SECTION 13. PARTNERSHIP — Internal Revenue Bulletin 2001-47

	Statute or Regulation	Act Postponed
1.	Treas. Reg. § 1.706- 1(b)(4)(i)	A partnership may apply for approval to change a partnership taxable year by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, on or before the 15th day of the second calendar month following the close of the short period involved.
2.	Treas. Reg. § 1.706- 1(b)(4)(ii)	A partnership may apply for approval to adopt a partnership taxable year by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, on or before the last day of the month following the close of the taxable year to be adopted.
3.	Treas. Reg. § 1.743- 1(k)(2)	A transferee that acquires, by sale or exchange, an interest in a partnership with an election under section 754 in effect for the taxable year of the transfer, must notify the partnership, in writing, within 30 days of the sale or exchange. A transferee that acquires, on the death of a partner, an interest in a partnership with an election under section 754 in effect for the taxable year of the transfer, must notify the partnership, in writing, within one year of the death of the deceased partner.
4.	Treas. Reg. § 1.754- 1(c)(1)	Generally, a partnership may revoke a section 754 election by filing the revocation no later than 30 days after the close of the partnership taxable year with respect to which the revo- cation is intended to take effect.
5.	Treas. Reg. § 1.761- 2(b)(3)	A partnership may generally elect to be excluded from subchapter K. The election will be effective unless within 90 days after the formation of the organization any member of the organization notifies the Commissioner that the member desires subchapter K to apply to such organization and also advises the Commissioner that he has so notified all other mem- bers of the organization. In addition, an application to revoke an election to be excluded from subchapter K must be submitted no later than 30 days after the beginning of the first taxable year to which the revocation is to apply.
6.	Treas. Reg. § 1.761-2(c)	A partnership requesting permission to be excluded from certain provisions of subchapter K must submit the request to the Commissioner no later than 90 days after the beginning of the first taxable year for which partial exclusion is desired.
7.	Sec. 1361(e)	In general, the trustee of the electing small business trust (ESBT) must file the ESBT elec- tion within the 2-month and 16-day period beginning on the day the stock is transferred to the trust.See Notice 97-12, 1997-1 C.B. 385.
8.	Treas. Reg. § 1.1361- 1(j)(6)	The current income beneficiary of a qualified subchapter S trust (QSST) must make a QSST election within the 2-month and 16-day period from one of the dates prescribed in Treas. Reg. § 1.1361-1(j)(6)(iii).
9.	Treas. Reg. § 1.1361- 1(j)(10)	The successive income beneficiary of a QSST may affirmatively refuse to consent to the QSST election. The beneficiary must sign the statement and file the statement with the IRS within 15 days and 2 months after the date on which the successive income beneficiary becomes the income beneficiary.
10.	Treas. Reg. § 1.1361- 3(a)(4)	If an S corporation elects to treat an eligible subsidiary as a qualified subchapter S subsidi- ary (QSUB), the election cannot be effective more than 2 months and 15 days prior to the date of filing the election.
11.	Treas. Reg. § 1.1361- 3(b)(2)	An S corporation may revoke a QSUB election by filing a statement with the service cen- ter. The effective date of a revocation of a QSUB election cannot be more than 2 months and 15 days prior to the filing date of the revocation.
12.	Treas. Reg. § 1.1362- 2(a)(2), (4)	If a corporation revokes its subchapter S election after the first 2½-months of its taxable year, the revocation will not be effective until the following taxable year. An S corporation may rescind a revocation of an S election at any time before the revocation becomes effec- tive.
13.	Sec. 1362(b)(3)	If a corporation files a subchapter S election after the first 2½-months of a corporation’s taxable year, that corporation will not be treated as an S corporation until the taxable year after the year in which the S election is made.

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