Common use of When Effective Clause in Contracts

When Effective. (i) In general. Ex- cept as provided in paragraph (a)(2)(ii) of this section, a revocation made dur- ing the taxable year and before the 16th day of the third month of the tax- able year is effective on the first day of the taxable year and a revocation made after the 15th day of the third month of the taxable year is effective for the fol- lowing taxable year. If a corporation makes an election to be an S corpora- tion that is to be effective beginning with the next taxable year and revokes its election on or before the first day of the next taxable year, the corporation is deemed to have revoked its election on the first day of the next taxable year.