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Federal 1040ez Form

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Federal 1040ez Form

Federal 1040ez form Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. Federal 1040ez form Employee-owners. Federal 1040ez form Other rules. Federal 1040ez form Other rules. Federal 1040ez form Property Exchanged for StockNonqualified preferred stock. Federal 1040ez form Liabilities. Federal 1040ez form Election to reduce basis. Federal 1040ez form Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. Federal 1040ez form S. Federal 1040ez form Real Property Interest Accounting MethodsSection 481(a) adjustment. Federal 1040ez form Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. Federal 1040ez form Business formed before 1997. Federal 1040ez form   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. Federal 1040ez form Business formed after 1996. Federal 1040ez form   The following businesses formed after 1996 are taxed as corporations. Federal 1040ez form A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. Federal 1040ez form A business formed under a state law that refers to it as a joint-stock company or joint-stock association. Federal 1040ez form An insurance company. Federal 1040ez form Certain banks. Federal 1040ez form A business wholly owned by a state or local government. Federal 1040ez form A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Federal 1040ez form Certain foreign businesses. Federal 1040ez form Any other business that elects to be taxed as a corporation. Federal 1040ez form For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. Federal 1040ez form For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. Federal 1040ez form S corporations. Federal 1040ez form   Some corporations may meet the qualifications for electing to be S corporations. Federal 1040ez form For information on S corporations, see the instructions for Form 1120S, U. Federal 1040ez form S. Federal 1040ez form Income Tax Return for an S Corporation. Federal 1040ez form Personal service corporations. Federal 1040ez form   A corporation is a personal service corporation if it meets all of the following requirements. Federal 1040ez form Its principal activity during the “testing period” is performing personal services (defined later). Federal 1040ez form Generally, the testing period for any tax year is the prior tax year. Federal 1040ez form If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. Federal 1040ez form Its employee-owners substantially perform the services in (1), above. Federal 1040ez form This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. Federal 1040ez form Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. Federal 1040ez form Personal services. Federal 1040ez form   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. Federal 1040ez form Employee-owners. Federal 1040ez form   A person is an employee-owner of a personal service corporation if both of the following apply. Federal 1040ez form He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. Federal 1040ez form He or she owns any stock in the corporation at any time during the testing period. Federal 1040ez form Other rules. Federal 1040ez form   For other rules that apply to personal service corporations see Accounting Periods, later. Federal 1040ez form Closely held corporations. Federal 1040ez form   A corporation is closely held if all of the following apply. Federal 1040ez form It is not a personal service corporation. Federal 1040ez form At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. Federal 1040ez form “Individual” includes certain trusts and private foundations. Federal 1040ez form Other rules. Federal 1040ez form   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. Federal 1040ez form Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. Federal 1040ez form This rule applies both to individuals and to groups who transfer property to a corporation. Federal 1040ez form It also applies whether the corporation is being formed or is already operating. Federal 1040ez form It does not apply in the following situations. Federal 1040ez form The corporation is an investment company. Federal 1040ez form You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. Federal 1040ez form The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. Federal 1040ez form Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. Federal 1040ez form For more information, see section 1. Federal 1040ez form 351-3 of the Regulations. Federal 1040ez form Control of a corporation. Federal 1040ez form   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. Federal 1040ez form Example 1. Federal 1040ez form You and Bill Jones buy property for $100,000. Federal 1040ez form You both organize a corporation when the property has a fair market value of $300,000. Federal 1040ez form You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. Federal 1040ez form No gain is recognized by you, Bill, or the corporation. Federal 1040ez form Example 2. Federal 1040ez form You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. Federal 1040ez form This represents only 75% of each class of stock of the corporation. Federal 1040ez form The other 25% was already issued to someone else. Federal 1040ez form You and Bill recognize a taxable gain of $200,000 on the transaction. Federal 1040ez form Services rendered. Federal 1040ez form   The term property does not include services rendered or to be rendered to the issuing corporation. Federal 1040ez form The value of stock received for services is income to the recipient. Federal 1040ez form Example. Federal 1040ez form You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. Federal 1040ez form Right after the exchange, you own 85% of the outstanding stock. Federal 1040ez form No gain is recognized on the exchange of property. Federal 1040ez form However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. Federal 1040ez form Property of relatively small value. Federal 1040ez form   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. Federal 1040ez form   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. Federal 1040ez form Stock received in disproportion to property transferred. Federal 1040ez form   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. Federal 1040ez form If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. Federal 1040ez form It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. Federal 1040ez form Money or other property received. Federal 1040ez form   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. Federal 1040ez form You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. Federal 1040ez form The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. Federal 1040ez form If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. Federal 1040ez form See chapter 3 of Publication 544. Federal 1040ez form No loss is recognized. Federal 1040ez form Nonqualified preferred stock. Federal 1040ez form   Nonqualified preferred stock is treated as property other than stock. Federal 1040ez form Generally, it is preferred stock with any of the following features. Federal 1040ez form The holder has the right to require the issuer or a related person to redeem or buy the stock. Federal 1040ez form The issuer or a related person is required to redeem or buy the stock. Federal 1040ez form The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. Federal 1040ez form The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. Federal 1040ez form For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. Federal 1040ez form Liabilities. Federal 1040ez form   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. Federal 1040ez form There are two exceptions to this treatment. Federal 1040ez form If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. Federal 1040ez form However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. Federal 1040ez form If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. Federal 1040ez form For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. Federal 1040ez form Example. Federal 1040ez form You transfer property to a corporation for stock. Federal 1040ez form Immediately after the transfer, you control the corporation. Federal 1040ez form You also receive $10,000 in the exchange. Federal 1040ez form Your adjusted basis in the transferred property is $20,000. Federal 1040ez form The stock you receive has a fair market value (FMV) of $16,000. Federal 1040ez form The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. Federal 1040ez form Gain is realized as follows. Federal 1040ez form FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. Federal 1040ez form The recognized gain is limited to $10,000, the cash received. Federal 1040ez form Loss on exchange. Federal 1040ez form   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. Federal 1040ez form For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Federal 1040ez form Basis of stock or other property received. Federal 1040ez form   The basis of the stock you receive is generally the adjusted basis of the property you transfer. Federal 1040ez form Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. Federal 1040ez form Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. Federal 1040ez form Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. Federal 1040ez form    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. Federal 1040ez form This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. Federal 1040ez form The basis of any other property you receive is its fair market value on the date of the trade. Federal 1040ez form Basis of property transferred. Federal 1040ez form   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. Federal 1040ez form However, the increase for the gain recognized may be limited. Federal 1040ez form For more information, see section 362 of the Internal Revenue Code. Federal 1040ez form Election to reduce basis. Federal 1040ez form   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. Federal 1040ez form The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. Federal 1040ez form However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. Federal 1040ez form R. Federal 1040ez form B. Federal 1040ez form 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. Federal 1040ez form    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. Federal 1040ez form Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. Federal 1040ez form Paid-in capital. Federal 1040ez form   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. Federal 1040ez form These contributions are not taxable to the corporation. Federal 1040ez form Basis. Federal 1040ez form   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. Federal 1040ez form However, the increase for the gain recognized may be limited. Federal 1040ez form For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. Federal 1040ez form   The basis of property contributed to capital by a person other than a shareholder is zero. Federal 1040ez form   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. Federal 1040ez form If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. Federal 1040ez form Depreciable property. Federal 1040ez form Amortizable property. Federal 1040ez form Property subject to cost depletion but not to percentage depletion. Federal 1040ez form All other remaining properties. Federal 1040ez form   Reduce the basis of property in each category to zero before going on to the next category. Federal 1040ez form   There may be more than one piece of property in each category. Federal 1040ez form Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. Federal 1040ez form The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. Federal 1040ez form Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. Federal 1040ez form A corporation generally must make estimated tax payments as it earns or receives income during its tax year. Federal 1040ez form After the end of the year, the corporation must file an income tax return. Federal 1040ez form This section will help you determine when and how to pay and file corporate income taxes. Federal 1040ez form For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. Federal 1040ez form The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. Federal 1040ez form For more information, visit www. Federal 1040ez form irs. Federal 1040ez form gov/newsroom/article/0,,id=108362. Federal 1040ez form 00. Federal 1040ez form Income Tax Return This section will help you determine when and how to report a corporation's income tax. Federal 1040ez form Who must file. Federal 1040ez form   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Federal 1040ez form Which form to file. Federal 1040ez form   A corporation generally must file Form 1120, U. Federal 1040ez form S. Federal 1040ez form Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. Federal 1040ez form Certain organizations and entities must file special returns. Federal 1040ez form For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. Federal 1040ez form Electronic filing. Federal 1040ez form   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. Federal 1040ez form Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. Federal 1040ez form However, in certain instances, these corporations can request a waiver. Federal 1040ez form For more information regarding electronic filing, visit www. Federal 1040ez form irs. Federal 1040ez form gov/efile. Federal 1040ez form When to file. Federal 1040ez form   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. Federal 1040ez form A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. Federal 1040ez form A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. Federal 1040ez form Example 1. Federal 1040ez form A corporation's tax year ends December 31. Federal 1040ez form It must file its income tax return by March 15th. Federal 1040ez form Example 2. Federal 1040ez form A corporation's tax year ends June 30. Federal 1040ez form It must file its income tax return by September 15th. Federal 1040ez form   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. Federal 1040ez form Extension of time to file. Federal 1040ez form   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. Federal 1040ez form The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. Federal 1040ez form   Form 7004 does not extend the time for paying the tax due on the return. Federal 1040ez form Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. Federal 1040ez form The interest is figured from the original due date of the return to the date of payment. Federal 1040ez form   For more information, see the instructions for Form 7004. Federal 1040ez form How to pay your taxes. Federal 1040ez form   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. Federal 