Common use of Applicability date Clause in Contracts

Applicability date. This section ap- plies to taxable years beginning after October 20, 2020. However, a corpora- tion may choose to apply the rules in §§ 1.481–5, 1.1371–1, and 1.1371–2 in their entirety to taxable years that began on or before October 20, 2020. If a corpora- tion makes the choice described in the previous sentence, all shareholders of the corporation must report consist- ently, and the corporation must con- tinue to apply the rules in §§ 1.481–5, 1.1371–1, and 1.1371–2 in their entirety for the corporation’s subsequent tax- able years. [T.D. 9914, 85 FR 66478, Oct. 20, 2020]

Applicability date. This section ap- plies to taxable years beginning after October 20, 2020. However, a corpora- tion may choose to apply the rules in §§ 1.481–5, 1.1371–1, and 1.1371–2 in their entirety to taxable years that began beginning on or before October 20, 2020. If a corpora- tion makes the choice described in the previous sentence, all shareholders of the corporation must report consist- ently, and the corporation must con- tinue to apply the rules in §§ 1.481–5, 1.1371–1, 1. 1371–1, and 1.1371–2 in their entirety for the corporation’s subsequent tax- able years. [T.D. 9914, 85 FR 66478, Oct. 20, 2020]

Applicability date. This section ap- plies to taxable years beginning after October 20, 2020. However, a corpora- tion may choose to apply the rules in §§ 1.481–5, 1.1371–1, and 1.1371–2 in their entirety to taxable years that began beginning on or before October 20, 2020. If a corpora- tion makes the choice described in the previous sentence, all shareholders of the corporation must report consist- ently, and the corporation must con- tinue to apply the rules in §§ 1.481–5, 1.1371–1, and 1.1371–2 in their entirety for the corporation’s subsequent tax- able years. [T.D. 9914, 85 FR 66478, Oct. 20, 2020]