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40 Ez Form

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40 Ez Form

40 ez form 2. 40 ez form   Possession Source Income Table of Contents Types of IncomeCompensation for Labor or Personal Services Investment Income Sales or Other Dispositions of Property Scholarships, Fellowships, Grants, Prizes, and Awards Effectively Connected Income In order to determine where to file your return and which form(s) you need to complete, you must determine the source of each item of income you received during the tax year. 40 ez form Income you received from sources within, or that was effectively connected with the conduct of a trade or business within, the relevant possession must be identified separately from U. 40 ez form S. 40 ez form or foreign source income. 40 ez form This chapter discusses the rules for determining if the source of your income is from: American Samoa, The Commonwealth of the Northern Mariana Islands (CNMI), The Commonwealth of Puerto Rico (Puerto Rico), Guam, or The U. 40 ez form S. 40 ez form Virgin Islands (USVI). 40 ez form Generally, the same rules that apply for determining U. 40 ez form S. 40 ez form source income also apply for determining possession source income. 40 ez form However, there are some important exceptions to these rules. 40 ez form Both the general rules and the exceptions are discussed in this chapter. 40 ez form U. 40 ez form S. 40 ez form income rule. 40 ez form   This rule states that income is not possession source income if, under the rules of Internal Revenue Code sections 861–865, it is treated as income: From sources within the United States, or Effectively connected with the conduct of a trade or business within the United States. 40 ez form Table 2-1 shows the general rules for determining whether income is from sources within the United States. 40 ez form Table 2-1. 40 ez form General Rules for Determining U. 40 ez form S. 40 ez form Source of Income Item of Income Factor Determining Source Salaries, wages, and other compensation for labor or personal services Where labor or services performed Pensions Contributions: Where services were performed that earned the pension Investment earnings: Where pension trust is located Interest Residence of payer Dividends Where corporation created or organized Rents Location of property Royalties:   Natural resources Location of property Patents, copyrights, etc. 40 ez form Where property is used Sale of business inventory—purchased Where sold Sale of business inventory—produced Allocation if produced and sold in different locations Sale of real property Location of property Sale of personal property Seller's tax home (but see Special Rules for Gains From Dispositions of Certain Property , later, for exceptions) Sale of natural resources Allocation based on fair market value of product at export terminal. 40 ez form For more information, see Regulations section 1. 40 ez form 863-1(b). 40 ez form Types of Income This section looks at the most common types of income received by individuals, and the rules for determining the source of the income. 40 ez form Generally, the same rules shown in Table 2-1 are used to determine if you have possession source income. 40 ez form Compensation for Labor or Personal Services Income from labor or personal services includes wages, salaries, commissions, fees, per diem allowances, employee allowances and bonuses, and fringe benefits. 40 ez form It also includes income earned by sole proprietors and general partners from providing personal services in the course of their trade or business. 40 ez form Services performed wholly within a relevant possession. 40 ez form   Generally, all pay you receive for services performed in a relevant possession is considered to be from sources within that possession. 40 ez form However, there is an exception for income earned as a member of the U. 40 ez form S. 40 ez form Armed Forces or a civilian spouse. 40 ez form U. 40 ez form S. 40 ez form Armed Forces. 40 ez form   If you are a bona fide resident of a relevant possession, your military service pay will be sourced in that possession even if you perform the services in the United States or another possession. 40 ez form However, if you are not a bona fide resident of a possession, your military service pay will be income from the  United States even if you perform services in a possession. 40 ez form Civilian spouse of active duty member of the U. 40 ez form S. 40 ez form Armed Forces. 40 ez form   If you are a bona fide resident of a U. 40 ez form S. 40 ez form possession and choose to keep that possession as your tax residence under MSRRA when relocating with your servicemember spouse under military orders, the source of income for your labor or personal services is considered to be that possession. 40 ez form Likewise, if your tax residence is in one of the 50 states or the District of Columbia before relocating and you choose to keep it as your tax residence, the source of income for services performed in any of the U. 40 ez form S. 40 ez form possessions is considered to be the United States and, specifically, your state of residence or the District of Columbia. 40 ez form Services performed partly inside and partly outside a relevant possession. 