91 STAT. 136
PUBLIC LAW 95-30—MAY 23, 1977 " (2) COMPUTATION.—For purposes of this subtitle, an individual's unused zero bracket amount for the taxable year is an amountequal to the e x c e s s (if any) of— ,, " (A) the zero bracket amount, over "'(B) the itemized deductions. I n the case of an individual referred to in paragraph (1)(D), if such individual's earned income (as defined in section 911(b)) exceeds the itemized deductions, such earned income shall be substituted for the itemized deductions in subparagraph (B). ' ' (f) ITEMIZED DEDUCTIONS.—For purposes of this subtitle, the term 'itemized deductions' means the deductions allowable by this chapter other than— " (1) the deductions allowable in arriving a t adjusted gross income, and " (2) the deductions for personal exemptions provided by section 151.
"Itemized ^ ^ deductions."
"(g)
" (1) IN GENERAL.—Unless an individual makes an election under this subsection for the taxable year, no itemized deduction shall be allowed for the taxable year. For purposes of this subtitle, the determination of whether a deduction is allowable under this chapter shall be made without regard to the preceding sentence. " (2) W H O MAY ELECT.—Except as provided in paragraph (3), an individual may make an election under this subsection for the taxable year only if such individual's itemized deductions exceed the zero bracket amount.
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ELECTION TO I T E M I Z E. —
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"(3)
CERTAIN INDIVIDUALS TREATED AS ELECTING TO ITEMIZE.^—
A n individual who has an unused zero bi-acket amount (as determined under subsection (e)(2)) shall be treated as having made an election under this subsection for the taxable year. "(4)
T I M E AND MANNER o r ELECTION.—Any election under this
subsection shall be made on the taxpayer's return, and the Secretary shall prescribe the manner of signifying such election on the return. .
" (5) C H A N G E o r TREATMENT.—Under regulations prescribed by
the Secretary, a change of treatment with respect to the zero bracket amount and itemized deductions for any taxable year may be made after the filing of the return for such year. I f the spouse of the taxpayer filed a separate return for any taxable year corresponding to the taxable year of the taxpayer, the change shall not be allowed unless, in accordance with such regulations— " (A) the spouse makes a change of treatment with respect to the zero bracket amount and itemized deductions, for the taxable year covered in such separate return, consistent with the change of treatment sought by the taxpayer, and " (B) the taxpayer and his spouse consent in writing to the assessment, within such period as may be agreed on with the Secretary, of any deficiency, to the extent attributable to such change of treatment, even though at the time of the filing of such consent the assessment of such deficiency would otherwise be prevented by the operation of any law or rule of law.
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