Thus, an employee given a choice of MSA contributions may have the option to elect non-health tax-free benefits, such as dependent care or group term life insurance, or cash.
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.
Thus, the taxpayer can choose to elect out of the automatic allocation rules when the transfer is made to the GRAT or at any time up to and including the year in which the ETIP expires.
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.
In addition to the modifications for reporting split gifts (discussed previously), Part 2, Column C-2632(b) election, now provides a way to elect out of the deemed allocation of GST exemption.
If the transferor does not want to allocate GST exemption to the transfer, he or she can irrevocably elect out of the automatic Sec.
The question of whether to elect to amortize bond discounts should be evaluated on a taxpayer-by-taxpayer basis.
If a taxpayer did not elect to amortize the market discount, the amount that would have been amortized under the straight-line method is included as ordinary income in the year of bond disposition.
She had discretion to elect
the amount going into Trusta (the QTIP trust).
Other nonspouse individual or trust as beneficiary: Elect to recalculate for participant, but not for the beneficiary (recalculation for the nonspouse beneficiary is never available).
Charity as beneficiary: Elect to recalculate for the participant.
A taxpayer who does not affirmatively elect the ratable accrual method described in Sec.
To address this problem, the Service requires a taxpayer electing a different method of accounting for real estate taxes to elect one of two approaches to convert from one accounting method to another: (1) a cut-off approach or (2) a full-year change approach.
1033, which allows a taxpayer who has had property converted into cash involuntarily to elect
to limit the gain recognized on the involuntarily converted property if the taxpayer converts the cash into similar replacement property within two years.