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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.
Under the third component of the Onex commitment, the Plan will be amended to provide holders of unsecured claims the opportunity to elect to receive cash in lieu of a portion of the shares of reorganized Magellan that they would otherwise be entitled to receive under the Plan, up to a maximum of $50 million for the class (the "Cash Option").
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.
Onex has further agreed to purchase an additional $50 million of equity in reorganized Magellan to fund cash payments to holders of certain general unsecured claims who elect to receive cash in lieu of a portion of the common stock that they would otherwise receive under the Company's existing Plan of Reorganization.
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).
89 for each share of Niagara Mohawk common stock held, which they could elect to receive in the form of $18.
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.
Proration was necessary because the shareholders of both companies did not elect to receive all of the shares allocated to them.
6013 allows a husband and wife to elect to file a joint return.
In addition, for a modest $30 co-payment, members can elect to see any of Health Net's 40,000 contracted physicians, approximately two-thirds of whom are specialists.
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 itemize deductions.
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.