Procedure for making the election.

Procedure for making the election. A taxpayer shall make the election provided in paragraph (a)(7)(ii) of this section by sending to the Internal Revenue Service Center, Examination Branch, Stop Number 92, Kansas City, MO 64999 a statement titled Election to Treat Regulated Futures Contracts and Non-Equity Options as Section 988 Transactions Under Section 988 (c)(1)(D)(ii) that contains the following:
(A) The taxpayer's name, address, and taxpayer identification number;
(B) The date the notice is mailed or otherwise delivered to the Internal Revenue Service Center;
(C) A statement that the taxpayer (including all members of such person's affiliated group as defined in section 1504 or in the case of an individual all persons filing a joint return with such individual) elects to have section 988(c)(1)(D)(i) and § 1.988–1(a)(7)(i) not apply;
(D) The date of the beginning of the taxable year for which the election is being made;
(E) If the election is filed after the first day of the taxable year, a statement regarding whether the taxpayer has previously held a contract described in section 988(c)(1)(D)(i) or § 1.988–1(a)(7)(i) during such taxable year, and if so, the first date during the taxable year on which such contract was held; and
(F) The signature of the person making the election (in the case of individuals filing a joint return, the signature of all persons filing such return).

Source

26 CFR § 1.988-1


Scoping language

None
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