SECTION 7. TERMINATION OF

MONTHLY CLOSING ELECTION OR MONTHLY CLOSING CONSENT

.01 A Monthly Closing Election or a Monthly Closing Consent may be revoked only with the consent of the Commissioner.

.02 Each month after the third month after a partnership’s Monthly Closing Election becomes effective, the definition of eligible partnership in section 3.01 of this revenue procedure is reapplied to the partnership, using the last day of the month as the test date and that month and the preceding 2 months as the test period. If for any month the partnership fails to satisfy the test mandated by the preceding sentence, then the partnership’s Monthly Clos

6 full calendar months, then the test period is the first 6 full calendar months of the partnership’s existence.

(2) Test Date . The test date is the first day of the first month for which the Monthly Closing Election is effective.