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Page 1 Report for the year 2011The following Officers were elected or appointed at the Stated Meeting held on, and were installed into office on, Worthy Matron Worthy Patron Associate Matron Associate
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The Section 7 election refers to a provision under the federal tax code that allows certain taxpayers to elect out of specific tax treatments and to report income or expenses in a different manner.
Taxpayers who wish to take advantage of the alternative tax treatment provided by Section 7 must file this election. This often includes businesses and partnerships subject to the provisions outlined in the tax code.
To fill out a Section 7 election, taxpayers need to complete the appropriate IRS form, which typically includes providing their identification information, the specific tax treatment being elected, and any pertinent financial details relevant to the election.
The purpose of the Section 7 election is to provide flexibility in how taxpayers report income and expenses, thereby allowing them to minimize their tax liability and comply with tax regulations in a manner that best suits their business needs.
Information that must be reported includes taxpayer identification details, the specific tax provisions being elected out of, as well as any supporting documentation that justifies the election.
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