[Code of Federal Regulations]
[Title 26, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.43-6]

[Page 196]
 
                       TITLE 26--INTERNAL REVENUE
 
     CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY
 
PART 1--INCOME TAXES--Table of Contents
 
Sec. 1.43-6  Election out of section 43.

    (a) Election to have the credit not apply--(1) In general. A 
taxpayer may elect to have section 43 not apply for any taxable year. 
The taxpayer may revoke an election to have section 43 not apply for any 
taxable year. An election to have section 43 not apply (or a revocation 
of an election to have section 43 not apply) for any taxable year is 
effective only for the taxable year to which the election relates.
    (2) Time for making the election. A taxpayer may make an election 
under paragraph (a) of this section to have section 43 not apply (or 
revoke an election to have section 43 not apply) for any taxable year at 
any time before the expiration of the 3-year period beginning on the 
last date prescribed by law (determined without regard to extensions) 
for filing the return for the taxable year. The time for making the 
election (or revoking the election) is prescribed by section 43(e)(2) 
and may not be extended under Sec. 1.9100-1.
    (3) Manner of making the election. An election (or revocation) under 
paragraph (a)(1) of this section is made by attaching a statement to the 
taxpayer's federal income tax return or an amended return (or, in the 
case of a Coordinated Examination Program taxpayer, on a written 
statement treated as a qualified amended return) for the taxable year 
for which the election (or revocation) applies. The taxpayer must 
indicate whether the taxpayer is electing to not have section 43 apply 
or is revoking such an election and designate the project or projects to 
which the election (or revocation) applies. For any taxable year, the 
last election (or revocation) made by a taxpayer within the period 
prescribed in paragraph (a)(2) of this section determines whether 
section 43 applies for that taxable year.
    (b) Election by partnerships and S corporations. For partnerships 
and S corporations, an election to have section 43 not apply (or a 
revocation of an election to have section 43 not apply) for any taxable 
year is made, in accordance with the requirements of paragraph (a) of 
this section, by the partnership or S corporation with respect to the 
qualified enhanced oil recovery costs paid or incurred by the 
partnership or S corporation for the taxable year to which the election 
relates.

[T.D. 8448, 57 FR 54930, Nov. 23, 1992]