P.R. Laws tit. 13, § 30562
(a) Option.— The statement of a partnership where it elects the provisions of this subchapter shall be filed with the Secretary within ninety (90) days following the beginning of the first taxable year for which the election shall apply. Said election shall be made by sworn statement undersigned by the partners or such partner to whom the administration of the special partnership has been delegated.
(b) Irrevocability of election.— Such election shall be irrevocable, except that the Secretary may revoke it by petition of the special partnership or on his/her own motion for the year in which the requirements of this subchapter are not met, or for any taxable year in which it is determined that the special partnership has been used to evade the payment of taxes. The Secretary may revoke such election whenever the special partnership fails to comply with its tax liabilities, including, without limitation, those related with taxes imposed and those liabilities involving its acting as employer or withholding agent.
(c) Effect of election.— A partnership making an election under § 30581 of this title shall be subject to the provisions of subsections (d), (e), (f), and (g) of § 30583 of this title and § 30588 of this title.
(d) No election shall be allowed for a partnership to seek coverage under this subchapter for any taxable year beginning after December 31, 2010.
History —Jan. 31, 2011, No. 1, § 1114.12, retroactive to Jan. 1, 2011; Dec. 10, 2011, No. 232, § 120.