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Amendment To Tax Return

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Amendment To Tax Return

Amendment to tax return Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Amendment to tax return They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Amendment to tax return CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Amendment to tax return Opening a CCF account. Amendment to tax return   If you are a U. Amendment to tax return S. Amendment to tax return citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Amendment to tax return However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Amendment to tax return This agreement will establish the following. Amendment to tax return Agreement vessels. Amendment to tax return Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Amendment to tax return Planned use of withdrawals. Amendment to tax return Use of CCF funds to acquire, build, or rebuild a vessel. Amendment to tax return CCF depository. Amendment to tax return Where your CCF funds will be held. Amendment to tax return    You can request an application kit or get additional information from NMFS at the following address. Amendment to tax return NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Amendment to tax return nmfs. Amendment to tax return noaa. Amendment to tax return gov/mb/financial_services/ccf. Amendment to tax return htm. Amendment to tax return    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Amendment to tax return 204). Amendment to tax return Their fax number is (301) 713-1939. Amendment to tax return Eligible vessels. Amendment to tax return   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Amendment to tax return For each type, certain requirements must be met. Amendment to tax return Vessel weighing 5 tons or more. Amendment to tax return   To be considered eligible, the vessel must meet all the following requirements. Amendment to tax return Be built or rebuilt in the United States. Amendment to tax return Be documented under the laws of the United States. Amendment to tax return Be used commercially in the fisheries of the United States. Amendment to tax return Be operated in the foreign or domestic commerce of the United States. Amendment to tax return Vessel weighing less than 5 tons. Amendment to tax return   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Amendment to tax return Be built or rebuilt in the United States. Amendment to tax return Be owned by a U. Amendment to tax return S. Amendment to tax return citizen. Amendment to tax return Have a home port in the United States. Amendment to tax return Be used commercially in the fisheries of the United States. Amendment to tax return Deferring tax on CCF deposits and earnings. Amendment to tax return   You can use a CCF account to defer income tax by taking the following actions. Amendment to tax return Making deposits to your CCF account from taxable income. Amendment to tax return Excluding from income deposits assigned to certain accounts (discussed later). Amendment to tax return Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Amendment to tax return Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Amendment to tax return    Reporting requirements. Amendment to tax return Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Amendment to tax return This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Amendment to tax return For more information, contact the NMFS at the address or phone number given earlier. Amendment to tax return Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Amendment to tax return Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Amendment to tax return Capital account. Amendment to tax return   The capital account consists primarily of amounts attributable to the following items. Amendment to tax return Allowable depreciation deductions for agreement vessels. Amendment to tax return Any nontaxable return of capital from either (a) or (b), below. Amendment to tax return The sale or other disposition of agreement vessels. Amendment to tax return Insurance or indemnity proceeds attributable to agreement vessels. Amendment to tax return Any tax-exempt interest earned on state or local bonds in your CCF account. Amendment to tax return Capital gain account. Amendment to tax return   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Amendment to tax return Any capital gain from either of the following sources. Amendment to tax return The sale or other disposition of agreement vessels held for more than 6 months. Amendment to tax return Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Amendment to tax return Any capital gain from assets held in your CCF account for more than 6 months. Amendment to tax return Ordinary income account. Amendment to tax return   The ordinary income account consists of amounts attributable to the following items. Amendment to tax return Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Amendment to tax return Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Amendment to tax return The sale or other disposition of agreement vessels held for 6 months or less. Amendment to tax return Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Amendment to tax return Any capital gain from assets held in your CCF account for 6 months or less. Amendment to tax return Any ordinary income (such as depreciation recapture) from either of the following sources. Amendment to tax return The sale or other disposition of agreement vessels. Amendment to tax return Insurance or indemnity proceeds attributable to agreement vessels. Amendment to tax return Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Amendment to tax return Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Amendment to tax return Capital gains. Amendment to tax return   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Amendment to tax return This treatment applies to either of the following transactions. Amendment to tax return The sale or other