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File Past Year Taxes

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File Past Year Taxes

File past year taxes Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. File past year taxes Employee-owners. File past year taxes Other rules. File past year taxes Other rules. File past year taxes Property Exchanged for StockNonqualified preferred stock. File past year taxes Liabilities. File past year taxes Election to reduce basis. File past year taxes Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. File past year taxes S. File past year taxes Real Property Interest Accounting MethodsSection 481(a) adjustment. File past year taxes 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. File past year taxes Business formed before 1997. File past year taxes   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. File past year taxes Business formed after 1996. File past year taxes   The following businesses formed after 1996 are taxed as corporations. File past year taxes A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. File past year taxes A business formed under a state law that refers to it as a joint-stock company or joint-stock association. File past year taxes An insurance company. File past year taxes Certain banks. File past year taxes A business wholly owned by a state or local government. File past year taxes A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). File past year taxes Certain foreign businesses. File past year taxes Any other business that elects to be taxed as a corporation. File past year taxes 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. File past year taxes For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. File past year taxes S corporations. File past year taxes   Some corporations may meet the qualifications for electing to be S corporations. File past year taxes For information on S corporations, see the instructions for Form 1120S, U. File past year taxes S. File past year taxes Income Tax Return for an S Corporation. File past year taxes Personal service corporations. File past year taxes   A corporation is a personal service corporation if it meets all of the following requirements. File past year taxes Its principal activity during the “testing period” is performing personal services (defined later). File past year taxes Generally, the testing period for any tax year is the prior tax year. File past year taxes 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. File past year taxes Its employee-owners substantially perform the services in (1), above. File past year taxes 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. File past year taxes Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. File past year taxes Personal services. File past year taxes   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. File past year taxes Employee-owners. File past year taxes   A person is an employee-owner of a personal service corporation if both of the following apply. File past year taxes 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. File past year taxes He or she owns any stock in the corporation at any time during the testing period. File past year taxes Other rules. File past year taxes   For other rules that apply to personal service corporations see Accounting Periods, later. File past year taxes Closely held corporations. File past year taxes   A corporation is closely held if all of the following apply. File past year taxes It is not a personal service corporation. File past year taxes 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. File past year taxes “Individual” includes certain trusts and private foundations. File past year taxes Other rules. File past year taxes   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. File past year taxes 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. File past year taxes This rule applies both to individuals and to groups who transfer property to a corporation. File past year taxes It also applies whether the corporation is being formed or is already operating. File past year taxes It does not apply in the following situations. File past year taxes The corporation is an investment company. File past year taxes You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. File past year taxes 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. File past year taxes 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. File past year taxes For more information, see section 1. File past year taxes 351-3 of the Regulations. File past year taxes Control of a corporation. File past year taxes   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. File past year taxes Example 1. File past year taxes You and Bill Jones buy property for $100,000. File past year taxes You both organize a corporation when the property has a fair market value of $300,000. File past year taxes You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. File past year taxes No gain is recognized by you, Bill, or the corporation. File past year taxes Example 2. File past year taxes 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. File past year taxes This represents only 75% of each class of stock of the corporation. File past year taxes The other 25% was already issued to someone else. File past year taxes You and Bill recognize a taxable gain of $200,000 on the transaction. File past year taxes Services rendered. File past year taxes   The term property does not include services rendered or to be rendered to the issuing corporation. File past year taxes The value of stock received for services is income to the recipient. File past year taxes Example. File past year taxes You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. File past year taxes Right after the exchange, you own 85% of the outstanding stock. File past year taxes No gain is recognized on the exchange of property. File past year taxes However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. File past year taxes Property of relatively small value. File past year taxes   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. File past year taxes   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. File past year taxes Stock received in disproportion to property transferred. File past year taxes   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. File past year taxes If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. File past year taxes 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. File past year taxes Money or other property received. File past year taxes   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. File past year taxes You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. File past year taxes 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. File past year taxes If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. File past year taxes See chapter 3 of Publication 544. File past year taxes No loss is recognized. File past year taxes Nonqualified preferred stock. File past year taxes   Nonqualified preferred stock is treated as property other than stock. File past year taxes Generally, it is preferred stock with any of the following features. File past year taxes The holder has the right to require the issuer or a related person to redeem or buy the stock. File past year taxes The issuer or a related person is required to redeem or buy the stock. File past year taxes 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. File past year taxes The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. File past year taxes