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Free Taxes For Students

Free taxes for students 2. Free taxes for students   Ordinary or Capital Gain or Loss Table of Contents IntroductionSection 1231 transactions. Free taxes for students Topics - This chapter discusses: Useful Items - You may want to see: Capital Assets Noncapital AssetsCommodities derivative dealer. Free taxes for students Sales and Exchanges Between Related PersonsGain Is Ordinary Income Nondeductible Loss Other DispositionsSale of a Business Dispositions of Intangible Property Subdivision of Land Timber Precious Metals and Stones, Stamps, and Coins Coal and Iron Ore Conversion Transactions Introduction You must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Free taxes for students You must do this to figure your net capital gain or loss. Free taxes for students For individuals, a net capital gain may be taxed at a different tax rate than ordinary income. Free taxes for students See Capital Gains Tax Rates in chapter 4. Free taxes for students Your deduction for a net capital loss may be limited. Free taxes for students See Treatment of Capital Losses in chapter 4. Free taxes for students Capital gain or loss. Free taxes for students   Generally, you will have a capital gain or loss if you sell or exchange a capital asset. Free taxes for students You also may have a capital gain if your section 1231 transactions result in a net gain. Free taxes for students Section 1231 transactions. Free taxes for students   Section 1231 transactions are sales and exchanges of property held longer than 1 year and either used in a trade or business or held for the production of rents or royalties. Free taxes for students They also include certain involuntary conversions of business or investment property, including capital assets. Free taxes for students See Section 1231 Gains and Losses in chapter 3 for more information. Free taxes for students Topics - This chapter discusses: Capital assets Noncapital assets Sales and exchanges between  related persons Other dispositions Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 4797 Sales of Business Property 8594 Asset Acquisition Statement Under Section 1060 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Free taxes for students Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. Free taxes for students For exceptions, see Noncapital Assets, later. Free taxes for students The following items are examples of capital assets. Free taxes for students Stocks and bonds. Free taxes for students A home owned and occupied by you and your family. Free taxes for students Timber grown on your home property or investment property, even if you make casual sales of the timber. Free taxes for students Household furnishings. Free taxes for students A car used for pleasure or commuting. Free taxes for students Coin or stamp collections. Free taxes for students Gems and jewelry. Free taxes for students Gold, silver, and other metals. Free taxes for students Personal-use property. Free taxes for students   Generally, property held for personal use is a capital asset. Free taxes for students Gain from a sale or exchange of that property is a capital gain. Free taxes for students Loss from the sale or exchange of that property is not deductible. Free taxes for students You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Free taxes for students Investment property. Free taxes for students   Investment property (such as stocks and bonds) is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss. Free taxes for students This treatment does not apply to property used to produce rental income. Free taxes for students See Business assets, later, under Noncapital Assets. Free taxes for students Release of restriction on land. Free taxes for students   Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset. Free taxes for students Noncapital Assets A noncapital asset is property that is not a capital asset. Free taxes for students The following kinds of property are not capital assets. Free taxes for students Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business. Free taxes for students Inventories are discussed in Publication 538, Accounting Periods and Methods. Free taxes for students But, see the Tip below. Free taxes for students Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of any properties described in (1), above. Free taxes for students Depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later), even if the property is fully depreciated (or amortized). Free taxes for students Sales of this type of property are discussed in chapter 3. Free taxes for students Real property used in your trade or business or as rental property, even if the property is fully depreciated. Free taxes for students A copyright; a literary, musical, or artistic composition; a letter; a memorandum; or similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs): Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Received from a person who created the property or for whom the property was prepared under circumstances (for example, by gift) entitling you to the basis of the person who created the property, or for whom it was prepared or produced. Free taxes for students But, see the Tip below. Free taxes for students U. Free taxes for students S. Free taxes for students Government publications you got from the government for free or for less than the normal sales price or that you acquired under circumstances entitling you to the basis of someone who got the publications for free or for less than the normal sales price. Free taxes for students Any commodities derivative financial instrument (discussed later) held by a commodities derivatives dealer unless it meets both of the following requirements. Free taxes for students It is established to the satisfaction of the IRS that the instrument has no connection to the activities of the dealer as a dealer. Free taxes for students The instrument is clearly identified in the dealer's records as meeting (a) by the end of the day on which it was acquired, originated, or entered into. Free taxes for students Any hedging transaction (defined later) that is clearly identified as a hedging transaction by the end of the day on which it was acquired, originated, or entered into. Free taxes for students Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Free taxes for students You can elect to treat as capital assets certain self-created musical compositions or copyrights you sold or exchanged. Free taxes for students See chapter 4 of Publication 550 for details. Free taxes for students Property