SECTION 4. DEFINITIONS

.01 Election year . As provided by § 1.1221–2(g)(5)(i), the election year is the earliest taxable year subject to the single-entity election. The election year must begin prior to March 8, 1996. A group may use a particular taxable year as the election year only if that year and each subsequent taxable year are still open for assessment under section

96

.01 Filing the statement of election

and delivering copies of the statement of election .

personnel handling the year a copy of the statement and the computations necessary to support any adjustment in tax.

.04 Years that cease to be before

the Service on or before the date the group files the statement of election .

If an affected year is before the Service on January 8, 1996, but ceases to be before the Service by the earlier of March 8, 1996, or the date the group files the statement of election, then, for purposes of this revenue procedure, the year is treated as not being before the Service on January 8, 1996. Thus, if no other affected years are before the Service on that date, the group must follow the procedures in Section 7 in lieu of those in this Section 6; and, if other affected years are before the Service on that date, the group must follow the procedures in this Section 6.