For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. File past year taxes Liabilities. File past year taxes   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. File past year taxes There are two exceptions to this treatment. File past year taxes If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. File past year taxes However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. File past year taxes 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. File past year taxes For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. File past year taxes Example. File past year taxes You transfer property to a corporation for stock. File past year taxes Immediately after the transfer, you control the corporation. File past year taxes You also receive $10,000 in the exchange. File past year taxes Your adjusted basis in the transferred property is $20,000. File past year taxes The stock you receive has a fair market value (FMV) of $16,000. File past year taxes The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. File past year taxes Gain is realized as follows. File past year taxes 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. File past year taxes The recognized gain is limited to $10,000, the cash received. File past year taxes Loss on exchange. File past year taxes   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. File past year taxes For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. File past year taxes Basis of stock or other property received. File past year taxes   The basis of the stock you receive is generally the adjusted basis of the property you transfer. File past year taxes Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. File past year taxes 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. File past year taxes 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. File past year taxes    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. File past year taxes 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. File past year taxes The basis of any other property you receive is its fair market value on the date of the trade. File past year taxes Basis of property transferred. File past year taxes   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. File past year taxes However, the increase for the gain recognized may be limited. File past year taxes For more information, see section 362 of the Internal Revenue Code. File past year taxes Election to reduce basis. File past year taxes   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. File past year taxes 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. File past year taxes However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. File past year taxes R. File past year taxes B. File past year taxes 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. File past year taxes    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. File past year taxes Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. File past year taxes Paid-in capital. File past year taxes   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. File past year taxes These contributions are not taxable to the corporation. File past year taxes Basis. File past year taxes   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. File past year taxes However, the increase for the gain recognized may be limited. File past year taxes For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. File past year taxes   The basis of property contributed to capital by a person other than a shareholder is zero. File past year taxes   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. File past year taxes 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. File past year taxes Depreciable property. File past year taxes Amortizable property. File past year taxes Property subject to cost depletion but not to percentage depletion. File past year taxes All other remaining properties. File past year taxes   Reduce the basis of property in each category to zero before going on to the next category. File past year taxes   There may be more than one piece of property in each category. File past year taxes 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. File past year taxes The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. File past year taxes Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. File past year taxes A corporation generally must make estimated tax payments as it earns or receives income during its tax year. File past year taxes After the end of the year, the corporation must file an income tax return. File past year taxes This section will help you determine when and how to pay and file corporate income taxes. File past year taxes 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. File past year taxes The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. File past year taxes For more information, visit www. File past year taxes irs. File past year taxes gov/newsroom/article/0,,id=108362. File past year taxes 00. File past year taxes Income Tax Return This section will help you determine when and how to report a corporation's income tax. File past year taxes Who must file. File past year taxes   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. File past year taxes Which form to file. File past year taxes   A corporation generally must file Form 1120, U. File past year taxes S. File past year taxes Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. File past year taxes Certain organizations and entities must file special returns. File past year taxes For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. File past year taxes Electronic filing. File past year taxes   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. File past year taxes Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. File past year taxes However, in certain instances, these corporations can request a waiver. File past year taxes For more information regarding electronic filing, visit www. File past year taxes irs. File past year taxes gov/efile. File past year taxes When to file. File past year taxes   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. File past year taxes A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. File past year taxes A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. File past year taxes Example 1. File past year taxes A corporation's tax year ends December 31. File past year taxes It must file its income tax return by March 15th. File past year taxes Example 2. File past year taxes A corporation's tax year ends June 30. File past year taxes It must file its income tax return by September 15th. File past year taxes   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. File past year taxes Extension of time to file. File past year taxes   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. File past year taxes 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. File past year taxes   Form 7004 does not extend the time for paying the tax due on the return. File past year taxes Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. File past year taxes The interest is figured from the original due date of the return to the date of payment. File past year taxes   For more information, see the instructions for Form 7004. File past year taxes How to pay your taxes. File past year taxes   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. File past year taxes Electronic Federal Tax Payment System (EFTPS). File past year taxes   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). File past year taxes For more information on EFTPS and