held mainly for sale to customers. Free taxes for students   Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business are not capital assets. Free taxes for students Inventories are discussed in Publication 538. Free taxes for students Business assets. Free taxes for students   Real property and depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later under Dispositions of Intangible Property) are not capital assets. Free taxes for students The sale or disposition of business property is discussed in chapter 3. Free taxes for students Letters and memoranda. Free taxes for students   Letters, memoranda, and similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs) are not treated as capital assets (as discussed earlier) if your personal efforts created them or if they were prepared or produced for you. Free taxes for students Nor is this property a capital asset if your basis in it is determined by reference to the person who created it or the person for whom it was prepared. Free taxes for students For this purpose, letters and memoranda addressed to you are considered prepared for you. Free taxes for students If letters or memoranda are prepared by persons under your administrative control, they are considered prepared for you whether or not you review them. Free taxes for students Commodities derivative financial instrument. Free taxes for students   A commodities derivative financial instrument is a commodities contract or other financial instrument for commodities (other than a share of corporate stock, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract) the value or settlement price of which is calculated or determined by reference to a specified index (as defined in section 1221(b) of the Internal Revenue Code). Free taxes for students Commodities derivative dealer. Free taxes for students   A commodities derivative dealer is a person who regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business. Free taxes for students Hedging transaction. Free taxes for students   A hedging transaction is any transaction you enter into in the normal course of your trade or business primarily to manage any of the following. Free taxes for students Risk of price changes or currency fluctuations involving ordinary property you hold or will hold. Free taxes for students Risk of interest rate or price changes or currency fluctuations for borrowings you make or will make, or ordinary obligations you incur or will incur. Free taxes for students Sales and Exchanges Between Related Persons This section discusses the rules that may apply to the sale or exchange of property between related persons. Free taxes for students If these rules apply, gains may be treated as ordinary income and losses may not be deductible. Free taxes for students See Transfers to Spouse in chapter 1 for rules that apply to spouses. Free taxes for students Gain Is Ordinary Income If a gain is recognized on the sale or exchange of property to a related person, the gain may be ordinary income even if the property is a capital asset. Free taxes for students It is ordinary income if the sale or exchange is a depreciable property transaction or a controlled partnership transaction. Free taxes for students Depreciable property transaction. Free taxes for students   Gain on the sale or exchange of property, including a leasehold or a patent application, that is depreciable property in the hands of the person who receives it is ordinary income if the transaction is either directly or indirectly between any of the following pairs of entities. Free taxes for students A person and the person's controlled entity or entities. Free taxes for students A taxpayer and any trust in which the taxpayer (or his or her spouse) is a beneficiary unless the beneficiary's interest in the trust is a remote contingent interest; that is, the value of the interest computed actuarially is 5% or less of the value of the trust property. Free taxes for students An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest (a bequest for a sum of money). Free taxes for students An employer (or any person related to the employer under rules (1), (2), or (3)) and a welfare benefit fund (within the meaning of section 419(e) of the Internal Revenue Code) that is controlled directly or indirectly by the employer (or any person related to the employer). Free taxes for students Controlled entity. Free taxes for students   A person's controlled entity is either of the following. Free taxes for students A corporation in which more than 50% of the value of all outstanding stock, or a partnership in which more than 50% of the capital interest or profits interest, is directly or indirectly owned by or for that person. Free taxes for students An entity whose relationship with that person is one of the following. Free taxes for students A corporation and 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 interest or profits interest in the partnership. Free taxes for students Two corporations that are members of the same controlled group as defined in section 1563(a) of the Internal Revenue Code, except that “more than 50%” is substituted for “at least 80%” in that definition. Free taxes for students Two S corporations, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free taxes for students Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free taxes for students Controlled partnership transaction. Free taxes for students   A gain recognized in a controlled partnership transaction may be ordinary income. Free taxes for students The gain is ordinary income if it results from the sale or exchange of property that, in the hands of the party who receives it, is a noncapital asset such as trade accounts receivable, inventory, stock in trade, or depreciable or real property used in a trade or business. Free taxes for students   A controlled partnership transaction is a transaction directly or indirectly between either of the following pairs of entities. Free taxes for students A partnership and a person who directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Free taxes for students Two partnerships, if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Free taxes for students Determining ownership. Free taxes for students   In the transactions under Depreciable property transaction and Controlled partnership transaction, earlier, use the following rules to determine the ownership of stock or a partnership interest. Free taxes for students Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Free taxes for students (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Free taxes