disposition of an agreement vessel. Amendment to tax return The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Amendment to tax return Depreciation recapture. Amendment to tax return   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Amendment to tax return This treatment applies to either of the following transactions. Amendment to tax return The sale or other disposition of an agreement vessel. Amendment to tax return The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Amendment to tax return Earnings from operations. Amendment to tax return   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Amendment to tax return You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Amendment to tax return Next to line 43, write “CCF” and the amount of the deposits. Amendment to tax return Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Amendment to tax return If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Amendment to tax return When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Amendment to tax return Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Amendment to tax return Self-employment tax. Amendment to tax return   You must use your net profit or loss from your fishing business to figure your self-employment tax. Amendment to tax return Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Amendment to tax return    Partnerships and S corporations. Amendment to tax return The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Amendment to tax return   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Amendment to tax return Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Amendment to tax return However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Amendment to tax return Capital gains. Amendment to tax return   Do not report any capital gains from the sale of capital assets held in your CCF account. Amendment to tax return This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Amendment to tax return However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Amendment to tax return ” Interest and dividends. Amendment to tax return   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Amendment to tax return However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Amendment to tax return ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Amendment to tax return ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Amendment to tax return ” Tax-exempt interest. Amendment to tax return   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Amendment to tax return You are not required to report this interest on Form 1040, line 8b. Amendment to tax return Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Amendment to tax return Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Amendment to tax return Acquiring, building, or rebuilding qualified vessels (defined next). Amendment to tax return Making principal payments on the mortgage of a qualified vessel. Amendment to tax return NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Amendment to tax return NMFS will approve amounts withdrawn to purchase trawl nets. Amendment to tax return Qualified vessel. Amendment to tax return   This is any vessel that meets all of the following requirements. Amendment to tax return The vessel was built or rebuilt in the United States. Amendment to tax return The vessel is documented under the laws of the United States. Amendment to tax return The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Amendment to tax return How to determine the source of qualified withdrawals. Amendment to tax return   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Amendment to tax return The capital account. Amendment to tax return The capital gain account. Amendment to tax return The ordinary income account. Amendment to tax return Excluding qualified withdrawals from tax. Amendment to tax return   Do not report on your income tax return any qualified withdrawals from your CCF account. Amendment to tax return Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Amendment to tax return Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Amendment to tax return Qualified withdrawals are defined under Qualified Withdrawals, earlier. Amendment to tax return Examples. Amendment to tax return   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Amendment to tax return Amounts remaining in a CCF account upon termination of your agreement with NMFS. Amendment to tax return Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Amendment to tax return Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Amendment to tax return You will generally be given 3 years to revise your plans to cover this excess balance. Amendment to tax return Amounts you leave in your account for more than 25 years. Amendment to tax return There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Amendment to tax return How to determine the source of nonqualified withdrawals. Amendment to tax return    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Amendment to tax return The ordinary income account. Amendment to tax return The capital gain account. Amendment to tax return The capital account. Amendment to tax return Paying tax on nonqualified withdrawals. Amendment to tax return   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Amendment to tax return However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Amendment to tax return    Partnerships and S corporations. Amendment to tax return Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Amendment to tax return Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Amendment to tax return Interest. Amendment to tax return   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Amendment to tax return The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Amendment to tax return The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Amendment to tax return The interest rate on the nonqualified withdrawal is simple interest. Amendment to tax return The rate is subject to change annually and is