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Printable Form Steps to Complete 2553 IRS Broken Arrow Oklahoma: What You Should Know
Fiscal Year 2023 Fiscal Year 2023 Fiscal Year 2019 Form 2553 — IRS The form is the same; the only change is the date for filing on this web page. For more information, see Internal Revenue Bulletin 2014-17. Sec. 1362, Election to Have a Tax Year Other Than a Required Tax Year. The small business income tax rate applies only to a qualifying small business corporation's taxable income for the taxable year. No more than two qualifying small business corporations may be formed in the same state. However, a single corporation can apply to have a portion of its taxable income included in the tax year of other qualifying small business corporations. The amount of income included in the taxable year of one corporation and excluded in the taxable year of another corporation for purposes of determining whether the election applies and the deduction of any tax paid shall not be combined if the amount of income includes taxable income from the same source. If the amount of income from the same source or income excluded from the taxable year of another corporation cannot be estimated by the electing corporation, the amount of the deduction and tax paid is the amount of excess from the corporation's income in the taxable year of the corporation that could be treated as tax paid by such corporation for that taxable year. The election prescribed by Sec. 1362 allows qualifying small business corporations to include taxable income from business activity carried on by them or their affiliates for a portion of the tax year of the corporation whose income is excluded. The amount of taxable income from such business activity can still be deducted. Any unused portion of the deduction can be carried over to the following year. The amount of tax included in the return that is for the taxable year of a qualifying small business corporation is the amount of tax paid by such corporation for the taxable year of the corporation whose taxable income is included, divided by the number of qualifying small business corporations of which the corporation is the qualifying small business corporation. Additional rules apply for an election to exclude an amount included in taxable income, as explained in more detail later. Qualifying small business corporations (SBS) must apply to the IRS and complete Form 2553, Election, by February 21, 2015. The deadline for filing the election is May 29, 2015. If you want to qualify for the reduced small business tax rate under the provisions of Sec. 1362, apply to the IRS to make your election by February 21, 2015. The deadline for filing the election is May 29, 2015.
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