1040ez form Electronic Federal Tax Payment System (EFTPS). Federal 1040ez form   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). Federal 1040ez form For more information on EFTPS and enrollment, visit www. Federal 1040ez form eftps. Federal 1040ez form gov or call 1-800-555-4477. Federal 1040ez form Also see Publication 966, The Secure Way to Pay Your Federal Taxes. Federal 1040ez form Note. Federal 1040ez form Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. Federal 1040ez form Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. Federal 1040ez form Do not attach an explanation when the corporation's return is filed. Federal 1040ez form See the instructions for your income tax return. Federal 1040ez form Late filing of return. Federal 1040ez form    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. Federal 1040ez form If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. Federal 1040ez form The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. Federal 1040ez form The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. Federal 1040ez form Late payment of tax. Federal 1040ez form    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Federal 1040ez form The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. Federal 1040ez form Trust fund recovery penalty. Federal 1040ez form   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Federal 1040ez form The penalty is the full amount of the unpaid trust fund tax. Federal 1040ez form This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. Federal 1040ez form   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. Federal 1040ez form   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. Federal 1040ez form A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. Federal 1040ez form   Willfully means voluntarily, consciously, and intentionally. Federal 1040ez form A responsible person acts willfully if the person knows the required actions are not taking place. Federal 1040ez form   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. Federal 1040ez form Other penalties. Federal 1040ez form   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. Federal 1040ez form See sections 6662, 6662A, and 6663 of the Internal Revenue Code. Federal 1040ez form Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. Federal 1040ez form If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. Federal 1040ez form This section will explain how to avoid this penalty. Federal 1040ez form When to pay estimated tax. Federal 1040ez form   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. Federal 1040ez form Example 1. Federal 1040ez form Your corporation's tax year ends December 31. Federal 1040ez form Installment payments are due on April 15, June 15, September 15, and December 15. Federal 1040ez form Example 2. Federal 1040ez form Your corporation's tax year ends June 30. Federal 1040ez form Installment payments are due on October 15, December 15, March 15, and June 15. Federal 1040ez form   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. Federal 1040ez form How to figure each required installment. Federal 1040ez form   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. Federal 1040ez form You will generally use one of the following two methods to figure each required installment. Federal 1040ez form You should use the method that yields the smallest installment payments. Federal 1040ez form Note. Federal 1040ez form In these discussions, “return” generally refers to the corporation's original return. Federal 1040ez form However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. Federal 1040ez form Method 1. Federal 1040ez form   Each required installment is 25% of the income tax the corporation will show on its return for the current year. Federal 1040ez form Method 2. Federal 1040ez form   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. Federal 1040ez form   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). Federal 1040ez form Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. Federal 1040ez form   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. Federal 1040ez form Other methods. Federal 1040ez form   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. Federal 1040ez form The annualized income installment method. Federal 1040ez form The adjusted seasonal installment method. Federal 1040ez form Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. Federal 1040ez form Refiguring required installments. Federal 1040ez form   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. Federal 1040ez form An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. Federal 1040ez form Underpayment penalty. Federal 1040ez form   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. Federal 1040ez form The penalty is figured separately for each installment due date. Federal 1040ez form The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. Federal 1040ez form This is true even if the corporation is due a refund when its return is filed. Federal 1040ez form Form 2220. Federal 1040ez form   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. Federal 1040ez form   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. Federal 1040ez form The amount of the underpayment. Federal 1040ez form The period during which the underpayment was due and unpaid. Federal 1040ez form The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. Federal 1040ez form   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. Federal 1040ez form However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. Federal 1040ez form The annualized income installment method was used to figure any required installment. Federal 1040ez form The adjusted seasonal installment method was used to figure any required installment. Federal 1040ez form The corporation is a large corporation figuring its first required installment based on the prior year's tax. Federal 1040ez form How to pay estimated tax. Federal 1040ez form   A corporation is generally required to use EFTPS to pay its taxes. Federal 1040ez form See Electronic Federal Tax Payment System (EFTPS), earlier. Federal 1040ez form Also see the Instructions for Form 1120-W. Federal 1040ez form Quick refund of overpayments. Federal 1040ez form   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. Federal 1040ez form Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. Federal 1040ez form A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. Federal 1040ez form Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. Federal 1040ez form File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. Federal 1040ez form Do not file Form 4466 before the end of the corporation's tax year. Federal 1040ez form An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. Federal 1040ez form The IRS will act on the form within 45 days from the date you file it. Federal 1040ez form U. Federal 1040ez form S. Federal 1040ez form Real Property Interest If a domestic corporation acquires a U. Federal 1040ez form S. Federal 1040ez form real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. Federal 1040ez form The amount paid includes cash, the fair market value of other property, and any assumed liability. Federal 1040ez form If a domestic corporation distributes a U. Federal 1040ez form S. Federal 1040ez form real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. Federal 1040ez form A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. Federal 1040ez form For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. Federal 1040ez form S. Federal 1040ez form Withholding Tax Return for Dispositions by Foreign Persons of U. Federal 1040ez form S. Federal 1040ez form Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. Federal 1040ez form S. Federal 1040ez form Real Property Interests. Federal 1040ez form Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. Federal 1040ez form Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. Federal 1040ez form In all cases, the method used must clearly show taxable income. Federal 1040ez form Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. Federal 1040ez form Accrual method. Federal 1040ez form   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. Federal 1040ez form A corporation engaged in farming operations also must use the accrual method. Federal 1040ez form   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. Federal 1040ez form However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. Federal 1040ez form   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. Federal 1040ez form   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. Federal 1040ez form   There are exceptions to the economic performance rule for certain items, including recurring expenses. Federal 1040ez form See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. Federal 1040ez form Nonaccrual experience method. Federal 1040ez form   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. Federal 1040ez form   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. Federal 1040ez form Percentage of completion method. Federal 1040ez form   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. Federal 1040ez form Mark-to-market accounting method. Federal 1040ez form   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. Federal 1040ez form Under this method any security held by a dealer as inventory must be included in inventory at its FMV. Federal 1040ez form Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. Federal 1040ez form Any gain or loss must be taken into account in determining gross income. Federal 1040ez form The gain or loss taken into account is treated as ordinary gain or loss. Federal 1040ez form   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. Federal 1040ez form Change in accounting method. Federal 1040ez form   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). Federal 1040ez form The corporation must file Form 3115, Application for Change in Accounting Method. Federal 1040ez form For more information, see Form 3115 and Publication 538. Federal 1040ez form Section 481(a) adjustment. Federal 1040ez form   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. Federal 1040ez form The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. Federal 1040ez form However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. Federal 1040ez form The corporation must complete the appropriate lines of Form 3115 to make the election. Federal 1040ez form See the Instructions for Form 3115. Federal 1040ez form Accounting Periods A corporation must figure its taxable income on the basis of a tax year. Federal 1040ez form A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. Federal 1040ez form Generally, corporations can use either a calendar year or a fiscal year as its tax year. Federal 1040ez form Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. Federal 1040ez form For more information, see Publication 538. Federal 1040ez form Personal service corporation. Federal 1040ez form   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. Federal 1040ez form See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. Federal 1040ez form Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. Federal 1040ez form   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. Federal 1040ez form See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. Federal 1040ez form Change of tax year. Federal 1040ez form   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. Federal 1040ez form However, under certain conditions, a corporation can change its tax year without getting the consent. Federal 1040ez form For more information, see Form 1128 and Publication 538. Federal 1040ez form Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. Federal 1040ez form Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. Federal 1040ez form Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. Federal 1040ez form The corporation should keep copies of all filed returns. Federal 1040ez form They help in preparing future and amended returns and in the calculation of earnings and profits. Federal 1040ez form Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. Federal 1040ez form However, the following special provisions apply only to corporations. Federal 1040ez form Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. Federal 1040ez form However, a corporation can elect to deduct a limited amount of start-up or organizational costs. Federal 1040ez form Any costs not deducted can be amortized. Federal 1040ez form Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. Federal 1040ez form Organizational costs are the direct costs of creating the corporation. Federal 1040ez form For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. Federal 1040ez form Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. Federal 1040ez form Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. Federal 1040ez form Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. Federal 1040ez form If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. Federal 1040ez form These rules also deny the deduction of losses on the sale or exchange of property between related persons. Federal 1040ez form Related persons. Federal 1040ez form   For purposes of this rule, the following persons are related to a corporation. Federal 1040ez form Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). Federal 1040ez form An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. Federal 1040ez form A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. Federal 1040ez form An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Federal 1040ez form A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. Federal 1040ez form Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. Federal 1040ez form Ownership of stock. Federal 1040ez form   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. Federal 1040ez form Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. Federal 1040ez form An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. Federal 1040ez form Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. Federal 1040ez form Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. Federal 1040ez form To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. Federal 1040ez form But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. Federal 1040ez form Reallocation of income and deductions. Federal 1040ez form   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. Federal 1040ez form Complete liquidations. Federal 1040ez form   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. Federal 1040ez form More information. Federal 1040ez form   For more information about the related person rules, see Publication 544. Federal 1040ez form Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. Federal 