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Printable Form Instructions 2553 Sioux Falls South Dakota: What You Should Know
United States Instructions for Forms 15.1T to 15.7T to 15.9T to 16.20T — IRS Form 15.1T-S Corporation Sole Source Election Form 15.1T-S Corporation Sole Source Election Instructions for IRS Form 15.1T — S Corporation Sole Source Election Sec. 761. The Corporation Sole Source Election requires that a foreign corporation may elect to be an S corporation. In this Election, Sec. 763. The corporation will be treated, for federal tax purposes, as a domestic corporation. In effect, it will be treated as such for purposes of determining the number of shareholders it may elect (and the amount to be distributive share capital), elect one share, elect one class of stock and elect one class of electing shareholder. It will only be subject to corporate income taxes in the year the election is made and thereafter for any succeeding taxable year. Sec. 763.2 An electing shareholder's distributive share capital may not have any more than 50,000 in value, less any amount received by a shareholders under Sec. 764 from the corporation upon the election. Sec. 764. Any amount received as a “capital gain” for purposes of the “capital gain or loss” exception, as discussed in section 469, to the “base erosion” rules, is includible in the shareholders distributive share capital and will be subject to withholding and tax provided and any regulations thereunder. Sec. 764.3. An electing shareholder's distributive share capital must be allocated in a manner consistent with the shareholder's interests. Sec. 764.5. The Corporation Sole Source Election requires a written agreement between shareholders that sets forth the information to be included in shareholders distributive share capital and that sets forth the corporation's election to be an S corporation. Sec. 767. A corporation that elects to be an S corporation shall file with the IRS, to the extent permitted, a corporation sole source election that is filed not later than 10 years following the close of its first taxable year. In accordance with Sec.
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