published in the Federal Register. Amendment to tax return    You also can call NMFS at (301) 713-2393 (ext. Amendment to tax return 204) to get the current interest rate. Amendment to tax return Interest deduction. Amendment to tax return   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Amendment to tax return Reporting the additional tax and interest. Amendment to tax return   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Amendment to tax return Include the tax and interest on Form 1040, line 63 (for 2005). Amendment to tax return To the left of line 63, write in the amount of tax and interest and “CCF. Amendment to tax return ” Tax benefit rule. Amendment to tax return   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Amendment to tax return The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Amendment to tax return That part is allowed as a net operating loss deduction. Amendment to tax return More Information This section briefly discussed the CCF program. Amendment to tax return For more detailed information, see the following legislative authorities. Amendment to tax return Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Amendment to tax return S. Amendment to tax return C. Amendment to tax return 1177). Amendment to tax return Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Amendment to tax return F. Amendment to tax return R. Amendment to tax return , Part 259). Amendment to tax return Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Amendment to tax return F. Amendment to tax return R. Amendment to tax return , Part 3). Amendment to tax return Section 7518 of the Internal Revenue Code (IRC 7518). Amendment to tax return The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Amendment to tax return Also, see their web page at www. Amendment to tax return nmfs. Amendment to tax return noaa. Amendment to tax return gov/mb/financial_services/ccf. Amendment to tax return htm. Amendment to tax return How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Amendment to tax return By selecting the method that is best for you, you will have quick and easy access to tax help. Amendment to tax return Contacting your Taxpayer Advocate. Amendment to tax return   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Amendment to tax return   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Amendment to tax return While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Amendment to tax return   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Amendment to tax return irs. Amendment to tax return gov/advocate. Amendment to tax return   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Amendment to tax return Free tax services. Amendment to tax return   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Amendment to tax return It contains a list of free tax publications and an index of tax topics. Amendment to tax return It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Amendment to tax return Internet. Amendment to tax return You can access the IRS website 24 hours a day, 7 days a week, at www. Amendment to tax return irs. Amendment to tax return gov to: E-file your return. Amendment to tax return Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Amendment to tax return Check the status of your refund. Amendment to tax return Click on Where's My Refund. Amendment to tax return Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Amendment to tax return Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Amendment to tax return Download forms, instructions, and publications. Amendment to tax return Order IRS products online. Amendment to tax return Research your tax questions online. Amendment to tax return Search publications online by topic or keyword. Amendment to tax return View Internal Revenue Bulletins (IRBs) published in the last few years. Amendment to tax return Figure your withholding allowances using our Form W-4 calculator. Amendment to tax return Sign up to receive local and national tax news by email. Amendment to tax return Get information on starting and operating a small business. Amendment to tax return Phone. Amendment to tax return Many services are available by phone. Amendment to tax return Ordering forms, instructions, and publications. Amendment to tax return Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Amendment to tax return You should receive your order within 10 days. Amendment to tax return Asking tax questions. Amendment to tax return Call the IRS with your tax questions at 1-800-829-1040. Amendment to tax return Solving problems. Amendment to tax return You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Amendment to tax return An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Amendment to tax return Call your local Taxpayer Assistance Center for an appointment. Amendment to tax return To find the number, go to www. Amendment to tax return irs. Amendment to tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amendment to tax return TTY/TDD equipment. Amendment to tax return If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Amendment to tax return TeleTax topics. Amendment to tax return Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Amendment to tax return Refund information. Amendment to tax return If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Amendment to tax return Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Amendment to tax return Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Amendment to tax return Evaluating the quality of our telephone services. Amendment to tax return To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Amendment to tax return One method is for a second IRS representative to sometimes listen in on or record telephone calls. Amendment to tax return Another is to ask some callers to complete a short survey at the end of the call. Amendment to tax return Walk-in. Amendment to tax return Many products and services are available on a walk-in basis. Amendment to tax return Products. Amendment to tax return