of decedents dying after 1981. The qualified heir shall make this election by filing with the Form 706-A (Additional Estate Tax Return) a statement that—

Contains the name, address, and taxpayer identification number of the qualified heir and of the estate,

Identifies the election as an election under section 1016(c) of the Code,

Specifies the property with respect to which the election is made, and

Provides any additional information required by the instructions accompanying Form 706-A.

Revocation of elections. Elections under paragraph (f) of this section are irrevocable. Other elections made under this section may be revoked only with the consent of the Commissioner. An application for consent to revoke an election shall be signed by the applicant and filed with the service center with which the election was filed and shall—

Contain the name, address, and taxpayer identification number of all parties identified in connection with the election,

Identify the election being revoked by reference to the section of the Code or Act under which the election was made,

Specify the scope of the election, and

Explain why the applicant seeks to revoke the election.

Additional information required. If later regulations issued under the section of the Code or Act under which the election was made require the furnishing of information in addition to that which was furnished with the statement of election and an office of the Internal Revenue Service requests the taxpayer to provide the additional information, the taxpayer shall furnish the additional information in a statement filed with that office of the Internal Revenue Service within 60 days after the request is made. This statement shall also—

Contain the name, address, and taxpayer identification numbers of all parties identified in connection with the election,

Identify the election by reference to the section of the Code or Act under which the election was made, and

Specify the scope of the election.

Effective date. This section applies to elections made after August 12, 1981.