40 ez form   If you are an employee and receive compensation for labor or personal services performed both inside and outside the relevant possession, special rules apply in determining the source of the compensation. 40 ez form Compensation (other than certain fringe benefits) is sourced on a time basis. 40 ez form Certain fringe benefits (such as housing and education) are sourced on a geographical basis. 40 ez form   Or, you may be permitted to use an alternative basis to determine the source of compensation. 40 ez form See Alternative basis , later. 40 ez form   If you are self-employed, determine the source of your income for labor or personal services from self-employment on the basis that most correctly reflects the proper source of that income under the facts and circumstances of your particular case. 40 ez form In many cases, the facts and circumstances will call for an apportionment on a time basis as explained next. 40 ez form Time basis. 40 ez form   Use a time basis to figure your compensation for labor or personal services from the relevant possession (other than the fringe benefits discussed later). 40 ez form Do this by multiplying your total compensation (other than the fringe benefits discussed later) by the following fraction:   Number of days you performed  services in the relevant  possession during the year     Total number of days you  performed services during the year           You can use a unit of time less than a day in the above fraction, if appropriate. 40 ez form The time period for which the income is made does not have to be a year. 40 ez form Instead, you can use another distinct, separate, and continuous time period if you can establish to the satisfaction of the IRS that this other period is more appropriate. 40 ez form Example. 40 ez form In 2013, you worked in your employer's office in the United States for 60 days and in the Puerto Rico office for 180 days, earning a total of $80,000 for the year. 40 ez form Your Puerto Rico source income is $60,000, figured as follows. 40 ez form       180 days 240 days × $80,000 = $60,000                 Multi-year compensation. 40 ez form   The source of multi-year compensation is generally determined on a time basis over the period to which the compensation is attributable. 40 ez form Multi-year compensation is compensation that is included in your income in 1 tax year but is attributable to a period that includes 2 or more tax years. 40 ez form You determine the period to which the income is attributable based on the facts and circumstances of your case. 40 ez form For more information on multi-year compensation, see Treasury Decision (T. 40 ez form D. 40 ez form ) 9212 and Regulations section 1. 40 ez form 861-4, 2005-35 I. 40 ez form R. 40 ez form B. 40 ez form 429, available at www. 40 ez form irs. 40 ez form gov/irb/2005-35_IRB/ar14. 40 ez form html. 40 ez form Certain fringe benefits sourced on a geographical basis. 40 ez form   If you received any of the following fringe benefits as compensation for labor or services performed as an employee partly inside and partly outside a relevant possession, you must source that income on a geographical basis. 40 ez form Housing. 40 ez form Education. 40 ez form Local transportation. 40 ez form Tax reimbursement. 40 ez form Hazardous or hardship duty pay. 40 ez form Moving expense reimbursement. 40 ez form For information on determining the source of the fringe benefits listed above, see Regulations section 1. 40 ez form 861-4. 40 ez form Alternative basis. 40 ez form   You can determine the source of your compensation under an alternative basis if you establish to the satisfaction of the IRS that, under the facts and circumstances of your case, the alternative basis more properly determines the source of your income than the time or geographical basis. 40 ez form If you use an alternative basis, you must keep (and have available for inspection) records to document why the alternative basis more properly determines the source of your income. 40 ez form De minimis exception. 40 ez form   There is an exception to the rule for determining the source of income earned in a possession. 40 ez form Generally, you will not have income from a possession if during a tax year you: Are a U. 40 ez form S. 40 ez form citizen or resident, Are not a bona fide resident of that possession, Are not employed by or under contract with an individual, partnership, or corporation that is engaged in a trade or business in that possession, Temporarily perform services in that possession for 90 days or less, and Earned $3,000 or less from such services. 40 ez form This exception began with income earned during your 2008 tax year. 40 ez form Pensions. 40 ez form   Generally, pension income has two components: contributions to the pension plan and the earnings accrued from investing those contributions. 40 ez form The contribution portion is sourced according to where services were performed that earned the pension. 40 ez form The investment earnings portion is sourced according to the location of the pension trust. 40 ez form Example. 40 ez form You are a U. 40 ez form S. 40 ez form citizen who worked in Puerto Rico for a U. 40 ez form S. 40 ez form company. 40 ez form All services were performed in Puerto Rico. 40 ez form Upon retirement you remained in Puerto Rico and began receiving your pension from the U. 40 ez form S. 40 ez form pension trust of your employer. 