Rules for making election.

(d) Rules for making election.

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Rules for making election.

(d) Rules for making election.

(1)An election to modify Federal adjusted gross income for optional depreciation must be made by filing with the New York State personal income tax return or returns in which such modification is claimed, a statement evidencing such election a#

(1) An election to modify Federal adjusted gross income for optional depreciation must be made by filing with the New York State personal income tax return or returns in which such modification is claimed, a statement evidencing such election and containing complete details of the qualifying property involved and the computation of the related modification. (Such statement and information must be submitted on form IT-211, New York State Special Depreciation Schedule.)

(2)An election made with respect to a specific item of property is binding for all subsequent taxable years unless the Department of Taxation and Finance consents to a change with respect thereto upon such terms and conditions as it may fix.#

(2) An election made with respect to a specific item of property is binding for all subsequent taxable years unless the Department of Taxation and Finance consents to a change with respect thereto upon such terms and conditions as it may fix.

(3)An election with respect to qualifying property of a partnership must be made by the partnership and will apply to all partnership members.#

(3) An election with respect to qualifying property of a partnership must be made by the partnership and will apply to all partnership members. An election with respect to qualifying property of an estate or trust must be made by the fiduciary and will be binding on all beneficiaries of the estate and trust.

(4)Where a taxpayer elects to claim the investment credit or the retail enterprise credit allowable under section 606(a) of the Tax Law (see section 106.1 of this Title), such taxpayer may not make the subtraction modification referred to in t#

(4) Where a taxpayer elects to claim the investment credit or the retail enterprise credit allowable under section 606(a) of the Tax Law (see section 106.1 of this Title), such taxpayer may not make the subtraction modification referred to in this subdivision (see section 606[a][3] of the Tax Law).