Examples of Monthly Closing Election in a sentence
The test date is the first day of the month for which the Monthly Closing Election is effective..02 Eligible Partner.
If, at the end of any calendar month, an eli- gible partnership has a Monthly Closing Election in effect and one or more eli- gible partners of the partnership has a Monthly Closing Consent in effect, then, with respect to each such partner, the partnership must close its books as described in § 1.706 1(c)(2) of the Income Tax Regulations as if the partnerhad sold its entire interest in the partner- ship on the last day of that month.
If you are subject to tax in any such country, you may be required to file a tax return with and to pay tax in that country based on your allocable share of our income.
LENT, HOLY WEEK, AND EASTERLenten services continue on Tuesday nights at 8:00 pm in Birr Church.
Even if the partnership subsequently qualifies as an eligible part- nership, it may not make another Monthly Closing Election without the Commis- sioner’s consent.
Thepartnership’s Monthly Closing Election may be made at any time.
SCOPEThis revenue procedure applies to eli- gible partnerships (described in section3.01 of this revenue procedure) that elect to close their books monthly (the Monthly Closing Election) and to eligible partners (described in section 3.02 of this revenue procedure) that consent to take into account their distributive shares of part- nership income on a monthly basis (the Monthly Closing Consent)..01 Eligible Partnership.
Retaliation includes, but is not limited to, any form of intimidation, reprisal, or harassment.
If for any month the partnership fails to satisfy the test mandated by the preceding sentence, then the partnership’s Monthly Closing Election is terminated as of first day of the month.
An eligible partnership may make a Monthly Closing Election by fil- ing a statement with the appropriate ser- vice center.