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Form Instructions 2553 Wilmington North Carolina: What You Should Know

If you're eligible, you'll need to prepare a statement  Note : There are three scenarios that can result in the incorrect determination of status: a.  You should report the status of the entity or entity's qualified holding company under section 1362. b.  Your entity may be subject to a different qualification requirements and therefore may elect the election under section 1362(c). c.  A qualifying holding company may elect not to qualify. Note : The entity must have a record of an election for one year or more. a.  There are two general election options to elect: one for me.  The entire income, gain, loss, deduction, credit (but not itemized deductions or the standard deduction) or any combination of all the above to be treated as a dividend; and  ii.  To be treated as an ordinary dividend by applying a specific percent tax rate or percentage of the entire income, gain, loss, deduction, credit to be treated as a dividend. b.  The following types of income, gain, loss, deduction, credit, or any combination of all the above are included in the income, gain, loss, deduction, credit (but not itemized deductions or the standard deduction) (within the meaning of section 1362(a)(1)): 1.  Income, gain, loss, deduction, credit; 2.  Capital losses; 3.  Dividends; 4.  Other income, gain, loss, deduction, credit. i.  Income, gain, loss, deduction, credit; ii.  Dividends; iii.  Capital losses; or iv.  Other income, gain, loss, deduction, credit. c.  Under Section 875A, if you made the election under sec. 1362(a)(1), the corporation's income, gain, loss, deduction, credit shall be excluded from the computation of its taxable income. (You can also exclude the gain if you have a gain under sec. 1363.)  d.  If you did not make the election under sec. 1362(a)(1), the income, gain, loss, deduction, credit in the computation of taxable income shall be computed under sec.

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