Tag tax code

Sue, who already is a CPA / CFE , will be completing her Masters in Taxation in April. She just found the following incomprehensible piece of tax code as part of her studies. 1) §665(e) Preceding Taxable Year: For purposes…

(i) Where no return is required to be filed, the election shall be made in a statement filed with the Internal Revenue office with which a return by such trust would be filed if such trust were required to file…