Elections of the S corporation. (1) In general. Any elections (other than those described in paragraph (c)(2) of this section) affecting the computation of items derived from an S corporation are made by the corporation. For ex- ample, elections of methods of ac- counting, of computing depreciation, of treating soil and water conservation expenditures, and the option to deduct as expenses intangible drilling and de- velopment costs, are made by the cor- poration and not by the shareholders separately. All corporate elections are applicable to all shareholders.
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