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Federal tax elections

Predefined federal tax elections

Predefined federal tax elections
IRC section
Election
1040
1041
1065
1120
990
706
709
3.02
Election under Section of Notice 2018-13 to use alternative method to compute post-1986 earnings and profits
Yes
Yes
No
Yes
No
No
No
43(e)
Election out of the Enhanced Oil Recovery (EOR) credit
Yes
Yes
Yes
Yes
Yes
Yes
No
50(d)(5)
Lessor's summary statement to treat lessee as purchaser
Yes
No
No
No
No
No
No
56(g)
Use simplified inventory methods for alternative minimum tax (AMT) adjusted current earnings
Yes
Yes
Yes
Yes
Yes
Yes
No
59(e)(2)(A)
Election to write off circulation expenditures over 3 years
Yes
No
No
No
No
No
No
59(e)(2)(C)
Election to amortize intangible drilling and development costs over 60 months
Yes
No
No
No
No
No
No
59(e)(2)(D)
Election to write off mine development expenditures over 10 years
Yes
No
No
No
No
No
No
59(e)(2)(E)
Election to write off mine exploration expenditures over 10 years
Yes
No
No
No
No
No
No
72(b)
Recompute exclusion when variable annuity payment is less than exclusion amount
Yes
No
Yes
Yes
No
No
No
1.72-6(d)
Election to compute separate exclusion ratios
Yes
No
Yes
Yes
No
No
No
77(a)
Farmer's election to include loan from commodity credit corporation in income
Yes
No
Yes
Yes
No
No
No
83(b)
Election to include restricted property in income in year of transfer
Yes
No
Yes
Yes
No
No
No
86(e)
Election regarding lump-sum social security payments
Yes
No
No
No
No
No
No
108(b)(5)
Election to apply tax attribute reduction first against depreciable basis on discharge of indebtedness
Yes
No
Yes
Yes
No
No
No
121(c)
Election to revoke one-time exclusion or gain from sale of home by taxpayer who's older than 55
Yes
No
No
No
No
No
No
126(c)(3)
Election to have exclusion for cost-sharing payments not apply
Yes
No
Yes
Yes
No
No
No
142(i)(2)
Election to forego depreciation in connection with private activity bond financing
Yes
No
Yes
Yes
No
No
No
162(h)
State legislator's election with regard to "tax home" for travel expense purposes
Yes
No
No
No
No
No
No
163(h)(2)(D)
Election not to treat debt as secured by a qualified residence
Yes
No
No
No
No
No
No
165(i)
Election to claim early disaster loss deduction
Yes
No
No
No
No
No
No
166
Election For new banks to establish a conclusive presumption of worthlessness for bad debts
No
No
No
Yes
No
No
No
168(b)(2)
Election to depreciate property using the 150% declining balance method
Yes
No
Yes
Yes
No
No
No
169(b)
Electing 60-month amortization of pollution control facilities
Yes
No
Yes
Yes
No
No
No
170(a)(2)
Accrual basis corporation's election to accrue a charitable contribution made within 2 1/2 months after tax year ends
No
No
No
Yes
No
No
No
170(b)(1)(c)
Election to have the contribution reduction rule apply to a charitable contribution of capital gain property by and individual
Yes
No
No
No
No
No
No
171(c)
Election to amortize bond premium
Yes
No
Yes
Yes
No
No
No
172(b)(1)(C)
Election to waive carryback period with respect to specified liability loss
Yes
No
No
Yes
No
No
No
172(b)(3)
Election to forego net operating loss carryback
Yes
No
No
Yes
No
No
No
173
Election to capitalize circulation expenditures
Yes
No
Yes
Yes
No
No
No
174(a)
Research and experimental costs current expense method
Yes
No
Yes
Yes
No
No
No
174(b)
Research and experimental costs-deferred expense method
Yes
No
Yes
Yes
No
No
No
175
Election to expense soil and water expenditures
Yes
No
Yes
Yes
No
No
No
195
Election to deduct start-up expenditures
No
No
Yes
No
No
No
No
195(b)
Election to amortize start-up expenditures
Yes
Yes
Yes
Yes
No
No
No
199A
Election to safe harbor rental real estate to be treated as a trade or business
Yes
No
No
No
No
No
No
199A
Annual aggregation disclosure
