Fillable Form K-120el - Kansas Business Income Election (Page 2 of 2) in pdf

Form K-120el - Kansas Business Income Election Page 2

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INSTRUCTIONS FOR FORM K-120EL

GENERAL INFORMATION

COMPLETING FORM K-120EL

House Bill 2038 passed by the 1996 Kansas

Type or print all requested information, and answer

Legislature

provides taxpayers with a business

both questions.

income election option. For all taxable years

The election statement: Note that once made, the

beginning after December 31, 1995, a taxpayer may

election becomes effective and cannot be revoked.

elect to have all income derived from the acquisition,

This business income election is binding on all

management, use or disposition of tangible and

members of a unitary group.

intangible property treated as business income. The

An officer of the business listed at the top of the

election will be effective and irrevocable for the taxable

form must sign this election.

year of the election and the following nine taxable

years. The election is also binding on all members of

FILING THE ELECTION

a unitary group of corporations.

This form must be filed with the Kansas Department

TIME LIMITS FOR FILING THE ELECTION

of Revenue within the time limits established by law

for the taxpayer's filing situation and must be sent

The business income election must be submitted

separately from the Income Tax return.

to the Kansas Department of Revenue in accordance

To ensure receipt of your election, mail the

with these time limits in the law.

completed form by certified mail to:

Not Currently Doing Business in Kansas —

Taxpayers doing business in Kansas for the first time

Kansas Corporate Income Tax

that intend to make the election for its initial year must

915 SW Harrison St.

file the K-120EL within 60 days after filing the articles

Topeka, KS 66612-1588

of incorporation or application for authority to engage

in business with the Kansas Secretary of State.

For questions regarding this form or others, you

Currently doing Business in Kansas — The

can write to the address above or contact the

election must be filed on or before the last day of the

department:

tax year immediately proceeding the tax year for which

the election is made. EXAMPLE: If the election is for

Topeka: (785) 368-8222

tax year ending December 31, 1997, the election must

Fax: (785) 291-3614

be filed by December 31, 1996.

Web Site:

Form K-120el - Kansas Business Income Election Page 2

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