1040ez form If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. Federal 1040ez form Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. Federal 1040ez form A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. Federal 1040ez form A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. Federal 1040ez form For more information regarding the election, see Form 8902. Federal 1040ez form Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. Federal 1040ez form The deduction is allowed for the year in which the property is placed in service. Federal 1040ez form A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. Federal 1040ez form For more information, see section 179C of the Internal Revenue Code and the related Regulations. Federal 1040ez form Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). Federal 1040ez form A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. Federal 1040ez form For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. Federal 1040ez form Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. Federal 1040ez form In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. Federal 1040ez form 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. Federal 1040ez form The deduction is limited to $1. Federal 1040ez form 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. Federal 1040ez form Other rules and limitations apply. Federal 1040ez form The corporation must reduce the basis of any property by any deduction taken. Federal 1040ez form The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. Federal 1040ez form For more information, see section 179D of the Internal Revenue Code. Federal 1040ez form Also see Notice 2006-52, 2006-26 I. Federal 1040ez form R. Federal 1040ez form B. Federal 1040ez form 1175, clarified and amplified by Notice 2008-40, 2008-14 I. Federal 1040ez form R. Federal 1040ez form B. Federal 1040ez form 725, and any successor. Federal 1040ez form Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. Federal 1040ez form These items are known as corporate preference items and they include the following. Federal 1040ez form Gain on the disposition of section 1250 property. Federal 1040ez form For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. Federal 1040ez form Percentage depletion for iron ore and coal (including lignite). Federal 1040ez form For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. Federal 1040ez form Amortization of pollution control facilities. Federal 1040ez form For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. Federal 1040ez form Mineral exploration and development costs. Federal 1040ez form For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. Federal 1040ez form For more information on corporate preference items, see section 291 of the Internal Revenue Code. Federal 1040ez form Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. Federal 1040ez form This section discusses the general rules that apply. Federal 1040ez form The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. Federal 1040ez form For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. Federal 1040ez form Dividends from domestic corporations. Federal 1040ez form   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. Federal 1040ez form If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. Federal 1040ez form Ownership. Federal 1040ez form   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. Federal 1040ez form Small business investment companies. Federal 1040ez form   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. Federal 1040ez form Dividends from regulated investment companies. Federal 1040ez form   Regulated investment company dividends received are subject to certain limits. Federal 1040ez form Capital gain dividends received from a regulated investment company do not qualify for the deduction. Federal 1040ez form For more information, see section 854 of the Internal Revenue Code. Federal 1040ez form No deduction allowed for certain dividends. Federal 1040ez form   Corporations cannot take a deduction for dividends received from the following entities. Federal 1040ez form A real estate investment trust (REIT). Federal 1040ez form A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. Federal 1040ez form A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. Federal 1040ez form Ex-dividend means the holder has no rights to the dividend. Federal 1040ez form A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. Federal 1040ez form Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Federal 1040ez form Dividends on deposits. Federal 1040ez form   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. Federal 1040ez form They do not qualify for this deduction. Federal 1040ez form Limit on deduction for dividends. Federal 1040ez form   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). Federal 1040ez form Figuring the limit. Federal 1040ez form   In figuring the limit, determine taxable income without the following items. Federal 1040ez form The net operating loss deduction. Federal 1040ez form The domestic production activities deduction. Federal 1040ez form The deduction for dividends received. Federal 1040ez form Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). Federal 1040ez form Any capital loss carryback to the tax year. Federal 1040ez form Effect of net operating loss. Federal 1040ez form   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. Federal 1040ez form To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. Federal 1040ez form Example 1. Federal 1040ez form A corporation loses $25,000 from operations. Federal 1040ez form It receives $100,000 in dividends from a 20%-owned corporation. Federal 1040ez form Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. Federal 1040ez form If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). Federal 1040ez form Therefore, the 80% of taxable income limit does not apply. Federal 1040ez form The corporation can deduct the full $80,000. Federal 1040ez form Example 2. Federal 1040ez form Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. Federal 1040ez form Its taxable income is $85,000 before the deduction for dividends received. Federal 1040ez form After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. Federal 1040ez form Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). Federal 1040ez form Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. Federal 1040ez form The nontaxed part is any dividends-received deduction allowable for the dividends. Federal 1040ez form Extraordinary dividend. Federal 1040ez form   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. Federal 1040ez form The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. Federal 1040ez form Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. Federal 1040ez form Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. Federal 1040ez form Disqualified preferred stock. Federal 1040ez form   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. Federal 1040ez form   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. Federal 1040ez form The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. Federal 1040ez form The issue price of the stock exceeds its liquidation rights or stated redemption price. Federal 1040ez form The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. Federal 1040ez form   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. Federal 1040ez form More information. Federal 1040ez form   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. Federal 1040ez form Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. Federal 1040ez form A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. Federal 1040ez form A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. Federal 1040ez form Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. Federal 1040ez form Foregone interest. Federal 1040ez form   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. Federal 1040ez form See Below-market loans, in chapter 4 of Publication 535 for more information. Federal 1040ez form Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. Federal 1040ez form The contribution is deductible if made to, or for the use of, a qualified organization. Federal 1040ez form For more information on qualified organizations, see Publication 526, Charitable Contributions. Federal 1040ez form Also see, Exempt Organizations Select Check (EO Select Check) at www. Federal 1040ez form irs. Federal 1040ez form gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. Federal 1040ez form Note. Federal 1040ez form You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. Federal 1040ez form Cash method corporation. Federal 1040ez form   A corporation using the cash method of accounting deducts contributions in the tax year paid. Federal 1040ez form Accrual method corporation. Federal 1040ez form   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. Federal 1040ez form Make the choice by reporting the contribution on the corporation's return for the tax year. Federal 1040ez form A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. Federal 1040ez form The declaration must include the date the resolution was adopted. Federal 1040ez form Limitations on deduction. Federal 1040ez form   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. Federal 1040ez form Figure taxable income for this purpose without the following. Federal 1040ez form The deduction for charitable contributions. Federal 1040ez form The dividends-received deduction. Federal 1040ez form The deduction allowed under section 249 of the Internal Revenue Code. Federal 1040ez form The domestic production activities deduction. Federal 1040ez form Any net operating loss carryback to the tax year. Federal 1040ez form Any capital loss carryback to the tax year. Federal 1040ez form Farmers and ranchers. Federal 1040ez form    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. Federal 1040ez form Carryover of excess contributions. Federal 1040ez form   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. Federal 1040ez form You lose any excess not used within that period. Federal 1040ez form For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. Federal 1040ez form Any excess not used in 2015 is lost. Federal 1040ez form Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). Federal 1040ez form You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. Federal 1040ez form Cash contributions. Federal 1040ez form   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. Federal 1040ez form The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. Federal 1040ez form Keep the record of the contribution with the other corporate records. Federal 1040ez form Do not attach the records to the corporation's return. Federal 1040ez form For more information on cash contributions, see Publication 526. Federal 1040ez form Gifts of $250 or more. Federal 1040ez form   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. Federal 1040ez form The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. Federal 1040ez form The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. Federal 1040ez form Keep the acknowledgement with other corporate records. Federal 1040ez form Do not attach the acknowledgement to the return. Federal 1040ez form Contributions of property other than cash. Federal 1040ez form   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. Federal 1040ez form In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. Federal 1040ez form   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. Federal 1040ez form For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. Federal 1040ez form   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. Federal 1040ez form A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. Federal 1040ez form The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. Federal 1040ez form   See Form 8283 for more information. Federal 1040ez form Qualified conservation contributions. Federal 1040ez form   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. Federal 1040ez form For more information, see section 170(h) of the Internal Revenue Code. Federal 1040ez form Contributions of used vehicles. Federal 1040ez form   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. Federal 1040ez form The deduction is limited, and other special rules apply. Federal 1040ez form For more information, see Publication 526. Federal 1040ez form Reduction for contributions of certain property. Federal 1040ez form   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. Federal 1040ez form   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. Federal 1040ez form Larger deduction. Federal 1040ez form   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. Federal 1040ez form This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. Federal 1040ez form Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. Federal 1040ez form The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. Federal 1040ez form Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. Federal 1040ez form Contributions to organizations conducting lobbying activities. Federal 1040ez form   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. Federal 1040ez form More information. Federal 1040ez form   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. Federal 1040ez form Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. Federal 1040ez form In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. Federal 1040ez form Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. Federal 1040ez form A capital loss is carried to other years in the following order. Federal 1040ez form 3 years prior to the loss year. Federal 1040ez form 2 years prior to the loss year. Federal 1040ez form 1 year prior to the loss year. Federal 1040ez form Any loss remaining is carried forward for 5 years. Federal 1040ez form When you carry a net capital loss to another tax year, treat it as a short-term loss. Federal 1040ez form It does not retain its original identity as long term or short term. Federal 1040ez form Example. Federal 1040ez form A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. Federal 1040ez form The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. Federal 1040ez form The corporation treats this $6,000 as a short-term loss when carried back or forward. Federal 1040ez form The corporation carries the $6,000 short-term loss back 3 years. Federal 1040ez form In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. Federal 1040ez form It subtracts the $6,000 short-term loss first from the net short-term gain. Federal 1040ez form This results in a net capital gain for year 1 of $7,000. Federal 1040ez form This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. Federal 1040ez form S corporation status. Federal 1040ez form   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. Federal 1040ez form Rules for carryover and carryback. Federal 1040ez form   When carrying a capital loss from one year to another, the following rules apply. Federal 1040ez form When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. Federal 1040ez form In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. Federal 1040ez form If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. Federal 1040ez form You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. Federal 1040ez form Refunds. Federal 1040ez form   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. Federal 1040ez form If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. Federal 1040ez form S. Federal 1040ez form Corporation Income Tax Return, to apply for a refund. Federal 1040ez form Form 1139. Federal 1040ez form    A corporation can get a refund faster by using Form 1139. Federal 1040ez form It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. Federal 1040ez form Form 1120X. Federal 1040ez form   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. Federal 1040ez form The corporation must file the Form 1120X within 3 years of the due date, includin