enrollment, visit www. File past year taxes eftps. File past year taxes gov or call 1-800-555-4477. File past year taxes Also see Publication 966, The Secure Way to Pay Your Federal Taxes. File past year taxes Note. File past year taxes Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. File past year taxes 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. File past year taxes Do not attach an explanation when the corporation's return is filed. File past year taxes See the instructions for your income tax return. File past year taxes Late filing of return. File past year taxes    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. File past year taxes 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. File past year taxes The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. File past year taxes The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. File past year taxes Late payment of tax. File past year taxes    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. File past year taxes The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. File past year taxes Trust fund recovery penalty. File past year taxes   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. File past year taxes The penalty is the full amount of the unpaid trust fund tax. File past year taxes This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. File past year taxes   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. File past year taxes   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. File past year taxes A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. File past year taxes   Willfully means voluntarily, consciously, and intentionally. File past year taxes A responsible person acts willfully if the person knows the required actions are not taking place. File past year taxes   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. File past year taxes Other penalties. File past year taxes   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. File past year taxes See sections 6662, 6662A, and 6663 of the Internal Revenue Code. File past year taxes Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. File past year taxes If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. File past year taxes This section will explain how to avoid this penalty. File past year taxes When to pay estimated tax. File past year taxes   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. File past year taxes Example 1. File past year taxes Your corporation's tax year ends December 31. File past year taxes Installment payments are due on April 15, June 15, September 15, and December 15. File past year taxes Example 2. File past year taxes Your corporation's tax year ends June 30. File past year taxes Installment payments are due on October 15, December 15, March 15, and June 15. File past year taxes   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. File past year taxes How to figure each required installment. File past year taxes   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. File past year taxes You will generally use one of the following two methods to figure each required installment. File past year taxes You should use the method that yields the smallest installment payments. File past year taxes Note. File past year taxes In these discussions, “return” generally refers to the corporation's original return. File past year taxes However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. File past year taxes Method 1. File past year taxes   Each required installment is 25% of the income tax the corporation will show on its return for the current year. File past year taxes Method 2. File past year taxes   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. File past year taxes   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). File past year taxes Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. File past year taxes   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. File past year taxes Other methods. File past year taxes   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. File past year taxes The annualized income installment method. File past year taxes The adjusted seasonal installment method. File past year taxes 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. File past year taxes Refiguring required installments. File past year taxes   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. File past year taxes An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. File past year taxes Underpayment penalty. File past year taxes   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. File past year taxes The penalty is figured separately for each installment due date. File past year taxes The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. File past year taxes This is true even if the corporation is due a refund when its return is filed. File past year taxes Form 2220. File past year taxes   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. File past year taxes   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. File past year taxes The amount of the underpayment. File past year taxes The period during which the underpayment was due and unpaid. File past year taxes The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. File past year taxes   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. File past year taxes 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. File past year taxes The annualized income installment method was used to figure any required installment. File past year taxes The adjusted seasonal installment method was used to figure any required installment. File past year taxes The corporation is a large corporation figuring its first required installment based on the prior year's tax. File past year taxes How to pay estimated tax. File past year taxes   A corporation is generally required to use EFTPS to pay its taxes. File past year taxes See Electronic Federal Tax Payment System (EFTPS), earlier. File past year taxes Also see the Instructions for Form 1120-W. File past year taxes Quick refund of overpayments. File past year taxes   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. File past year taxes 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. File past year taxes A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. File past year taxes Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. File past year taxes 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. File past year taxes Do not file Form 4466 before the end of the corporation's tax year. File past year taxes An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. File past year taxes The IRS will act on the form within 45 days from the date you file it. File past year taxes U. File past year taxes S. File past year taxes Real Property Interest If a domestic corporation acquires a U. File past year taxes S. File past year taxes real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. File past year taxes The amount paid includes cash, the fair market value of other property, and any assumed liability. File past year taxes If a domestic corporation distributes a U. File past year taxes S. File past year taxes real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. File past year taxes A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. File past year taxes 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. File past year taxes S. File past year taxes Withholding Tax Return for Dispositions by Foreign Persons of U. File past year taxes S. File past year taxes Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. File