Tax status election

The decision of the status under which to file a tax return. For example, a corporation may file as a C corporation or an S corporation.

Tax Status Election

The decision by a person or company about one's filing status. For example, a married person may file jointly with, or separately from, his/her spouse. Likewise, a company often may file as an S corporation or a C corporation. One makes a tax status election depending on one's circumstances and the filing status that is most advantageous.

References in periodicals archive ?

After the effectiveness of the tax status election and the completion of related transactions, Kimbell's minerals and royalty business will continue to be conducted through Kimbell Royalty Operating, LLC, its wholly owned subsidiary, which will be taxed as a partnership for federal and state income tax purposes.

Kimbell Royalty Partners changes tax status to taxable entity

After the effectiveness of the tax status election and the completion of related transactions, the minerals business will continue to be conducted through the Operating Subsidiary, which will be taxed as a partnership for federal and state income tax purposes.