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Editor: Lori Anne Johnston, CPA, J.D. The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, brought new attention to a provision of the Internal Revenue Code that had long been forgotten: Sec. 962, Election by Individuals to Be Subject to Tax at Corporate Rates. This provision was enacted as part of the Revenue Act of 1962, P.L. 87-834, which introduced the Subpart F rules of the Code.
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