Kansas Statutes 79-32,286. Election by S corporation or partnership to be taxed at entity level
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 79-32,286
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Notwithstanding Kan. Stat. Ann. § 79-32,129 and 79-32,139, and amendments thereto, and except as provided in subsection (b), for taxable years commencing on or after January 1, 2022, an S corporation or partnership may annually elect to be subject to tax at the entity level for the taxable period. The S corporation or partnership shall make the election on the return filed by such S corporation or partnership under Kan. Stat. Ann. §§ 79-3220 and 79-3221, and amendments thereto. The filing of such return shall be binding on all electing pass-through entity owners.