the first taxable year described in paragraph (1), then, subject to such rules as the Secretary may prescribe, the taxpayer may elect under paragraph (1)(B) to treat the net tax liability described in subparagraph (B) as net first-year tax liability payable in 5 equal annual installments beginning with such succeeding taxable year. The rules of paragraph (5) shall apply to such installments in the same manner as such rules apply to installments for such first taxable year. (B) Net tax liability For purposes of subparagraph (A), the net tax liability described in this subparagraph is, with respect to the taxable year described in such subparagraph, the excess (if any) of— (i) such taxpayer’s net income tax for such taxable year, over (ii) such taxpayer’s net income tax for such taxable year determined without regard to gain or loss of the taxpayer described in subparagraph (A)(ii). (5) Rules relating to installment payments (A) Date for payment of installments If an election is made under paragraph (1), the first installment shall be paid on the due date (determined without regard to any extension of time for filing the return) for the return of tax for the first taxable year described in paragraph (1) and each succeeding installment shall be paid on the due date (as so determined) for the return of tax for the taxable year following the taxable year with respect to which the preceding installment was made. (B) Acceleration of payment (i) Disposition of assets (I) In general If, before the close of the 5-year period described in paragraph (1), a taxpayer sells or exchanges, transfers, or otherwise disposes of an asset with respect to which an election is in effect under paragraph (1)(B), then the applicable percentage of the unpaid portion of all remaining installments described in paragraph (1)(B) shall be due on the date of such disposition (or such later date as the Secretary may prescribe). (II) Applicable percentage For purposes of this subparagraph, the applicable percentage is the percentage determined by