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The Federal 1040ez Form

Federal 1040ez form 4. Federal 1040ez form   How Income of Aliens Is Taxed Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident Aliens Nonresident AliensTrade or Business in the United States Effectively Connected Income The 30% Tax Income From Real Property Transportation Tax Interrupted Period of Residence Expatriation TaxExpatriation Before June 4, 2004 Expatriation After June 3, 2004, and Before June 17, 2008 Expatriation After June 16, 2008 Introduction Resident and nonresident aliens are taxed in different ways. Federal 1040ez form Resident aliens are generally taxed in the same way as U. Federal 1040ez form S. Federal 1040ez form citizens. Federal 1040ez form Nonresident aliens are taxed based on the source of their income and whether or not their income is effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form The following discussions will help you determine if income you receive during the tax year is effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business and how it is taxed. Federal 1040ez form Topics - This chapter discusses: Income that is effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form Income that is not effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form Interrupted period of residence. Federal 1040ez form Expatriation tax. Federal 1040ez form Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 1212 List of Original Issue Discount Instruments Form (and Instructions) 6251 Alternative Minimum Tax—Individuals Schedule D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting these publications and forms. Federal 1040ez form Resident Aliens Resident aliens are generally taxed in the same way as U. Federal 1040ez form S. Federal 1040ez form citizens. Federal 1040ez form This means that their worldwide income is subject to U. Federal 1040ez form S. Federal 1040ez form tax and must be reported on their U. Federal 1040ez form S. Federal 1040ez form tax return. Federal 1040ez form Income of resident aliens is subject to the graduated tax rates that apply to U. Federal 1040ez form S. Federal 1040ez form citizens. Federal 1040ez form Resident aliens use the Tax Table or Tax Computation Worksheets located in the Form 1040 instructions, which apply to U. Federal 1040ez form S. Federal 1040ez form citizens. Federal 1040ez form Nonresident Aliens A nonresident alien's income that is subject to U. Federal 1040ez form S. Federal 1040ez form income tax must be divided into two categories: Income that is effectively connected with a trade or business in the United States, and Income that is not effectively connected with a trade or business in the United States (discussed under The 30% Tax, later). Federal 1040ez form The difference between these two categories is that effectively connected income, after allowable deductions, is taxed at graduated rates. Federal 1040ez form These are the same rates that apply to U. Federal 1040ez form S. Federal 1040ez form citizens and residents. Federal 1040ez form Income that is not effectively connected is taxed at a flat 30% (or lower treaty) rate. Federal 1040ez form If you were formerly a U. Federal 1040ez form S. Federal 1040ez form citizen or resident alien, these rules may not apply. Federal 1040ez form See Expatriation Tax, later, in this chapter. Federal 1040ez form Trade or Business in the United States Generally, you must be engaged in a trade or business during the tax year to be able to treat income received in that year as effectively connected with that trade or business. Federal 1040ez form Whether you are engaged in a trade or business in the United States depends on the nature of your activities. Federal 1040ez form The discussions that follow will help you determine whether you are engaged in a trade or business in the United States. Federal 1040ez form Personal Services If you perform personal services in the United States at any time during the tax year, you usually are considered engaged in a trade or business in the United States. Federal 1040ez form Certain compensation paid to a nonresident alien by a foreign employer is not included in gross income. Federal 1040ez form For more information, see Services Performed for Foreign Employer in chapter 3. Federal 1040ez form Other Trade or Business Activities Other examples of being engaged in a trade or business in the United States follow. Federal 1040ez form Students and trainees. Federal 1040ez form   You are considered engaged in a trade or business in the United States if you are temporarily present in the United States as a nonimmigrant under an “F,” “J,” “M,” or “Q” visa. Federal 1040ez form A nonresident alien temporarily present in the United States under a “J” visa includes a nonresident alien individual admitted to the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. Federal 1040ez form The taxable part of any scholarship or fellowship grant that is U. Federal 1040ez form S. Federal 1040ez form source income is treated as effectively connected with a trade or business in the United States. Federal 1040ez form Business operations. Federal 1040ez form   If you own and operate a business in the United States selling services, products, or merchandise, you are, with certain exceptions, engaged in a trade or business in the United States. Federal 1040ez form Partnerships. Federal 1040ez form   If you are a member of a partnership that at any time during the tax year is engaged in a trade or business in the United States, you are considered to be engaged in a trade or business in the United States. Federal 1040ez form Beneficiary of an estate or trust. Federal 1040ez form   If you are the beneficiary of an estate or trust that is engaged in a trade or business in the United States, you are treated as being engaged in the same trade or business. Federal 1040ez form Trading in stocks, securities, and commodities. Federal 1040ez form   If your only U. Federal 1040ez form S. Federal 1040ez form business activity is trading in stocks, securities, or commodities (including hedging transactions) through a U. Federal 1040ez form S. Federal 1040ez form resident broker or other agent, you are not engaged in a trade or business in the United States. Federal 1040ez form   For transactions in stocks or securities, this applies to any nonresident alien, including a dealer or broker in stocks and securities. Federal 1040ez form   For transactions in commodities, this applies to commodities that are usually traded on an organized commodity exchange and to transactions that are usually carried out at such an exchange. Federal 1040ez form   This discussion does not apply if you have a U. Federal 1040ez form S. Federal 1040ez form office or other fixed place of business at any time during the tax year through which, or by the direction of which, you carry out your transactions in stocks, securities, or commodities. Federal 1040ez form Trading for a nonresident alien's own account. Federal 1040ez form   You are not engaged in a trade or business in the United States if trading for your own account in stocks, securities, or commodities is your only U. Federal 1040ez form S. Federal 1040ez form business activity. Federal 1040ez form This applies even if the trading takes place while you are present in the United States or is done by your employee or your broker or other agent. Federal 1040ez form   This does not apply to trading for your own account if you are a dealer in stocks, securities, or commodities. Federal 1040ez form This does not necessarily mean, however, that as a dealer you are considered to be engaged in a trade or business in the United States. Federal 1040ez form Determine that based on the facts and circumstances in each case or under the rules given above in Trading in stocks, securities, and commodities . Federal 1040ez form Effectively Connected Income If you are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business, all income, gain, or loss for the tax year that you get from sources within the United States (other than certain investment income) is treated as effectively connected income. Federal 1040ez form This applies whether or not there is any connection between the income and the trade or business being carried on in the United States during the tax year. Federal 1040ez form Two tests, described next under Investment Income, determine whether certain items of investment income (such as interest, dividends, and royalties) are treated as effectively connected with that business. Federal 1040ez form In limited circumstances, some kinds of foreign source income may be treated as effectively connected with a trade or business in the United States. Federal 1040ez form For a discussion of these rules, see Foreign Income , later. Federal 1040ez form Investment Income Investment income from U. Federal 1040ez form S. Federal 1040ez form sources that may or may not be treated as effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business generally falls into the following three categories. Federal 1040ez form Fixed or determinable income (interest, dividends, rents, royalties, premiums, annuities, etc. Federal 1040ez form ). Federal 1040ez form Gains (some of which are considered capital gains) from the sale or exchange of the following types of property. Federal 1040ez form Timber, coal, or domestic iron ore with a retained economic interest. Federal 1040ez form Patents, copyrights, and similar property on which you receive contingent payments after October 4, 1966. Federal 1040ez form Patents transferred before October 5, 1966. Federal 1040ez form Original issue discount obligations. Federal 1040ez form Capital gains (and losses). Federal 1040ez form Use the two tests, described next, to determine whether an item of U. Federal 1040ez form S. Federal 1040ez form source income falling in one of the three categories above and received during the tax year is effectively connected with your U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form If the tests indicate that the item of income is effectively connected, you must include it with your other effectively connected income. Federal 1040ez form If the item of income is not effectively connected, include it with all other income discussed under The 30% Tax later, in this chapter. Federal 1040ez form Asset-use test. Federal 1040ez form   This test usually applies to income that is not directly produced by trade or business activities. Federal 1040ez form Under this test, if an item of income is from assets (property) used in, or held for use in, the trade or business in the United States, it is considered effectively connected. Federal 1040ez form   An asset is used in, or held for use in, the trade or business in the United States if the asset is: Held for the principal purpose of promoting the conduct of a trade or business in the United States, Acquired and held in the ordinary course of the trade or business conducted in the United States (for example, an account receivable or note receivable arising from that trade or business), or Otherwise held to meet the present needs of the trade or business in the United States and not its anticipated future needs. Federal 1040ez form Generally, stock of a corporation is not treated as an asset used in, or held for use in, a trade or business in the United States. Federal 1040ez form Business-activities test. Federal 1040ez form   This test usually applies when income, gain, or loss comes directly from the active conduct of the trade or business. Federal 1040ez form The business-activities test is most important when: Dividends or interest are received by a dealer in stocks or securities, Royalties are received in the trade or business of licensing patents or similar property, or Service fees are earned by a servicing business. Federal 1040ez form Under this test, if the conduct of the U. Federal 1040ez form S. Federal 1040ez form trade or business was a material factor in producing the income, the income is considered effectively connected. Federal 1040ez form Personal Service Income You usually are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business when you perform personal services in the United States. Federal 1040ez form Personal service income you receive in a tax year in which you are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business is effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form Income received in a year other than the year you performed the services is also effectively connected if it would have been effectively connected if received in the year you performed the services. Federal 1040ez form Personal service income includes wages, salaries, commissions, fees, per diem allowances, and employee allowances and bonuses. Federal 1040ez form The income may be paid to you in the form of cash, services, or property. Federal 1040ez form If you are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business only because you perform personal services in the United States during the tax year, income and gains from assets, and gains and losses from the sale or exchange of capital assets are generally not effectively connected with your trade or business. Federal 1040ez form However, if there is a direct economic relationship between your holding of the asset and your trade or business of performing personal services, the income, gain, or loss is effectively connected. Federal 1040ez form Pensions. Federal 1040ez form   If you were a nonresident alien engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business after 1986 because you performed personal services in