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Form Instructions 2553 for Detroit Michigan: What You Should Know

D. An elected amount for the corporation to treat as exempt from taxation. d. An elected maximum rate of tax on investment income of the corporation for the next two tax years if there is no change in the rate of tax for the next two tax years. The corporation must meet all the following tests and requirements to be an S corporation. d.1. The business of the corporation does not meet either the gross receipts test or the assets test (see Sec. 1362(c) below) d.2. The business of the corporation does not include the carrying on of any trade or business (other than a trade or business of producing income) as a trade or business (or any part of such a trade or business) (see Subsections 1362(d)(2) and (d)(3), respectively) or that constitutes the conduct of a farm or fishing business d.b. The corporation is not qualified under section 1245 to engage in the business of an investment company (see Subsection 132(b) below) d.c. There is no active business conducted by the corporation, or there is an active business and any investment of income is not made in property of the corporation d.d. The shareholder vote for the election is in favor of the election at the election. (Sec. 1362(b) above) d.e. The corporation elects to pay 10% of gross receipts after taxes and fees, less all of its investments at rates and amounts specified in 26 U.S.C. Section 1395(c)(1). d.f. The corporation does not meet any of the other criteria set forth in Section 1362, or the corporation meets only one of the other criteria in Section 1362 and does not elect to apply anyone or more of those criteria. Filing Requirements for Tax Year 2023 For Individuals Only can use Form 2553 for this year. You are NOT allowed to use this form for your spouse and all qualified children. Individuals can use Form 2553 for the new corporation if you pay the amount of the 10% election every year even though your children may not actually meet any of the criteria listed below. This rule applies even if you are married and plan to dissolve your marriage. You do not need to be married if you and your spouse are unrelated.

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