You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Amendment to tax return Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Amendment to tax return Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Amendment to tax return Services. Amendment to tax return You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Amendment to tax return An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Amendment to tax return If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Amendment to tax return No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Amendment to tax return A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Amendment to tax return To find the number, go to www. Amendment to tax return irs. Amendment to tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Amendment to tax return Mail. Amendment to tax return You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Amendment to tax return National Distribution Center P. Amendment to tax return O. Amendment to tax return Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Amendment to tax return You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Amendment to tax return The first release ships in late December and the final release ships in late February. Amendment to tax return Current-year forms, instructions, and publications. Amendment to tax return Prior-year forms, instructions, and publications. Amendment to tax return Tax Map: an electronic research tool and finding aid. Amendment to tax return Tax law frequently asked questions (FAQs). Amendment to tax return Tax Topics from the IRS telephone response system. Amendment to tax return Fill-in, print, and save features for most tax forms. Amendment to tax return Internal Revenue Bulletins. Amendment to tax return Toll-free and email technical support. Amendment to tax return Buy the CD-ROM from National Technical Information Service (NTIS) at www. Amendment to tax return irs. Amendment to tax return gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Amendment to tax return CD-ROM for small businesses. Amendment to tax return Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Amendment to tax return This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Amendment to tax return All the business tax forms, instructions, and publications needed to successfully manage a business. Amendment to tax return Tax law changes. Amendment to tax return IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Amendment to tax return Web links to various government agencies, business associations, and IRS organizations. Amendment to tax return “Rate the Product” survey—your opportunity to suggest changes for future editions. Amendment to tax return An updated version of this CD is available each year in early April. Amendment to tax return You can get a free copy by calling 1-800-829-3676 or by visiting www. Amendment to tax return irs. Amendment to tax return gov/smallbiz. Amendment to tax return Prev  Up  Next   Home   More Online Publications
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The Amendment To Tax Return

Amendment to tax return 3. Amendment to tax return   Rent Expense Table of Contents Introduction Topics - This chapter discusses: RentConditional sales contract. Amendment to tax return Leveraged leases. Amendment to tax return Leveraged leases of limited-use property. Amendment to tax return Taxes on Leased Property Cost of Getting a Lease Improvements by Lessee Capitalizing Rent Expenses Introduction This chapter discusses the tax treatment of rent or lease payments you make for property you use in your business but do not own. Amendment to tax return It also discusses how to treat other kinds of payments you make that are related to your use of this property. Amendment to tax return These include payments you make for taxes on the property. Amendment to tax return Topics - This chapter discusses: The definition of rent Taxes on leased property The cost of getting a lease Improvements by the lessee Capitalizing rent expenses Rent Rent is any amount you pay for the use of property you do not own. Amendment to tax return In general, you can deduct rent as an expense only if the rent is for property you use in your trade or business. Amendment to tax return If you have or will receive equity in or title to the property, the rent is not deductible. Amendment to tax return Unreasonable rent. Amendment to tax return   You cannot take a rental deduction for unreasonable rent. Amendment to tax return Ordinarily, the issue of reasonableness arises only if you and the lessor are related. Amendment to tax return Rent paid to a related person is reasonable if it is the same amount you would pay to a stranger for use of the same property. Amendment to tax return Rent is not unreasonable just because it is figured as a percentage of gross sales. Amendment to tax return For examples of related persons, see Related persons in chapter 2, Publication 544. Amendment to tax return Rent on your home. Amendment to tax return   If you rent your home and use part of it as your place of business, you may be able to deduct the rent you pay for that part. Amendment to tax return You must meet the requirements for business use of your home. Amendment to tax return For more information, see Business use of your home in chapter 1. Amendment to tax return Rent paid in advance. Amendment to tax return   Generally, rent paid in your trade or business is deductible in the year paid or accrued. Amendment to tax return If you pay rent in advance, you can deduct only the amount that applies to your use of the rented property during the tax year. Amendment to tax return You can deduct the rest of your payment only over the period to which it applies. Amendment to tax return Example 1. Amendment to tax return You are a calendar year taxpayer and you leased a building for 5 years beginning July 1. Amendment to tax return Your rent is $12,000 per year. Amendment to tax return You paid the first year's rent ($12,000) on June 30. Amendment to tax return