the United States, and you later receive a pension or retirement pay attributable to these services, such payments are effectively connected income in each year you receive them. Federal 1040ez form This is true whether or not you are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business in the year you receive the retirement pay. Federal 1040ez form Transportation Income Transportation income (defined in chapter 2) is effectively connected if you meet both of the following conditions. Federal 1040ez form You had a fixed place of business in the United States involved in earning the income. Federal 1040ez form At least 90% of your U. Federal 1040ez form S. Federal 1040ez form source transportation income is attributable to regularly scheduled transportation. Federal 1040ez form “Fixed place of business” generally means a place, site, structure, or other similar facility through which you engage in a trade or business. Federal 1040ez form “Regularly scheduled transportation” means that a ship or aircraft follows a published schedule with repeated sailings or flights at regular intervals between the same points for voyages or flights that begin or end in the United States. Federal 1040ez form This definition applies to both scheduled and chartered air transportation. Federal 1040ez form If you do not meet the two conditions above, the income is not effectively connected and is taxed at a 4% rate. Federal 1040ez form See Transportation Tax, later, in this chapter. Federal 1040ez form Business Profits and Losses and Sales Transactions All profits or losses from U. Federal 1040ez form S. Federal 1040ez form sources that are from the operation of a business in the United States are effectively connected with a trade or business in the United States. Federal 1040ez form For example, profit from the sale in the United States of inventory property purchased either in this country or in a foreign country is effectively connected trade or business income. Federal 1040ez form A share of U. Federal 1040ez form S. Federal 1040ez form source profits or losses of a partnership that is engaged in a trade or business in the United States is also effectively connected with a trade or business in the United States. Federal 1040ez form Real Property Gain or Loss Gains and losses from the sale or exchange of U. Federal 1040ez form S. Federal 1040ez form real property interests (whether or not they are capital assets) are taxed as if you are engaged in a trade or business in the United States. Federal 1040ez form You must treat the gain or loss as effectively connected with that trade or business. Federal 1040ez form U. Federal 1040ez form S. Federal 1040ez form real property interest. Federal 1040ez form   This is any interest in real property located in the United States or the U. Federal 1040ez form S. Federal 1040ez form Virgin Islands or any interest (other than as a creditor) in a domestic corporation that is a U. Federal 1040ez form S. Federal 1040ez form real property holding corporation. Federal 1040ez form Real property includes the following. Federal 1040ez form Land and unsevered natural products of the land, such as growing crops and timber, and mines, wells, and other natural deposits. Federal 1040ez form Improvements on land, including buildings, other permanent structures, and their structural components. Federal 1040ez form Personal property associated with the use of real property, such as equipment used in farming, mining, forestry, or construction or property used in lodging facilities or rented office space, unless the personal property is: Disposed of more than one year before or after the disposition of the real property, or Separately sold to persons unrelated either to the seller or to the buyer of the real property. Federal 1040ez form U. Federal 1040ez form S. Federal 1040ez form real property holding corporation. Federal 1040ez form   A corporation is a U. Federal 1040ez form S. Federal 1040ez form real property holding corporation if the fair market value of the corporation's U. Federal 1040ez form S. Federal 1040ez form real property interests are at least 50% of the total fair market value of: The corporation's U. Federal 1040ez form S. Federal 1040ez form real property interests, plus The corporation's interests in real property located outside the United States, plus The corporation's other assets that are used in, or held for use in, a trade or business. Federal 1040ez form   Gain or loss on the sale of the stock in any domestic corporation is taxed as if you are engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business unless you establish that the corporation is not a U. Federal 1040ez form S. Federal 1040ez form real property holding corporation. Federal 1040ez form   A U. Federal 1040ez form S. Federal 1040ez form real property interest does not include a class of stock of a corporation that is regularly traded on an established securities market, unless you hold more than 5% of the fair market value of that class of stock. Federal 1040ez form An interest in a foreign corporation owning U. Federal 1040ez form S. Federal 1040ez form real property generally is not a U. Federal 1040ez form S. Federal 1040ez form real property interest unless the corporation chooses to be treated as a domestic corporation. Federal 1040ez form Qualified investment entities. Federal 1040ez form   Special rules apply to qualified investment entities (QIEs). Federal 1040ez form A QIE is any real estate investment trust (REIT) or any regulated investment company (RIC) that is a U. Federal 1040ez form S. Federal 1040ez form real property holding corporation. Federal 1040ez form    Generally, any distribution from a QIE to a shareholder that is attributable to gain from the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest is treated as a U. Federal 1040ez form S. Federal 1040ez form real property gain by the shareholder receiving the distribution. Federal 1040ez form A distribution by a QIE on stock regularly traded on an established securities market in the United States is not treated as gain from the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest if you did not own more than 5% of that stock at any time during the 1-year period ending on the date of the distribution. Federal 1040ez form A distribution that you do not treat as gain from the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest is included in your gross income as a regular dividend. Federal 1040ez form Note. Federal 1040ez form Beginning January 1, 2014 (unless extended by legislation), a RIC that is a U. Federal 1040ez form S. Federal 1040ez form real property holding corporation will only be treated as a QIE for certain distributions from the RIC that are directly or indirectly attributable to distributions received by the RIC from a REIT. Federal 1040ez form Domestically controlled QIE. Federal 1040ez form   The sale of an interest in a domestically controlled QIE is not the sale of a U. Federal 1040ez form S. Federal 1040ez form real property interest. Federal 1040ez form The entity is domestically controlled if at all times during the testing period less than 50% in value of its stock was held, directly or indirectly, by foreign persons. Federal 1040ez form The testing period is the shorter of (a) the 5-year period ending on the date of disposition, or (b) the period during which the entity was in existence. Federal 1040ez form Wash sale. Federal 1040ez form    If you dispose of an interest in a domestically controlled QIE in an applicable wash sale transaction, special rules apply. Federal 1040ez form An applicable wash sale transaction is one in which you: Dispose of an interest in the domestically controlled QIE during the 30-day period before the ex-dividend date of a distribution that you would (but for the disposition) have treated as gain from the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest, and Acquire, or enter into a contract or option to acquire, a substantially identical interest in that entity during the 61-day period that began on the first day of the 30-day period. Federal 1040ez form If this occurs, you are treated as having gain from the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest in an amount equal to the distribution made after June 15, 2006, that would have been treated as such gain. Federal 1040ez form This also applies to any substitute dividend payment. Federal 1040ez form   A transaction is not treated as an applicable wash sale transaction if: You actually receive the distribution from the domestically controlled QIE related to the interest disposed of, or acquired, in the transaction, or You dispose of any class of stock in a QIE that is regularly traded on an established securities market in the United States but only if you did not own more than 5% of that class of stock at any time during the 1-year period ending on the date of the distribution. Federal 1040ez form Alternative minimum tax. Federal 1040ez form   There may be a minimum tax on your net gain from the disposition of U. Federal 1040ez form S. Federal 1040ez form real property interests. Federal 1040ez form Figure the amount of this tax, if any, on Form 6251. Federal 1040ez form Withholding of tax. Federal 1040ez form   If you dispose of a U. Federal 1040ez form S. Federal 1040ez form real property interest, the buyer may have to withhold tax. Federal 1040ez form See the discussion of Tax Withheld on Real Property Sales in chapter 8. Federal 1040ez form Foreign Income You must treat three kinds of foreign source income as effectively connected with a trade or business in the United States if: You have an office or other fixed place of business in the United States to which the income can be attributed, That office or place of business is a material factor in producing the income, and The income is produced in the ordinary course of the trade or business carried on through that office or other fixed place of business. Federal 1040ez 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. Federal 1040ez form The three kinds of foreign source income are listed below. Federal 1040ez form Rents and royalties for the use of, or for the privilege of using, intangible personal property located outside the United States or from any interest in such property. Federal 1040ez form Included are rents or royalties for the use, or for the privilege of using, outside the United States, 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 United States. Federal 1040ez form Dividends, interest, or amounts received for the provision of a guarantee of indebtedness issued after September 27, 2010, from the active conduct of a banking, financing, or similar business in the United States. Federal 1040ez form A substitute dividend or interest payment received under a securities lending transaction or a sale-repurchase transaction is treated the same as the amounts received on the transferred security. Federal 1040ez form Income, gain, or loss from the sale outside the United States, through the U. Federal 1040ez form S. Federal 1040ez form office or other fixed place of business, 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. Federal 1040ez form Item (3) will not apply if you sold the property for use, consumption, or disposition outside the United States and an office or other fixed place of business in a foreign country was a material factor in the sale. Federal 1040ez form Any foreign source income that is equivalent to any item of income described above is treated as effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form For example, foreign source interest and dividend equivalents are treated as U. Federal 1040ez form S. Federal 1040ez form effectively connected income if the income is derived by a foreign person in the active conduct of a banking, financing, or similar business within the United States. Federal 1040ez form Tax on Effectively Connected Income Income you receive during the tax year that is effectively connected with your trade or business in the United States is, after allowable deductions, taxed at the rates that apply to U. Federal 1040ez form S. Federal 1040ez form citizens and residents. Federal 1040ez form Generally, you can receive effectively connected income only if you are a nonresident alien engaged in trade or business in the United States during the tax year. Federal 1040ez form However, income you receive from the sale or exchange of property, the performance of services, or any other transaction in another tax year is treated as effectively connected in that year if it would have been effectively connected in the year the transaction took place or you performed the services. Federal 1040ez form Example. Federal 1040ez form Ted Richards, a nonresident alien, entered the United States in August 2012, to perform personal services in the U. Federal 1040ez form S. Federal 1040ez form office of his overseas employer. Federal 1040ez form He worked in the U. Federal 1040ez form S. Federal 1040ez form office until December 25, 2012, but did not leave this country until January 11, 2013. Federal 1040ez form On January 8, 2013, he received his final paycheck for services performed in the United States during 2012. Federal 1040ez form All of Ted's income during his stay here is U. Federal 1040ez form S. Federal 1040ez form source income. Federal 1040ez form During 2012, Ted was engaged in the trade or business of performing personal services in the United States. Federal 1040ez form Therefore, all amounts paid to him in 2012 for services performed in the United States during 2012 are effectively connected with that trade or business during 2012. Federal 1040ez form The salary payment Ted received in January 2013 is U. Federal 1040ez form S. Federal 1040ez form source income to him in 2013. Federal 1040ez form It is effectively connected with a trade or business in the United States because he was engaged in a trade or business in the United States during 2012 when he performed the services that earned the income. Federal 1040ez form Real property income. Federal 1040ez form   You may be able to choose to treat all income from real property as effectively connected. Federal 1040ez form See Income From Real Property , later, in this chapter. Federal 1040ez form The 30% Tax Tax at a 30% (or lower treaty) rate applies to certain items of income or gains from U. Federal 1040ez form S. Federal 1040ez form sources but only if the items are not effectively connected with your U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form Fixed or Determinable Income The 30% (or lower treaty) rate applies to the gross amount of U. Federal 1040ez form S. Federal 1040ez form source fixed or determinable annual or periodic gains, profits, or income. Federal 1040ez form Income is fixed when it is paid in