INSTRUCTIONS FOR FORM K-120EL
GENERAL INFORMATION
COMPLETING FORM K-120EL
House Bill 2038 passed by the 1996 Kansas
Type or print all requested information, and answer
Legislature
provides taxpayers with a business
both questions.
income election option. For all taxable years
The election statement: Note that once made, the
beginning after December 31, 1995, a taxpayer may
election becomes effective and cannot be revoked.
elect to have all income derived from the acquisition,
This business income election is binding on all
management, use or disposition of tangible and
members of a unitary group.
intangible property treated as business income. The
An officer of the business listed at the top of the
election will be effective and irrevocable for the taxable
form must sign this election.
year of the election and the following nine taxable
years. The election is also binding on all members of
FILING THE ELECTION
a unitary group of corporations.
This form must be filed with the Kansas Department
TIME LIMITS FOR FILING THE ELECTION
of Revenue within the time limits established by law
for the taxpayer's filing situation and must be sent
The business income election must be submitted
separately from the Income Tax return.
to the Kansas Department of Revenue in accordance
To ensure receipt of your election, mail the
with these time limits in the law.
completed form by certified mail to:
Not Currently Doing Business in Kansas —
Taxpayers doing business in Kansas for the first time
Kansas Corporate Income Tax
that intend to make the election for its initial year must
915 SW Harrison St.
file the K-120EL within 60 days after filing the articles
Topeka, KS 66612-1588
of incorporation or application for authority to engage
in business with the Kansas Secretary of State.
For questions regarding this form or others, you
Currently doing Business in Kansas — The
can write to the address above or contact the
election must be filed on or before the last day of the
department:
tax year immediately proceeding the tax year for which
the election is made. EXAMPLE: If the election is for
Topeka: (785) 368-8222
tax year ending December 31, 1997, the election must
Fax: (785) 291-3614
be filed by December 31, 1996.
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