You can deduct only $6,000 (6/12 × $12,000) for the rent that applies to the first year. Amendment to tax return Example 2. Amendment to tax return You are a calendar year taxpayer. Amendment to tax return Last January you leased property for 3 years for $6,000 a year. Amendment to tax return You paid the full $18,000 (3 × $6,000) during the first year of the lease. Amendment to tax return Each year you can deduct only $6,000, the part of the lease that applies to that year. Amendment to tax return Canceling a lease. Amendment to tax return   You generally can deduct as rent an amount you pay to cancel a business lease. Amendment to tax return Lease or purchase. Amendment to tax return   There may be instances in which you must determine whether your payments are for rent or for the purchase of the property. Amendment to tax return You must first determine whether your agreement is a lease or a conditional sales contract. Amendment to tax return Payments made under a conditional sales contract are not deductible as rent expense. Amendment to tax return Conditional sales contract. Amendment to tax return   Whether an agreement is a conditional sales contract depends on the intent of the parties. Amendment to tax return Determine intent based on the provisions of the agreement and the facts and circumstances that exist when you make the agreement. Amendment to tax return No single test, or special combination of tests, always applies. Amendment to tax return However, in general, an agreement may be considered a conditional sales contract rather than a lease if any of the following is true. Amendment to tax return The agreement applies part of each payment toward an equity interest you will receive. Amendment to tax return You get title to the property after you make a stated amount of required payments. Amendment to tax return The amount you must pay to use the property for a short time is a large part of the amount you would pay to get title to the property. Amendment to tax return You pay much more than the current fair rental value of the property. Amendment to tax return You have an option to buy the property at a nominal price compared to the value of the property when you may exercise the option. Amendment to tax return Determine this value when you make the agreement. Amendment to tax return You have an option to buy the property at a nominal price compared to the total amount you have to pay under the agreement. Amendment to tax return The agreement designates part of the payments as interest, or that part is easy to recognize as interest. Amendment to tax return Leveraged leases. Amendment to tax return   Leveraged lease transactions may not be considered leases. Amendment to tax return Leveraged leases generally involve three parties: a lessor, a lessee, and a lender to the lessor. Amendment to tax return Usually the lease term covers a large part of the useful life of the leased property, and the lessee's payments to the lessor are enough to cover the lessor's payments to the lender. Amendment to tax return   If you plan to take part in what appears to be a leveraged lease, you may want to get an advance ruling. Amendment to tax return Revenue Procedure 2001-28 on page 1156 of Internal Revenue Bulletin 2001-19 contains the guidelines the IRS will use to determine if a leveraged lease is a lease for federal income tax purposes. Amendment to tax return Revenue Procedure 2001-29 on page 1160 of the same Internal Revenue Bulletin provides the information required to be furnished in a request for an advance ruling on a leveraged lease transaction. Amendment to tax return Internal Revenue Bulletin 2001-19 is available at www. Amendment to tax return irs. Amendment to tax return gov/pub/irs-irbs/irb01-19. Amendment to tax return pdf. Amendment to tax return   In general, Revenue Procedure 2001-28 provides that, for advance ruling purposes only, the IRS will consider the lessor in a leveraged lease transaction to be the owner of the property and the transaction to be a valid lease if all the factors in the revenue procedure are met, including the following. Amendment to tax return The lessor must maintain a minimum unconditional “at risk” equity investment in the property (at least 20% of the cost of the property) during the entire lease term. Amendment to tax return The lessee may not have a contractual right to buy the property from the lessor at less than fair market value when the right is exercised. Amendment to tax return The lessee may not invest in the property, except as provided by Revenue Procedure 2001-28. Amendment to tax return The lessee may not lend any money to the lessor to buy the property or guarantee the loan used by the lessor to buy the property. Amendment to tax return The lessor must show that it expects to receive a profit apart from the tax deductions, allowances, credits, and other tax attributes. Amendment to tax return   The IRS may charge you a user fee for issuing a tax ruling. Amendment to tax return For more information, see Revenue Procedure 2014-1 available at  www. Amendment to tax return irs. Amendment to tax return gov/irb/2014-1_IRB/ar05. Amendment to tax return html. Amendment to tax return Leveraged leases of limited-use property. Amendment to tax return   The IRS will not issue advance rulings on leveraged leases of so-called limited-use property. Amendment to tax return Limited-use property is property not expected to be either useful to or usable by a lessor at the end of the lease term except for continued leasing or transfer to a lessee. Amendment to tax return See Revenue Procedure 2001-28 for examples of limited-use property and property that is not limited-use property. Amendment to tax return Leases over $250,000. Amendment to tax return   Special rules are provided for certain leases of tangible property. Amendment to tax return The rules apply if the lease calls for total payments of more than $250,000 and any of the following apply. Amendment to tax return Rents increase during the lease. Amendment