26 C.F.R. § 1.468A-7 Manner of and time for making election.
Title 26 - Internal Revenue
(a) In general. An eligible taxpayer is allowed a deduction for the taxable year in which the taxpayer makes a cash payment (or is deemed to make a cash payment) to a nuclear decommissioning fund only if the taxpayer elects the application of section 468A. A separate election is required for each nuclear decommissioning fund and for each taxable year with respect to which payments are to be deducted under section 468A. In the case of an affiliated group of corporations that join in the filing of a consolidated return for a taxable year, the common parent must make a separate election on behalf of each member whose payments to a nuclear decommissioning fund during such taxable year are to be deducted under section 468A. The election under section 468A for any taxable year is irrevocable and must be made by attaching a statement (“Election Statement”) and a copy of the schedule of ruling amounts provided pursuant to the rules of §1.468A–3 to the taxpayer's Federal income tax return (or, in the case of an affiliated group of corporations that join in the filing of a consolidated return, the consolidated return) for such taxable year. Except as otherwise provided in paragraph (b)(3) of §1.468A–8, the return to which the Election Statement and a copy of the schedule of ruling amounts is attached must be filed on or before the time prescribed by law (including extensions) for filing the return for the taxable year with respect to which payments are to be deducted under section 468A. (b) Required information. The Election Statement must include the following information: (1) The legend “Election Under Section 468A” typed or legibly printed at the top of the first page. (2) The electing taxpayer's name, address and taxpayer identification number (or, in the case of an affiliated group of corporations that join in the filing of a consolidated return, the name, address and taxpayer identification number of each electing taxpayer). (3) The taxable year for which the election is made. (4) For each nuclear decommissioning fund for which an election is made— (i) The name and location of the nuclear power plant to which the fund relates; (ii) The name and employer identification number of the nuclear decommissioning fund; (iii) The total amount of actual cash payments made to the nuclear decommissioning fund during the taxable year that were not treated as deemed cash payments under paragraph (c)(1) of §1.468A–2 for a prior taxable year; (iv) The total amount of cash payments deemed made to the nuclear decommissioning fund under paragraph (c)(1) of §1.468A–2 for the taxable year; and (v) The cost of service amount for the taxable year (see paragraph (b)(2) of §1.468A–2). [T.D. 8184, 53 FR 6818, Mar. 3, 1988]
Title 26: Internal Revenue
PART 1—INCOME TAXES
taxable year for which deductions taken
§ 1.468A-7 Manner of and time for making election.
