elect

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elect

1. voted into office but not yet installed
2. Christianity
a. selected or predestined by God to receive salvation; chosen
b. (as collective noun; preceded by the): the elect
References in periodicals archive ?
To bolster the tax-free benefits of non-key employees, and thus the benefits key employees can elect, a company may have a cafeteria plan but provide health insurance coverage to key employees "outside" the plan.
Of course, key employees would not elect this coverage because it would duplicate benefits already provided at the employer's expense outside the cafeteria plan.
Thus, the regulations do not require a current-year transfer to the trust for which the termination statement is being filed, nor do they require a gift tax return to otherwise be filed in the year a taxpayer elects to terminate a previous election out.
If the IRA owner is permitted to elect either the term-certain or life-expectancy recalculation methods and fails to do so, the recalculation method is the default option unless the IRA agreement provides otherwise.
This simplifies identifying these gifts should the reporting spouse want to elect out of the GST deemed-allocation rules (if applicable).
Page 5 of IRS Publication 501, Exemptions, Standard Deduction, and Filing Information, discusses spouses who elect to file separately and how one spouse may be able to file as head of household if the spouses live apart and meet certain tests.
If a taxpayer did not elect to amortize the market discount, the amount that would have been amortized under the straight-line method is included as ordinary income in the year of bond disposition.
The QSSS election (or revocation) would not have to be made within two and one-half months of the beginning of the year to be retroactive; the parent could choose a prospective date of no more than a year later to elect or revoke the election.
2056(b)-7(h), Example 6, is that no part of a bequest in trust will qualify for the marital deduction if the executor has discretion to elect any amount to qualify for QTIP treatment, with the balance going to a non-QTIP trust.
Spouse as beneficiary: Elect to recalculate for the participant, but not for the spouse.
A taxpayer who does not affirmatively elect the ratable accrual method described in Sec.
6013 allows a husband and wife to elect to file a joint return.