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336 e election vs 338 h )( 10 Form: What You Should Know

A purchase or the disposition of tangible property, including the tangible property, including the business assets of an S corporation including cash, property of any kind, or other gains, if made before the early termination date of the Qualified stock purchased by an S corporation for tax purposes is immediately includible in gross income to the owner of such qualified stock. A taxpayer may be able to designate the stock (but not the entire capital stock) to which the election apply  as his or her “preferred stock”. For most tax returns, this designation will be shown on the taxpayer's Form 1040, line 34. For a Form 1099, this designation should be shown on line 14. For a Form 709, this designation should be shown on line 9. The election that is made by a taxpayer under paragraph (g)(4)(ii)(B) of § 1.132-19 of this chapter: Permits a shareholder who elects to have the gain from a sale of the qualified stock includible in gross income, to take that gain into account for the tax year in which the sale occurs. This election permits a qualified stockholder to treat a sale of qualified stock as a disposition for purposes of determining the shareholder's adjusted basis and, therefore, the excess inclusion amount for any tax year for which the election is made. The sale of qualified stock described below is subject to the provisions of § 1.132-19(g). For more information, or to make a general election, go to the section or reference it in the instructions of Appendix A to Part I of this release. Qualified Stock in a Securitized Purchase or Sale: A Qualified Stock Owner May Not Use Section 1041(b)(2) to Depreciate the Stock The section 1041(b)(2) election that a shareholder may use to treat a sale of qualified stock as a qualified stockholder's qualified stock sale, does not apply to the sale of qualified stock under a Securitization. For more information on how to use this election, and for a Form 1099 to be filed by a Securitization as “qualified stock sold under a Securitization plan,” visit Guidance on Using the Securitization Election.

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