[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1020-1]

[Page 78-79]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1020-1  Election as to amounts allowed in respect of depreciation, 
etc., before 1952.

    (a) In general. (1) Any person may elect to have the adjustments to 
the cost or other basis of property under section 1016(a)(2) determined 
in accordance with subparagraph (B) of such section by filing a 
statement of election in accordance with the requirements set forth in 
paragraph (b) of this section. Any election made after 1952 shall be 
irrevocable when made. Any election made after 1952 shall apply with 
respect to all property held by the person making the election at any 
time on or before December 31, 1952, and shall apply to all periods 
since February 28, 1913, and before January 1, 1952, during which such 
person held such property or for which adjustments must be made under 
section 1016(b). For rules with respect to an election made on or before 
December 31, 1952, see paragraph (c) of this section.
    (2) An election by a partner on his own behalf is not an election 
for the partnership of which he is a member. A separate election must be 
made on behalf of the partnership. (See section 703(b) (relating to 
elections of the partnership).) An election on behalf of the partnership 
applies only with respect to the partnership, and does not apply to the 
separate property of the partners. A similar rule applies with respect 
to elections by trusts and beneficiaries of trusts. These rules also 
apply with respect to a revocation of an election where such election 
was made on or before December 31, 1952.
    (b) Rules applicable to making of election. The following rules are 
applicable to the making of an election under section 1020:
    (1) Form of election. The election shall be in the form of a 
statement in writing, shall state the name and address of the taxpayer 
making the election, and shall contain a statement that such taxpayer 
elects to have the provisions of section 1016(a)(2)(B) apply in respect 
of all periods since February 28, 1913, and before January 1, 1952.
    (2) Signature. The statement shall be signed by the taxpayer making 
the election, if an individual, or, if the taxpayer making the election 
is not an individual, the statement shall be signed

[[Page 79]]

by the person or persons required to sign the income return of such 
taxpayer.
    (3) Filing. The statement must be filed on or before December 31, 
1954, in the office of the district director for the internal revenue 
district in which the income tax return for the year of the election is 
required to be filed. For rules as to when timely mailing will be 
treated as timely filing of the statement see section 7502.
    (4) Filing of duplicate. A copy of the statement of election must be 
filed with the first return, amended return, or claim for refund filed 
on or after the date on which the election is made.
    (c) Election made on or before December 31, 1952. An election made 
on or before December 31, 1952, in accordance with the provisions of 
section 113(d) of the Internal Revenue Code of 1939, may be revoked by 
filing on or before December 31, 1954, in the same office in which the 
election was filed, a statement of revocation signed in the same manner 
as the election. Such statement made by any person is irrevocable when 
made with respect to such person, and no new election may thereafter be 
made by such person. A copy of the revocation must be filed with the 
first return, amended return, or claim for refund, filed after the date 
of the revocation. For additional rules with respect to election made on 
or before December 31, 1952, see 26 CFR (1939) 39.113(b)(1)-1 
(Regulations 118).
    (d) Validity of elections or revocation of elections. An election or 
revocation of an election which conforms in substance to the provisions 
of this section will not be deemed invalid solely because it was filed 
before the date on which the regulations in this section were 
promulgated.
    (e) Effect of election. For rules relating to the effect of an 
election under this section, see section 1016(a)(2) and the regulations 
thereunder.