43-1126. Small business corporation; election as to taxable status; return; termination
A. A small business corporation which makes an election for a taxable year pursuant to subtitle A, chapter 1, subchapter S of the internal revenue code is not subject to the taxes imposed by this chapter for such year but only to the extent such corporation is not subject to federal income taxes.
B. An electing small business corporation shall file with the department an annual return, in a form prescribed by the department, on or before the fifteenth day of the third month following the close of the taxable year. The return shall show the name and address of each stockholder of the corporation and their respective pro rata share of income or loss. The allocation and apportionment of income of a small business corporation which has nonresident stockholders shall be made pursuant to article 4 of this chapter.
C. An election under this section is effective for the taxable year for which it is made and for all succeeding taxable years unless the corporation terminates its election pursuant to section 1372 of the internal revenue code.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.