Refund of tax.
(2) Refund of tax. Except as provided in subparagraph (3) of this paragraph, if an election under section 981(a) and 1.981-1, or under section 981(c)(1) and 1.981-2, is properly made, the period within which a claim for credit or refund of an overpayment for any taxable year to which the election applies may be filed shall, to the extent the overpayment is attributable to the application of the election, not expire before one year after the date of the election, determined under paragraph (b) of this section.