This module introduces participants to the concept and purpose of tax elections and provides a structured framework for evaluating their mechanics and consequences. After a brief overview of what a tax election is, participants engage in a collaborative research and brainstorming project to identify and analyze various tax elections across entity types. Using the provided framework, participants assess how elections are made, when they are appropriate, and the potential tax outcomes of electing in or out. The session emphasizes analytical thinking, professional judgment, and documentation of conclusions.