Code of Federal Regulations Title 26. Internal Revenue § 26.7.48–3 Election to apply the amendments made by sections 804(a) and (b) of the Tax Reform Act of 1976 to property described in section 50(a) of the Code

(b) Time for and manner of making election—(1) Time for making election.The election under section 804(e)(2) of the Act must be made not later than October 4, 1977.

(2) Manner of making election.The election under section 804(e)(2) shall be made by applying the same rules applicable under section 804(c)(2) as described in § 7.48–2(b)(2), (3), and (4) except that § 7.48–2(b)(2)(ii) shall be read to require a statement that the taxpayer is making an election under section 804(e)(2) of the Act, and § 7.48–2(b)(2)(vi) shall not apply. An election properly made under section 804(e)(2) of the Act may not be revoked after October 4, 1977.