past year taxes S. File past year taxes Real Property Interests. File past year taxes Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. File past year taxes Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. File past year taxes In all cases, the method used must clearly show taxable income. File past year taxes Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. File past year taxes Accrual method. File past year taxes   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. File past year taxes A corporation engaged in farming operations also must use the accrual method. File past year taxes   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. File past year taxes 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. File past year taxes   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. File past year taxes   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. File past year taxes   There are exceptions to the economic performance rule for certain items, including recurring expenses. File past year taxes See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. File past year taxes Nonaccrual experience method. File past year taxes   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. File past year taxes   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. File past year taxes Percentage of completion method. File past year taxes   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. File past year taxes Mark-to-market accounting method. File past year taxes   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. File past year taxes Under this method any security held by a dealer as inventory must be included in inventory at its FMV. File past year taxes 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. File past year taxes Any gain or loss must be taken into account in determining gross income. File past year taxes The gain or loss taken into account is treated as ordinary gain or loss. File past year taxes   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. File past year taxes Change in accounting method. File past year taxes   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). File past year taxes The corporation must file Form 3115, Application for Change in Accounting Method. File past year taxes For more information, see Form 3115 and Publication 538. File past year taxes Section 481(a) adjustment. File past year taxes   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. File past year taxes The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. File past year taxes 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. File past year taxes The corporation must complete the appropriate lines of Form 3115 to make the election. File past year taxes See the Instructions for Form 3115. File past year taxes Accounting Periods A corporation must figure its taxable income on the basis of a tax year. File past year taxes A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. File past year taxes Generally, corporations can use either a calendar year or a fiscal year as its tax year. File past year taxes Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. File past year taxes For more information, see Publication 538. File past year taxes Personal service corporation. File past year taxes   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. File past year taxes 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. File past year taxes Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. File past year taxes   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. File past year taxes See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. File past year taxes Change of tax year. File past year taxes   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. File past year taxes However, under certain conditions, a corporation can change its tax year without getting the consent. File past year taxes For more information, see Form 1128 and Publication 538. File past year taxes 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. File past year taxes 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. File past year taxes 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. File past year taxes The corporation should keep copies of all filed returns. File past year taxes They help in preparing future and amended returns and in the calculation of earnings and profits. File past year taxes Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. File past year taxes However, the following special provisions apply only to corporations. File past year taxes Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. File past year taxes However, a corporation can elect to deduct a limited amount of start-up or organizational costs. File past year taxes Any costs not deducted can be amortized. File past year taxes Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. File past year taxes Organizational costs are the direct costs of creating the corporation. File past year taxes For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. File past year taxes Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. File past year taxes 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. File past year taxes Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. File past year taxes 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. File past year taxes These rules also deny the deduction of losses on the sale or exchange of property between related persons. File past year taxes Related persons. File past year taxes   For purposes of this rule, the following persons are related to a corporation. File past year taxes Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). File past year taxes An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. File past year taxes 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. File past year taxes An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. File past year taxes 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. File past year taxes 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. File past year taxes Ownership of stock. File past year taxes   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. File past year taxes 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. File past year taxes An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. File past year taxes Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. File past year taxes 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. File past year taxes To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. File past year taxes 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. File past year taxes Reallocation of income and deductions. File past year taxes   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. File past year taxes Complete liquidations. File past year taxes   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. File past year taxes More information. File past year taxes   For more information about the related person rules, see Publication 544. File past year taxes 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. File past year taxes If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. File past year taxes Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. File past year taxes A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. File past year taxes A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. File past year taxes For more information regarding the election, see Form 8902. File past year taxes 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. File