26 U.S.C. § 1295: Qualified electing fund

an election by the taxpayer under subsection (b) applies to such company for the taxable year, and determining the ordinary earnings and net capital gain of such company, and otherwise carrying out the purposes of this subpart. A taxpayer may make an election under this subsection with respect to any passive foreign investment company for any taxable year of the taxpayer. Such an election, once made with respect to any company, shall apply to all subsequent taxable years of the taxpayer with respect to such company unless revoked by the taxpayer with the consent of the Secretary. An election under this subsection may be made for any taxable year at any time on or before the due date (determined with regard to extensions) for filing the return of the tax imposed by this chapter for such taxable year. To the extent provided in regulations, such an election may be made later than as required in the preceding sentence where the taxpayer fails to make a timely election because the taxpayer reasonably believed that the company was not a passive foreign investment company. The amendments made by this section [amending this section and section 1291 of this title ] shall take effect as if included in the amendments made by section 1235 of the Reform Act [ Pub. L. 99–514 ]. The period during which an election under section 1295(b) of the 1986 Code may be made shall in no event expire before the date 60 days after the date of the enactment of this Act [ Nov. 10, 1988 ].”