to tax return Rents decrease during the lease. Amendment to tax return Rents are deferred (rent is payable after the end of the calendar year following the calendar year in which the use occurs and the rent is allocated). Amendment to tax return Rents are prepaid (rent is payable before the end of the calendar year preceding the calendar year in which the use occurs and the rent is allocated). Amendment to tax return These rules do not apply if your lease specifies equal amounts of rent for each month in the lease term and all rent payments are due in the calendar year to which the rent relates (or in the preceding or following calendar year). Amendment to tax return   Generally, if the special rules apply, you must use an accrual method of accounting (and time value of money principles) for your rental expenses, regardless of your overall method of accounting. Amendment to tax return In addition, in certain cases in which the IRS has determined that a lease was designed to achieve tax avoidance, you must take rent and stated or imputed interest into account under a constant rental accrual method in which the rent is treated as accruing ratably over the entire lease term. Amendment to tax return For details, see section 467 of the Internal Revenue Code. Amendment to tax return Taxes on Leased Property If you lease business property, you can deduct as additional rent any taxes you have to pay to or for the lessor. Amendment to tax return When you can deduct these taxes as additional rent depends on your accounting method. Amendment to tax return Cash method. Amendment to tax return   If you use the cash method of accounting, you can deduct the taxes as additional rent only for the tax year in which you pay them. Amendment to tax return Accrual method. Amendment to tax return   If you use an accrual method of accounting, you can deduct taxes as additional rent for the tax year in which you can determine all the following. Amendment to tax return That you have a liability for taxes on the leased property. Amendment to tax return How much the liability is. Amendment to tax return That economic performance occurred. Amendment to tax return   The liability and amount of taxes are determined by state or local law and the lease agreement. Amendment to tax return Economic performance occurs as you use the property. Amendment to tax return Example 1. Amendment to tax return Oak Corporation is a calendar year taxpayer that uses an accrual method of accounting. Amendment to tax return Oak leases land for use in its business. Amendment to tax return Under state law, owners of real property become liable (incur a lien on the property) for real estate taxes for the year on January 1 of that year. Amendment to tax return However, they do not have to pay these taxes until July 1 of the next year (18 months later) when tax bills are issued. Amendment to tax return Under the terms of the lease, Oak becomes liable for the real estate taxes in the later year when the tax bills are issued. Amendment to tax return If the lease ends before the tax bill for a year is issued, Oak is not liable for the taxes for that year. Amendment to tax return Oak cannot deduct the real estate taxes as rent until the tax bill is issued. Amendment to tax return This is when Oak's liability under the lease becomes fixed. Amendment to tax return Example 2. Amendment to tax return The facts are the same as in Example 1 except that, according to the terms of the lease, Oak becomes liable for the real estate taxes when the owner of the property becomes liable for them. Amendment to tax return As a result, Oak will deduct the real estate taxes as rent on its tax return for the earlier year. Amendment to tax return This is the year in which Oak's liability under the lease becomes fixed. Amendment to tax return Cost of Getting a Lease You may either enter into a new lease with the lessor of the property or get an existing lease from another lessee. Amendment to tax return Very often when you get an existing lease from another lessee, you must pay the previous lessee money to get the lease, besides having to pay the rent on the lease. Amendment to tax return If you get an existing lease on property or equipment for your business, you generally must amortize any amount you pay to get that lease over the remaining term of the lease. Amendment to tax return For example, if you pay $10,000 to get a lease and there are 10 years remaining on the lease with no option to renew, you can deduct $1,000 each year. Amendment to tax return The cost of getting an existing lease of tangible property is not subject to the amortization rules for section 197 intangibles discussed in chapter 8. Amendment to tax return Option to renew. Amendment to tax return   The term of the lease for amortization includes all renewal options plus any other period for which you and the lessor reasonably expect the lease to be renewed. Amendment to tax return However, this applies only if less than 75% of the cost of getting the lease is for the term remaining on the purchase date (not including any period for which you may choose to renew, extend, or continue the lease). Amendment to tax return Allocate the lease cost to the original term and any option term based on the facts and circumstances. Amendment to tax return In some cases, it may be appropriate to make the allocation using a present value computation. Amendment to tax return For more information, see Regulations section 1. Amendment to tax return 178-1(b)(5). Amendment to tax return Example 1. Amendment to tax return You paid $10,000 to get a lease with 20 years remaining on it and two options to renew for 5 years each. Amendment to tax return Of this cost, you paid $7,000 for the original lease and $3,000 for the renewal options. Amendment to tax return Because $7,000 is less than 75% of the total $10,000 cost of the lease (or $7,500), you must amortize the $10,000 over 30 years. Amendment to tax return That is the remaining life of your present lease plus the periods for