Skip to content
ChatProjectCodes

SECTION 7. TERMINATION OF

Internal Revenue Bulletin 2003-48 · 2026-10-03 edition · updated 2026-10-04 · United States

MONTHLY CLOSING ELECTION AND RE-ELECTION AFTER TERMINATION

.01 A partnership’s monthly closing election terminates as of the first day of the month during which a partnership first fails to be an eligible partnership as defined in section 4.01 of this revenue procedure.

.02 If the partnership’s monthly closing election terminates, the partnership may not make another monthly closing election without the consent of the Commissioner.

.03 A partnership’s monthly closing election may be revoked only with the consent of the Commissioner.

Get a plain-English answer with a citation back to this text.

Ask AI about this code
Export this section
▸Contents — Internal Revenue Bulletin 2003-48
Internal Revenue Bulletin 2003-48

GoCodebook provides public access, search, citation, multilingual explanation, and practical interpretation of legally adopted building regulations. It is not a substitute for the official ICC or California code publications.