past year taxes The deduction is allowed for the year in which the property is placed in service. File past year taxes 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. File past year taxes For more information, see section 179C of the Internal Revenue Code and the related Regulations. File past year taxes 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). File past year taxes 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. File past year taxes For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. File past year taxes 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. File past year taxes In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. File past year taxes 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. File past year taxes The deduction is limited to $1. File past year taxes 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. File past year taxes Other rules and limitations apply. File past year taxes The corporation must reduce the basis of any property by any deduction taken. File past year taxes The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. File past year taxes For more information, see section 179D of the Internal Revenue Code. File past year taxes Also see Notice 2006-52, 2006-26 I. File past year taxes R. File past year taxes B. File past year taxes 1175, clarified and amplified by Notice 2008-40, 2008-14 I. File past year taxes R. File past year taxes B. File past year taxes 725, and any successor. File past year taxes Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. File past year taxes These items are known as corporate preference items and they include the following. File past year taxes Gain on the disposition of section 1250 property. File past year taxes For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. File past year taxes Percentage depletion for iron ore and coal (including lignite). File past year taxes For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. File past year taxes Amortization of pollution control facilities. File past year taxes For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. File past year taxes Mineral exploration and development costs. File past year taxes For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. File past year taxes For more information on corporate preference items, see section 291 of the Internal Revenue Code. File past year taxes Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. File past year taxes This section discusses the general rules that apply. File past year taxes The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. File past year taxes For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. File past year taxes Dividends from domestic corporations. File past year taxes   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. File past year taxes 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. File past year taxes Ownership. File past year taxes   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. File past year taxes Small business investment companies. File past year taxes   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. File past year taxes Dividends from regulated investment companies. File past year taxes   Regulated investment company dividends received are subject to certain limits. File past year taxes Capital gain dividends received from a regulated investment company do not qualify for the deduction. File past year taxes For more information, see section 854 of the Internal Revenue Code. File past year taxes No deduction allowed for certain dividends. File past year taxes   Corporations cannot take a deduction for dividends received from the following entities. File past year taxes A real estate investment trust (REIT). File past year taxes 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. File past year taxes 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. File past year taxes Ex-dividend means the holder has no rights to the dividend. File past year taxes 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. File past year taxes 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. File past year taxes Dividends on deposits. File past year taxes   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. File past year taxes They do not qualify for this deduction. File past year taxes Limit on deduction for dividends. File past year taxes   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). File past year taxes Figuring the limit. File past year taxes   In figuring the limit, determine taxable income without the following items. File past year taxes The net operating loss deduction. File past year taxes The domestic production activities deduction. File past year taxes The deduction for dividends received. File past year taxes Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). File past year taxes Any capital loss carryback to the tax year. File past year taxes Effect of net operating loss. File past year taxes   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. File past year taxes To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. File past year taxes Example 1. File past year taxes A corporation loses $25,000 from operations. File past year taxes It receives $100,000 in dividends from a 20%-owned corporation. File past year taxes Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. File past year taxes 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). File past year taxes Therefore, the 80% of taxable income limit does not apply. File past year taxes The corporation can deduct the full $80,000. File past year taxes Example 2. File past year taxes Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. File past year taxes Its taxable income is $85,000 before the deduction for dividends received. File past year taxes After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. File past year taxes 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%). File past year taxes 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. File past year taxes The nontaxed part is any dividends-received deduction allowable for the dividends. File past year taxes Extraordinary dividend. File past year taxes   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. File past year taxes The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. File past year taxes Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. File past year taxes 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. File past year taxes Disqualified preferred stock. File past year taxes   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. File past year taxes   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. File past year taxes The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. File past year taxes The issue price of the stock exceeds its liquidation rights or stated redemption price. File past year taxes 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. File past year taxes   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. File past year taxes More information. File past year taxes   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. File past year taxes 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. File past year taxes 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. File past year taxes 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. File past year taxes Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. File past year taxes Foregone interest. File past year taxes   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. File past year taxes See Below-market