SECTION 5. EFFECT OF ELECTION

If a taxpayer makes the election under this revenue procedure, section 3004(c) of the Act applies to a disposition of a building (or interest therein) on or before July 30, 2008. Thus, the disposition is treated as if § 42(j)(6) of the Code, as in effect on or before July 30, 2008, contained no provision for the posting of a bond to avoid or defer recapture and the taxpayer is treated as if no surety bond or TDA had been established for that disposition.