renewal. Amendment to tax return Example 2. Amendment to tax return The facts are the same as in Example 1, except that you paid $8,000 for the original lease and $2,000 for the renewal options. Amendment to tax return You can amortize the entire $10,000 over the 20-year remaining life of the original lease. Amendment to tax return The $8,000 cost of getting the original lease was not less than 75% of the total cost of the lease (or $7,500). Amendment to tax return Cost of a modification agreement. Amendment to tax return   You may have to pay an additional “rent” amount over part of the lease period to change certain provisions in your lease. Amendment to tax return You must capitalize these payments and amortize them over the remaining period of the lease. Amendment to tax return You cannot deduct the payments as additional rent, even if they are described as rent in the agreement. Amendment to tax return Example. Amendment to tax return You are a calendar year taxpayer and sign a 20-year lease to rent part of a building starting on January 1. Amendment to tax return However, before you occupy it, you decide that you really need less space. Amendment to tax return The lessor agrees to reduce your rent from $7,000 to $6,000 per year and to release the excess space from the original lease. Amendment to tax return In exchange, you agree to pay an additional rent amount of $3,000, payable in 60 monthly installments of $50 each. Amendment to tax return   You must capitalize the $3,000 and amortize it over the 20-year term of the lease. Amendment to tax return Your amortization deduction each year will be $150 ($3,000 ÷ 20). Amendment to tax return You cannot deduct the $600 (12 × $50) that you will pay during each of the first 5 years as rent. Amendment to tax return Commissions, bonuses, and fees. Amendment to tax return   Commissions, bonuses, fees, and other amounts you pay to get a lease on property you use in your business are capital costs. Amendment to tax return You must amortize these costs over the term of the lease. Amendment to tax return Loss on merchandise and fixtures. Amendment to tax return   If you sell at a loss merchandise and fixtures that you bought solely to get a lease, the loss is a cost of getting the lease. Amendment to tax return You must capitalize the loss and amortize it over the remaining term of the lease. Amendment to tax return Improvements by Lessee If you add buildings or make other permanent improvements to leased property, depreciate the cost of the improvements using the modified accelerated cost recovery system (MACRS). Amendment to tax return Depreciate the property over its appropriate recovery period. Amendment to tax return You cannot amortize the cost over the remaining term of the lease. Amendment to tax return If you do not keep the improvements when you end the lease, figure your gain or loss based on your adjusted basis in the improvements at that time. Amendment to tax return For more information, see the discussion of MACRS in Publication 946, How To Depreciate Property. Amendment to tax return Assignment of a lease. Amendment to tax return   If a long-term lessee who makes permanent improvements to land later assigns all lease rights to you for money and you pay the rent required by the lease, the amount you pay for the assignment is a capital investment. Amendment to tax return If the rental value of the leased land increased since the lease began, part of your capital investment is for that increase in the rental value. Amendment to tax return The rest is for your investment in the permanent improvements. Amendment to tax return   The part that is for the increased rental value of the land is a cost of getting a lease, and you amortize it over the remaining term of the lease. Amendment to tax return You can depreciate the part that is for your investment in the improvements over the recovery period of the property as discussed earlier, without regard to the lease term. Amendment to tax return Capitalizing Rent Expenses Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Amendment to tax return Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Amendment to tax return You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Amendment to tax return Indirect costs include amounts incurred for renting or leasing equipment, facilities, or land. Amendment to tax return Uniform capitalization rules. Amendment to tax return   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Amendment to tax return Produce real property or tangible personal property. Amendment to tax return For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Amendment to tax return Acquire property for resale. Amendment to tax return However, these rules do not apply to the following property. Amendment to tax return Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. Amendment to tax return Property you produce if you meet either of the following conditions. Amendment to tax return Your indirect costs of producing the property are $200,000 or less. Amendment to tax return You use the cash method of accounting and do not account for inventories. Amendment to tax return Example 1. Amendment to tax return You rent construction equipment to build a storage facility. Amendment to tax return If you are subject to the uniform capitalization rules, you must capitalize as part of the cost of the building the rent you paid for the equipment. Amendment to tax return You recover your cost by claiming a deduction for depreciation on the building. Amendment to tax return Example 2. Amendment to tax return You rent space in a facility to conduct your business of manufacturing tools. Amendment to tax return If you are subject to the uniform capitalization rules, you must include the rent you paid to occupy the facility in the cost of the tools you produce. Amendment to tax return More information. Amendment to tax return   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. Amendment to tax return Prev  Up  Next   Home   More Online Publications