loans, in chapter 4 of Publication 535 for more information. File past year taxes Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. File past year taxes The contribution is deductible if made to, or for the use of, a qualified organization. File past year taxes For more information on qualified organizations, see Publication 526, Charitable Contributions. File past year taxes Also see, Exempt Organizations Select Check (EO Select Check) at www. File past year taxes irs. File past year taxes gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. File past year taxes Note. File past year taxes You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. File past year taxes Cash method corporation. File past year taxes   A corporation using the cash method of accounting deducts contributions in the tax year paid. File past year taxes Accrual method corporation. File past year taxes   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. File past year taxes Make the choice by reporting the contribution on the corporation's return for the tax year. File past year taxes A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. File past year taxes The declaration must include the date the resolution was adopted. File past year taxes Limitations on deduction. File past year taxes   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. File past year taxes Figure taxable income for this purpose without the following. File past year taxes The deduction for charitable contributions. File past year taxes The dividends-received deduction. File past year taxes The deduction allowed under section 249 of the Internal Revenue Code. File past year taxes The domestic production activities deduction. File past year taxes Any net operating loss carryback to the tax year. File past year taxes Any capital loss carryback to the tax year. File past year taxes Farmers and ranchers. File past year taxes    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. File past year taxes Carryover of excess contributions. File past year taxes   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. File past year taxes You lose any excess not used within that period. File past year taxes 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. File past year taxes Any excess not used in 2015 is lost. File past year taxes 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). File past year taxes You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. File past year taxes Cash contributions. File past year taxes   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. File past year taxes 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. File past year taxes Keep the record of the contribution with the other corporate records. File past year taxes Do not attach the records to the corporation's return. File past year taxes For more information on cash contributions, see Publication 526. File past year taxes Gifts of $250 or more. File past year taxes   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. File past year taxes 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. File past year taxes The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. File past year taxes Keep the acknowledgement with other corporate records. File past year taxes Do not attach the acknowledgement to the return. File past year taxes Contributions of property other than cash. File past year taxes   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. File past year taxes 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. File past year taxes   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. File past year taxes 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. File past year taxes   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. File past year taxes 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. File past year taxes 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. File past year taxes   See Form 8283 for more information. File past year taxes Qualified conservation contributions. File past year taxes   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. File past year taxes For more information, see section 170(h) of the Internal Revenue Code. File past year taxes Contributions of used vehicles. File past year taxes   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. File past year taxes The deduction is limited, and other special rules apply. File past year taxes For more information, see Publication 526. File past year taxes Reduction for contributions of certain property. File past year taxes   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. File past year taxes   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. File past year taxes Larger deduction. File past year taxes   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. File past year taxes 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. File past year taxes 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. File past year taxes 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. File past year taxes 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. File past year taxes Contributions to organizations conducting lobbying activities. File past year taxes   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. File past year taxes More information. File past year taxes   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. File past year taxes Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. File past year taxes In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. File past year taxes Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. File past year taxes A capital loss is carried to other years in the following order. File past year taxes 3 years prior to the loss year. File past year taxes 2 years prior to the loss year. File past year taxes 1 year prior to the loss year. File past year taxes Any loss remaining is carried forward for 5 years. File past year taxes When you carry a net capital loss to another tax year, treat it as a short-term loss. File past year taxes It does not retain its original identity as long term or short term. File past year taxes Example. File past year taxes A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. File past year taxes The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. File past year taxes The corporation treats this $6,000 as a short-term loss when carried back or forward. File past year taxes The corporation carries the $6,000 short-term loss back 3 years. File past year taxes 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. File past year taxes It subtracts the $6,000 short-term loss first from the net short-term gain. File past year taxes This results in a net capital gain for year 1 of $7,000. File past year taxes 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. File past year taxes S corporation status. File past year taxes   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. File past year taxes Rules for carryover and carryback. File past year taxes   When carrying a capital loss from one year to another, the following rules apply. File past year taxes When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. File past year taxes In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. File past year taxes If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. File past year taxes 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. File past year taxes Refunds. File past year taxes   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. File past year taxes 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. File past year taxes S. File past year taxes Corporation Income Tax Return, to apply for a refund. File past year taxes Form 1139. File past year taxes    A corporation can get a refund faster by using Form 1139. File past year taxes 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. File past year taxes Form 1120X. File past year taxes   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. File past year taxes The corporation must file the Form 1120X within 3 years of the due date, includin