40 ez form Distributions from the U. 40 ez form S. 40 ez form pension trust must be allocated between (1) contributions, which are Puerto Rico source income, and (2) investment earnings, which are U. 40 ez form S. 40 ez form source income. 40 ez form Investment Income This category includes such income as interest, dividends, rents, and royalties. 40 ez form Interest income. 40 ez form   The source of interest income is generally determined by the residence of the payer. 40 ez form Interest paid by corporations created or organized in a relevant possession (possession corporation) or by individuals who are bona fide residents of a relevant possession is considered income from sources within that possession. 40 ez form   However, there is an exception to this rule if you are a bona fide resident of a relevant possession, receive interest from a corporation created or organized in that possession, and are a shareholder of that corporation who owns, directly or indirectly, at least 10% of the total voting stock of the corporation. 40 ez form See Regulations section 1. 40 ez form 937-2(i) for more information. 40 ez form Dividends. 40 ez form   Generally, dividends paid by a corporation created or organized in a relevant possession will be considered income from sources within that possession. 40 ez form There are additional rules for bona fide residents of a relevant possession who receive dividend income from possession corporations, and who own, directly or indirectly, at least 10% of the voting stock of the corporation. 40 ez form For more information, see Regulations section 1. 40 ez form 937-2(g). 40 ez form Rental income. 40 ez form   Rents from property located in a relevant possession are treated as income from sources within that possession. 40 ez form Royalties. 40 ez form   Royalties from natural resources located in a relevant possession are considered income from sources within that possession. 40 ez form   Also considered possession source income are royalties received for the use of, or for the privilege of using, in a relevant possession, patents, copyrights, secret processes and formulas, goodwill, trademarks, trade brands, franchises, and other like property. 40 ez form Sales or Other Dispositions of Property The source rules for sales or other dispositions of property are varied. 40 ez form The most common situations are discussed below. 40 ez form Real property. 40 ez form   Real property includes land and buildings, and generally anything built on, growing on, or attached to land. 40 ez form The location of the property generally determines the source of income from the sale. 40 ez form For example, if you are a bona fide resident of Guam and sell your home that is located in Guam, the gain on the sale is sourced in Guam. 40 ez form If, however, the home you sold was located in the United States, the gain is U. 40 ez form S. 40 ez form source income. 40 ez form Personal property. 40 ez form   The term “personal property” refers to property (such as machinery, equipment, or furniture) that is not real property. 40 ez form Generally, gain (or loss) from the sale or other disposition is sourced according to the seller's tax home. 40 ez form If personal property is sold by a bona fide resident of a relevant possession, the gain (or loss) from the sale is treated as sourced within that possession. 40 ez form   This rule does not apply to the sale of inventory, intangible property, depreciable personal property, or property sold through a foreign office or fixed place of business. 40 ez form The rules applying to sales of inventory are discussed below. 40 ez form For information on sales of the other types of property mentioned, see Internal Revenue Code section 865. 40 ez form Inventory. 40 ez form   Your inventory is personal property that is stock in trade or that is held primarily for sale to customers in the ordinary course of your trade or business. 40 ez form The source of income from the sale of inventory depends on whether the inventory was purchased or produced. 40 ez form Purchased. 40 ez form   Income from the sale of inventory that you purchased is sourced where you sell the property. 40 ez form Generally, this is where title to the property passes to the buyer. 40 ez form Produced. 40 ez form   Income from the sale of inventory that you produced in a relevant possession and sold outside that possession (or vice versa) is sourced based on an allocation. 40 ez form For information on making the allocation, see Regulations section 1. 40 ez form 863-3(f). 40 ez form Special Rules for Gains From Dispositions of Certain Property There are special rules for gains from dispositions of certain investment property (for example, stocks, bonds, debt instruments, diamonds, and gold) owned by a U. 40 ez form S. 40 ez form citizen or resident alien prior to becoming a bona fide resident of a possession. 40 ez form You are subject to these special rules if you meet both of the following conditions. 40 ez form For the tax year for which the source of the gain must be determined, you are a bona fide resident of the relevant possession. 40 ez form For any of the 10 years preceding that year, you were a citizen or resident alien of the United States (other than a bona fide resident of the relevant possession). 