[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.663(b)-2]

[Page 116]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.663(b)-2  Election.

    (a) Manner and time of election; irrevocability--(1) When return is 
required to be filed. If a trust return is required to be filed for the 
taxable year of the trust for which the election is made, the election 
shall be made in the appropriate place on such return. The election 
under this subparagraph shall be made not later than the time prescribed 
by law for filing such return (including extensions thereof). Such 
election shall become irrevocable after the last day prescribed for 
making it.
    (2) When no return is required to be filed. If no return is required 
to be filed for the taxable year of the trust for which the election is 
made, the election shall be made in a statement filed with the internal 
revenue office with which a return by such trust would be filed if such 
trust were required to file a return for such taxable year. See section 
6091 and the regulations thereunder for place for filing returns. The 
election under this subparagraph shall be made not later than the time 
prescribed by law for filing a return if such trust were required to 
file a return for such taxable year. Such election shall become 
irrevocable after the last day prescribed for making it.
    (b) Elections under prior law. Elections made pursuant to section 
663(b) prior to its amendment by section 331(b) of the Tax Reform Act of 
1969 (83 Stat. 598), which, under prior law, were irrevocable for the 
taxable year for which the election was made and all subsequent years, 
are not effective for taxable years beginning after December 31, 1968. 
In the case of a trust for which an election was made under prior law, 
the fiduciary shall make the election for each taxable year beginning 
after December 31, 1968, for which the treatment provided by section 
663(b) is desired.

[T.D. 7204, 37 FR 17135, Aug. 25, 1972]