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