for students ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Free taxes for students Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Free taxes for students For purposes of applying (1) or (2), above, stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Free taxes for students But stock or a partnership interest constructively owned by an individual under (2) is not treated as owned by the individual for reapplying (2) to make another person the constructive owner of that stock or partnership interest. Free taxes for students Nondeductible Loss A loss on the sale or exchange of property between related persons is not deductible. Free taxes for students This applies to both direct and indirect transactions, but not to distributions of property from a corporation in a complete liquidation. Free taxes for students For the list of related persons, see Related persons next. Free taxes for students If a sale or exchange is between any of these related persons and involves the lump-sum sale of a number of blocks of stock or pieces of property, the gain or loss must be figured separately for each block of stock or piece of property. Free taxes for students The gain on each item is taxable. Free taxes for students The loss on any item is nondeductible. Free taxes for students Gains from the sales of any of these items may not be offset by losses on the sales of any of the other items. Free taxes for students Related persons. Free taxes for students   The following is a list of related persons. Free taxes for students Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Free taxes for students ), and lineal descendants (children, grandchildren, etc. Free taxes for students ). Free taxes for students An individual and a corporation if the individual directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Free taxes for students Two corporations that are members of the same controlled group as defined in section 267(f) of the Internal Revenue Code. Free taxes for students A trust fiduciary and a corporation if the trust or the grantor of the trust directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Free taxes for students A grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Free taxes for students Fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Free taxes for students A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization, or a member of that person's family. Free taxes for students A corporation and 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 interest or profits interest in the partnership. Free taxes for students Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Free taxes for students Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Free taxes for students An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest. Free taxes for students Two partnerships if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Free taxes for students A person and a partnership if the person directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Free taxes for students Partnership interests. Free taxes for students   The nondeductible loss rule does not apply to a sale or exchange of an interest in the partnership between the related persons described in (12) or (13) above. Free taxes for students Controlled groups. Free taxes for students   Losses on transactions between members of the same controlled group described in (3) earlier are deferred rather than denied. Free taxes for students   For more information, see section 267(f) of the Internal Revenue Code. Free taxes for students Ownership of stock or partnership interests. Free taxes for students   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership for a loss on a sale or exchange, the following rules apply. Free taxes for students Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Free taxes for students (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Free taxes for students ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Free taxes for students Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Free taxes for students An individual owning (other than by applying (2)) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Free taxes for students For purposes of applying (1), (2), or (3), stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Free taxes for students But stock or a partnership interest constructively owned by an individual under (2) or (3) is not treated as owned by the individual for reapplying either (2) or (3) to make another person the constructive owner of that stock or partnership interest. Free taxes for students Indirect transactions. Free taxes for students   You cannot deduct your loss on the sale of stock through your broker if under a prearranged plan a related person or entity buys the same stock you had owned. Free taxes for students This does not apply to a cross-trade between related parties through an exchange that is purely coincidental and is not prearranged. Free taxes for students Property received from a related person. Free taxes for students   If, in a purchase or exchange, you received property from a related person who had a loss that was not allowable and you later sell or exchange the property at a gain, you recognize the gain only to the extent it is more than the loss previously disallowed to the related person. Free taxes for students This rule applies only to the original transferee. Free taxes for students Example 1. Free taxes for students Your brother sold stock to you for $7,600. Free taxes for students His cost basis was $10,000. Free taxes for students His loss of $2,400 was not deductible. Free taxes for students You later sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900 ($10,500 − $7,600). Free taxes for students Your recognized gain is only $500, the gain that is more than the $2,400 loss not allowed to your brother. Free taxes for students Example 2. Free taxes for students Assume the same facts as in Example 1, except that you sell the stock for $6,900 instead of $10,500. Free taxes for students Your recognized loss is only $700 ($7,600 − $6,900). Free taxes for students You cannot deduct the loss not allowed to your brother. Free taxes for students Other Dispositions This section discusses rules for determining the treatment of gain or loss from various dispositions of property. Free taxes for students Sale of a Business The sale of a business usually is not a sale of one asset. Free taxes for students Instead, all the assets of the business are sold. Free taxes for students Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Free taxes for students A