Miscellaneous elections—(1) Elections to which this paragraph applies. This paragraph applies to the following elections provided under the Tax Equity and Fiscal Responsibility Act of 1982.

Time for making elections—(i) In general. Except as otherwise provided in paragraph (a)(2) of this section, the elections specified in paragraph (a)(1) of this section shall be made by the later of—

The due date (taking extensions into account) of the income tax return for the taxable year for which the election is to be effective, or

April 15, 1983.

No extensions of time for payment. Payments of tax due shall be made in accordance with chapter 62 of the Code.

Election by insurance companies relating to repeal of section 820. Elections under section 256(f) of the Act, relating to special rule allowing reinsured insurance company to revoke an election under section 820, must be made before March 5, 1983.

Manner of making elections. The elections specified in paragraph (a)(1) of this section shall be made by attaching a statement to the income tax return (or amended return) for the taxable year for which the election is made. Except as otherwise provided in the return or in the instructions accompanying the return for the taxable year, the statement shall—

Contain the name, address, and taxpayer identification number of the electing taxpayer,

Identify the election,

Indicate the section of the Code (or, if the provision is not codified, the section of the Act) under which the election is being made,

Specify the period for which the election is being made and the property to which the election is to apply, and

Provide any information required by the relevant statutory provisions and any information necessary to show that the taxpayer is entitled to make the election.

Special rules for reduced investment credit in lieu of basis adjustment—(1) Appropriate return. For purposes of section 48(q) of the Code and paragraph (a) (2)(i)(A) and (3) of this section the term “income tax return for the taxable year for which the election is effective” with respect to any property is the tax return for the taxable year in which such property is placed in service, or in the case of property to which an election under section 46(d) (relating to qualified progress expenditures) applies, the appropriate return is the return for the first taxable year for which qualified progress expenditures were taken into account with respect to such property.

Applicability of election. In general, the election under section 48(q) is applicable to periods beginning after December 31, 1982 under rules similar to the rules of section 48(m) of the Code. However, the election does not apply to property excepted by section 205(c)(1)(B) of the Act.

Election by a reinsurer to make installment payments of taxes owed resulting from the repeal of section 820. This paragraph applies to the election by an insurance company provided under section 256(e) of the Act. A reinsurer that is a calendar year tax-payer shall be considered to have made an election under section 256(e) of the Act if by March 15, 1983 it files its income tax return (or an application on Form 7004 for an automatic extension of time to file its income tax return), with the statement required to be filed under this paragraph attached and, unless the reinsurer is making a further election under section 256(e)(2)(B) of the Act, pays one-third of the amount described in section 256(e)(1) of the Act by March 15, 1983. A reinsurer making an election under section 256(e)(2)(B) of the Act must pay one-sixth of the amount described in section 256(e)(1) of the Act by March 15, 1983 and one-sixth of such amount by June 15, 1983. The statement required to be filed under this paragraph shall—

Contain the name, address, and tax-payer identification number of the corporation,

Identify the election as an election under section 256(e) of the Act, and section 256(e)(2)(B) if applicable, and

Provide all information necessary to show the taxpayer is entitled to make the election.

[Reserved]

Additional information required. If later regulations issued under the section of the Code or Act under which the election was made require the furnishing of information in addition to that which was furnished with the statement of election and an office of the Internal Revenue Service requests the taxpayer to provide the additional information, the taxpayer shall furnish the additional information in a statement filed with that office of the Internal Revenue Service within 60 days after the request is made. This statement shall also—

Contain the name, address, and taxpayer identification numbers of all parties identified in connection with the election,

Identify the election by reference to the section of the Code or Act under which the election was made, and

Specify the scope of the election.

Effective date. This section applies to elections made after September 3, 1982.