Wow, you could try doing some research on your own like a basic search. https://www.law.cornell.edu/cfr/text/26/301.6221(b)-1
(@martinmarks1919, I did search on this forum. I found questions about instructions to fill out the Schedule, but I want to understand the consequences of electing this Schedule. Hence, I'm requesting explainers for a partnership that hasn't undergone a tax audit.)
I'm using TurboTax because I don't understand tax law. So law statutes aren't helpful. By the way, your other links don't work.