amounts known ahead of time. Federal 1040ez form Income is determinable whenever there is a basis for figuring the amount to be paid. Federal 1040ez form Income can be periodic if it is paid from time to time. Federal 1040ez form It does not have to be paid annually or at regular intervals. Federal 1040ez form Income can be determinable or periodic even if the length of time during which the payments are made is increased or decreased. Federal 1040ez form Items specifically included as fixed or determinable income are interest (other than original issue discount), dividends, dividend equivalent payments (defined in chapter 2), rents, premiums, annuities, salaries, wages, and other compensation. Federal 1040ez form A substitute dividend or interest payment received under a securities lending transaction or a sale-repurchase transaction is treated the same as the amounts received on the transferred security. Federal 1040ez form Other items of income, such as royalties, also may be subject to the 30% tax. Federal 1040ez form Some fixed or determinable income may be exempt from U. Federal 1040ez form S. Federal 1040ez form tax. Federal 1040ez form See chapter 3 if you are not sure whether the income is taxable. Federal 1040ez form Original issue discount (OID). Federal 1040ez form   If you sold, exchanged, or received a payment on a bond or other debt instrument that was issued at a discount after March 31, 1972, all or part of the original issue discount (OID) (other than portfolio interest) may be subject to the 30% tax. Federal 1040ez form The amount of OID is the difference between the stated redemption price at maturity and the issue price of the debt instrument. Federal 1040ez form The 30% tax applies in the following circumstances. Federal 1040ez form You received a payment on a debt instrument. Federal 1040ez form In this case, the amount of OID subject to tax is the OID that accrued while you held the debt instrument minus the OID previously taken into account. Federal 1040ez form But the tax on the OID cannot be more than the payment minus the tax on the interest payment on the debt instrument. Federal 1040ez form You sold or exchanged the debt instrument. Federal 1040ez form The amount of OID subject to tax is the OID that accrued while you held the debt instrument minus the amount already taxed in (1) above. Federal 1040ez form   Report on your return the amount of OID shown on Form 1042-S, Foreign Person's U. Federal 1040ez form S. Federal 1040ez form Source Income Subject to Withholding, if you bought the debt instrument at original issue. Federal 1040ez form However, you must recompute your proper share of OID shown on Form 1042-S if any of the following apply. Federal 1040ez form You bought the debt instrument at a premium or paid an acquisition premium. Federal 1040ez form The debt instrument is a stripped bond or a stripped coupon (including zero coupon instruments backed by U. Federal 1040ez form S. Federal 1040ez form Treasury securities). Federal 1040ez form The debt instrument is a contingent payment or inflation-indexed debt instrument. Federal 1040ez form For the definition of premium and acquisition premium and instructions on how to recompute OID, get Publication 1212. Federal 1040ez form   If you held a bond or other debt instrument that was issued at a discount before April 1, 1972, contact the IRS for further information. Federal 1040ez form See chapter 12. Federal 1040ez form Gambling Winnings In general, nonresident aliens are subject to the 30% tax on the gross proceeds from gambling won in the United States if that income is not effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business and is not exempted by treaty. Federal 1040ez form However, no tax is imposed on nonbusiness gambling income a nonresident alien wins playing blackjack, baccarat, craps, roulette, or big-6 wheel in the United States. Federal 1040ez form Nonresident aliens are taxed at graduated rates on net gambling income won in the United States that is effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form Social Security Benefits A nonresident alien must include 85% of any U. Federal 1040ez form S. Federal 1040ez form social security benefit (and the social security equivalent part of a tier 1 railroad retirement benefit) in U. Federal 1040ez form S. Federal 1040ez form source fixed or determinable annual or periodic income. Federal 1040ez form Social security benefits include monthly retirement, survivor, and disability benefits. Federal 1040ez form This income is exempt under some tax treaties. Federal 1040ez form See Table 1 in Publication 901, U. Federal 1040ez form S. Federal 1040ez form Tax Treaties, for a list of tax treaties that exempt U. Federal 1040ez form S. Federal 1040ez form social security benefits from U. Federal 1040ez form S. Federal 1040ez form tax. Federal 1040ez form Sales or Exchanges of Capital Assets These rules apply only to those capital gains and losses from sources in the United States that are not effectively connected with a trade or business in the United States. Federal 1040ez form They apply even if you are engaged in a trade or business in the United States. Federal 1040ez form These rules do not apply to the sale or exchange of a U. Federal 1040ez form S. Federal 1040ez form real property interest or to the sale of any property that is effectively connected with a trade or business in the United States. Federal 1040ez form See Real Property Gain or Loss , earlier, under Effectively Connected Income. Federal 1040ez form A capital asset is everything you own except: Inventory. Federal 1040ez form Business accounts or notes receivable. Federal 1040ez form Depreciable property used in a trade or business. Federal 1040ez form Real property used in a trade or business. Federal 1040ez form Supplies regularly used in a trade or business. Federal 1040ez form Certain copyrights, literary or musical or artistic compositions, letters or memoranda, or similar property. Federal 1040ez form Certain U. Federal 1040ez form S. Federal 1040ez form government publications. Federal 1040ez form Certain commodities derivative financial instruments held by a commodities derivatives dealer. Federal 1040ez form Hedging transactions. Federal 1040ez form A capital gain is a gain on the sale or exchange of a capital asset. Federal 1040ez form A capital loss is a loss on the sale or exchange of a capital asset. Federal 1040ez form If the sale is in foreign currency, for the purpose of determining gain, the cost and selling price of the property should be expressed in U. Federal 1040ez form S. Federal 1040ez form currency at the rate of exchange prevailing as of the date of the purchase and date of the sale, respectively. Federal 1040ez form You may want to read Publication 544. Federal 1040ez form However, use Publication 544 only to determine what is a sale or exchange of a capital asset, or what is treated as such. Federal 1040ez form Specific tax treatment that applies to U. Federal 1040ez form S. Federal 1040ez form citizens or residents generally does not apply to you. Federal 1040ez form The following gains are subject to the 30% (or lower treaty) rate without regard to the 183-day rule, discussed later. Federal 1040ez form Gains on the disposal of timber, coal, or domestic iron ore with a retained economic interest. Federal 1040ez form Gains on contingent payments received from the sale or exchange of patents, copyrights, and similar property after October 4, 1966. Federal 1040ez form Gains on certain transfers of all substantial rights to, or an undivided interest in, patents if the transfers were made before October 5, 1966. Federal 1040ez form Gains on the sale or exchange of original issue discount obligations. Federal 1040ez form Gains in (1) are not subject to the 30% (or lower treaty) rate if you choose to treat the gains as effectively connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form See Income From Real Property , later. Federal 1040ez form 183-day rule. Federal 1040ez form   If you were in the United States for 183 days or more during the tax year, your net gain from sales or exchanges of capital assets is taxed at a 30% (or lower treaty) rate. Federal 1040ez form For purposes of the 30% (or lower treaty) rate, net gain is the excess of your capital gains from U. Federal 1040ez form S. Federal 1040ez form sources over your capital losses from U. Federal 1040ez form S. Federal 1040ez form sources. Federal 1040ez form This rule applies even if any of the transactions occurred while you were not in the United States. Federal 1040ez form   To determine your net gain, consider the amount of your gains and losses that would be recognized and taken into account only if, and to the extent that, they would be recognized and taken into account if you were in a U. Federal 1040ez form S. Federal 1040ez form trade or business during the year and the gains and losses were effectively connected with that trade or business during the tax year. Federal 1040ez form   In arriving at your net gain, do not take the following into consideration. Federal 1040ez form The four types of gains listed earlier. Federal 1040ez form The deduction for a capital loss carryover. Federal 1040ez form Capital losses in excess of capital gains. Federal 1040ez form Exclusion for gain from the sale or exchange of qualified small business stock (section 1202 exclusion). Federal 1040ez form Losses from the sale or exchange of property held for personal use. Federal 1040ez form However, losses resulting from casualties or thefts may be deductible on Schedule A (Form 1040NR). Federal 1040ez form See Itemized Deductions in chapter 5. Federal 1040ez form   If you are not engaged in a trade or business in the United States and have not established a tax year for a prior period, your tax year will be the calendar year for purposes of the 183-day rule. Federal 1040ez form Also, you must file your tax return on a calendar-year basis. Federal 1040ez form   If you were in the United States for less than 183 days during the tax year, capital gains (other than gains listed earlier) are tax exempt unless they are effectively connected with a trade or business in the United States during your tax year. Federal 1040ez form Reporting. Federal 1040ez form   Report your gains and losses from the sales or exchanges of capital assets that are not effectively connected with a trade or business in the United States on page 4 of Form 1040NR. Federal 1040ez form Report gains and losses from sales or exchanges of capital assets (including real property) that are effectively connected with a trade or business in the United States on a separate Schedule D (Form 1040), Form 4797, or both. Federal 1040ez form Attach them to Form 1040NR. Federal 1040ez form Income From Real Property If you have income from real property located in the United States that you own or have an interest in and hold for the production of income, you can choose to treat all income from that property as income effectively connected with a trade or business in the United States. Federal 1040ez form The choice applies to all income from real property located in the United States and held for the production of income and to all income from any interest in such property. Federal 1040ez form This includes income from rents, royalties from mines, oil or gas wells, or other natural resources. Federal 1040ez form It also includes gains from the sale or exchange of timber, coal, or domestic iron ore with a retained economic interest. Federal 1040ez form You can make this choice only for real property income that is not otherwise effectively connected with your U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form If you make the choice, you can claim deductions attributable to the real property income and only your net income from real property is taxed. Federal 1040ez form This choice does not treat a nonresident alien, who is not otherwise engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business, as being engaged in a trade or business in the United States during the year. Federal 1040ez form Example. Federal 1040ez form You are a nonresident alien and are not engaged in a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form You own a single-family house in the United States that you rent out. Federal 1040ez form Your rental income for the year is $10,000. Federal 1040ez form This is your only U. Federal 1040ez form S. Federal 1040ez form source income. Federal 1040ez form As discussed earlier under The 30% Tax, the rental income is subject to a tax at a 30% (or lower treaty) rate. Federal 1040ez form You received a Form 1042-S showing that your tenants properly withheld this tax from the rental income. Federal 1040ez form You do not have to file a U. Federal 1040ez form S. Federal 1040ez form tax return (Form 1040NR) because your U. Federal 1040ez form S. Federal 1040ez form tax liability is satisfied by the withholding of tax. Federal 1040ez form If you make the choice discussed earlier, you can offset the $10,000 income by certain rental expenses. Federal 1040ez form (See Publication 527, Residential Rental Property, for information on rental expenses. Federal 1040ez form ) Any resulting net income is taxed at graduated rates. Federal 1040ez form If you make this choice, report the rental income and expenses on Schedule E (Form 1040) and attach the schedule to Form 1040NR. Federal 1040ez form For the first year you make the choice, also attach the statement discussed next. Federal 1040ez form Making the choice. Federal 1040ez form   Make the initial choice by attaching a statement to your return, or amended return, for the year of the choice. Federal 1040ez form Include the following in your statement. Federal 1040ez form That you are making the choice. Federal 1040ez form Whether the choice is under Internal Revenue Code section 871(d) (explained earlier) or a tax treaty. Federal 1040ez form A complete list of all your real property, or any interest in real property, located in the United States. Federal 1040ez form Give the legal identification of U. Federal 1040ez form S. Federal 1040ez form timber, coal, or iron ore in which you have an interest. Federal 1040ez form The extent of your ownership in the property. Federal 1040ez form The location of the property. Federal 1040ez form A description of any major improvements to the property. Federal 1040ez form The dates you owned the property. Federal 1040ez form Your income from the property. Federal 1040ez form Details of any previous choices and revocations of the real property income choice. Federal 1040ez form   This choice stays in effect for all later tax years unless you revoke it. Federal 1040ez form Revoking the choice. Federal 1040ez form   You can revoke the choice without IRS