How can a taxpayer make a Mark to Market Election?
Taxpayers choosing to make the election must follow the procedures set forth in Rev. Proc. 99-77. In order to make the election, taxpayer's must do the following:
1)Attach an election statement to either a timely filed return or extension request for the year preceding the year the election is first effective.
2)Attach Form 3115 (Application for Change in Accounting Method) to the return for the year of change following the automatic consent procedures in Rev. Proc. 2008-52 as modified by Rev. Proc. 2009-39.
Taxpayers should be aware, that "once the election is made, it can only be revoked with the consent of the IRS."!