Another Tax Pro and I disagree. He says, if you choose not to claim the Form 2555 deduction on a timely filed return that this is a revocation. When I read the IRS info on revoking, it seems to say to me that revoking is changing a previously made election, like amending a 2011 return to not claim a Form 2555 deduction and instead claim the foreign tax credit. Does anyone know which interpretation is correct?