approval by filing Form 1040X, Amended U. Federal 1040ez form S. Federal 1040ez form Individual Income Tax Return, for the year you made the choice and for later tax years. Federal 1040ez form You must file Form 1040X within 3 years from the date your return was filed or 2 years from the time the tax was paid, whichever is later. Federal 1040ez form If this time period has expired for the year of choice, you cannot revoke the choice for that year. Federal 1040ez form However, you may revoke the choice for later tax years only if you have IRS approval. Federal 1040ez form For information on how to get IRS approval, see Regulation section 1. Federal 1040ez form 871-10(d)(2). Federal 1040ez form Transportation Tax A 4% tax rate applies to transportation income that is not effectively connected because it does not meet the two conditions listed earlier under Transportation Income . Federal 1040ez form If you receive transportation income subject to the 4% tax, you should figure the tax and show it on line 57 of Form 1040NR. Federal 1040ez form Attach a statement to your return that includes the following information (if applicable). Federal 1040ez form Your name, taxpayer identification number, and tax year. Federal 1040ez form A description of the types of services performed (whether on or off board). Federal 1040ez form Names of vessels or registration numbers of aircraft on which you performed the services. Federal 1040ez form Amount of U. Federal 1040ez form S. Federal 1040ez form source transportation income derived from each type of service for each vessel or aircraft for the calendar year. Federal 1040ez form Total amount of U. Federal 1040ez form S. Federal 1040ez form source transportation income derived from all types of services for the calendar year. Federal 1040ez form This 4% tax applies to your U. Federal 1040ez form S. Federal 1040ez form source gross transportation income. Federal 1040ez form This only includes transportation income that is treated as derived from sources in the United States if the transportation begins or ends in the United States. Federal 1040ez form For transportation income from personal services, the transportation must be between the United States and a U. Federal 1040ez form S. Federal 1040ez form possession. Federal 1040ez form For personal services of a nonresident alien, this only applies to income derived from, or in connection with, an aircraft. Federal 1040ez form Interrupted Period of Residence You are subject to tax under a special rule if you interrupt your period of U. Federal 1040ez form S. Federal 1040ez form residence with a period of nonresidence. Federal 1040ez form The special rule applies if you meet all of the following conditions. Federal 1040ez form You were a U. Federal 1040ez form S. Federal 1040ez form resident for a period that includes at least 3 consecutive calendar years. Federal 1040ez form You were a U. Federal 1040ez form S. Federal 1040ez form resident for at least 183 days in each of those years. Federal 1040ez form You ceased to be treated as a U. Federal 1040ez form S. Federal 1040ez form resident. Federal 1040ez form You then again became a U. Federal 1040ez form S. Federal 1040ez form resident before the end of the third calendar year after the end of the period described in (1) above. Federal 1040ez form Under this special rule, you are subject to tax on your U. Federal 1040ez form S. Federal 1040ez form source gross income and gains on a net basis at the graduated rates applicable to individuals (with allowable deductions) for the period you were a nonresident alien, unless you would be subject to a higher tax under the 30% tax (discussed earlier) on income not connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form For information on how to figure the special tax, see How To Figure the Expatriation Tax (If You Expatriated Before June 17, 2008) under Expatriation Tax , below. Federal 1040ez form Example. Federal 1040ez form John Willow, a citizen of New Zealand, entered the United States on April 1, 2008, as a lawful permanent resident. Federal 1040ez form On August 1, 2010, John ceased to be a lawful permanent resident and returned to New Zealand. Federal 1040ez form During his period of residence, he was present in the United States for at least 183 days in each of three consecutive years (2008, 2009, and 2010). Federal 1040ez form He returned to the United States on October 5, 2013, as a lawful permanent resident. Federal 1040ez form He became a resident before the close of the third calendar year (2013) beginning after the end of his first period of residence (August 1, 2010). Federal 1040ez form Therefore, he is subject to tax under the special rule for the period of nonresidence (August 2, 2010, through October 4, 2013) if it is more than the tax that would normally apply to him as a nonresident alien. Federal 1040ez form Reporting requirements. Federal 1040ez form   If you are subject to this tax for any year in the period you were a nonresident alien, you must file Form 1040NR for that year. Federal 1040ez form The return is due by the due date (including extensions) for filing your U. Federal 1040ez form S. Federal 1040ez form income tax return for the year that you again become a U. Federal 1040ez form S. Federal 1040ez form resident. Federal 1040ez form If you already filed returns for that period, you must file amended returns. Federal 1040ez form You must attach a statement to your return that identifies the source of all of your U. Federal 1040ez form S. Federal 1040ez form and foreign gross income and the items of income subject to this special rule. Federal 1040ez form Expatriation Tax The expatriation tax provisions apply to U. Federal 1040ez form S. Federal 1040ez form citizens who have renounced their citizenship and long-term residents who have ended their residency. Federal 1040ez form The rules that apply are based on the dates of expatriation, which are described in the following sections. Federal 1040ez form Expatriation Before June 4, 2004. Federal 1040ez form Expatriation After June 3, 2004, and Before June 17, 2008. Federal 1040ez form Expatriation After June 16, 2008. Federal 1040ez form Long-term resident defined. Federal 1040ez form   You are a long-term resident if you were a lawful permanent resident of the United States in at least 8 of the last 15 tax years ending with the year your residency ends. Federal 1040ez form In determining if you meet the 8-year requirement, do not count any year that you are treated as a resident of a foreign country under a tax treaty and do not waive treaty benefits. Federal 1040ez form Expatriation Before June 4, 2004 If you expatriated before June 4, 2004, the expatriation rules apply if one of the principal purposes of the action is the avoidance of U. Federal 1040ez form S. Federal 1040ez form taxes. Federal 1040ez form Unless you received a ruling from the IRS that you did not expatriate to avoid U. Federal 1040ez form S. Federal 1040ez form taxes, you are presumed to have tax avoidance as a principal purpose if: Your average annual net income tax for the last 5 tax years ending before the date of your action to relinquish your citizenship or terminate your residency was more than $100,000, or Your net worth on the date of your action was $500,000 or more. Federal 1040ez form The amounts above are adjusted for inflation if your expatriation action is after 1997 (see Table 4-1). Federal 1040ez form Table 4-1. Federal 1040ez form Inflation-Adjusted Amounts for Expatriation Actions Before June 4, 2004 IF you expatriated during . Federal 1040ez form . Federal 1040ez form . Federal 1040ez form   THEN the rules outlined on this page apply if . Federal 1040ez form . Federal 1040ez form . Federal 1040ez form     Your 5-year average annual net income tax was more than . Federal 1040ez form . Federal 1040ez form . Federal 1040ez form OR Your net worth equaled or exceeded . Federal 1040ez form . Federal 1040ez form . Federal 1040ez form 1999   110,000   552,000 2000   112,000   562,000 2001   116,000   580,000 2002   120,000   599,000 2003   122,000   608,000 2004 (before June 4)*   124,000   622,000 *If you expatriated after June 3, 2004, see Expatriation After June 3, 2004, and Before June 17, 2008 or Expatriation After June 16, 2008. Federal 1040ez form Reporting requirements. Federal 1040ez form   If you lost your U. Federal 1040ez form S. Federal 1040ez form citizenship, you should have filed Form 8854 with a consular office or a federal court at the time of loss of citizenship. Federal 1040ez form If you ended your long-term residency, you should have filed Form 8854 with the Internal Revenue Service when you filed your dual-status tax return for the year your residency ended. Federal 1040ez form   Your U. Federal 1040ez form S. Federal 1040ez form residency is considered to have ended when you ceased to be a lawful permanent resident or you began to be treated as a resident of another country under a tax treaty and do not waive treaty benefits. Federal 1040ez form Penalties. Federal 1040ez form   If you failed to file Form 8854, you may have to pay a penalty equal to the greater of 5% of the expatriation tax or $1,000. Federal 1040ez form The penalty will be assessed for each year of the 10-year period beginning on the date of expatriation during which your failure to file continues. Federal 1040ez form The penalty will not be imposed if you can show that the failure is due to reasonable cause and not willful neglect. Federal 1040ez form Expatriation tax. Federal 1040ez form   The expatriation tax applies to the 10-year period following the date of expatriation or termination of residency. Federal 1040ez form It is figured in the same way as for those expatriating after June 3, 2004, and before June 17, 2008. Federal 1040ez form See How To Figure the Expatriation Tax (If You Expatriated Before June 17, 2008) in the next section. Federal 1040ez form Expatriation After June 3, 2004, and Before June 17, 2008 If you expatriated after June 3, 2004, and before June 17, 2008, the expatriation rules apply to you if any of the following statements apply. Federal 1040ez form Your average annual net income tax for the 5 tax years ending before the date of expatriation or termination of residency is more than: $124,000 if you expatriated or terminated residency in 2004. Federal 1040ez form $127,000 if you expatriated or terminated residency in 2005. Federal 1040ez form $131,000 if you expatriated or terminated residency in 2006. Federal 1040ez form $136,000 if you expatriated or terminated residency in 2007. Federal 1040ez form $139,000 if you expatriated or terminated residency in 2008. Federal 1040ez form Your net worth is $2 million or more on the date of your expatriation or termination of residency. Federal 1040ez form You fail to certify on Form 8854 that you have complied with all U. Federal 1040ez form S. Federal 1040ez form federal tax obligations for the 5 tax years preceding the date of your expatriation or termination of residency. Federal 1040ez form Exception for dual-citizens and certain minors. Federal 1040ez form   Certain dual-citizens and certain minors (defined next) are not subject to the expatriation tax even if they meet (1) or (2) earlier. Federal 1040ez form However, they still must provide the certification required in (3). Federal 1040ez form Certain dual-citizens. Federal 1040ez form   You may qualify for the exception described above if all of the following apply. Federal 1040ez form You became at birth a U. Federal 1040ez form S. Federal 1040ez form citizen and a citizen of another country and you continue to be a citizen of that other country. Federal 1040ez form You were never a resident alien of the United States (as defined in chapter 1). Federal 1040ez form You never held a U. Federal 1040ez form S. Federal 1040ez form passport. Federal 1040ez form You were present in the United States for no more than 30 days during any calendar year that is 1 of the 10 calendar years preceding your loss of U. Federal 1040ez form S. Federal 1040ez form citizenship. Federal 1040ez form Certain minors. Federal 1040ez form   You may qualify for the exception described above if you meet all of the following requirements. Federal 1040ez form You became a U. Federal 1040ez form S. Federal 1040ez form citizen at birth. Federal 1040ez form Neither of your parents was a U. Federal 1040ez form S. Federal 1040ez form citizen at the time of your birth. Federal 1040ez form You expatriated before you were 18½. Federal 1040ez form You were present in the United States for not more than 30 days during any calendar year that is 1 of the 10 calendar years preceding your expatriation. Federal 1040ez form Tax consequences of presence in the United States. Federal 1040ez form   The following rules apply if you do not meet the exception above for dual-citizens and certain minors and the expatriation rules would otherwise apply to you. Federal 1040ez form   The expatriation tax does not apply to any tax year during the 10-year period if you are physically present in the United States for more than 30 days during the calendar year ending in that year. Federal 1040ez form Instead, you are treated as a U. Federal 1040ez form S. Federal 1040ez form citizen or resident and taxed on your worldwide income for that tax year. Federal 1040ez form You must file Form 1040, 1040A, or 1040EZ and figure your tax as prescribed in the instructions for those forms. Federal 1040ez form   When counting the number of days of presence during a calendar year, count any day you were physically present in the United States at any time during the day. Federal 1040ez form However, do not count any days (up to a limit of 30 days) on which you performed personal services in the United States for an employer who is not related to you if either of the following apply. Federal 1040ez form You have ties with other countries. Federal 1040ez form You have ties with other countries if: You became (within a reasonable period after your expatriation or termination of residency) a citizen or resident of the country in which you, your spouse, or either of your parents were born, and You became fully liable for income tax in that country. Federal 1040ez form You were physically present in the United States for 30 days or less during each year in the 10-year period ending on the date of expatriation or termination of residency. Federal 1040ez form Do not count any day you were an exempt individual or were unable to leave the United States because of a medical condition that arose while you were in the United States. Federal 1040ez form See Exempt individual and Medical condition in chapter 1 under Substantial Presence Test, but disregard the information about Form 8843. Federal 1040ez form Related employer. Federal 