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Level 1

Is the Section 663(b) Election for trusts irrevocable only for the year it is elected or does it also apply to future years, too?

 
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Level 1

Is the Section 663(b) Election for trusts irrevocable only for the year it is elected or does it also apply to future years, too?

It is only applicable for the year it is elected. From US code:

(2)Effect of election.

(i) An election is effective only with respect to the taxable year for which the election is made.

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Level 1

Is the Section 663(b) Election for trusts irrevocable only for the year it is elected or does it also apply to future years, too?

It is only applicable for the year it is elected. From US code:

(2)Effect of election.

(i) An election is effective only with respect to the taxable year for which the election is made.