Yes
No
No
No
No
No
No
213(c)
Election to deduct medical expenses paid within 1 year of death on decedent's income tax return
Yes
No
No
No
No
Yes
No
216(b)(3)(B)
Election to allocate real estate taxes and/or interest expense to tenant-stockholder
No
No
No
Yes
No
No
No
243(b)(3)
Election of 100% dividend received deduction by corporation
No
No
No
Yes
No
No
No
248
Election to amortize organizational expenses
No
No
No
Yes
No
No
No
263(a)-1(f)
De minimis safe harbor election
Yes
No
No
No
No
No
No
263(a)-3(h)
Safe harbor election for small taxpayers
Yes
No
No
No
No
No
No
263(a)-3(n)
Election to capitalize repair and maintenance costs
Yes
No
No
No
No
No
No
263(d)
Election to deduct expenditures for rehabilitation of railroad rolling stock
Yes
No
Yes
Yes
No
No
No
263(i)
Election to include intangible drilling costs incurred outside U.S. in basis for calculating depletion
Yes
No
Yes
Yes
No
No
No
263A(d)(3)
Election out of the uniform capitalization rules by farmers
Yes
No
No
No
No
No
No
266
Election to capitalize carrying charges
Yes
No
Yes
Yes
No
No
No
307(b)(2)
Allocation of basis to non-taxable rights worth less than 15% of old stock
Yes
No
Yes
Yes
No
No
No
1.35 1-3(a)
Form of transferor's statement under regulation §1.35 1-3(a)
No
No
No
Yes
No
No
No
1.35 1-3(b)
Form of transferee corporation's statement under regulation §1.35 1-3(b)
No
No
No
Yes
No
No
No
1.163(j)-9
Election to not limit business interest-proposed regulation §1.163(j)-9
Yes
No
No
No
No
No
No
382
Election to use closing-of-the-books method to allocate taxable income in a tax year in which an ownership change occurs
No
No
No
Yes
No
No
No
401(a)(9)
Surviving spouse election to treat decedent's IRA as own IRA
Yes
No
No
No
No
No
No
402(e)(4)(B)
Election to include net unrealized appreciation of employer securities from lump-sum distribution in gross income
Yes
No
No
No
No
No
No
408(k)(6)
Employee salary deduction election to contribute to a SEP
Yes
No
No
No
No
No
No
441
Election to adopt or change to a 52-53 week tax year
Yes
Yes
Yes
Yes
Yes
Yes
No
448(d)(4)(C)
Election by common parent of affiliated personal service corporations with regard to the cash method
No
No
No
Yes
No
No
No
451
Election to defer advanced payments for goods and long-term contracts
Yes
No
Yes
Yes
No
No
No
453(d)
Election to not use the installment method
Yes
No
Yes
Yes
No
No
No
453(1)(2)(B)
Election to use installment method for dealer dispositions on sale of time shares and residential lots
Yes
No
Yes
Yes
No
No
No
454
Election by cash basis taxpayer to recognize current income of non-interest bearing discount obligations
Yes
No
Yes
Yes
No
No
No
455(c)
Election to defer prepaid subscription income without IRS consent
Yes
No
Yes
Yes
No
No
No
456
Election to defer prepaid dues income of membership organizations
Yes
No
Yes
Yes
No
No
No
458(c)
Election to exclude from gross income sales of returned magazines
Yes
No
Yes
Yes
No
No
No
458(c)
Election to exclude from gross income sales of returned paperbacks
Yes
No
Yes
Yes
No
No
No
458(c)
Election to exclude from gross income sales of returned records
Yes
No
Yes
Yes
No
No
No
461(c)
Election to ratably accrue real property taxes
Yes
No
Yes
Yes
No
No
No
461(h)(3)
Election to adopt the recurring item exception to determine when economic performance occurs
Yes
No
Yes
Yes
No
No
No
469(c)(7)(A)
Election to aggregate rental real estate activities
Yes
No
No
No
No
No
No
469
Election to elect out of recharacterization rules of self-charged interest
No
No
Yes
Yes
No
No
No
614(b)(2)
Election to treat operating interest in oil or gas deposits as separate properties
Yes
No
Yes
Yes
No
No
No
614(c)(1)
Election to aggregate 2 or more operating mining interests
Yes
Yes
Yes
Yes
Yes
Yes
No
614(c)(2)
Election to treat a single operating mining interest as more than 1 property
