Reg. § 1.615-9 Notification under Tax Reform Act of 1969.
(a) In general An election under section with respect to exploration expenditures paid or incurred prior to January 1, 1970, shall be treated as an election under section with respect to exploration expenditures paid or incurred after December 31, 1969.
(b) Exception of this section shall not apply to an election under section if the taxpayer files the notice described in of this section or the taxpayer revokes his election under section before the date prescribed for the filing of notice under of this section.
(c) Filing of notice
(1) In general The notice not to have a section election treated as a section election shall be made in a statement filed with the Director of the Internal Revenue service center with whom the taxpayer's income tax return is required to be filed. If the election is made within the time period prescribed for filing an income tax return (including extensions thereof) for the first taxable year during which the taxpayer pays or incurs, after December 31, 1969, expenditures which would be deductible by the taxpayer under section if he made a valid election to deduct exploration expenditures under such section, the statement shall be attached to the taxpayer's income tax return for such year. If the statement is filed after the time prescribed for filing such return but before the expiration of the period (described in of this section) for filing the notice, the statement must be signed by the taxpayer or his authorized representative. The statement shall be filed even though the taxpayer charges to capital account all such expenditures paid or incurred by him after December 31, 1969. If the taxpayer desires, he may file this statement by attaching it to his return for a taxable year prior to the first taxable year in which he pays or incurs after December 31, 1969, expenditures which would be deductible by him under section if at such time he had in effect a valid election under such section.
(2) Information to be furnished The notice shall clearly state that the taxpayer elects not to have his section election treated as an election under section . The notice shall state the first taxable year for which the section election was effective and with whom and where the election was filed.
(d) Effect of notification A taxpayer who has filed notice pursuant to this section may make an election under section with respect to exploration expenditures paid or incurred after December 31, 1969, without revoking either his section election or his notice under this section.
(e) Time for filing notice A taxpayer may not file the notice described in of this section after the expiration of the 3-year period beginning with the date prescribed by section or other provision of law for filing the taxpayer's income tax return for the first taxable year in which the taxpayer pays or incurs after December 31, 1969, expenditures which would be deductible by him if he made the election under section . This 3-year period shall be determined without regard to any extension of time for filing the taxpayer's income tax return.
[T.D. 7192, 37 FR 12941, June 30, 1972]