Time of making elections
(a) Time of making elections(1) In general. Any election under 1.585-6(b)(2), 1.585-6(d)(2) or 1.585-7(a) must be made on or before the later of (i) February 28, 1994; or (ii) The due date (taking extensions into account) of the electing bank's original tax return for its disqualification year (as defined in 1.585-5(d)(1)) or, for elections under 1.585-6(d)(2), the year for which the election is made. (2) No extension of time for payment. Payments of tax due must be made in accordance with chapter 62 of the Internal Revenue Code. However, if an election under 1.585-6(b)(2), 1.585-6(d)(2) or 1.585-7(a) is made or revoked on or before February 28, 1994 and the making or revoking of the election results in an underpayment of estimated tax (within the meaning of section 6655(a)) with respect to an installment of estimated tax due on or before the date the election was so made or revoked, no addition to tax will be imposed under section 6655(a) with respect to the amount of the underpayment attributable to the making or revoking of the election.