[Code of Federal Regulations]
[Title 26, Volume 9]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.853-4]

[Page 44-45]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1--INCOME TAXES--Table of Contents
 
Sec. 1.853-4  Manner of making election.

    (a) General rule. A regulated investment company, to make a valid 
election under section 853, must--
    (1) File with Form 1099 and Form 1096 a statement as part of its 
return which sets forth the following information:
    (i) The total amount of income received from sources within foreign 
countries and possessions of the United States;
    (ii) The total amount of income, war profits, or excess profits 
taxes (described in section 901(b)(1)) paid, or deemed to have been paid 
under the provisions of any treaty to which the United States is a 
party, to such foreign countries or possessions;
    (iii) The date, form, and contents of the notice to its 
shareholders;
    (iv) The proportionate share of such taxes paid during the taxable 
year and foreign income received during such year attributable to one 
share of stock of the regulated investment company;

and
    (2) File as part of its return for the taxable year a Form 1118 
modified so that it becomes a statement in support of the election made 
by a regulated investment company for taxes paid to a foreign country or 
a possession of the United States.
    (b) Irrevocability of the election. The election is applicable only 
with respect to taxable years subject to the Code, shall be made with 
respect to all such foreign taxes, and must be made not later than the 
time prescribed for filing the return (including extensions thereof). 
Such election, if made, shall

[[Page 45]]

be irrevocable with respect to the dividend (or portion thereof), and 
the foreign taxes paid with respect thereto, to which the election 
applies.