[Code of Federal Regulations]
[Title 26, Volume 1]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.180-2]

[Page 234]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.180-2  Time and manner of making election and revocation.

    (a) Election. The claiming of a deduction on the taxpayer's return 
for an amount to which section 180 applies for amounts (otherwise 
chargeable to capital account) expended for fertilizer, lime, etc., 
shall constitute an election under section 180 and paragraph (a) of 
Sec. 1.180-1. Such election shall be effective only for the taxable 
year for which the deduction is claimed.
    (b) Revocation. Once the election is made for any taxable year such 
election may not be revoked without the consent of the district director 
for the district in which the taxpayer's return is required to be filed. 
Such requests for consent shall be in writing and signed by the taxpayer 
or his authorized representative and shall set forth:
    (1) The name and address of the taxpayer;
    (2) The taxable year to which the revocation of the election is to 
apply;
    (3) The amount of expenditures paid or incurred during the taxable 
year, or portions thereof (where applicable), previously taken as a 
deduction on the return in respect of which the revocation of the 
election is to be applicable; and
    (4) The reasons for the request to revoke the election.

(74 Stat. 1001, 26 U.S.C. 180)

[T.D. 6548, 26 FR 1486, Feb. 22, 1961]