Election
(i) In general
(i)In general#
An election under this subsection with respect to any applicable debt instrument shall be made by including with the return of tax imposed by chapter 1 for the taxable year in which the reacquisition of the debt instrument occurs a statement which—
(I) clearly identifies such instrument, and
(II) includes the amount of income to which paragraph (1) applies and such other information as the Secretary may prescribe.
(i)(I)#
clearly identifies such instrument, and
(i)(II)#
includes the amount of income to which paragraph (1) applies and such other information as the Secretary may prescribe.
(ii)Election irrevocable#
Such election, once made, is irrevocable.
(iii)Pass-thru entities#
In the case of a partnership, S corporation, or other pass-thru entity, the election under this subsection shall be made by the partnership, the S corporation, or other entity involved.