Sentences with phrase «federal tax purposes only»

Note that the top of the form states in bold italics that «An IRS individual taxpayer identification number (ITIN) is for federal tax purposes only.»

Not exact matches

Upon dissolution or winding up of said corporation's affairs, whether voluntary or involuntary, all of its assets then remaining in the hands of the board of directors shall, after paying or making provision for payment of all of said corporation's liabilities, be distributed, transferred, conveyed, delivered, and paid over only to educational, scientific, literary, or charitable organizations that are exempt from federal income tax under section 501 (c)(3) of the Internal Revenue Code of 1986, as amended, and which are not private foundations within the meaning of section 509 (a) of the Internal Revenue Code of 1986, as amended, on whatever terms and conditions and in whatever amounts the board of directors may determine, for use exclusively for educational, scientific, literary, or charitable purposes, except that no distribution shall be made to organizations testing for public safety.

Consistent with IRS guidelines, only the excess of the contribution over the fair market value of any items received in exchange for a contribution is deductible for federal tax purposes.

Unemployment is taxable income for federal tax purposes, while Social Security is only taxable if your income from certain sources exceeds a specified threshold.

Please remember the tuition and fees deduction can only be taken on the Iowa return if the same deduction was taken for federal tax purposes.

If a husband and wife are the only members of a joint venture (a fancy name for a business owned by two or more people), then they may agree together to elect for their business NOT to be treated as a partnership for federal tax purposes.

For starters, portability only applies for federal estate tax purposes; it does not apply to state estate taxes.

Residents are taxed on the same income they report for federal income tax purposes, subject only to the specific modifications allowed under state law.

For example, if you live in Nova Scotia, and you pay tax at the top combined federal / provincial marginal tax rate of 54 per cent, your tax cost of borrowing $ 100,000 for investment purposes, using a secured line of credit at bank prime rate (currently around 3.45 per cent), is only $ 1,587 annually, assuming the interest is fully tax deductible.

In a community property states only, a husband and wife who are the sole members of a two member LLC may be considered a single member disregarded LLC for Federal tax purposes — check with your tax or legal advisors to discuss this more thoroughly.

For transfers at death, the marital deduction applies only to property included in the gross estate for federal estate tax purposes.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under U.S. federal tax laws.

When Parliament repeals the prohibition against drug trafficking (at least with respect to pot) it may become a by - law issue — though, given that the federal government and the provinces continue to heavily regulate the sale of other substances such as cigarettes and alcohol, and if the sale of pot (other than for medicinal purposes) is ever legalized we should expect it to be heavily taxes, the notion that the sale of pot will ever only become a by - law issue seems far - fetched — but until it does it's simply wrong to say this is a by - law issue.