40 ez form If you meet these conditions, gains from the disposition of this property will not be treated as income from sources within the relevant possession for purposes of the Internal Revenue Code. 40 ez form Accordingly, bona fide residents of American Samoa and Puerto Rico, for example, may not exclude the gain on their U. 40 ez form S. 40 ez form tax return. 40 ez form (See chapter 3 for additional filing information. 40 ez form ) With respect to the CNMI, Guam, and the USVI, the gain from the disposition of this property will not meet the requirements for certain tax rules that may allow bona fide residents of those possessions to reduce or obtain a rebate of taxes on income from sources within the relevant possessions. 40 ez form These rules apply to dispositions after April 11, 2005. 40 ez form For details, see Regulations section 1. 40 ez form 937-2(f)(1) and Examples 1 and 2 of section 1. 40 ez form 937-2(k). 40 ez form Example 1. 40 ez form In 2007, Cheryl Jones, a U. 40 ez form S. 40 ez form citizen, lived in the United States and paid $1,000 for 100 shares of stock in the Rose Corporation, a U. 40 ez form S. 40 ez form corporation listed on the New York Stock Exchange. 40 ez form On March 1, 2010, she moved to Puerto Rico and changed her tax home to Puerto Rico on the same date. 40 ez form Cheryl satisfied the presence test in 2010 and, under the year-of-move exception, she was considered a bona fide resident of Puerto Rico for the rest of 2010. 40 ez form On March 1, 2010, the closing value of Cheryl's stock in the Rose Corporation was $2,000. 40 ez form On January 5, 2013, while still a bona fide resident of Puerto Rico, Cheryl sold all her Rose Corporation stock for $7,000. 40 ez form Under the earlier rules, none of Cheryl's $6,000 gain will be treated as income from sources within Puerto Rico. 40 ez form The source rules discussed in the preceding paragraphs supplement, and may apply in conjunction with, an existing special rule. 40 ez form This existing special rule applies if you are a U. 40 ez form S. 40 ez form citizen or resident alien who becomes a bona fide resident of American Samoa, the CNMI, or Guam, and who has gain from the disposition of certain U. 40 ez form S. 40 ez form assets during the 10-year period beginning when you became a bona fide resident. 40 ez form The gain is U. 40 ez form S. 40 ez form source income that generally is subject to U. 40 ez form S. 40 ez form tax if the property is either (1) located in the United States; (2) stock issued by a U. 40 ez form S. 40 ez form corporation or a debt obligation of a U. 40 ez form S. 40 ez form person or of the United States, a state (or political subdivision), or the District of Columbia; or (3) property that has a basis in whole or in part by reference to property described in (1) or (2). 40 ez form See chapter 3 for filing information. 40 ez form Special election. 40 ez form   For dispositions after April 11, 2005, you can choose to treat the part of gain (or loss) attributable to the time you held the property while a bona fide resident of the relevant possession (the possession holding period) as gain (or loss) from sources within that possession. 40 ez form Make the election by reporting the gain attributable to the possession holding period on your income tax return for the year of disposition. 40 ez form This election overrides both of the special rules discussed earlier. 40 ez form   There are two methods for figuring the gain for the possession holding period, one for marketable securities and another for other types of investment property. 40 ez form Marketable securities. 40 ez form   Marketable securities are those actively traded on an established financial market, such as stock in a publicly held corporation. 40 ez form Under the special election, allocate the gain (or loss) by figuring the appreciation separately for your possession and U. 40 ez form S. 40 ez form holding periods. 40 ez form   Your possession holding period begins on the first day you do not have a tax home outside the relevant possession. 40 ez form The gain (or loss) attributable to the possession holding period is the difference in fair market value of the security at the close of the market on the first and last days of this holding period. 40 ez form This is your gain (or loss) that is treated as being from sources within the relevant possession. 40 ez form If you were a bona fide resident of the relevant possession for more than one continuous period, combine the gains (or losses) from each possession holding period. 40 ez form Example 2. 40 ez form Assume the same facts as in Example 1, except that Cheryl makes the special election to allocate the gain between her U. 40 ez form S. 40 ez form and possession holding periods. 40 ez form Cheryl's possession holding period began March 1, 2010, the date her tax home changed to Puerto Rico. 40 ez form Therefore, the portion of gain attributable to her possession holding period is $5,000 ($7,000 sale price – $2,000 closing value on first day of the possession holding period). 40 ez form By reporting $5,000 of her $6,000 gain as Puerto Rico source income on her 2013 Puerto Rico tax return (and the remainder as non-Puerto Rico source income), Cheryl elects to treat that amount as Puerto Rico source income. 40 ez form Other personal property. 40 ez form   For personal property other than marketable securities, use a time-based allocation. 