An LLC can elect to
forgo a passthrough of the audit adjustment and, instead, make an imputed tax payment; in that case, no member reports any adjustment.
A taxpayer can irrevocably elect to
waive the five-year carryback period, in the manner prescribed by the IRS, by the loss year return's due date (including extensions).
An employee may also elect to
have his or her earnings reduced to pay for tax-free benefits over and above the amount the employer is willing to contribute.
2632(c)(5)(A)(ii) allows a taxpayer to elect to
treat a transfer to a trust that otherwise would not be an indirect skip, as an indirect skip and to apply the automatic allocation rules for indirect skips.
Many taxpayers are unaware of the distribution options they can elect to
satisfy the required minimum distribution rules.
2632-1 (b)(2) and (3) address three separate elections that can be made--to elect to
(1) not have the automatic allocation rules apply to current transfers to the trust; (2) not have the automatic allocation rules apply to both current and future transfers to the trust; and (3) treat any trust as a GST mast (and, thus, subject to the deemed-allocation rules).
2513, spouses may elect to
treat a gift made by one spouse to a third person as if the gift had been made one-half by each.
6013 allows a husband and wife to elect to
file a joint return.
Next to be considered is the relationship of one spouse filing as head of household and the other spouse married filing separately with the eligibility of the spouses to use the standard deduction and the right to elect to
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.