S.L. 372.32 Art. 15Option.

(1) Subject to the other provisions of this rule and to rule

16, a vendor may, by means of an irrevocable notice in writing, opt to have his tax liability for a year of assessment determined without reference to rule 14.

(2) An option for the purpose of sub-rule (1) shall be made in writing on the applicable form prescribed for the tax return for each year of assessment in respect of which it is exercised, and shall not be valid unless the said form is delivered to the Commissioner by the relative tax return date

(3) An option under this rule shall apply to income from all qualifying sales for the relative year of assessment and any restriction, exclusion or reservation shall be disregarded.