Transcription of 2018 I-111 Form 1 Instructions - Wisconsin Income Tax
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2018 I-111 Form 1 Instructions - Wisconsin Income Tax
CAUTION On Friday, december 14, 2018, Governor Scott Walker signed 2017 Wisconsin Act 368. The law allows tax-option (S) corporations to elect to be taxed at the entity level effective for taxable years beginning on or after January 1, 2018. As a result of the new law, tax-option (S) corporations may now elect to be taxed at the entity level pursuant to sec. (4m)(a), Wis. Stats. If the tax-option (S) corporation makes this election, box 3 in Part B of Schedule 5K-1 will be checked. Shareholders of an electing tax-option (S) corporation do not report any items of Income , gain, loss, or deduction reported on the Schedule 5K-1. Most items of Income , gain, loss, or deduction reported on Schedule 5K-1 can be removed from federal adjusted gross Income by reporting these amounts on lines 4 or 11 with code 51. See the Instructions for capital gain/loss additions and subtractions for information on how to modify your federal adjusted gross Income for capital gains or losses passed through from an electing tax-option (S) corporation.
On Friday, December 14, 2018, Governor Scott Walker signed . 2017 Wisconsin Act 368. The law allows tax-option (S) corporations to elect to be taxed at the entity level effective for taxable years beginning on or after January 1, 2018. As a result of the new law, tax-option (S) corporations may now elect to be taxed at the entity level
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