Form K-120el - Kansas Business Income Election Page 2
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1
2INSTRUCTIONS 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
Legislature provides taxpayers with a business
answer both questions.
income election option.
For all taxable years
The election statement: Note that once made,
beginning after December 31, 1995, a taxpayer
may elect to have all income derived from the
the election becomes effective and cannot be
acquisition, management, use or disposition of
revoked. This business income election is binding
tangible and intangible property treated as
on all members of a unitary group.
business income. The election will be effective
An officer of the business listed at the top of
and irrevocable for the taxable year of the
election and the following nine taxable years.
the form must sign this election.
The election is also binding on all members of a
unitary group of corporations.
FILING THE ELECTION
TIME LIMITS FOR FILING
This form must be filed with the Kansas
THE ELECTION
Department of Revenue within the time limits
established by law for the taxpayer’s filing
The business income election must be
submitted to the Kansas Department of Revenue
situation and must be sent separately from the
in accordance with these time limits in the law.
Income Tax return.
•
Not Currently Doing Business in Kansas
To ensure receipt of your election, mail the
Any taxpayer doing business in Kansas for
completed form by certified mail to:
the first time that intends to make the election
for its initial year must file the K-120EL within
Kansas Corporate Income Tax
60
days
after
filing
the
articles
of
915 SW Harrison St.
incorporation or application for authority to
Topeka, KS 66699-4000
engage
in
business
with
the
Kansas
Secretary of State.
For questions regarding this form or others,
•
you can write to the address above or contact the
Currently doing Business in Kansas
department:
The election must be filed on or before the
last
day of
the
tax
year
immediately
Outside Topeka: 1-877-526-7738
proceeding the tax year for which the election
In Topeka: (785) 368-8222
is made. EXAMPLE: If the election is for tax
Fax: (785) 291-3614
year ending December 31, 1997, the election
Web Site:
must be filed by December 31, 1996.
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