40 ez form Figure the gain (or loss) attributable to the possession holding period by multiplying your total gain (or loss) by the following fraction. 40 ez form      Number of days in the  possession holding period     Total number of days  in your holding period         The result is your gain (or loss) that is treated as being from sources within the relevant possession. 40 ez form Example 3. 40 ez form In addition to the stock in Rose Corporation, Cheryl acquired a 5% interest in the Alder Partnership on January 1, 2009. 40 ez form On March 1, 2010, when she established bona fide residency in Puerto Rico, her partnership interest was not considered a marketable security. 40 ez form On September 16, 2013, while still a bona fide resident of Puerto Rico, Cheryl sold her interest in Alder Partnership for a $100,000 gain. 40 ez form She had owned the interest for a total of 1,720 days. 40 ez form Cheryl's possession holding period (from March 1, 2010, through September 16, 2013) is 1,296 days. 40 ez form The portion of her gain attributable to Puerto Rico is $75,349 ($100,000 x (1,296 Puerto Rico days ÷ 1,720 total days)). 40 ez form By reporting $75,349 of her $100,000 gain as Puerto Rico source income on her 2013 Puerto Rico tax return (and the remainder as non-Puerto Rico source income), Cheryl elects to treat that amount as Puerto Rico source income. 40 ez form Scholarships, Fellowships, Grants, Prizes, and Awards The source of these types of income is generally the residence of the payer, regardless of who actually disburses the funds. 40 ez form Therefore, in order to be possession source income, the payer must be a resident of the relevant possession, such as an individual who is a bona fide resident or a corporation created or organized in that possession. 40 ez form These rules do not apply to amounts paid as salary or other compensation for services. 40 ez form See Compensation for Labor or Personal Services, earlier in this chapter, for the source rules that apply. 40 ez form Effectively Connected Income In limited circumstances, some kinds of income from sources outside the relevant possession must be treated as effectively connected with a trade or business in that possession. 40 ez form These circumstances are listed below. 40 ez form You have an office or other fixed place of business in the relevant possession to which the income can be attributed. 40 ez form That office or place of business is a material factor in producing the income. 40 ez form The income is produced in the ordinary course of the trade or business carried on through that office or other fixed place of business. 40 ez form An office or other fixed place of business is a material factor if it significantly contributes to, and is an essential economic element in, the earning of the income. 40 ez form The three kinds of income from sources outside the relevant possession to which these rules apply are the following. 40 ez form Rents and royalties for the use of, or for the privilege of using, intangible personal property located outside the relevant possession or from any interest in such property. 40 ez form Included are rents or royalties for the use of, or for the privilege of using, outside the relevant possession, patents, copyrights, secret processes and formulas, goodwill, trademarks, trade brands, franchises, and similar properties if the rents or royalties are from the active conduct of a trade or business in the relevant possession. 40 ez form Dividends or interest from the active conduct of a banking, financing, or similar business in the relevant possession. 40 ez form Income, gain, or loss from the sale or exchange outside the relevant possession, through the office or other fixed place of business in the relevant possession, of: Stock in trade, Property that would be included in inventory if on hand at the end of the tax year, or Property held primarily for sale to customers in the ordinary course of business. 40 ez form Item (3) will not apply if you sold the property for use, consumption, or disposition outside the relevant possession and an office or other fixed place of business in a foreign country was a material factor in the sale. 40 ez form Example. 40 ez form Marcy Jackson is a bona fide resident of American Samoa. 40 ez form Her business, which she conducts from an office in American Samoa, is developing and selling specialized computer software. 40 ez form A software purchaser will frequently pay Marcy an additional amount to install the software on the purchaser's operating system and to ensure that the software is functioning properly. 40 ez form Marcy installs the software at the purchaser's place of business, which may be in American Samoa, in the United States, or in another country. 40 ez form The income from selling the software is effectively connected with the conduct of Marcy's business in American Samoa, even though the product's destination may be outside the possession. 40 ez form However, the compensation she receives for installing the software (personal services) outside of American Samoa is not effectively connected with the conduct of her business in the possession—the income is sourced where she performs the services. 40 ez form Prev  Up  Next   Home   More Online Publications
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Information for the Tax Exempt Bond Community

