SECTION 4. AUTOMATIC

EXTENSION OF TIME TO FILE ELECTIONS UNDER SECTIONS 168(j)(8), 168(l)(3)(D), and 181(a)(1)

.01 Time and manner of making a late § 168(j)(8) election or late § 168(l)(3)(D) election . A taxpayer within the scope of section 3.01 of this revenue procedure may make a late § 168(j)(8) election or late § 168(l)(3)(D) election by filing either:

(1) An amended Federal income tax return or amended Form 1065 for the placed-in-service year of the property on or before December 31, 2022, but in no event later than the applicable period of limitations on assessment for the taxable year for which the amended return is being filed. A partnership subject to the centralized partnership audit regime enacted as part of the Bipartisan Budget Act of 2015 (BBA partnership) may file an AAR for the placed-in-service year of the property on or before December 31, 2022, but

in no event later than the applicable period of limitations on making adjustments under § 6235 of the Code for the reviewed year as defined in § 301.6241-1(a)(8) of the Procedure and Administration Regulations. This amended return or AAR must include the adjustment to taxable income for the late election and any collateral adjustments to taxable income or to tax liability. Such collateral adjustments also must be made on original or amended Federal returns or AARs for any affected succeeding taxable years; or

(2) A Form 3115 with the taxpayer’s first or second timely filed original Federal income tax return or Form 1065 that is filed after April 19, 2022. A late § 168(j)(8) election or late § 168(l)(3)(D) election made pursuant to this section 4.01(2) will be treated as a change in method of accounting with a § 481(a) adjustment. The procedures for making this change in method of accounting are described in section 6 of this revenue procedure.

.02 Time and manner of making a late § 181 election . A taxpayer within the scope of section 3.02 of this revenue procedure may make the late § 181 election by filing either:

(1) An amended Federal income tax return or amended Form 1065 for the taxpayer’s 2018 taxable year or 2019 taxable year, as applicable, on or before December 31, 2022, but in no event later than the applicable period of limitations on assessment for the taxable year for which the amended return is being filed. A BBA partnership may file an AAR for the taxpayer’s 2018 taxable year or 2019 taxable year, as applicable, on or before December 31, 2022, but in no event later than the applicable period of limitations on making adjustments under § 6235 for the reviewed year as defined in § 301.6241-1(a)(8). This amended return or AAR must include the adjustment to taxable income for the late election, any collateral adjustments to taxable income or to tax liability, and the statement required under § 1.181-2(c)(2)(i). Such collateral adjustments also must be made on, and the statement required under § 1.181-2(c)(2)(ii) must be included with, original or amended Federal returns or AARs for any affected succeeding taxable years; or

(2) A Form 3115 with the taxpayer’s first or second timely filed original Federal

income tax return or Form 1065 that is filed after April 19, 2022. A late § 181 election made pursuant to this section 4.02(2) will be treated as a change in method of accounting with a § 481(a) adjustment. The procedures for making this change in method of accounting are described in section 6 of this revenue procedure.