SECTION 12. INTERNATIONAL ISSUES—CONTINUED

Statute or Regulation Act Postponed 24. Treas. Reg. § 1.988–1(a)(7)(ii) An election to have Treas. Reg. § 1.988–1(a)(2)(iii) apply to regulated futures contracts and nonequity options must be made on or before the first day of the taxable year, or if later, on or before the first day during such taxable year on which the taxpayer holds a contract described in section 988(c)(1)(D)(ii) and Treas. Reg. § 1.988–1(a)(7)(ii). A late election may be made within 30 days after the time prescribed for the election. 25. Sec. 988(c)(1)(E)(iii)(V) (qualified A qualified fund election must be made on or before the first day of the taxable fund) and Treas. Reg. § 1.988– year, or if later, on or before the first day during such taxable year on which 1(a)(8)(i)(E) the partnership holds an instrument described in section 988(c)(1)(E)(i).

25. Sec. 988(c)(1)(E)(iii)(V) (qualified A qualified fund election must be made on or before the first day of the taxable fund) and Treas. Reg. § 1.988– year, or if later, on or before the first day during such taxable year on which 1(a)(8)(i)(E) the partnership holds an instrument described in section 988(c)(1)(E)(i).

26. Treas. Reg. § 1.988–3(b) An election to treat (under certain circumstances) any gain or loss recognized on a contract described in Treas. Reg. § 1.988–2(d)(1) as capital gain or loss must be made by clearly identifying such transaction on taxpayer’s books and records on the date the transaction is entered into.

27. Treas. Reg. Taxpayer must establish a record, and before the close of the date the hedge is § 1.988–5(a)(8)(i) entered into, the taxpayer must enter into the record for each qualified hedging

28. Treas. Reg. Taxpayer must establish a record, and before the close of the date the hedge is § 1.988–5(a)(8)(i) entered into, the taxpayer must enter into the record for each qualified hedging

transaction the information contained in Treas. Reg. §§ 1.988–5(a)(8)(i)(A) through (E). 28. Treas. Reg. Taxpayer must establish a record and before the close of the date the hedge is § 1.988–5(b)(3)(i) entered into, the taxpayer must enter into the record a clear description of the

28. Treas. Reg. Taxpayer must establish a record and before the close of the date the hedge is § 1.988–5(b)(3)(i) entered into, the taxpayer must enter into the record a clear description of the

executory contract and the hedge. 29. Treas. Reg. § 1.988–5(c)(2) Taxpayer must identify a hedge and underlying stock or security under the rules of Treas. Reg. § 1.988–5(b)(3). 30. Sec. 991 A corporation that elects IC-DISC treatment (other than in the corporation’s first taxable year) must file Form 4876–A, Election To Be Treated as an Interest Charge DISC, with the regional service center during the 90-day period prior to the beginning of the tax year in which the election is to take effect. 31. Sec. 991 and Treas. Reg. A corporation that filed a tax return as a DISC, but subsequently determines § 1.991–1(g)(2) that it does not wish to be treated as a DISC, must notify the [district director]

31. Sec. 991 and Treas. Reg. A corporation that filed a tax return as a DISC, but subsequently determines § 1.991–1(g)(2) that it does not wish to be treated as a DISC, must notify the [district director]

more than 30 days before the expiration of period of limitations on assessment applicable to the tax year. 32. Sec. 992 and Treas. Reg. A qualifying corporation must file Form 4876–A, or attachments thereto, § 1.992–2(a)(1)(i) containing the consent of every shareholder of the corporation to be treated as a

32. Sec. 992 and Treas. Reg. A qualifying corporation must file Form 4876–A, or attachments thereto, § 1.992–2(a)(1)(i) containing the consent of every shareholder of the corporation to be treated as a

DISC as of the beginning of the corporation’s first taxable year. 33. Sec. 992 and Treas. Reg. A qualifying corporation must file consents of the shareholders of the § 1.992–2(b)(2) corporation to be treated as a DISC with the service center with which the

33. Sec. 992 and Treas. Reg. A qualifying corporation must file consents of the shareholders of the § 1.992–2(b)(2) corporation to be treated as a DISC with the service center with which the

DISC election was first filed, within 90 days after the first day of the taxable year, or within the time granted for an extension to file such consents. 34. Sec. 992 and Treas. Reg. A corporation seeking to revoke a prior election to be treated as a DISC, must § 1.992–2(e)(2)(ii) file a statement within the first 90 days of the taxable year in which the

34. Sec. 992 and Treas. Reg. A corporation seeking to revoke a prior election to be treated as a DISC, must § 1.992–2(e)(2)(ii) file a statement within the first 90 days of the taxable year in which the

election is to take effect with the service center with which it filed the election or, if the corporation filed an annual information return, by filing the statement at the service center with which it filed its most recent annual information return. 35. Sec. 992 and Treas. Reg. A DISC that receives notification that it failed to satisfy the 95 percent of gross § 1.992–3(c)(3) receipts test or the 95 percent assets test, or both tests, for a particular taxable

35. Sec. 992 and Treas. Reg. A DISC that receives notification that it failed to satisfy the 95 percent of gross § 1.992–3(c)(3) receipts test or the 95 percent assets test, or both tests, for a particular taxable

year, must make a corrective deficiency distribution within 90 days of the date of the first written notification from the IRS. 36. Sec. 993 and Treas. Reg. A taxpayer must deliver export property outside the U.S. within one year of the § 1.993–3(d)(2)(i)(b) date of sale or lease in order to generate DISC benefits from a qualifying

A taxpayer must deliver export property outside the U.S. within one year of the date of sale or lease in order to generate DISC benefits from a qualifying export transaction.

2002–46 I.R.B. 865 November 18, 2002