The taxpayer has previously elected out of 263A via the exception for farming businesses. As a result, the taxpayer uses alternative depreciation for property used in the farming business.
The taxpayer qualifies as a small business taxpayer under the Tax Cuts and Jobs Act. Can the farm business be exempted from 263A as a small business taxpayer (rather than as a farm business), thus no longer required to use alternative depreciation?
Would they need to file a 3115 to revoke the farming business exemption and another 3115 for the small business taxpayer exception?