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AK Form 4876-A: What You Should Know

Using either online fillable instructions or the paper Form 4876-A. Eligibility: Form 4876-A is not intended for an election to be treated as an investment trust. The following requirements must be met before the election is made: The person who has an absolute or qualified interest in the taxable year in which the election is made must be an individual (individual with respect to whom § 301.11 refers to a “specified individual” (i.e., a trust or estate of a qualified individual)). The corporate election must be made with respect to an interest held by the corporation or any of its subsidiaries. Elections are made for taxable years beginning after August 15, 2015, and are generally accepted by  September 30, 2015.  A corporation may select the “automatic election” method if filing its required Form 4876 by October 31, 2015. In this case, the election will be completed by filing Schedule M (Form 1023) with Schedule M–A (Form 1040), Schedule M–P (Form 1040), or Schedule M–Q (Form 1040) with Schedule M–E (Form 1040EZ) if required. The election cannot be made on the correct form. Any form required with respect to foreign interests should be completed and filed before any Form 4876 is submitted. Elections must be made for taxable years beginning after August 15, 2015, and are generally accepted by  September 30, 2017.  Determine if you are qualified to make an election: To make the election, you must meet either of the following tests. First, the corporation: Must be a corporation (or a closely held partnership, trust or association) that is (or has been at any time during the period that is the qualification year) a “controlled foreign corporation” (as defined in Regulations section 301.7701); or Is a foreign private investment company that (other than through a direct or indirect wholly owned subsidiary). Second, the person who has an absolute or qualified interest in the taxable year in which the election is made must: Be at least the minimum age for making an election under Part 1 of subpart F or Part II of subpart I of section 469A (age 19, if married or a surviving spouse of a taxpayer who is at least 55 years of age). Be a United States national and meet the physical presence test.

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