Election for section not to apply
(1) In general
(1)In general#
The taxpayer may elect not to have this section (and section 1255) apply to any excludable portion (or portion thereof).
(2)Manner and time for making election#
Any election under paragraph (1) shall be made in the manner prescribed by the Secretary by regulations and shall be made not later than the due date prescribed by law (including extensions) for filing the return of tax under this chapter for the taxable year in which the payment was received or accrued.