In several instances, (8) the entity planned to file Form 8832, electing to
be treated as a corporation, and Form 2553 to be taxed as an S corporation.
* ELECTING TO
RECEIVE IRA distributions over a fixed number of years means the ultimate beneficiaries can continue payments for the remaining fixed number of years the distribution option survives the taxpayer's death.
26.2632-1(b)(3)(ii), the election statement must (1) identify the trust, (2) specifically describe or otherwise clearly identify the transfers to be covered by the GST trust election and (3) specifically provide that the taxpayer is electing to
have the trust treated as a GST trust for the described transfers.
2632(c)(5)(A)(ii), the transferor is electing to
have the trust treated as a GST trust as defined in Sec.
2642(g)(1)(B), taxpayers should treat the time for allocating the GST exemption to lifetime transfers and transfers at death, the time for electing to
opt out of the automatic allocation rules, and the time for electing to
treat any trust as a GST trust as if not expressly prescribed by statute.
The net effect of electing to amortize the market discount for tax-exempt bonds is that the taxpayer can treat the entire gain as a capital transaction (as opposed to a mixture of capital gain or loss and ordinary income).
92-67 outlines the process of electing to amortize market discounts and method of amortization.
A business entity electing to be classified as a corporation for Federal tax purposes must attach a copy of Federal Form 8832, Entity Classification Election, to its Form 1100, Delaware Corporate Income Tax Return.
For entities electing to be treated as partnerships or corporations for Federal income tax purposes, Illinois requires identical treatment for state income tax purposes.
1, 1998, an unassociated entity electing to be treated as a partnership under the Federal rules is no longer subject to Pennsylvania's entity-level corporate income tax.
By electing to
recalculate life expectancy, the payout will be slower during the life of the participant and/or beneficiary.