Update: Effect of Sequestration on Certain State & Local Government Filers of Form 8038-CP
Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic reductions will take place as of October 1, 2013. These required reductions include a reduction to refundable credits under section 6431 of the Internal Revenue Code applicable to certain qualified bonds.

Published Volume Cap Limit for Tribal Economic Development Bonds
IRS announces the Published Volume Cap Limit for applications for allocations of national bond volume limitation authority to issuers of tribal economic development bonds for the period beginning February 1, 2014.

Extra Time Granted for Tax-Exempt Bond Issuers Affected by Severe Storms and Tornados in Oklahoma
Government entity issuers of tax-exempt bonds affected by the severe storms and tornados occurring in parts of Oklahoma may qualify for additional time to file certain returns related to tax-exempt bonds, qualified tax credit bonds, and specified tax credit bonds.

New Voluntary Closing Agreement Program Request Form
The Internal Revenue Service released the new Form 14429, Tax Exempt Bonds Voluntary Closing Agreement Program Request, which must be submitted with a Tax Exempt Bonds Voluntary Closing Agreement Program submission request.

IRS Report on Avoiding Troubled Tax-Advantaged Bonds
This report produced by the TEB Compliance Practice Research Team seeks to provide aid to issuers of tax-advantaged municipal bonds. It identifies some considerations for issuers of such bonds and is TEB’s initial step toward producing public resource products that assist issuers in avoiding troubled transactions.

Sale of Assets Financed with Tax-Exempt Bonds by State and Local Governments and 501(c)(3) Organizations
Often, in their need to raise funds, state and local governments and 501(c)(3) organizations may sell property financed with tax-exempt bonds. These sales could cause the bond issue to become taxable. This article provides basic information concerning remedial actions needed, if necessary, to preserve the tax-exempt status of the bond issue.

TEGE ACT 11th Report
The eleventh report of recommendations of the Advisory Committee on Tax Exempt and Government Entities (ACT).

ARRA and HIRE Act Bond Guidance
Guidance on bond provisions of the ARRA and HIRE Act.

TEB Post-Issuance Compliance
Provides basic post-issuance information for issuers of tax-advantaged bonds.

TEB Voluntary Compliance
Provides information about post-issuance and voluntary compliance.

TEB Financial Restructuring Compliance
Provides information for issuers or conduit borrowers with defaulted or distressed obligations.

TEB Archives
Past articles and information on Tax Exempt Bonds topics.

Contact TEB
If you need to contact Tax Exempt Bonds this page will provide you with contact information.

TEB Published Guidance
Information and guidance for the Tax Exempt Bond Community.

TEB FAQs
Frequently Asked Questions about Tax Exempt Bond topics.

Page Last Reviewed or Updated: 26-Mar-2014

The 40 Ez Form

40 ez form Publication 334 - Additional Material Prev  Up  Next   Home   More Online Publications