[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: 26CFR1.1071-4]

[Page 189]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1071-4  Manner of election.

    (a) An election under the provisions of section 1071 shall be in the 
form of a written statement and shall be executed and filed in 
duplicate. Such statement shall be signed by the taxpayer or his 
authorized representative. In the case of a corporation, the statement 
shall be signed with the corporate name, followed by the signature and 
title of an officer of the corporation empowered to sign for the 
corporation, and the corporate seal must be affixed. An election under 
section 1071 to reduce the basis of property and an election under such 
section to treat the sale or exchange as an involuntary conversion under 
section 1033 may be exercised independently of each other. An election 
under section 1071 must be filed with the return for the taxable year in 
which the sale or exchange occurs. Where practicable, the certificate of 
the Federal Communications Commission required by Sec. 1.1071-1 should 
be filed with the election.
    (b) If, in pursuance of an election to have the basis of its 
property adjusted under section 1071, the taxpayer desires to have such 
basis adjusted in any manner different from the general rule set forth 
in paragraph (a) of Sec. 1.1071-3, the precise method (including 
allocation of amounts) should be set forth in detail on separate sheets 
accompanying the election. Consent by the Commissioner to any departure 
from such general rule shall be effected only by a closing agreement 
entered into under the provisions of section 7121.

                 Exchanges In Obedience To S.E.C. Orders