1.148-7 (f)(2) Use of actual facts.

For the provisions of paragraphs (e) through (m) of this section that apply based on the issuer‘s reasonable expectations, an issuer may elect on or before the issue date to apply all of those provisions based on actual facts, except that this election does not apply for purposes of determining whether an issue is a construction issue under paragraph (f)(1) of this section if the 1 and 12 percent penalty election is made under paragraph (k) of this section.