An electing large LLC is one with at least 100 members in any preceding tax year that elects to be subject to the electing large partnership rules.
If a large LLC elects to pay the imputed tax, the LLC, not the members, is subject to the interest thereon, as well as any penalties.
is a financial services company that elects to
be treated as a real estate investment trust (REIT) for federal income tax purposes.
Thus, the regulations do not require a current-year transfer to the trust for which the termination statement is being filed, nor do they require a gift tax return to otherwise be filed in the year a taxpayer elects to
terminate a previous election out.
2632-1, the taxpayer elects to
allocate the smallest amount of the taxpayer's GST exemption necessary to provide a zero inclusion ratio (as defined in Set.
In addition, if the spouse who files as married filing separately elects to itemize deductions, may the spouse who files as head of household claim the standard deduction for head of household status?
Also, if the head-of-household spouse elects to itemize deductions, the general limit of Sec.
If a married individual files a separate return with head-of-household status and elects to itemize deductions, and if the other spouse continues to file as married filing separately, that other spouse is not eligible for the full standard deduction.
If the taxpayer elects to include the amortization of the discount as current-year income, Sec.
The taxpayer formally elects to amortize the discount and properly includes the annual amortization as additional ordinary income.
This option potentially results in the constructive receipt of income in 1998, even if the taxpayer elects to
receive the payments in 1999.
Corporation elects to
file as 1120 Corporation in [tax year].