Instructions For Form K-120el - Kansas Department Of Revenue
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1INSTRUCTIONS FOR FORM K-120EL
GENERAL INFORMATION
EXAMPLE: If the election is for tax year ending
December 31, 1997, the election must be filed by
December 31, 1996.
House Bill 2038 passed by the 1996 Kansas
Legislature provides taxpayers with a business income
election option.
For all taxable years beginning after
COMPLETING FORM K-120EL
December 31, 1995, a taxpayer may elect to have all
income derived from the acquisition, management, use
Type or print all requested information, and answer
or disposition of tangible and intangible property treated
both questions.
as business income. The election will be effective and
irrevocable for the taxable year of the election and the
The election statement: Note that once made, the
following nine taxable years. The election is also binding
election becomes effective and cannot be revoked. This
on all members of a unitary group of corporations.
business income election is binding on all members of a
unitary group.
TIME LIMITS FOR FILING
An officer of the business listed at the top of the form
THE ELECTION
must sign this election.
The business income election must be submitted to
FILING THE ELECTION
the Kansas Department of Revenue in accordance with
these time limits in the law.
This form must be filed with the Kansas Department
of Revenue within the time limits established by law for
I.
Not Currently Doing Business in Kansas
the taxpayer’s filing situation.
Any taxpayer doing business in Kansas for the first
To insure receipt of your election, mail the completed
time that intends to make the election for its initial
form by CERTIFIED MAIL to:
year must file the K-120EL within 60 days after filing
the articles of incorporation or application for
Kansas Corporate Income Tax
authority to engage in business with the Kansas
915 SW Harrison St.
Secretary of State.
Topeka, KS 66699-4000
II.
Currently doing Business in Kansas
TAXPAYER ASSISTANCE
The election must be filed on or before the last day of
You may direct any questions about this form to the
the tax year immediately preceding the tax year for
address above or call (785) 368-8222.
which the election is made.
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