Sentences with phrase «income tax purposes»

Under current law, the amount forgiven generally represents taxable income for income tax purposes in the year it is written off.
You will pay essentially zero percent on the gains for federal income tax purposes as long as that is your taxable income based upon your tax return.
Student loans and financial aid count for income tax purposes in very distinct ways.
In some situations an asset may have one basis for regular income tax purposes and a different basis (usually higher) for alternative minimum tax purposes.
We will provide receipts for all donations for income tax purposes at the time items are dropped off.
Also, the interest generated by municipal bonds may be (at least partly) taxable for income tax purposes by your state.
Short - term rental income may be taxable income for personal income tax purposes.
You were married in a state that recognizes same - sex marriage, you are considered «married» for Federal income tax purposes.
Finally, interest from treasury securities is tax - exempt for state income tax purposes.
The main difference between the two involves the treatment of profits and losses for income tax purposes.
DIVIDENDS All dividends paid by the company are «eligible dividends» for Canadian income tax purposes unless indicated otherwise.
Desert Newco is currently, and will through consummation of the reorganization transactions, be treated as a partnership for U.S. federal and most applicable state and local income tax purposes.
Yes, effective for tax years beginning after December 31, 2016, a taxpayer may be eligible for either a deduction from federal taxable income for Minnesota income tax purposes or a tax credit on contributions to an Account during a taxable year.
Distributions may include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions.
If payments are outside the allowable limits, the TRIS is automatically taken to have ceased for income tax purposes from the start of the financial year in question.
Some provinces allow individual residents of the particular province a deduction or tax credit for provincial income tax purposes on investments made in certain prescribed vehicles.
Section 162 (m) of the Internal Revenue Code imposes limitations on the deductibility for corporate federal income tax purposes of remuneration in excess of $ 1 million paid to the chief executive officer, chief financial officer and each of the three next most highly compensated executive officers of a public company.
Contributions are deductible for Michigan income tax purposes up to $ 5,000 per year for a single income tax return filer and $ 10,000 per year for joint filers.
GLPI elected to be taxed as a real estate investment trust («REIT») for United States federal income tax purposes commencing with the 2014 taxable year.
The change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.
You become a resident of Canada for income tax purposes when you establish significant residential ties in Canada, usually on the date you arrive in Canada.
Finally, the contribution to a Traditional IRA might be non-deductible for income tax purposes because the Adjusted Gross Income is too high; once again, not an issue for you for 2016 but something to keep in mind for future years.
Q1) If i invest in elss, can i claim benefit for income tax purpose till he becomes a major.?
In addition, the definition of principal residence in section 54 contains detailed rules (in paragraph c. 1) that prohibits a trust (which is considered to be an individual for income tax purposes pursuant to the rule in subsection 104 (2) of the Act) from considering a property as its principal residence unless very specific conditions are met.
Voluntary employee contributions that, unlike before - tax elective contributions, are currently includible in gross income for current income tax purposes.
While contributions are not deductible for California income tax purposes, earnings accrue free of state income tax.
For income tax purposes only, salespersons working in a 100 per cent house are not considered to be employees, but operate as independent contractors.
Caledonia advises shareholders that following the re-domicile of the company from Canada to Jersey, Channel Islands with effect from 19 March 2016, dividends paid after this date will no longer be designated «Eligible Dividends» for Canadian income tax purposes.
If you don't claim the deduction from federal taxable income for Minnesota income tax purposes, you may be eligible for a non-refundable tax credit.
Please print or save this message as documentation for income tax purposes as this contribution may be tax deductible to the extent permitted by law for those individuals who itemize their taxes.
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.
Earnings credited to a LA ABLE Account that are subsequently refunded by LATTA are taxable for Louisiana state income tax purposes.
For regular income tax purposes, the «spread» or «bargain element» — the difference between the price paid and market value of the stock — is not taxed when the option is exercised.
Welsh Liberal Democrat MP Mark Williams has welcomed the news in today's budget which extends the period over which self - employed farmers can average their profits for income tax purposes from 2 years to 5 years.
That's the amount you report as taxable for income tax purposes on Form 1040.
the TRIS ceases for income tax purposes at the start of that income year.
For instance, whenever we use credit cards and business banking accounts for personal expenses, it creates a potential issue with the IRS since certain personal expenses are not deductible for income tax purposes.

Phrases with «income tax purposes»

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