Sentences with phrase «tax liability purposes»

It thus can help American bitcoin users, traders and miners disclose their transactions to the IRS for tax liability purposes.

Not exact matches

But if you then leave those securities to your heirs, their cost basis for tax purposes will be «stepped up» as of the date of your death, and your capital gains liability simply evaporates.

For estate - and gift - tax purposes, an ideal valuation is one that's as low as possible, to minimize tax liabilities.

Developers often set up legitimate limited liability companies for tax purposes and to gain legal protections.

And in New Jersey, where local property taxes are a much bigger concern than state income taxes, incoming Democratic governor Phil Murphy and two Democratic congressmen have floated a proposal to create a charitable foundation similar to the one being contemplated for California and New York, but with property - tax purposes targeted and a new state tax credit created against property - tax liability.

«VAIDS is an initiative designed to encourage voluntary disclosure of previously undisclosed assets and income for the purpose of payment of all outstanding tax liabilities.»

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.

Married couples frequently double up their gifts to children and loved ones, since matching individual gifts from jointly held checking accounts count as separate gifts for the purpose of calculating annual tax liabilities.

Tax - free on the other hand implies income that is not taxable in the hands of investors i.e. the income from such tax - free source is not included in the total income for the purpose of computation of total tax liabiliTax - free on the other hand implies income that is not taxable in the hands of investors i.e. the income from such tax - free source is not included in the total income for the purpose of computation of total tax liabilitax - free source is not included in the total income for the purpose of computation of total tax liabilitax liability.

It stated, ``... the IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles or other in - kind promotional benefits attributable to the taxpayer's business or official travel... This relief does not apply to travel or other promotional benefits that are converted to cash, to compensation that is paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for tax avoidance purposes.»

When everything works well, that can simplify things for taxpayers, as it avoids having to use two completely different sets of rules to calculate tax liability for federal and state purposes.

Under the terms of the Advisory Agreement, each Fund is responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled («The Distributor»)(c) the fees and certain expenses of the Custodian (as defined under the section entitled «Custodian») and Transfer and Dividend Disbursing Agent (as defined under the section entitled «Transfer Agent»), including the cost of maintaining certain required records of the Fund and of pricing the Fund's shares, (d) the charges and expenses of legal counsel and independent accountants for the Fund, (e) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by the Fund to governmental agencies, (g) the fees of any trade association of which the Fund may be a member, (h) the cost of fidelity and liability insurance, (i) the fees and expenses involved in registering and maintaining registration of the Fund and of shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes, (j) all expenses of shareholders and Trustees» meetings (including travel expenses of trustees and officers of the Trust who are not directors,

However, if your income for surcharge purposes is above the thresholds, you may receive too much rebate (premium reduction), and you may incur a private health insurance liability when you lodge your tax return.

As a result, in the year of death, if you are a Canadian resident and you own U.S. real property, for Canadian purposes you may have a large «deemed» capital gain with respect to such property, in addition to a possible U.S. estate tax liability.

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However, your pension, including Increase for Qualified Child, Living Alone Increase, Island Allowance and Age 80 Allowance, is regarded as income for Income Tax purposes and your liability for tax will depend on your overall circumstancTax purposes and your liability for tax will depend on your overall circumstanctax will depend on your overall circumstances.

Interests in an entity that is considered to be a disregarded - entity for Federal income tax purposes, such as a single - member limited liability company; this entity must hold either legal title to the property or other Qualified Indicia of Ownership.

The purpose of a 1031 Exchange is to defer Federal, and in most cases state, depreciation recapture and capital gain income tax liabilities.

For example, a single member limited liability company (LLC) is considered by the Internal Revenue Service (IRS) to be a disregarded entity for income tax reporting purposes.