business usually has many assets. Free taxes for students When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. Free taxes for students The gain or loss on each asset is figured separately. Free taxes for students The sale of capital assets results in capital gain or loss. Free taxes for students The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction (discussed in chapter 3). Free taxes for students The sale of inventory results in ordinary income or loss. Free taxes for students Partnership interests. Free taxes for students   An interest in a partnership or joint venture is treated as a capital asset when sold. Free taxes for students The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary gain or loss. Free taxes for students For more information, see Disposition of Partner's Interest in Publication 541. Free taxes for students Corporation interests. Free taxes for students   Your interest in a corporation is represented by stock certificates. Free taxes for students When you sell these certificates, you usually realize capital gain or loss. Free taxes for students For information on the sale of stock, see chapter 4 in Publication 550. Free taxes for students Corporate liquidations. Free taxes for students   Corporate liquidations of property generally are treated as a sale or exchange. Free taxes for students Gain or loss generally is recognized by the corporation on a liquidating sale of its assets. Free taxes for students Gain or loss generally is recognized also on a liquidating distribution of assets as if the corporation sold the assets to the distributee at fair market value. Free taxes for students   In certain cases in which the distributee is a corporation in control of the distributing corporation, the distribution may not be taxable. Free taxes for students For more information, see section 332 of the Internal Revenue Code and the related regulations. Free taxes for students Allocation of consideration paid for a business. Free taxes for students   The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. Free taxes for students Except for assets exchanged under any nontaxable exchange rules, both the buyer and seller of a business must use the residual method (explained later) to allocate the consideration to each business asset transferred. Free taxes for students This method determines gain or loss from the transfer of each asset and how much of the consideration is for goodwill and certain other intangible property. Free taxes for students It also determines the buyer's basis in the business assets. Free taxes for students Consideration. Free taxes for students   The buyer's consideration is the cost of the assets acquired. Free taxes for students The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets. Free taxes for students Residual method. Free taxes for students   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Free taxes for students This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b) of the Internal Revenue Code. Free taxes for students Section 743(b) applies if a partnership has an election in effect under section 754 of the Internal Revenue Code. Free taxes for students   A group of assets constitutes a trade or business if either of the following applies. Free taxes for students Goodwill or going concern value could, under any circumstances, attach to them. Free taxes for students The use of the assets would constitute an active trade or business under section 355 of the Internal Revenue Code. Free taxes for students   The residual method provides for the consideration to be reduced first by the amount of Class I assets (defined below). Free taxes for students The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Free taxes for students See Classes of assets next for the complete order. Free taxes for students Classes of assets. Free taxes for students   The following definitions are the classifications for deemed or actual asset acquisitions. Free taxes for students Allocate the consideration among the assets in the following order. Free taxes for students The amount allocated to an asset, other than a Class VII asset, cannot exceed its fair market value on the purchase date. Free taxes for students The amount you can allocate to an asset also is subject to any applicable limits under the Internal Revenue Code or general principles of tax law. Free taxes for students Class I assets are cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Free taxes for students Class II assets are certificates of deposit, U. Free taxes for students S. Free taxes for students Government securities, foreign currency, and actively traded personal property, including stock and securities. Free taxes for students Class III assets are accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Free taxes for students However, see section 1. Free taxes for students 338-6(b)(2)(iii) of the regulations for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Free taxes for students Class IV assets are property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Free taxes for students Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Free taxes for students    Note. Free taxes for students Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business are generally Class V assets. Free taxes for students Class VI assets are section 197 intangibles (other than goodwill and going concern value). Free taxes for students Class VII assets are goodwill and going concern value (whether the goodwill or going concern value qualifies as a section 197 intangible). Free taxes for students   If an asset described in one of the classifications described above can be included in more than one class, include it in the lower numbered class. Free taxes for students For example, if an asset is described in both Class II and Class IV, choose Class II. Free taxes for students Example. Free taxes for students The total paid in the sale of the assets of Company SKB is $21,000. Free taxes for students No cash or deposit accounts or similar accounts were sold. Free taxes for students The company's U. Free taxes for students S. Free taxes for students Government securities sold had a fair market value of $3,200. Free taxes for students The only other asset transferred (other than goodwill and going concern value) was inventory with a fair market value of $15,000. Free taxes for students Of the $21,000 paid for the assets of Company SKB, $3,200 is allocated to U. Free taxes for students S. Free taxes for students Government securities, $15,000 to inventory assets, and the remaining $2,800 to goodwill and going concern