Time for making election, etc.
(A) Time
(A)Time#
An election under paragraph (5) of subsection (b) or under paragraph (3)(C) of subsection (c) shall be made on the taxpayer’s return for the taxable year in which the discharge occurs or at such other time as may be permitted in regulations prescribed by the Secretary.
(B)Revocation only with consent#
An election referred to in subparagraph (A), once made, may be revoked only with the consent of the Secretary.
(C)Manner#
An election referred to in subparagraph (A) shall be made in such manner as the Secretary may by regulations prescribe.