A qualifying vessel operator may elect the application of this subchapter.
An election under subsection (a) may be terminated by revocation.
If the revocation specifies a date for revocation which is on or after the day on which the revocation is made, the revocation shall be effective for taxable years beginning on and after the date so specified.
Any termination under this paragraph shall be effective on and after the date of cessation.
The Secretary shall prescribe such annualization and other rules as are appropriate in the case of a termination under this paragraph.
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.