value. Free taxes for students Agreement. Free taxes for students   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Free taxes for students This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Free taxes for students Reporting requirement. Free taxes for students   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Free taxes for students Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Free taxes for students Generally, the buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Free taxes for students See the Instructions for Form 8594. Free taxes for students Dispositions of Intangible Property Intangible property is any personal property that has value but cannot be seen or touched. Free taxes for students It includes such items as patents, copyrights, and the goodwill value of a business. Free taxes for students Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Free taxes for students The treatment of section 1231 gain or loss and the recapture of amortization and depreciation as ordinary income are explained in chapter 3. Free taxes for students See chapter 8 of Publication 535, Business Expenses, for information on amortizable intangible property and chapter 1 of Publication 946, How To Depreciate Property, for information on intangible property that can and cannot be depreciated. Free taxes for students Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset. Free taxes for students The following discussions explain special rules that apply to certain dispositions of intangible property. Free taxes for students Section 197 Intangibles Section 197 intangibles are certain intangible assets acquired after August 10, 1993 (after July 25, 1991, if chosen), and held in connection with the conduct of a trade or business or an activity entered into for profit whose costs are amortized over 15 years. Free taxes for students They include the following assets. Free taxes for students Goodwill. Free taxes for students Going concern value. Free taxes for students Workforce in place. Free taxes for students Business books and records, operating systems, and other information bases. Free taxes for students Patents, copyrights, formulas, processes, designs, patterns, know how, formats, and similar items. Free taxes for students Customer-based intangibles. Free taxes for students Supplier-based intangibles. Free taxes for students Licenses, permits, and other rights granted by a governmental unit. Free taxes for students Covenants not to compete entered into in connection with the acquisition of a business. Free taxes for students Franchises, trademarks, and trade names. Free taxes for students See chapter 8 of Publication 535 for a description of each intangible. Free taxes for students Dispositions. Free taxes for students   You cannot deduct a loss from the disposition or worthlessness of a section 197 intangible you acquired in the same transaction (or series of related transactions) as another section 197 intangible you still hold. Free taxes for students Instead, you must increase the adjusted basis of your retained section 197 intangible by the nondeductible loss. Free taxes for students If you retain more than one section 197 intangible, increase each intangible's adjusted basis. Free taxes for students Figure the increase by multiplying the nondeductible loss by a fraction, the numerator (top number) of which is the retained intangible's adjusted basis on the date of the loss and the denominator (bottom number) of which is the total adjusted basis of all retained intangibles on the date of the loss. Free taxes for students   In applying this rule, members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity. Free taxes for students For example, a corporation cannot deduct a loss on the sale of a section 197 intangible if, after the sale, a member of the same controlled group retains other section 197 intangibles acquired in the same transaction as the intangible sold. Free taxes for students Covenant not to compete. Free taxes for students   A covenant not to compete (or similar arrangement) that is a section 197 intangible cannot be treated as disposed of or worthless before you have disposed of your entire interest in the trade or business for which the covenant was entered into. Free taxes for students Members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity in determining whether a member has disposed of its entire interest in a trade or business. Free taxes for students Anti-churning rules. Free taxes for students   Anti-churning rules prevent a taxpayer from converting section 197 intangibles that do not qualify for amortization into property that would qualify for amortization. Free taxes for students However, these rules do not apply to part of the basis of property acquired by certain related persons if the transferor elects to do both the following. Free taxes for students Recognize gain on the transfer of the property. Free taxes for students Pay income tax on the gain at the highest tax rate. Free taxes for students   If the transferor is a partnership or S corporation, the partnership or S corporation (not the partners or shareholders) can make the election. Free taxes for students But each partner or shareholder must pay the tax on his or her share of gain. Free taxes for students   To make the election, you, as the transferor, must attach a statement containing certain information to your income tax return for the year of the transfer. Free taxes for students You must file the tax return by the due date (including extensions). Free taxes for students You must also notify the transferee of the election in writing by the due date of the return. Free taxes for students   If you timely filed your return without making the election, you can make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Free taxes for students Attach the statement to the amended return and write “Filed pursuant to section 301. Free taxes for students 9100-2” at the top of the statement. Free taxes for students File the amended return at the same address the original return was filed. Free taxes for students For more information about making the election, see Regulations section 1. Free taxes for students 197-2(h)(9). Free taxes for students For information about reporting the tax on your income tax return, see the Instructions for Form 4797. Free taxes for students Patents The transfer of a patent by an individual is treated as a sale or exchange of a capital asset held longer than 1 year. Free taxes for students This applies even if the payments for the patent are made periodically during the transferee's use