Sub-Section 213, Election
Internal Revenue Manual
Specialized Industry Guidelines - Timber
Sub-Section 213, Election
Last amended: 6-26-1978
Election
(1) The election under section 631(a) must be made on the original return for the taxable year involved. It may not be made on an amended return. Once the taxpayer elects IRC 631(a), it must be used in all subsequent years and all qualifying timber that is cut must be included in the computation. Revocation of the election is allowed only with the Commissioner's consent. Furthermore, once the election has been revoked, the taxpayer may not again make the election, except with the Commissioner's consent.
(2) The election on the return takes the form of a computation under the provisions of IRC 631(a) and 1231.