26 U.S. Code § 1354 - Alternative tax election; revocation; termination
An election under subsection (a) by a member of a controlled group shall apply to all qualifying vessel operators that are members of such group.
An election under subsection (a) shall be terminated whenever (at any time on or after the 1st day of the 1st taxable year for which the corporation is an electing corporation) such corporation ceases to be a qualifying vessel operator.
Any termination under this paragraph shall be effective on and after the date of cessation.
If a qualifying vessel operator has made an election under subsection (a) and if such election has been terminated under subsection (d), such operator (and any successor operator) shall not be eligible to make an election under subsection (a) for any taxable year before its 5th taxable year which begins after the 1st taxable year for which such termination is effective, unless the Secretary consents to such election.
2015—Subsec. (d)(1)(B)(i). Pub. L. 114–41 substituted “4th month” for “3d month”.
2005—Subsec. (b). Pub. L. 109–135 inserted “on or” after “only if made” in concluding provisions.
Amendment by Pub. L. 114–41 applicable to returns for taxable years beginning after Dec. 31, 2015, with special rule for certain C corporations, see section 2006(a)(3) of Pub. L. 114–41, set out as a note under section 170 of this title.