26 U.S.C. § 1354 — Alternative tax election; revocation; termination

(a) A qualifying vessel operator^* may elect to apply this subchapter. (b) The election must use the Secretary's form and applies to the election year and later years until (d) ends it; it must be made by the return due date, including extensions. (c) A controlled-group member's election applies to all qualifying vessel^* operators in the group. (d) (1) An election may be revoked. A revocation by the 15th day of the fourth month is effective on the tax year's first day; a later one is effective the next year's first day, unless it specifies a later date on or after the revocation date, in which case it applies to years beginning on that date. (2) The election ends when the corporation^* stops being a qualifying vessel operator, effective on the cessation date; the Secretary^* must provide annualization and other appropriate rules. (e) After termination, the operator and any successor cannot elect again before the fifth tax year beginning after the first year of termination, unless the Secretary consents.