To contain costs, the plan document typically sets a cap on the total benefits any one employee may elect for a plan year.
At the same time, the employer would be allowing employees to use pretax earnings to cover the cost of benefits beyond those they may elect in the non-125 flexible benefit plan.
A TAXPAYER MUST DECIDE if he or she wishes to elect a fixed-number-ofyears for IRA distributions or to elect the life-expectancy recalculation method.
If the taxpayer elects the fixed-numberof-years method and his or her estate is the named beneficiary, at the taxpayer's death the estate can assign the remaining installments to the estate's beneficiaries to avoid prolonged estate administration.
Category 4 transfer: Statement: T hereby elects
that the automatic allocation rules will not apply to any current or future transfer that T may make to any trust.
This simplifies identifying these gifts should the reporting spouse want to elect
out of the GST deemed-allocation rules (if applicable).
However, if the spouse did not elect
to be relieved of liability during his lifetime, the spouse's estate cannot make an election under Sec.
In addition, if the spouse who files as married filing separately elects
to itemize deductions, may the spouse who files as head of household claim the standard deduction for head of household status?
If the taxpayer does not elect
to amortize the market discount on an annual basis, the discount that would have been amortized under the straight-line method from the bond purchase date until the earlier of its disposition or maturity date is ordinary income when the bond is disposed of by the taxpayer.
Under the Emergency Farm Financial Relief Act of 1998, taxpayers enrolled in production flexibility contracts have the option to elect
to receive all of their fiscal-year 1999 payments as early as October 1998.
The procedures outlined in Notice 97-4 to elect
QSSS status also apply to a new company to be designated a QSSS.
1994), rev'g 98 TC 678 (1992), with facts similar to Clayton, the co-executors (one of whom was the spouse) had discretion to determine the amount to elect
, with the balance going into nonqualifying trusts.
Finally, the plan can allow the participant to elect
one of the four choices.
A taxpayer who does not affirmatively elect
the ratable accrual method described in Sec.