[Code of Federal Regulations]
[Title 26, Volume 10]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.962-2]

[Page 426-427]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.962-2  Election of limitation of tax for individuals.

    (a) Who may elect. The election under section 962 may be made only 
by a United States shareholder who is an individual (including a trust 
or estate).
    (b) Time and manner of making election. Except as provided in Sec. 
1.962-4, a United States shareholder shall make an election under this 
section by filing a statement to such effect with his return for the 
taxable year with respect to which the election is made. The statement 
shall include the following information:
    (1) The name, address, and taxable year of each controlled foreign 
corporation with respect to which the electing shareholder is a United 
States

[[Page 427]]

shareholder and of all other corporations, partnerships, trusts, or 
estates in any applicable chain of ownership described in section 
958(a);
    (2) The amounts, on a corporation-by-corporation basis, which are 
included in such shareholder's gross income for his taxable year under 
section 951(a);
    (3) Such shareholder's pro rata share of the earnings and profits 
(determined under Sec. 1.964-1) of each such controlled foreign 
corporation with respect to which such shareholder includes any amount 
in gross income for his taxable year under section 951(a) and the 
foreign income, war profits, excess profits, and similar taxes paid on 
or with respect to such earnings and profits;
    (4) The amount of distributions received by such shareholder during 
his taxable year from each controlled foreign corporation referred to in 
subparagraph (1) of this paragraph from excludable section 962 earnings 
and profits (as defined in paragraph (b)(1)(i) of Sec. 1.962-3), from 
taxable section 962 earnings and profits (as defined in paragraph 
(b)(1)(ii) of Sec. 1.962-3), and from earnings and profits other than 
section 962 earnings and profits, showing the source of such amounts by 
taxable year; and
    (5) Such further information as the Commissioner may prescribe by 
forms and accompanying instructions relating to such election.
    (c) Effect of election--(1) In general. Except as provided in 
subparagraph (2) of this paragraph and Sec. 1.962-4, an election under 
this section by a United States shareholder for a taxable year shall be 
applicable to all controlled foreign corporations with respect to which 
such shareholder includes any amount in gross income for his taxable 
year under section 951(a) and shall be binding for the taxable year for 
which such election is made.
    (2) Revocation. Upon application by the United States shareholder, 
an election made under this section may, subject to the approval of the 
Commissioner, be revoked. Approval will not be granted unless a material 
and substantial change in circumstances occurs which could not have been 
anticipated when the election was made. The application for consent to 
revocation shall be made by the United States shareholder's mailing a 
letter for such purpose to Commissioner of Internal Revenue, Attention: 
T:R, Washington, DC 20224, containing a statement of the facts upon 
which such shareholder relies in requesting such consent.

[T.D. 6858, 30 FR 13696, Oct. 28, 1965]