Common use of Filing the QSST election Clause in Contracts

Filing the QSST election. On January 1, 1996, stock of Corporation T, a calendar year C corporation, is transferred to a trust that satisfies all of the require- ments to be a QSST. On January 31, 1996, Corporation T files an election to be an S corporation that is to be effective for its tax- able year beginning on January 1, 1996. In order for the S election to be effective for the 1996 taxable year, the QSST election must be effective January 1, 1996, and must be filed within the period beginning on Janu- ary 1, 1996, and ending March 16, 1996 (the 16- day-and-2-month period beginning on the first day of the first taxable year for which the election to be an S corporation is in- tended to be effective).