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shall be made by the due date (taking extensions into
account) of the tax return for the first taxable year for
which the election is to be made. The tax return must be
accompanied by a statement identifying the election by
reference to Code or Act section and identifying the
property items for which the election is being made.
Section 5h.5, Temporary Tax Reform Act of 1986 Election
Regs., 52 Fed. Reg. 3624 (Feb. 5, 1987), effective February 5,
1987, applies to section 168(f)(1) elections and sets forth the
time and manner guidelines for elections made after October 22,
1986. The election for section 168(f)(1) is available for
property placed in service after December 31, 1986. Section
5h.5(a)(2) of the Temporary Tax Reform Act of 1986 Election
Regs., 52 Fed. Reg. 3626 (Feb. 5, 1987), provides,
(a)(2) Time for making elections--(i) In general.
Except as otherwise provided in this section, the elections
specified in paragraph (a)(1) of this section shall be made
by the later of--
(A) The due date (taking extensions into account)
of the tax return for the first taxable year for which
the election is to be effective, or
(B) April 15, 1987 (in which case the election
generally must be made by amended return).
Section 5h.5(a)(3) provides,
(a)(3) Manner of making elections--(i) In general.
Except as otherwise provided in this section, the elections
specified in paragraph (a)(1) of this section shall be made
by attaching a statement to the tax return for the taxable
year for which the election is to be effective. If because
of paragraph (a)(2)(i)(B) of this section the election may
be filed after the due date of the tax return for the first
taxable year for which the election is to be effective, such
statement must be attached to a tax return or amended return
for the taxable year to which the election relates. Except
as otherwise provided in the return or in the instructions
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