Yes
No
Yes
Yes
No
No
No
616(b)
Election to amortize mine development costs as units are sold
Yes
No
Yes
Yes
No
No
No
616(d)(2)(A)
Election to include foreign development expenditures in adjusted basis in computing the cost depletion deduction
Yes
No
Yes
Yes
No
No
No
617(a)
Election to deduct hard mineral exploration expenditures
Yes
No
No
Yes
No
No
No
617(b)(1)(A)
Election to include pre-production mine exploration expenditures in gross income
Yes
No
No
Yes
No
No
No
617(h)(2)(A)
Election to add foreign mine exploration expenditures to basis for cost depletion deduction
Yes
No
No
Yes
No
No
No
642(c)(1)
Election to deduct charitable contribution in the tax year preceding tax year of contribution
No
Yes
No
No
No
No
No
642(g)
Election to claim administration expenses of estate as income tax deduction
No
Yes
No
No
No
No
No
643(e)
Election to recognize gain or loss on distribution in kind
No
Yes
No
No
No
No
No
663(b)
Election to treat estate or trust distributions as made in the preceding tax year under the 65-day rule
No
Yes
No
No
No
No
No
709(b)
Election by partnership to amortize organizational expenditures
No
No
Yes
No
No
No
No
732(d)
Election to adjust basis of distributed property
Yes
No
No
No
No
No
No
736
Election to apply installment method to partner's liquidation payments
Yes
No
No
No
No
No
No
743
Statement regarding Section 743 adjustment (pursuant to Reg. 1-743-1(k)(1))
No
No
Yes
No
No
No
No
754(d)
Election to adjust basis in partnership property
No
No
Yes
No
No
No
No
761(a)
Election to be excluded from Subchapter K
No
No
Yes
No
No
No
No
831(b)
Election permitting certain small property and casualty insurance companies to be taxed solely on investment income
No
No
No
Yes
No
No
No
835(a)
Election by reciprocal to limit deduction for amount paid to attorney-in-fact
No
No
No
Yes
No
No
No
846(e)
Election by insurance company to use its own historical loss payment pattern
No
No
No
Yes
No
No
No
852(b)(2)(F)
Regulated investment company (RIC) election with respect to short-term government obligations issued at discount
No
No
No
Yes
No
No
No
865(f)
Election to treat foreign affiliates and subsidiaries as 1 corporation
No
No
No
Yes
No
No
No
871(d)
Election by nonresident alien or foreign corporation to treat real property as income connected with a U.S. business
Yes
No
No
Yes
No
No
No
911(e)(2)
Election to revoke exclusion of foreign earned income and foreign housing cost
Yes
No
No
No
No
No
No
953(c)(3)(C)
Foreign captive insurance company election
No
No
No
Yes
No
No
No
953(d)
Foreign insurance company election
No
No
No
Yes
No
No
No
962(a)
Election by U.S. shareholder of a controlled foreign corporation to be taxed as corporate rates
Yes
No
No
No
No
No
No
965(h)(1)
Election to pay net tax liability under Section 965 in installments under Section 965(h)(1)
Yes
Yes
No
Yes
No
No
No
965(i)(1)
S Corporation shareholder deferral election under Section 965(i)(1)
Yes
Yes
No
No
No
No
No
965(m)(1)(B)
Statement for real estate investment trusts electing deferred inclusions under Section 951(a)(1) by reason of Section 965 under Section 965(m)(1)(B)
No
No
No
Yes
No
No
No
965(n)
Election not to apply net operating loss deduction under Section 965(n)
Yes
Yes
No
Yes
No
No
No
1012
Election to determine basis in mutual fund shares sold using average basis
Yes
No
Yes
Yes
No
No
No
1016(c)
Election to increase basis for special use valuation property
Yes
No
No
No
No
No
No
1033(g)(3)
Election to treat outdoor advertising displays as real property
Yes
No
Yes
Yes
No
No
No
1042
Nonrecognition of gain on sale of stock to an ESOP
Yes
No
Yes
No
No
No
No
1059(c)(4)
Use of market value in determination of extraordinary dividend
Yes
No
Yes
Yes
No
No
No
1071
Reduction of basis in connection with FCC certified sale
No
No
Yes
