Notice 2025-49 as originally published

for taxable years beginning before February 18, 2026, and rely on section 4 of Notice 2025-49 as modified by section 3 of this notice for taxable years beginning on or after February 18, 2026, and before the date that the forthcoming proposed regulations are published in the Federal Register . A taxpayer who chooses to rely on section 4 of Notice 2025-49 for taxable years beginning on or after February 18, 2026, may do so only if the taxpayer follows such section as modified by section 3 of this notice.

(4) Section 9 of Notice 2025-49 . As an alternative to relying on section 9 of Notice 2025-49 as modified by section 4 of this notice for all taxable years beginning before the date the forthcoming proposed regulations are published in the Federal Register, a taxpayer may instead choose to rely on section 9 of Notice 2025-49 as originally published for taxable years beginning before February 18, 2026, and rely on section 9 of Notice 2025-49 as modified by section 4 of this notice for taxable years beginning on or after February 18, 2026, and before the date that the forthcoming proposed regulations are published in the Federal Register . A taxpayer who chooses to rely on section 9 of Notice 2025-49 for taxable years beginning on or after February 18, 2026, may do so only if the taxpayer follows such section as modified by section 4 of this notice.