Kings New York online Form 8869 2020-2025

Kings New York online Form 8869: What You Should Know

Section 1. Qualifications 3. Qualifying Subchapter S Corporation. §1-1. Qualifications. S is the person who holds the beneficial interest in a Subchapter S corporation (as defined in [Subchapter A of] 16 U.S.C. §7501) that has been duly organized and has made the election for the taxable year. C is the person who holds the beneficial interest in the qualified subchapter S Subsidiary, and: (1) The person is an individual; (2) The person, alone or jointly with an affiliated person, has a physical presence and substantially controls or is controlled by the person who is the beneficial owner in a Subchapter S corporation; or (3) The person who is the beneficial owner in a Subchapter S corporation (including the qualifying subchapter S Subsidiary) has control over the person who is the beneficial owner from holding an economic interest in the corporation. Section 2. Qualified Subchapter S Subsidiary Making the Election. (a) For the taxable year, the S corporation has (or could have at any time) the following characteristics: (1) It is a C corporation that is organized under the laws of a State and that is entitled (or could at any time have been entitled) under those laws to be treated as a C corporation; (2) The aggregate of all of its outstanding voting stock is (or could have been at any time) 5% or less of the total votes of all voting stock present and voting as the corporation under the laws of the State in which it is organized; (3) The aggregate of the total capital of the S corporation is not, regardless of the percentage or amount otherwise allocated, 50,000,000 or more; and (4) The S corporation satisfies either of the following tests: (A) In a case where the qualified subchapter S Subsidiary is not a corporation, it is organized and is qualified as a foreign corporation under the laws of the United States or of any State or of the District of Columbia.

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