SECTION 6. BUSINESS AND INDIVIDUAL TAX ISSUES—CONTINUED

Statute or Regulation Act Postponed 19. Treas. Reg. § 1.1033(c)(3) Certain elections respecting the non recognition of gain on the involuntary conversion of property (Treas. Reg. §§ 1.1033(c)(1) and (2)) are required to be made within the time periods specified in Treas. Reg. § 1.1033(c)(3). 20. Sec. 1043(a) If an eligible person (as defined under section 1043(b)) sells any property pursuant to a certificate of divestiture, then at the election of the taxpayer, gain from such sale shall be recognized only to the extent that the amount realized on such sale exceeds the cost of any permitted property purchased by the taxpayer during the 60-day period beginning on the date of such sale. 21. Sec. 1045(a) A taxpayer other than a corporation may elect to roll over gain from the sale of qualified small business stock held for more than six months if other qualified small business stock is purchased by the taxpayer during the 60-day period beginning on the date of sale. 22. Sec. 1382(d) An organization, to which section 1382(d) applies, is required to pay a patronage dividend within 8½ months after the close of the year. 23. Sec. 1388(j)(3)(A) Any cooperative organization that exercises its option to net patronage gains and losses, is required to give notice to its patrons of the netting by the 15 ^th

day of the 9 ^th month following the close of the taxable year. 24. Treas. Reg. § 301.7701–3(c) The effective date of an entity classification election (Form 8832) cannot be more than 75 days prior to the date on which the election is filed. 25. Treas. Reg. An automatic extension of 12 months from the due date for making a § 301.9100–2(a)(1) regulatory election is granted to make certain elections, including the election to

25. Treas. Reg. An automatic extension of 12 months from the due date for making a § 301.9100–2(a)(1) regulatory election is granted to make certain elections, including the election to

use other than the required taxable year under section 444, and the election to use LIFO under section 472. 26. Treas. Reg. An automatic extension of 6 months from the due date of a return, excluding §§ 301.9100–2(b)–(d) extensions, is granted to make the regulatory or statutory elections whose due

26. Treas. Reg. An automatic extension of 6 months from the due date of a return, excluding §§ 301.9100–2(b)–(d) extensions, is granted to make the regulatory or statutory elections whose due

dates are the due date of the return or the due date of the return including extensions (for example, a taxpayer has an automatic 6 month extension to file an application to change a method of accounting under Rev. Proc. 2002–9), provided the taxpayer (a) timely filed its return for the year of election, (b) within that 6-month extension period, takes the required corrective action to file the election in accordance with the statute, regulations, revenue procedure, revenue ruling, notice or announcement permitting the election, and (c) writes at the top of the return, statement of election or other form “FILED PURSUANT TO § 301.9100–2.” 27. Notice 2002–25 Notice 2002–25, 2002–15 I.R.B. 743, relaxes the contemporaneous written acknowledgment requirement for charitable contributions of $250 or more made after September 10, 2001, and before January 1, 2002, if taxpayers obtain the written acknowledgment or have evidence of a good-faith attempt to obtain it by October 15, 2002.