SECTION 7. EFFECTIVE DATE

This revenue procedure is effective for elections under section 3004(i)(2)(B)(ii) of the Act made on or after October 2, 2008. An election request submitted by a taxpayer to the Internal Revenue Service after July 30, 2008, but prior to October 2, 2008, that does not satisfy all of the procedures required by Section 4 of this revenue procedure will be deemed valid as of the date originally submitted if the taxpayer corrects the election to comply with these procedures by the close of December 31, 2008.