Can someone explain why a corporation would want to take the Section 280C election for reduced research tax credits? Is the main issue to make it easier to calculate the R&D tax credit, albeit with fewer potential deductions? I cannot understand why someone would want to reduce their R&D tax credit, and amazingly the IRS didn't seem to have a "big picture" document explaining the pluses and minuses of each method for calculating the R&D tax credit.
Even stranger to me is that in Lacerte, if you fail to specify any election, the program appears to default to *taking* the election. That struck me as strange behavior. Is this particular election considered to be the safest approach, or the most common choice?
The IRS pages I read suggest the 280C election is irreversible when taken. It this on a per-tax-year basis, or once you claim the election on a return are you forced to take it forever in future years?