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The File Past Year Taxes

File past year taxes 33. File past year taxes   Credit for the Elderly or the Disabled Table of Contents Introduction Useful Items - You may want to see: Are You Eligible for the Credit?Qualified Individual Income Limits How to Claim the CreditCredit Figured for You Credit Figured by You Introduction If you qualify, you may be able to reduce the tax you owe by taking the credit for the elderly or the disabled which is figured on Schedule R (Form 1040A or 1040). File past year taxes This chapter explains the following. File past year taxes Who qualifies for the credit for the elderly or the disabled. File past year taxes How to claim the credit. File past year taxes You may be able to take the credit for the elderly or the disabled if: You are age 65 or older at the end of 2013, or You retired on permanent and total disability and have taxable disability income. File past year taxes Useful Items - You may want to see: Publication 524 Credit for the Elderly or the Disabled 554 Tax Guide for Seniors Form (and Instruction) Schedule R (Form 1040A or 1040) Credit for the Elderly or the Disabled Are You Eligible for the Credit? You can take the credit for the elderly or the disabled if you meet both of the following requirements. File past year taxes You are a qualified individual. File past year taxes Your income is not more than certain limits. File past year taxes You can use Figure 33-A and Table 33-1 as guides to see if you are eligible for the credit. File past year taxes Use Figure 33-A first to see if you are a qualified individual. File past year taxes If you are, go to Table 33-1 to make sure your income is not too high to take the credit. File past year taxes You can take the credit only if you file Form 1040 or Form 1040A. File past year taxes You cannot take the credit if you file Form 1040EZ. File past year taxes Qualified Individual You are a qualified individual for this credit if you are a U. File past year taxes S. File past year taxes citizen or resident alien, and either of the following applies. File past year taxes You were age 65 or older at the end of 2013. File past year taxes You were under age 65 at the end of 2013 and all three of the following statements are true. File past year taxes You retired on permanent and total disability (explained later). File past year taxes You received taxable disability income for 2013. File past year taxes On January 1, 2013, you had not reached mandatory retirement age (defined later under Disability income ). File past year taxes Age 65. File past year taxes   You are considered to be age 65 on the day before your 65th birthday. File past year taxes Therefore, if you were born on January 1, 1949, you are considered to be age 65 at the end of 2013. File past year taxes U. File past year taxes S. File past year taxes Citizen or Resident Alien You must be a U. File past year taxes S. File past year taxes citizen or resident alien (or be treated as a resident alien) to take the credit. File past year taxes Generally, you cannot take the credit if you were a nonresident alien at any time during the tax year. File past year taxes Exceptions. File past year taxes   You may be able to take the credit if you are a nonresident alien who is married to a U. File past year taxes S. File past year taxes citizen or resident alien at the end of the tax year and you and your spouse choose to treat you as a U. File past year taxes S. File past year taxes resident alien. File past year taxes If you make that choice, both you and your spouse are taxed on your worldwide incomes. File past year taxes If you were a nonresident alien at the beginning of the year and a resident alien at the end of the year, and you were married to a U. File past year taxes S. File past year taxes citizen or resident alien at the end of the year, you may be able to choose to be treated as a U. File past year taxes S. File past year taxes resident alien for the entire year. File past year taxes In that case, you may be allowed to take the credit. File past year taxes For information on these choices, see chapter 1 of Publication 519, U. File past year taxes S. File past year taxes Tax Guide for Aliens. File past year taxes Married Persons Generally, if you are married at the end of the tax year, you and your spouse must file a joint return to take the credit. File past year taxes However, if you and your spouse did not live in the same household at any time during the tax year, you can file either a joint return or separate returns and still take the credit. File past year taxes Head of household. File past year taxes   You can file as head of household and qualify to take the credit, even if your spouse lived with you during the first 6 months of the year, if you meet certain tests. File past year taxes See Head of Household in chapter 2 for the tests you must meet. File past year taxes Under Age 65 If you are under age 65 at the end of 2013, you can qualify for the credit only if you are retired on permanent and total disability (discussed next) and have taxable disability income (discussed later under Disability income ). File past year taxes You are retired on permanent and total disability if: You were permanently and totally disabled when you retired, and You retired on disability before the close of the tax year. File past year taxes Even if you do not retire formally, you may be considered retired on disability when you have stopped working because of your disability. File past year taxes If you retired on disability before 1977, and were not permanently and totally disabled at the time, you can qualify for the credit if you were permanently and totally disabled on January 1, 1976, or January 1, 1977. File past year taxes Permanent and total disability. File past year taxes    You are permanently and totally disabled if you cannot engage in any substantial gainful activity because of your physical or mental condition. File past year taxes A qualified physician must certify that the condition has lasted or can be expected to last continuously for 12 months or more, or that the condition can be expected to result in death. File past year taxes See Physician's statement , later. File past year taxes Substantial gainful activity. File past year taxes   Substantial gainful activity is the performance of significant duties over a reasonable period of time while working for pay or profit, or in work generally done for pay or profit. File past year taxes Full-time work (or part-time work done at your employer's convenience) in a competitive work situation for at least the minimum wage conclusively shows that you are able to engage in substantial gainful activity. File past year taxes   Substantial gainful activity is not work you do to take care of yourself or your home. File past year taxes It is not unpaid work on hobbies, institutional therapy or training, school attendance, clubs, social programs, and similar activities. File past year taxes However, doing this kind of work may show that you are able to engage in substantial