Sentences with phrase «for income tax purposes at»

the TRIS ceases for income tax purposes at the start of that income year.

Not exact matches

The ACCA allows manufacturing companies to depreciate, for tax purposes, the value of newly purchased equipment and machinery at the accelerated rate of 50 per cent per year, reducing their taxable income in the first few years of owning the asset.

A participant who is granted an ISO does not recognize taxable income at the time the ISO is granted or upon its exercise, but the excess of the aggregate fair market value of the shares acquired on the exercise date (ISO shares) over the aggregate exercise price paid by the participant is included in the participant's income for alternative minimum tax purposes.

In addition, the amount of the fund's income distributions will vary over time and the breakdown of returns between fund distributions and liquidation proceeds will not be predictable at the time of your investment, resulting in a gain or loss for tax purposes.

The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund's value.

For federal income tax purposes, fund distributions of long - term capital gains are generally taxable at reduced long - term capital gain rates.

Many who took Canada up on the offer bought expensive real estate in Vancouver, parked their families there and paid little or no income tax because they continued to work and, ostensibly, reside overseas (at least for tax purposes).

The Chartered Institute of Taxation (CIOT) welcomes today's announcement by the Financial Secretary to the Treasury, Mel Stride MP, that mandation of digital record keeping and quarterly reporting by small businesses and landlords for income tax purposes will be deferred until at least April 2020.

Upon written request, copies of sales drafts and other documentary evidence of transactions made with your Card are available for income tax and other purposes at a reasonable cost.

For federal income tax purposes, fund distributions of long - term capital gains are generally taxable at reduced long - term capital gain rates.

Most types of income are taxed at ordinary tax rates for federal and state purposes but are not subject to FICA taxes.

Crossover: The point at which the partnership goes from showing losses for tax purposes to showing income.

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

If you withdraw money early (before age 59-1/2) from a tax - deferred retirement account, you'll owe the IRS income tax on the amount withdrawn at your normal marginal income tax rate PLUS — unless the money's for an «allowed purpose «-- a 10 percentage point penalty.

For example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposFor example, under Section 1231 of the U.S. Internal Revenue Code, the sale at a loss of such assets used in a trade or business, usually gives rise to an ordinary loss for income tax purposfor income tax purposes.

However, a gift of assets to a non-spousal trust that names other persons as beneficiaries usually results in a disposition of those assets at fair market value for income tax purposes.

Also, the interest generated by municipal bonds may be (at least partly) taxable for income tax purposes by your state.

For U.S. federal income tax purposes, the cost of securities owned, gross appreciation, gross depreciation, and net unrealized appreciation (depreciation) of investments at May 31, 2011 were as follows:

Similarly, this means it's also important to recognize that while long - term capital gains falling at the lower income levels may be eligible for a 0 % tax rate, it is still income for tax purposes, not only for determining which bracket to apply, but also for state income taxes (which may not be a 0 % rate!)

When the student withdraws the income earned or the government grants received for educational purposes, the withdrawals are taxed in the student's hands, typically at a lower rate.

Roth 401k contributions are treated the same as pre-tax 401k elective deferrals for all plan purposes, except that they are included in an employee's wages for tax purposes at the time of contribution (i.e., Roth 401k contributions are after - tax contributions, where pre-tax 401k contributions are deducted from income before payroll tax).

If the seller is a resident of Maine at the time of the sale, if the consideration is less than $ 50,000 (see note below) or if the capital gain is not recognized for federal or Maine income tax purposes, withholding is not required.

Many Canadians took a deemed capital gain on their 1994 income tax return that pushed up the tax cost of certain capital assets for tax purposes — including their cottages — based on the market value at that time.

For REITs, dividend distributions for tax purposes are allocated to ordinary income, capital gains and return of capital, each of which may be taxed at a different raFor REITs, dividend distributions for tax purposes are allocated to ordinary income, capital gains and return of capital, each of which may be taxed at a different rafor tax purposes are allocated to ordinary income, capital gains and return of capital, each of which may be taxed at a different rate.

The super income stream will be taken to have ceased at the start of that income year for income tax purposes.

If a fund fails to meet the minimum pension payment requirements in an income year, the super income stream will be taken to have ceased at the start of that income year for income tax purposes.

«For someone later in life, it could be an estate planning purpose to buying life insurance to leave a legacy for a cherished beneficiary or to donate to charity or to cover income tax at death.&raqFor someone later in life, it could be an estate planning purpose to buying life insurance to leave a legacy for a cherished beneficiary or to donate to charity or to cover income tax at death.&raqfor a cherished beneficiary or to donate to charity or to cover income tax at death.»

(Though it gets taxed as income if not used for qualified medical purposes at retirement time.)

Installment Sales related items, Foreign Tax Credit, Passive Activities, Net Operating Loss carryovers, Schedule D amounts containing unrecaptured section 1250 gain (or anticipated for AMT purposes), sale of disposition of business assets, investment interest expense election including net capital gains in investment income, and items covered under «at risk» rules will not be accommodated by the system.

Interest earned on EE bonds with January 1, 1990, and later issue dates may qualify for exclusion from income for Federal income tax purposes if the owner pays his or her tuition and required fees or those of his or her spouse or legally dependent children at colleges, universities, and qualified technical schools during the year eligible bonds are redeemed.

The fund distributes to shareholders at least annually any net capital gains which have been recognized for federal income tax purposes, including unrealized gains at the end of the fund's fiscal year on futures or options transactions.

For income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependeFor income tax purposes, you are generally considered separated when you start living separate and apart from your spouse because of a breakdown in the relationship for a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependefor a period of at least 90 days, assuming you have not reconciled.If a parent is required to make child support payments in relation to a specific dependent, they are not eligible to claim that dependent.

For income tax purposes, two individuals who cohabitate in a conjugal relationship are treated the same as a married couple if, either that cohabitation has continued for at least a year, or they have a child togethFor income tax purposes, two individuals who cohabitate in a conjugal relationship are treated the same as a married couple if, either that cohabitation has continued for at least a year, or they have a child togethfor at least a year, or they have a child together.

[19] Having found that the losses all occurred in 2006, the trial judge ought to have combined the respondent's 2006 income with the past income loss award for the purpose of determining the income she would have earned for income tax purposes «as if she had continued working» (as per Tysoe J.A. at para. 185 of Lines).

usually look at line 150 income as set out in Income tax return, but income for support purposes may be greater than disclosed income on liincome as set out in Income tax return, but income for support purposes may be greater than disclosed income on liIncome tax return, but income for support purposes may be greater than disclosed income on liincome for support purposes may be greater than disclosed income on liincome on line 150

However, if the payor is subject to a court order, the spouse receiving spousal support or APL must treat the payments as income for federal tax purposes and the spouse paying the order may deduct the payments in arriving at adjusted gross income.

It's considered portfolio income for tax purposes and is taxed at ordinary rates.