I'm looking for guidance on Rev Ruling 70-604. Or electing 70-604.
A business condo association, (filing an 1120) has excess funds at year end (a profit which is resulting in a tax liability). By making this election, the taxpayer is stating that excess funds will be spent the following year. If they make this election, does the tax rate drop to 15% (from 21%)? Or does it reduce the tax to zero?
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