In general
At the election of the taxpayer, income from the discharge of indebtedness in connection with the reacquisition after December 31, 2008 , and before January 1, 2011 , of an applicable debt instrument shall be includible in gross income ratably over the 5-taxable-year period beginning with—
(A)#
in the case of a reacquisition occurring in 2009, the fifth taxable year following the taxable year in which the reacquisition occurs, and
(B)#
in the case of a reacquisition occurring in 2010, the fourth taxable year following the taxable year in which the reacquisition occurs.