SECTION 7. Termination of Monthly

Closing Election and Re-election after Termination.

7.01. Termination of Monthly Closing Election . 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 under § 4.01 of this revenue procedure.

7.02. Consent of Commissioner for Another Election . If the partnership’s monthly closing election terminates, the partnership may not make another monthly closing election without the consent of the Commissioner.

7.03. Revocation of Election with Commissioner’s Consent . A partnership’s monthly closing election may be revoked only with the consent of the Commissioner.