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.
However, each eligible employee may also irrevocably elect to
have the employer pay for this coverage on an after-tax basis (i.e., elect to
be taxed currently on these employer-paid premiums).
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.
As proposed, the regulations would require taxpayers to translate these items at the exchange rate for the last translation period for the taxable year.(2) Unless taxpayers specifically elect to
specify a translation period of less than one month (as permitted under Prop.
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.
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).
Many taxpayers are unaware of the distribution options they can elect to
satisfy the required minimum distribution rules.
26.2632-1 (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.
All other taxpayers must elect to
compute LIFO price indexes from the PPI Detailed Report.
An individual may elect to
treat any trust as a GST trust under Sec.
An "active trader" in securities therefore can elect to
recognize gain or loss on any security held in connection with his trade or business as a trader at the close of the tax year, as if that security was sold for its fair market value on the last business day of that tax year, and thus take into account the gain or loss for the year.
6013 allows a husband and wife to elect to
file a joint return.
To value the cost of its LIFO inventory, a taxpayer may elect to
use the dollar-value LIFO method, which measures inventory quantities in terms of fixed-dollar equivalents.
2032 allows the executor to elect to
value all of the property as of six months after the DOD (the AVD), if such election decreases the gross estate and the sum of the estate and the generation-skipping transfer (GST) taxes after credits.