gainful activity. File past year taxes    The fact that you have not worked for some time is not, of itself, conclusive evidence that you cannot engage in substantial gainful activity. File past year taxes Sheltered employment. File past year taxes   Certain work offered at qualified locations to physically or mentally impaired persons is considered sheltered employment. File past year taxes These qualified locations are in sheltered workshops, hospitals, and similar institutions, homebound programs, and Department of Veterans Affairs (VA) sponsored homes. File past year taxes   Compared to commercial employment, pay is lower for sheltered employment. File past year taxes Therefore, one usually does not look for sheltered employment if he or she can get other employment. File past year taxes The fact that one has accepted sheltered employment is not proof of the person's ability to engage in substantial gainful activity. File past year taxes Physician's statement. File past year taxes   If you are under age 65, you must have your physician complete a statement certifying that you were permanently and totally disabled on the date you retired. File past year taxes You can use the statement in the Instructions for Schedule R. File past year taxes    Figure 33-A. File past year taxes Are You a Qualified Individual? This image is too large to be displayed in the current screen. File past year taxes Please click the link to view the image. File past year taxes Figure 33-A Are You a Qualified Individual?   You do not have to file this statement with your Form 1040 or Form 1040A, but you must keep it for your records. File past year taxes Veterans. File past year taxes   If the Department of Veterans Affairs (VA) certifies that you are permanently and totally disabled, you can substitute VA Form 21-0172, Certification of Permanent and Total Disability, for the physician's statement you are required to keep. File past year taxes VA Form 21-0172 must be signed by a person authorized by the VA to do so. File past year taxes You can get this form from your local VA regional office. File past year taxes Physician's statement obtained in earlier year. File past year taxes   If you got a physician's statement in an earlier year and, due to your continued disabled condition, you were unable to engage in any substantial gainful activity during 2013, you may not need to get another physician's statement for 2013. File past year taxes For a detailed explanation of the conditions you must meet, see the instructions for Schedule R, Part II. File past year taxes If you meet the required conditions, check the box on your Schedule R, Part II, line 2. File past year taxes   If you checked box 4, 5, or 6 in Part I of Schedule R, enter in the space above the box on line 2 in Part II the first name(s) of the spouse(s) for whom the box is checked. File past year taxes Table 33-1. File past year taxes Income Limits IF your filing status is . File past year taxes . File past year taxes . File past year taxes THEN, even if you qualify (see Figure 33-A ), you CANNOT take the credit if. File past year taxes . File past year taxes . File past year taxes   Your adjusted gross income (AGI)* is equal to or more than. File past year taxes . File past year taxes . File past year taxes     OR the total of your nontaxable social security and other nontaxable pension(s), annuities, or disability income is equal to or more than. File past year taxes . File past year taxes . File past year taxes   single, head of household, or qualifying widow(er) with dependent child   $17,500     $5,000   married filing jointly and only one spouse qualifies in Figure 33-A   $20,000     $5,000   married filing jointly and both spouses qualify in Figure 33-A   $25,000     $7,500   married filing separately and you lived apart from your spouse for all of 2013   $12,500     $3,750   * AGI is the amount on Form 1040A, line 22, or Form 1040, line 38. File past year taxes Disability income. File past year taxes   If you are under age 65, you must also have taxable disability income to qualify for the credit. File past year taxes Disability income must meet both of the following requirements. File past year taxes It must be paid under your employer's accident or health plan or pension plan. File past year taxes It must be included in your income as wages (or payments instead of wages) for the time you are absent from work because of permanent and total disability. File past year taxes Payments that are not disability income. File past year taxes   Any payment you receive from a plan that does not provide for disability retirement is not disability income. File past year taxes Any lump-sum payment for accrued annual leave that you receive when you retire on disability is a salary payment and is not disability income. File past year taxes   For purposes of the credit for the elderly or the disabled, disability income does not include amounts you receive after you reach mandatory retirement age. File past year taxes Mandatory retirement age is the age set by your employer at which you would have had to retire, had you not become disabled. File past year taxes Income Limits To determine if you can claim the credit, you must consider two income limits. File past year taxes The first limit is the amount of your adjusted gross income (AGI). File past year taxes The second limit is the amount of nontaxable social security and other nontaxable pensions, annuities, or disability income you received. File past year taxes The limits are shown in Table 33-1. File past year taxes If your AGI and nontaxable pensions, annuities, or disability income are less than the income limits, you may be able to claim the credit. File past year taxes See How to Claim the Credit , later. File past year taxes If either your AGI or your nontaxable pensions, annuities, or disability income are equal to or more than the income limits, you cannot take the credit. File past year taxes How to Claim the Credit You can figure the credit yourself or the Internal Revenue Service will figure it for you. File past year taxes Credit Figured for You If you choose to have the IRS figure the credit for you, read the following discussion for the form you will file (Form 1040 or 1040A). File past year taxes If you want the IRS to figure your tax, see chapter 30. File past year taxes Form 1040. File past year taxes   If you want the IRS to figure your credit, see Form 1040 Line Entries under Tax Figured by IRS in chapter 30. File past year taxes Form 1040A. File past year taxes   If you want the IRS to figure your credit, see Form 1040A Line Entries under Tax Figured by IRS in chapter 30. File past year taxes Credit Figured by You If you choose to figure the credit yourself, fill out the front of Schedule R. File past year taxes Next, fill out Schedule R, Part III. File past year taxes If you file Form 1040A, enter the amount from Schedule R, line 22, on Form 1040A, line 30. File past year taxes If you file Form 1040, include the amount from Schedule R, line 22, on line 53; check box c, and enter “Sch R” on the line next to that box. File past year taxes For a step-by-step discussion about filling out Part III of Schedule R, see Figuring the Credit Yourself in Publication 524. File past year taxes Limit on credit. File past year taxes   The amount of the credit you can claim is generally limited to the amount of your tax. File past year taxes Use the Credit Limit Worksheet in the Instructions for Schedule R to determine if your credit is limited. File past year taxes Prev  Up  Next   Home   More Online Publications