or are contingent on the productivity, use, or disposition of the patent. Free taxes for students For information on the treatment of gain or loss on the transfer of capital assets, see chapter 4. Free taxes for students This treatment applies to your transfer of a patent if you meet all the following conditions. Free taxes for students You are the holder of the patent. Free taxes for students You transfer the patent other than by gift, inheritance, or devise. Free taxes for students You transfer all substantial rights to the patent or an undivided interest in all such rights. Free taxes for students You do not transfer the patent to a related person. Free taxes for students Holder. Free taxes for students   You are the holder of a patent if you are either of the following. Free taxes for students The individual whose effort created the patent property and who qualifies as the original and first inventor. Free taxes for students The individual who bought an interest in the patent from the inventor before the invention was tested and operated successfully under operating conditions and who is neither related to, nor the employer of, the inventor. Free taxes for students All substantial rights. Free taxes for students   All substantial rights to patent property are all rights that have value when they are transferred. Free taxes for students A security interest (such as a lien), or a reservation calling for forfeiture for nonperformance, is not treated as a substantial right for these rules and may be kept by you as the holder of the patent. Free taxes for students   All substantial rights to a patent are not transferred if any of the following apply to the transfer. Free taxes for students The rights are limited geographically within a country. Free taxes for students The rights are limited to a period less than the remaining life of the patent. Free taxes for students The rights are limited to fields of use within trades or industries and are less than all the rights that exist and have value at the time of the transfer. Free taxes for students The rights are less than all the claims or inventions covered by the patent that exist and have value at the time of the transfer. Free taxes for students Related persons. Free taxes for students   This tax treatment does not apply if the transfer is directly or indirectly between you and a related person as defined earlier in the list under Nondeductible Loss, with the following changes. Free taxes for students Members of your family include your spouse, ancestors, and lineal descendants, but not your brothers, sisters, half-brothers, or half-sisters. Free taxes for students Substitute “25% or more” ownership for “more than 50%. Free taxes for students ”   If you fit within the definition of a related person independent of family status, the brother-sister exception in (1), earlier, does not apply. Free taxes for students For example, a transfer between a brother and a sister as beneficiary and fiduciary of the same trust is a transfer between related persons. Free taxes for students The brother-sister exception does not apply because the trust relationship is independent of family status. Free taxes for students Franchise, Trademark, or Trade Name If you transfer or renew a franchise, trademark, or trade name for a price contingent on its productivity, use, or disposition, the amount you receive generally is treated as an amount realized from the sale of a noncapital asset. Free taxes for students A franchise includes an agreement that gives one of the parties the right to distribute, sell, or provide goods, services, or facilities within a specified area. Free taxes for students Significant power, right, or continuing interest. Free taxes for students   If you keep any significant power, right, or continuing interest in the subject matter of a franchise, trademark, or trade name that you transfer or renew, the amount you receive is ordinary royalty income rather than an amount realized from a sale or exchange. Free taxes for students   A significant power, right, or continuing interest in a franchise, trademark, or trade name includes, but is not limited to, the following rights in the transferred interest. Free taxes for students A right to disapprove any assignment of the interest, or any part of it. Free taxes for students A right to end the agreement at will. Free taxes for students A right to set standards of quality for products used or sold, or for services provided, and for the equipment and facilities used to promote such products or services. Free taxes for students A right to make the recipient sell or advertise only your products or services. Free taxes for students A right to make the recipient buy most supplies and equipment from you. Free taxes for students A right to receive payments based on the productivity, use, or disposition of the transferred item of interest if those payments are a substantial part of the transfer agreement. Free taxes for students Subdivision of Land If you own a tract of land and, to sell or exchange it, you subdivide it into individual lots or parcels, the gain normally is ordinary income. Free taxes for students However, you may receive capital gain treatment on at least part of the proceeds provided you meet certain requirements. Free taxes for students See section 1237 of the Internal Revenue Code. Free taxes for students Timber Standing timber held as investment property is a capital asset. Free taxes for students Gain or loss from its sale is reported as a capital gain or loss on Form 8949, and Schedule D (Form 1040), as applicable. Free taxes for students If you held the timber primarily for sale to customers, it is not a capital asset. Free taxes for students Gain or loss on its sale is ordinary business income or loss. Free taxes for students It is reported in the gross receipts or sales and cost of goods sold items of your return. Free taxes for students Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Free taxes for students These sales constitute a very minor part of their farm businesses. Free taxes for students In these cases, amounts realized from such sales, and the expenses of cutting, hauling, etc. Free taxes for students , are ordinary farm income and expenses reported on Schedule F (Form 1040), Profit or Loss From Farming. Free taxes for students Different rules apply if you owned the timber longer than 1 year and elect to either: Treat timber cutting as a sale or exchange, or Enter into a cutting contract. Free taxes for students Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Free taxes for students This is true