Sentences with phrase «taxable for income tax purposes»

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

That's the amount you report as taxable for income tax purposes on Form 1040.

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.

Special rules may apply with respect to certain subsequent sales of the Shares in a disqualifying disposition, certain basis adjustments for purposes of computing the alternative minimum taxable income on a subsequent sale of the Shares and certain tax credits which may arise with respect to optionees subject to the alternative minimum tax.

The spin - off is taxable for U.S. federal income tax purposes.

We believe that the Continuing LLC Owners generally find it advantageous to hold their equity interests in an entity that is not taxable as a corporation for U.S. federal income tax purposes.

Accordingly, notwithstanding receipt of the IRS private letter ruling and / or opinions of counsel or other external tax advisors, the IRS could determine that the distribution and certain related transactions should be treated as taxable transactions for U.S. federal income tax purposes if it determines that any of the facts, assumptions, representations, statements or undertakings that were included in the request for the IRS private letter ruling or on which any opinion was based are false or have been violated.

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.

Our effective tax rate differs from statutory rates primarily due to our pass - through entity structure for U.S. income tax purposes, while being treated as taxable in certain states and various foreign countries as well as for certain subsidiaries.

Furthermore, we will calculate the state and local income tax savings by applying this 5 % rate to the reduction in our taxable income, as determined for U.S. federal income tax purposes, as a result of the tax attributes subject to the TRAs.

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

For the purpose of evaluating Medicare tax exposure, it's important to know that «unearned» net investment income includes net rental income, dividends, taxable interest, net capital gains from the sale of investments (including second homes and rental properties), royalties, passive income from investments in which you do not actively participate (such as a partnership), and the taxable portion of nonqualified annuity payments.

NXRT intends to qualify and elect to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with its first taxable year of operations as a separate public company.

The AMT is a complicated tax calculation that is intended to eliminate the potential for taxpayers to report large financial accounting profits while reporting little taxable income for federal income tax purposes, thus, paying little or no tax.

Effective 2002 and thanks to Economic Growth & Tax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqTax Relief Reconciliation Act of 2001 (EGTRRA), annual limits on 401k contributions were raised for this exact purpose allowing working investors to contribute more tax - deferred contributions to their retirement plans and lower their current taxable income.&raqtax - deferred contributions to their retirement plans and lower their current taxable income.»

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

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

Contributions to health and education savings plans can also reduce taxable income and increase your refund the year made, and, if used for the intended purpose, may be tax - free upon withdrawal.

You may have to pay the AMT if your taxable income for regular tax purposes, combined with certain adjustment and tax preference items (including interest on certain private activity bonds), is more than the following exemption amounts below:

When we invest in 5 year NSCs, I get to know we need not consider interest income for tax purposes till 5th year, when the whole interest accumulated to be considered taxable.

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.

The number one perk of these savings accounts is that the earnings from the investment as well as any withdrawals from the account are not taxable for federal income tax purposes.

Because the investment income within, and withdrawals from, a TFSA will not be taxable, interest on money borrowed to invest in a TFSA will not be deductible in computing income for 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.

Although Workers» Compensation benefits and welfare payments are not directly subject to tax, the amounts are included in your net income (but not taxable income) for purposes of determining your eligibility for certain tax credits.

The report is designed for forecasting purposes only, please use the Capital Gains Tax Report to calculate your actual (realised) taxable capital gain income for a period.

Distributions are taxable to you for federal income tax purposes, whether or not you reinvest these amounts in additional Fund shares.

A conversion from Investor Class shares to Institutional Class shares of the Fund or from Institutional Class shares to Investor Class shares of the Fund pursuant to the preceding paragraphs should generally not be a taxable exchange for federal income tax purposes.

Earnings credited to a LA ABLE Account that are subsequently refunded by LATTA are taxable for Louisiana state income tax purposes.

It says that «A U.S. holder's receipt of the merger consideration in exchange for shares of our common stock will generally be a taxable transaction for U.S. federal income tax purposes.»

If you used the standard deduction, then, Yes, the state tax refund that you received in 2016 is not taxable income for Federal income tax purposes, and it is not taxable income for State purposes either.

Any refund from your 2013 Federal income tax return is not taxable income to you for 2014 (or for any later year either), neither for Federal income tax nor for State or local income tax purposes.

Using the IRS definition: You may have to pay the AMT if your taxable income for regular tax purposes plus any adjustments and preference items that apply to you are more than the AMT exemption amount.

Thrift Savings Plan payments are taxable as ordinary income for Federal income tax purposes for the year in which they are disbursed.

Act Sept. 1, 1954, § 201 (b), increased the limitation on self - employment income subject to tax, for taxable years ending after 1954, from $ 3,600 to $ 4,200 and included as «wages», for purposes of computing «self - employment income,» remuneration of United States citizens employed by a foreign subsidiary of a domestic corporation which has agreed to have the Social Security insurance system extended to service performed by such citizens.

In fact, arguably when thinking about a retirement portfolio, it's better to think in terms of «retirement cash flows» than retirement income, as what constitutes «income» for investment purposes (interest and dividends, but not principal) is different than what constitutes «income» for tax purposes (as interest and dividends might be tax - free coming from a Roth, while principal may be fully taxable if withdrawn from a pre-tax retirement account).

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

For the foregoing purposes, the fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar yeFor the foregoing purposes, the fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar yefor any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year.

The fund is required for federal income tax purposes to mark - to - market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year.

For the foregoing purposes, a fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar yeFor the foregoing purposes, a fund is treated as having distributed any amount on which it is subject to income tax for any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar yefor any taxable year ending in such calendar year and certain amounts with respect to which estimated taxes are paid in such calendar year.

Each fund is required for federal income tax purposes to mark - to - market and recognize as income for each taxable year its net unrealized gains and losses on certain futures contracts as of the end of the year as well as those actually realized during the year.

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.

The Income Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suIncome Tax Act specifically allows that for the purposes of determining taxable income, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal suincome, a person can deduct any legal and accounting fees (which the legislation collectively calls «professional fees») that are incurred in the pursuit of a claim for child or spousal support.

Like many states, Rhode Island uses federal taxable income, as determined under the current IRC (but without special deductions allowed under federal law), as the starting point for determining taxable income for purposes of the business corporation tax.

Generally, for federal income tax purposes, life insurance proceeds due to the death of the insured are not taxable and don't even have to be reported on a federal income tax return.

Even if the money stays inside the account (in a non-qualified account) any taxable sales must be reported for income tax purposes.

If you qualify, you can receive a tax free income benefit (based on Internal Revenue Section 101 (g)-RRB-, which is an acceleration of your death benefit for tax purposes and generally not a taxable event.

If investment proofs are submitted to the employer for the purpose of claiming deductions and the total taxable income of the person also happens to be below the existing tax limit then a person shall not be expected to pay any tax.

Even though the death benefit is not income taxable to your beneficiary, the amount of the death benefit is added to the gross value of your estate for estate tax purposes unless it is owned by a life insurance trust.