Yes
No
No
No
1237(b)(3)
Substantial improvement costs attributable to subdivided tract of real property
Yes
No
Yes
No
No
No
No
1274A(c)
Election to use cash method for including original issue discount interest
Yes
No
Yes
Yes
No
No
No
1276(b)(2)
Election to accrue market discount on basis constant interest rate
Yes
No
Yes
Yes
No
No
No
1277(b)(1)
Election to deduct disallowed interest expense in a later year
Yes
No
Yes
Yes
No
No
No
1278(b)
Election to include accrued market discount in income currently
Yes
No
Yes
Yes
No
No
No
1282(b)(2)
Election to include acquisition discount in income for all short-term obligations
Yes
Yes
Yes
Yes
No
No
No
1361(d)(2)
Election by beneficiary of QSST
No
No
No
Yes
No
No
No
1362(a)
Corporate statement of revocation of S election
No
No
No
Yes
No
No
No
1362(d)(1)
Revocation of S Corporation election
No
No
No
Yes
No
No
No
1.1367-1(g)
Election to adjust basis of shareholders stock in an S Corporation pursuant to the elective ordering rule
Yes
No
No
No
No
No
No
1368
Election to treat distributions as being from earnings and profits
No
No
No
Yes
No
No
No
1371(e)(2)
Election regarding distributions made during the post-termination transition period
No
No
No
Yes
No
No
No
1377(a)(2)
Election to terminate S Corporation year
No
No
No
Yes
No
No
No
1398(d)(2)
Election by taxpayer(s) in bankruptcy action to close tax year
Yes
No
No
No
No
No
No
1411-10(g)
Election with respect to CFCs and QEFs
Yes
Yes
No
No
No
No
No
1446
Election to withhold from foreign partners of publicly traded partnerships based upon effectively connected income
No
No
Yes
No
No
No
No
1502
Election to reattribute a subsidiary's losses to the common parent
No
No
No
Yes
No
No
No
1503
Election to use dual consolidation loss
No
No
No
Yes
No
No
No
1504(d)
Election to treat Canadian or Mexican subsidiary as a domestic corporation
No
No
No
Yes
No
No
No
1552(a)
Election to allocate tax liabilities among a consolidated group
No
No
No
Yes
No
No
No
1561(a)
Election for consent to controlled group allocations
No
No
No
Yes
No
No
No
1563(a)(a)
Election to be a component member of 1 brother-sister controlled group
No
No
No
Yes
No
No
No
2053(d)
Election to deduct state and foreign death taxes on charitable transfers
No
No
No
No
No
Yes
No
4911(f)(3)
Election permitting public charity to use organization's year as affiliated group's to report lobbying expenses
No
No
No
No
Yes
No
No
4942(h)(2)
Election permitting private foundation to avoid excise tax for failure to distribute income
No
No
No
No
Yes
No
No
6013(f)
Election by spouse of individual in missing status to file a joint return
Yes
No
No
No
No
No
No
6013(g)
Election to treat nonresident alien spouse as a U.S. resident
Yes
No
No
No
No
No
No
6013(h)
Election to treat nonresident alien spouse who becomes a U.S. resident as a U.S. resident for the entire year
Yes
No
No
No
No
No
No
6081
Automatic return to file certain elections
Yes
No
Yes
Yes
No
No
No
6166
Election to defer estate tax
No
No
No
No
Yes
No
No
6222(b)(2)
Election for filing consistency with regard to erroneous K-1
Yes
No
Yes
No
No
No
No
6231(a)(1)
Election of small partnership to have the consolidated audit rules applied
No
No
Yes
No
No
No
No
7520(a)
Election permitting certain interest transferred to charity to be valued using an alternative 120% federal mid-term rate
Yes
No
No
No
No
Yes
Yes
7701(b)(4)
Election to treat qualified nonresident as a U.S. resident
Yes
No
No
No
No
No
No
Rev. Proc. 2016-20 statement
965 transition tax statement
Yes
No
No
No
No
No
No

This article applies to:

  • PRODUCT: ONESOURCE Income Tax Express RS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,990 Exempt Organization,1041 Fiduciary,706 Estate Tax,709 Gift Tax
  • Subject: Elections

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