whether the timber is cut under contract or whether you cut it yourself. Free taxes for students Under the rules discussed below, disposition of the timber is treated as a section 1231 transaction. Free taxes for students See chapter 3. Free taxes for students Gain or loss is reported on Form 4797. Free taxes for students Christmas trees. Free taxes for students   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Free taxes for students They qualify for both rules discussed below. Free taxes for students Election to treat cutting as a sale or exchange. Free taxes for students   Under the general rule, the cutting of timber results in no gain or loss. Free taxes for students It is not until a sale or exchange occurs that gain or loss is realized. Free taxes for students But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year the timber is cut. Free taxes for students Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Free taxes for students Any later sale results in ordinary business income or loss. Free taxes for students See Example, later. Free taxes for students   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or for use in your trade or business. Free taxes for students Making the election. Free taxes for students   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of the gain or loss. Free taxes for students You do not have to make the election in the first year you cut timber. Free taxes for students You can make it in any year to which the election would apply. Free taxes for students If the timber is partnership property, the election is made on the partnership return. Free taxes for students This election cannot be made on an amended return. Free taxes for students   Once you have made the election, it remains in effect for all later years unless you cancel it. Free taxes for students   If you previously elected to treat the cutting of timber as a sale or exchange, you may revoke this election without the consent of the IRS. Free taxes for students The prior election (and revocation) is disregarded for purposes of making a subsequent election. Free taxes for students See Form T (Timber), Forest Activities Schedule, for more information. Free taxes for students Gain or loss. Free taxes for students   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its fair market value on the first day of your tax year in which it is cut. Free taxes for students   Your adjusted basis for depletion of cut timber is based on the number of units (feet board measure, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Free taxes for students Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 of the Internal Revenue Code and the related regulations. Free taxes for students   Timber depletion is discussed in chapter 9 of Publication 535. Free taxes for students Example. Free taxes for students In April 2013, you had owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Free taxes for students It had an adjusted basis for depletion of $40 per MBF. Free taxes for students You are a calendar year taxpayer. Free taxes for students On January 1, 2013, the timber had a fair market value (FMV) of $350 per MBF. Free taxes for students It was cut in April for sale. Free taxes for students On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Free taxes for students You report the difference between the fair market value and your adjusted basis for depletion as a gain. Free taxes for students This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as capital gain or as ordinary gain. Free taxes for students You figure your gain as follows. Free taxes for students FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000 The fair market value becomes your basis in the cut timber and a later sale of the cut timber including any by-product or tree tops will result in ordinary business income or loss. Free taxes for students Outright sales of timber. Free taxes for students   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined below). Free taxes for students However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see below). Free taxes for students Cutting contract. Free taxes for students   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Free taxes for students You are the owner of the timber. Free taxes for students You held the timber longer than 1 year before its disposal. Free taxes for students You kept an economic interest in the timber. Free taxes for students   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Free taxes for students   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Free taxes for students Include this amount on Form 4797 along with your other section 1231 gains or losses to figure whether it is treated as capital or ordinary gain or loss. Free taxes for students Date of disposal. Free taxes for students   The date of disposal is the date the timber is cut. Free taxes for students However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Free taxes for students   This election applies only to figure the holding period of the timber. Free taxes for students It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Free taxes for students   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Free taxes for students The statement must identify the advance payments subject to the election and the contract under which they were made. Free taxes for students   If you timely filed your return for the year you received payment without making the election, you still can make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Free taxes for students Attach the statement to the amended return and write “Filed pursuant to section 301. Free taxes for students 9100-2” at the top of the statement. Free taxes for students File the amended return at the same address the original return was filed. Free taxes for students Owner. Free taxes for students   The owner of timber is any person who owns an interest in it, including a sublessor and the holder of a contract to cut the timber. Free taxes for students You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Free taxes for students Tree stumps. Free taxes for students   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Free taxes for students Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Free taxes for students However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Free taxes for students Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Free taxes for students   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Free taxes for students Precious Metals and Stones, Stamps, and Coins Gold, silver, gems, stamps, coins, etc. Free