A corporation having an election in effect under subchapter S of the internal revenue
code shall not be subject to the Kansas income tax on corporations, and the shareholders
of such corporation shall include in their taxable incomes their proportionate part
of such corporation's federal taxable income, subject to the modifications as set
forth in K.S.A. 79-32,117, and amendments thereto, in the same manner and to the same extent as provided by
the internal revenue code.
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