[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.9100-15T]

[Page 735-736]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                              General Rules
 
Sec. 301.9100-15T  Election to use retroactive effective date.

    (a) Scope. The regulations prescribed in this section provide rules 
for making the election to use a retroactive effective date under 
section 7(f) of the Bankruptcy Tax Act of 1980.
    (b) Availability of election. The election is available to the 
debtor (or debtors) in a case under title 11 of the United States Code 
(or a receivership, foreclosure, or similar proceeding in a Federal or 
State court) that commences after September 30, 1979, and before January 
1, 1981. The court must approve the election. For purposes of this 
paragraph (b), a receivership, foreclosure, or similar proceeding before 
a Federal or State agency involving a financial institution to which 
section 585 or 593 applies shall be treated as a proceeding before a 
court.
    (c) Effect of election--(1) In general. An election under this 
section changes the effective date of certain amendments to the Code 
made by the Bankruptcy Tax Act of 1980. The amendments affected by an 
election under this section are listed in paragraph (c) (2) and (3) of 
this section. If the election is made, all of the amendments listed in 
paragraph (c) (2) and (3) of this section apply to all transactions in 
the case (or similar proceeding) and to all parties in respect of all 
transactions in the case (or similar proceeding). Thus, the debtor may 
not elect to have only certain of the amendments apply to transactions 
in the case (or similar proceeding) and may not elect to have the 
amendments apply only to certain transactions in the case (or similar 
proceeding). An election under this section will not

[[Page 736]]

make the amendments listed in paragraph (c) (2) and (3) applicable to 
transactions occurring prior to commencement of the case (or similar 
proceeding) or transactions not in the case (or similar proceeding).
    (2) Amendments affected. An election under this section changes the 
effective date of the amendments to the following sections:
    (i) 111, relating to recovery of bad debts, prior taxes, and 
delinquency amounts,
    (ii) 302, relating to the repeal of special treatment for certain 
railroad redemptions,
    (iii) 312, relating to the effect of debt discharge on earnings and 
profits,
    (iv) 337, relating to the application of the 12-month liquidation 
rule,
    (v) 351, relating to certain transfers to controlled corporations,
    (vi) 354 (other than the amendment made by section 6(i)(2) of the 
Bankruptcy Tax Act of 1980), 355, 357, 368, and 381, relating to 
corporate reorganizations,
    (vii) 382, relating to special limitations on net operating loss 
carryover,
    (viii) 542, relating to the personal holding company tax, and
    (ix) 703, relating to elections of partnerships.
    (3) Other amendments affected in part. Subject to the transitional 
rule of section 7(a)(2) of the Bankruptcy Tax Act of 1980, an election 
under this section changes the effective date of the amendments to 
sections 108 and 1017, relating to the tax treatment of discharge of 
indebtedness.
    (4) Substitution of effective dates. The election under this section 
changes the effective date of the amendments listed in paragraph (c) (2) 
and (3) of this section by substituting ``September 30, 1979'' for 
``December 31 1980'' wherever it appears in section 7(a), (c), and (d) 
of the Bankruptcy Tax Act of 1980.
    (d) Time and manner--(1) Time and place. A debtor makes the election 
under this section by filing the written statement and evidence of court 
approval required under paragraph (d) (2) and (3) of this section on or 
before November 2, 1981, with the District Director or the Director of 
the Internal Revenue Service Center with whom an income tax return for 
the debtor would be filed if it were due on the date the election is 
filed. The election shall be considered to be made on the date on which 
the written statement and evidence of court approval is filed. The 
debtor should attach a copy of the statement and evidence of court 
approval to the next income tax return filed on or after the date the 
election is made.
    (2) Statement. The written statement must be signed by the debtor 
(or a person duly authorized to sign the income tax return of the 
debtor) and must contain the following:
    (i) The name, address, and taxpayer identification number of the 
debtor,
    (ii) A statement that the debtor is making the election under 
section 7(f) of the Bankruptcy Tax Act of 1980, and
    (iii) Information (including the date of commencement) sufficient to 
identify the bankruptcy case or similar proceeding.
    (3) Evidence of court approval. The evidence of court approval (or 
of approval of an agency in certain proceedings described in paragraph 
(b) of this section) must be a copy of an order or other document 
properly signed by the judge or other presiding officer. In addition to 
information identifying the debtor and the case or proceeding over which 
the officer presides, the order or other document must state that the 
court (or agency, as the case may be) approves the election of the 
debtor under section 7(f) of the Bankruptcy Tax Act of 1980.
    (e) Revocability. An election under this section may be revoked only 
with the consent of the Commissioner. A request for revocation can be 
made only with approval of the court (or agency).

[T.D. 7775, 46 FR 25292, May 6, 1981. Redesignated by T.D. 8435, 57 FR 
43896, Sept. 23, 1992]