Who May Elect definition

Who May Elect. Any individual who is a qualified electing nonresident mem- ber in a pass-through entity doing business in Rhode Island or having income, gain, loss, or deduction derived from or connected with sources within Rhode Island is eligible to elect to be included in a composite income tax return (Form RI-1040C) filed by the pass-through entity. A pass-through entity is ▇▇▇- gible to file Form RI-1040C for a taxable year only if all of the qualified elect- ing nonresident members have the same taxable year. This election may be made by any individual who is a nonresident: Partner in a partnership doing business in Rhode Island or having income, gain, loss, or deduction derived from or connected with sources within Rhode Island; or Shareholder in an S corporation doing business in Rhode Island or having income, gain, loss, or deduction derived from or connected with sources with- in Rhode Island; or Member of an LLC treated as a partnership for federal income tax purposes and doing business in Rhode Island or having income, gain, loss, or deduc- tion derived from or connected with sources within Rhode Island; or Beneficiary of a trust or estate having income, gain, loss, or deduction derived from or connected with sources within Rhode Island.
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Related to Who May Elect

  • Election means an election by a constituency, or by a class within a constituency, to fill a vacancy among one or more posts on the council of governors;

  • Eligible Directors means, with respect to a Regulated Fund and a Potential Co-Investment Transaction, the members of the Regulated Fund’s Board eligible to vote on that Potential Co-Investment Transaction under Section 57(o) of the Act (treating any registered investment company or series thereof as a BDC for this purpose).