1040ez form   If your employer in the United States is any of the following, then your employer is related to you. Federal 1040ez form You must count any days you performed services in the United States for that employer as days of presence in the United States. Federal 1040ez form Members of your family. Federal 1040ez form This includes only your brothers and sisters, half-brothers and half-sisters, spouse, ancestors (parents, grandparents, etc. Federal 1040ez form ), and lineal descendants (children, grandchildren, etc. Federal 1040ez form ). Federal 1040ez form A partnership in which you directly or indirectly own more than 50% of the capital interest or the profits interest. Federal 1040ez form A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock. Federal 1040ez form (See Publication 550, chapter 4, Constructive ownership of stock, for how to determine whether you directly or indirectly own outstanding stock. Federal 1040ez form ) A tax-exempt charitable or educational organization that is directly or indirectly controlled, in any manner or by any method, by you or by a member of your family, whether or not this control is legally enforceable. Federal 1040ez form Date of tax expatriation. Federal 1040ez form   For purposes of U. Federal 1040ez form S. Federal 1040ez form tax rules, the date of your expatriation or termination of residency is the later of the dates on which you perform the following actions. Federal 1040ez form You notify either the Department of State or the Department of Homeland Security (whichever is appropriate) of your expatriating act or termination of residency. Federal 1040ez form You file Form 8854 in accordance with the form instructions. Federal 1040ez form Annual return. Federal 1040ez form   If the expatriation tax applies to you, you must file Form 8854 each year during the 10-year period following the date of expatriation. Federal 1040ez form You must file this form even if you owe no U. Federal 1040ez form S. Federal 1040ez form tax. Federal 1040ez form Penalty. Federal 1040ez form   If you fail to file Form 8854 for any tax year, fail to include all information required to be shown on the form, or include incorrect information, you may have to pay a penalty of $10,000. Federal 1040ez form You will not have to pay a penalty if you show that the failure is due to reasonable cause and not to willful neglect. Federal 1040ez form How To Figure the Expatriation Tax (If You Expatriated Before June 17, 2008) If the expatriation tax applies to you, you are generally subject to tax on your U. Federal 1040ez form S. Federal 1040ez form source gross income and gains on a net basis at the graduated rates applicable to individuals (with allowable deductions) unless you would be subject to a higher tax under the 30% tax (discussed earlier) on income not connected with a U. Federal 1040ez form S. Federal 1040ez form trade or business. Federal 1040ez form For this purpose, U. Federal 1040ez form S. Federal 1040ez form source gross income (defined in chapter 2) includes gains from the sale or exchange of: Property (other than stock or debt obligations) located in the United States, Stock issued by a U. Federal 1040ez form S. Federal 1040ez form domestic corporation, and Debt obligations of U. Federal 1040ez form S. Federal 1040ez form persons or of the United States, a state or political subdivision thereof, or the District of Columbia. Federal 1040ez form U. Federal 1040ez form S. Federal 1040ez form source income also includes any income or gain derived from stock in certain controlled foreign corporations if you owned, or were considered to own, at any time during the 2-year period ending on the date of expatriation, more than 50% of: The total combined voting power of all classes of that corporation's stock, or The total value of the stock. Federal 1040ez form The income or gain is considered U. Federal 1040ez form S. Federal 1040ez form source income only to the extent of your share of earnings and profits earned or accumulated before the date of expatriation and during the periods you met the ownership requirements discussed above. Federal 1040ez form Any exchange of property is treated as a sale of the property at its fair market value on the date of the exchange and any gain is treated as U. Federal 1040ez form S. Federal 1040ez form source gross income in the tax year of the exchange unless you enter into a gain recognition agreement under Notice 97-19. Federal 1040ez form Other information. Federal 1040ez form   For more information on the expatriation tax provisions, including exceptions to the tax and special U. Federal 1040ez form S. Federal 1040ez form source rules, see section 877 of the Internal Revenue Code. Federal 1040ez form Expatriation Tax Return If you expatriated or terminated your U. Federal 1040ez form S. Federal 1040ez form residency, or you are subject to the expatriation tax, you must file Form 8854, Initial and Annual Expatriation Statement. Federal 1040ez form Attach it to Form 1040NR if you are required to file that form. Federal 1040ez form If you are present in the United States following your expatriation and are subject to tax as a U. Federal 1040ez form S. Federal 1040ez form citizen or resident, file Form 8854 with Form 1040. Federal 1040ez form Expatriation After June 16, 2008 If you expatriated after June 16, 2008, the expatriation rules apply to you if you meet any of the following conditions. Federal 1040ez form Your average annual net income tax for the 5 years ending before the date of expatriation or termination of residency is more than: $139,000 if you expatriated or terminated residency in 2008. Federal 1040ez form $145,000 if you expatriated or terminated residency in 2009 or 2010. Federal 1040ez form $147,000 if you expatriated or terminated residency in 2011. Federal 1040ez form $151,000 if you expatriated or terminated residency in 2012. Federal 1040ez form $155,000 if you expatriated or terminated residency in 2013. Federal 1040ez form Your net worth is $2 million or more on the date of your expatriation or termination of residency. Federal 1040ez form You fail to certify on Form 8854 that you have complied with all U. Federal 1040ez form S. Federal 1040ez form federal tax obligations for the 5 years preceding the date of your expatriation or termination of residency. Federal 1040ez form Exception for dual-citizens and certain minors. Federal 1040ez form   Certain dual-citizens and certain minors (defined next) are not subject to the expatriation tax even if they meet (1) or (2) above. Federal 1040ez form However, they still must provide the certification required in (3) above. Federal 1040ez form Certain dual-citizens. Federal 1040ez form   You may qualify for the exception described above if both of the following apply. Federal 1040ez form You became at birth a U. Federal 1040ez form S. Federal 1040ez form citizen and a citizen of another country and you continue to be a citizen of, and are taxed as a resident of, that other country. Federal 1040ez form You have been a resident of the United States for not more than 10 years during the 15-year tax period ending with the tax year during which the expatriation occurs. Federal 1040ez form For the purpose of determining U. Federal 1040ez form S. Federal 1040ez form residency, use the substantial presence test described in chapter 1. Federal 1040ez form Certain minors. Federal 1040ez form   You may qualify for the exception described earlier if you meet both of the following requirements. Federal 1040ez form You expatriated before you were 18½. Federal 1040ez form You have been a resident of the United States for not more than 10 tax years before the expatriation occurs. Federal 1040ez form For the purpose of determining U. Federal 1040ez form S. Federal 1040ez form residency, use the substantial presence test described in chapter 1. Federal 1040ez form Expatriation date. Federal 1040ez form   Your expatriation date is the date you relinquish U. Federal 1040ez form S. Federal 1040ez form citizenship (in the case of a former citizen) or terminate your long-term residency (in the case of a former U. Federal 1040ez form S. Federal 1040ez form resident). Federal 1040ez form Former U. Federal 1040ez form S. Federal 1040ez form citizen. Federal 1040ez form   You are considered to have relinquished your U. Federal 1040ez form S. Federal 1040ez form citizenship on the earliest of the following dates. Federal 1040ez form The date you renounced U. Federal 1040ez form S. Federal 1040ez form citizenship before a diplomatic or consular officer of the United States (provided that the voluntary renouncement was later confirmed by the issuance of a certificate of loss of nationality). Federal 1040ez form The date you furnished to the State Department a signed statement of voluntary relinquishment of U. Federal 1040ez form S. Federal 1040ez form nationality confirming the performance of an expatriating act (provided that the voluntary relinquishment was later confirmed by the issuance of a certificate of loss of nationality). Federal 1040ez form The date the State Department issued a certificate of loss of nationality. Federal 1040ez form The date that a U. Federal 1040ez form S. Federal 1040ez form court canceled your certificate of naturalization. Federal 1040ez form Former long-term resident. Federal 1040ez form   You are considered to have terminated your long-term residency on the earliest of the following dates. Federal 1040ez form The date you voluntarily relinquished your lawful permanent resident status by filing Department of Homeland Security Form I-407 with a U. Federal 1040ez form S. Federal 1040ez form consular or immigration officer, and the Department of Homeland Security determined that you have, in fact, abandoned your lawful permanent resident status. Federal 1040ez form The date you became subject to a final administrative order for your removal from the United States under the Immigration and Nationality Act and you actually left the United States as a result of that order. Federal 1040ez form If you were a dual resident of the United States and a country with which the United States has an income tax treaty, the date you began to be treated as a resident of that country and you determined that, for purposes of the treaty, you are a resident of the treaty country and notify the IRS of that treatment on Forms 8833 and 8854. Federal 1040ez form See Effect of Tax Treaties in chapter 1 for more information about dual residents. Federal 1040ez form How To Figure the Expatriation Tax (If You Expatriate After June 16, 2008) In the year you expatriate, you are subject to income tax on the net unrealized gain (or loss) in your property as if the property had been sold for its fair market value on the day before your expatriation date (“mark-to-market tax”). Federal 1040ez form This applies to most types of property interests you held on the date of relinquishment of citizenship or termination of residency. Federal 1040ez form But see Exceptions , later. Federal 1040ez form Gains arising from deemed sales must be taken into account for the tax year of the deemed sale without regard to other U. Federal 1040ez form S. Federal 1040ez form internal revenue laws. Federal 1040ez form Losses from deemed sales must be taken into account to the extent otherwise provided under U. Federal 1040ez form S. Federal 1040ez form internal revenue laws. Federal 1040ez form However, Internal Revenue Code section 1091 (relating to the disallowance of losses on wash sales of stock and securities) does not apply. Federal 1040ez form The net gain that you otherwise must include in your income is reduced (but not below zero) by: $600,000 if you expatriated or terminated residency before January 1, 2009. Federal 1040ez form $626,000 if you expatriated or terminated residency in 2009. Federal 1040ez form $627,000 if you expatriated or terminated residency in 2010. Federal 1040ez form $636,000 if you expatriated or terminated residency in 2011. Federal 1040ez form $651,000 if you expatriated or terminated residency in 2012. Federal 1040ez form $668,000 if you expatriated or terminated residency in 2013. Federal 1040ez form Exceptions. Federal 1040ez form   The mark-to-market tax does not apply to the following. Federal 1040ez form Eligible deferred compensation items. Federal 1040ez form Ineligible deferred compensation items. Federal 1040ez form Interests in nongrantor trusts. Federal 1040ez form Specified tax deferred accounts. Federal 1040ez form Instead, items (1) and (3) may be subject to withholding at source. Federal 1040ez form In the case of item (2), you are treated as receiving the present value of your accrued benefit as of the day before the expatriation date. Federal 1040ez form In the case of item (4), you are treated as receiving a distribution of your entire interest in the account on the day before your expatriation date. Federal 1040ez form See paragraphs (d), (e), and (f) of section 877A for more information. Federal 1040ez form Expatriation Tax Return If you expatriated or terminated your U. Federal 1040ez form S. Federal 1040ez form residency, or you are subject to the expatriation rules (as discussed earlier in the first paragraph under Expatriation After June 16, 2008), you must file Form 8854. Federal 1040ez form Attach it to Form 1040 or Form 1040NR if you are required to file either of those forms. Federal 1040ez form Deferral of payment of mark-to-market tax. Federal 1040ez form   You can make an irrevocable election to defer payment of the mark-to-market tax imposed on the deemed sale of property. Federal 1040ez form If you make this election, the following rules apply. Federal 1040ez form You can make the election on a property-by-property basis. Federal 1040ez form The deferred tax attributable to a particular property is due on the return for the tax year in which you dispose of the property. Federal 1040ez form Interest is charged for the period the tax is deferred. Federal 1040ez form The due date for the payment of the deferred tax cannot be extended beyond the earlier of the following dates. Federal 1040ez form The due date of the return required for the year of death. Federal 1040ez form The time that the security provided for the property fails to be adequate. Federal 1040ez form See item (6) below. Federal 1040ez form You make the election on Form 8854. Federal 1040ez form You must provide adequate security (such as a bond). Federal 1040ez form You must make an irrevocable waiver of any right under any treaty of the United States which would preclude assessment or collection of the mark-to-market tax. Federal 1040ez form   For more information about the deferral of payment, see the Instructions for Form 8854. Federal 1040ez form Prev  Up  Next   Home   More Online Publications