Once an election to compute net worth on a consolidated basis is made, how long does it remain in effect?

An election to compute net worth on a consolidated basis remains in effect for a minimum of five years.   After the initial five years, the election remains in effect until revoked.  If an affiliated group wants to revoke the election after the initial five years, it must file a group Consolidated Net Worth Election Registration Application with the “Revoke Election” box checked.  This form should be mailed to the address shown on the form on or before the due date of the return for the first tax period for which the election is to be revoked.

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