(b) In order to be effective, the annual election to be taxed pursuant
to this article must be made by an individual as described in subsection
(b) of section eight hundred sixty-one of this chapter who made the
annual election to be taxed pursuant to article twenty-four-A of this
chapter for the taxable year.
(c) The annual election to be taxed pursuant to this article must be
made on or before the due date of the first estimated payment under
section eight hundred sixty-four of this chapter and will take effect
for the current taxable year. Only one election to be taxed pursuant to
this article may be made during each calendar year. An election made
under this section is irrevocable after such due date. To the extent an
election made under section eight hundred sixty-one of this chapter is
revoked or otherwise invalidated an election made under this section is
automatically invalidated.