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(C) * * * Such election shall be made in such manner
as may be prescribed by the Secretary, and shall be
made by the due date (including extensions of time) for
filing the taxpayer's return for the taxable year of
the net operating loss for which the election is to be
in effect. Such election, once made for any taxable
year, shall be irrevocable for that taxable year.
The regulations, in accord with the statute, provide that the
"election must be made by the later of the time, including
extensions thereof, prescribed by law for filing income tax
returns for such taxable year or March 8, 1977." Sec. 7.0(b)(1),
Temporary Income Tax Regs., 42 Fed. Reg. 1469 (Jan. 7, 1977),5
which regulation is entitled Various Elections Under the Tax
Reform Act of 1976. As to the manner in which the election is to
be effected, section 2, Temporary Income Tax Regs., 42 Fed. Reg.
1470 (Jan. 7, 1977), provides:
(d) Manner of making election. Unless otherwise
provided in the return or in a form accompanying a
return for the taxable year, the elections described
* * * shall be made by a statement attached to the
return (or amended return) for the taxable year. The
statement required when making an election pursuant to
this section shall indicate the section under which the
election is being made and shall set forth information
to identify the election, the period for which it
applies, and the taxpayer's basis or entitlement for
making the election. [Emphasis added.]
5
The regulation was redesignated in 1992 as sec. 301.9100-
12T, Temporary Income Tax Regs., 57 Fed. Reg. 4393 (Sept. 23,
1992).
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