Sentences with phrase «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.

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

If your fund makes the minimum annual payment the following financial year, a new income stream is taken to have started on 1 July of that year for income tax purposes.

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.

If such a sale or disposition takes place in the year in which the participant exercises the option, the income recognized upon the sale or disposition of the shares will not be considered income for alternative minimum tax purposes.

The Harper government had already promised to use the surpluses to allow income splitting for tax purposes for families with children under the age of 18; to extend the fitness tax credit to adults; and, to reduce debt by $ 3 billion a year.

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.

We have some clients who maybe this is the last year that they're getting significant income, and, could frontload donations in that year for tax purposes.

PennyMac issues the Year End Statement (also known as a Form 1098 or annual tax statement) annually to mortgagors for income tax reporting purposes.

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.

EIN is certified by HRSD (formerly Human Resources and Development Canada, HRDC) as an educational institution under the Income Tax Act for the purposes of issuing tuition tax receipts for amounts over $ 100 to students 16 years of age and oldTax Act for the purposes of issuing tuition tax receipts for amounts over $ 100 to students 16 years of age and oldtax receipts for amounts over $ 100 to students 16 years of age and older.

So for income tax purpose, I am Non-Resident Indian for financial year 2015 - 16.

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.

If you are a U.S. citizen or resident alien and do not choose to treat your nonresident alien spouse as a U.S. resident for tax purposes, treat your community income as explained next under Spouses living apart all year.

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 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 Income is too high; once again, not an issue for you for 2016 but something to keep in mind for future years.

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.

Therefore, if you invest in a fund near the end of the year, you may receive an income information slip showing income that has to be reported for tax purposes even if you have only owned the fund units for a few days.

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.

Any amount of debt forgiven by a creditor is generally considered to be income for tax purposes, so you will have to pay taxes on the amount forgiven when you file your federal income tax return in the year the debt forgiveness occurs.

the member's account balance is no longer seen as supporting a TRIS and t any payments made during the year (not just the amount in excess of the limit) will be super lump sums for income tax purposes and lump sums for SIS Regulations purposes

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

As a result, investors will receive an official tax statement from their broker detailing the type of income they have to report for tax purposes for the entire year and not for each distribution.

For Federal income tax purposes, the entire amount withheld can be treated as having been made as four timely quarterly payments of estimated tax regardless of when the withholding actually occurred, no questions asked, and if you meet the 110 % of last year's tax criterion, it is not necessary to go into the level of detail that Maryland wants.

As expected, the plan unveiled by Prime Minister Stephen Harper and Finance Minister Joe Oliver in Vaughan, Ont., allows families with children under the age of 18 to transfer as much as $ 50,000 worth of income from the higher - earning spouse to the lower - earning spouse for tax purposes starting in this year.

After living in the US for 5 years, I filed income taxes as a resident alien for tax purposes for the years 2013, 2014 and 2015.

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.

Years ago, in a seminal decision, the Supreme Court of Canada summarized the four requirements that must be met for interest expense to be tax deductible: «(1) the amount must be paid in the year...; (2) the amount must be paid pursuant to a legal obligation to pay interest on borrowed money; (3) the borrowed money must be used for the purpose of earning non-exempt income from a business or property; and (4) the amount must be reasonable.»

The Canada Revenue Agency reassessed his 2013, 2014 and 2015 tax years to deny a portion of the interest deducted, saying the taxpayer was not entitled to deduct interest relating to the returns of capital that had been used for personal purposes, «as the money borrowed in respect of those returns of capital was no longer being used for the purpose of gaining or producing income.»

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.

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.

Each Fund reports the character of distributions for federal income tax purposes each calendar year on Form 1099 - DIV.

Any payments made during the year will be super lump sums for both income tax and SIS Regulations purposes.

The characterization of distributions for tax purposes (such as dividends, other income, capital gains etc.) for each period will be reported only after the Fund's tax year end.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it may be able to pay a tax penalty on the portion of income that caused to inadvertently violate Subchapter M or it will be treated as a corporation for federal income tax purposes.

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.

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.

Net contributions by a taxpayer who does not claim the Minnesota tax credit for contributions are deductible for Minnesota income tax purposes each year up to $ 3,000 for joint income tax return filers and $ 1,500 for all other filers.

Net contributions by a taxpayer are deductible for Minnesota income tax purposes each year.

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.

Cembre S.p.A. informs to have signed, assisted by «Studio Tributario e Societario Deloitte» as tax advisor, the agreement with the Tax Authority defining methods and criteria in order to calculate the economic contribution to the production of intangible property income for the purposes of the so - called Patent Box regime, with reference to fiscal years 2015 - 20tax advisor, the agreement with the Tax Authority defining methods and criteria in order to calculate the economic contribution to the production of intangible property income for the purposes of the so - called Patent Box regime, with reference to fiscal years 2015 - 20Tax Authority defining methods and criteria in order to calculate the economic contribution to the production of intangible property income for the purposes of the so - called Patent Box regime, with reference to fiscal years 2015 - 2019.

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.

Griffin - American Healthcare REIT IV qualified to be taxed as a real estate investment trust for federal income tax purposes beginning with its taxable year ended December 31, 2016, and it intends to continue to qualify to be taxed as a REIT.

To be more specific on the 2 years comment, you would need to get 2 years of tax returns showing this property's returns in order for banks to consider the income it generates as part of your total income for purposes of qualifying on a new mortgage.

For income tax purposes, if all trust income is distributed to the beneficaries every year, the beneficiaries» state of residence determines the applicable state income tax rate on that income.