taxes for students , are capital assets except when they are held for sale by a dealer. Free taxes for students Any gain or loss from their sale or exchange generally is a capital gain or loss. Free taxes for students If you are a dealer, the amount received from the sale is ordinary business income. Free taxes for students Coal and Iron Ore You must treat the disposal of coal (including lignite) or iron ore mined in the United States as a section 1231 transaction if both the following apply to you. Free taxes for students You owned the coal or iron ore longer than 1 year before its disposal. Free taxes for students You kept an economic interest in the coal or iron ore. Free taxes for students For this rule, the date the coal or iron ore is mined is considered the date of its disposal. Free taxes for students Your gain or loss is the difference between the amount realized from disposal of the coal or iron ore and the adjusted basis you use to figure cost depletion (increased by certain expenses not allowed as deductions for the tax year). Free taxes for students This amount is included on Form 4797 along with your other section 1231 gains and losses. Free taxes for students You are considered an owner if you own or sublet an economic interest in the coal or iron ore in place. Free taxes for students If you own only an option to buy the coal in place, you do not qualify as an owner. Free taxes for students In addition, this gain or loss treatment does not apply to income realized by an owner who is a co-adventurer, partner, or principal in the mining of coal or iron ore. Free taxes for students The expenses of making and administering the contract under which the coal or iron ore was disposed of and the expenses of preserving the economic interest kept under the contract are not allowed as deductions in figuring taxable income. Free taxes for students Rather, their total, along with the adjusted depletion basis, is deducted from the amount received to determine gain. Free taxes for students If the total of these expenses plus the adjusted depletion basis is more than the amount received, the result is a loss. Free taxes for students Special rule. Free taxes for students   The above treatment does not apply if you directly or indirectly dispose of the iron ore or coal to any of the following persons. Free taxes for students A related person whose relationship to you would result in the disallowance of a loss (see Nondeductible Loss under Sales and Exchanges Between Related Persons, earlier). Free taxes for students An individual, trust, estate, partnership, association, company, or corporation owned or controlled directly or indirectly by the same interests that own or control your business. Free taxes for students Conversion Transactions Recognized gain on the disposition or termination of any position held as part of certain conversion transactions is treated as ordinary income. Free taxes for students This applies if substantially all your expected return is attributable to the time value of your net investment (like interest on a loan) and the transaction is any of the following. Free taxes for students An applicable straddle (generally, any set of offsetting positions with respect to personal property, including stock). Free taxes for students A transaction in which you acquire property and, at or about the same time, you contract to sell the same or substantially identical property at a specified price. Free taxes for students Any other transaction that is marketed and sold as producing capital gain from a transaction in which substantially all of your expected return is due to the time value of your net investment. Free taxes for students For more information, see chapter 4 of Publication 550. Free taxes for students Prev  Up  Next   Home   More Online Publications
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The Free Taxes For Students

Free taxes for students Index Symbols 403(b) account, What Is a 403(b) Plan? 403(b) plans Basics, 403(b) Plan Basics Benefits, What Are the Benefits of Contributing to a 403(b) Plan? Participation, Who Can Participate in a 403(b) Plan? Self-employed ministers, Who Can Set Up a 403(b) Account? What is a 403(b) plan?, What Is a 403(b) Plan? Who can set up a 403(b) account?, Who Can Set Up a 403(b) Account? A After-tax contributions, How Can Contributions Be Made to My 403(b) Account? Assistance (see Tax help) B Basics, 403(b) Plan Basics Benefits, What Are the Benefits of Contributing to a 403(b) Plan? C Catch-up contributions, Catch-Up Contributions Chaplain, Ministers. Free taxes for students Church employees, Ministers and Church Employees Years of service, Changes to Years of Service Comments on publication, Comments and suggestions. Free taxes for students Contributions, How Can Contributions Be Made to My 403(b) Account? After-tax, How Can Contributions Be Made to My 403(b) Account? Catch-up, Catch-Up Contributions Elective deferrals, How Can Contributions Be Made to My 403(b) Account?, Elective deferrals only. Free taxes for students Nonelective, How Can Contributions Be Made to My 403(b) Account? Reporting, Do I Report Contributions on My Tax Return? Correcting excess contributions, What Happens If I Have Excess Contributions? Credit, for retirement savings contributions, Retirement Savings Contributions Credit (Saver's Credit) D Distributions, Distributions and Rollovers, Distributions 10-year tax option, No Special 10-Year Tax Option 90-24 transfer, Contract exchanges. Free taxes for students Deceased employees, Spouses of deceased employees. Free taxes for students Direct rollover, Direct rollovers of 403(b) plan distributions. Free taxes for students Eligible retirement plans, Eligible retirement plans. Free taxes for students Frozen deposit, Frozen deposits. Free taxes for students Gift tax, Gift Tax Minimum required, Minimum Required Distributions Qualified domestic relations order, Qualified domestic relations order. Free taxes for students Rollovers, Tax-Free Rollovers, Rollovers to and from 403(b) plans. Free taxes for students Second rollover, Second rollover. Free taxes for students Transfers, Transfer of Interest in 403(b) Contract E Elective deferrals, How Can Contributions Be Made to My 403(b) Account?, Elective deferrals only. Free taxes for students Eligible employees, Eligible employees. Free taxes for students , Church employee. Free taxes for students Employer's annual work period, Employer's annual work period. Free taxes for students Excess contributions, Excess Contributions Correcting, What Happens If I Have Excess Contributions? Determining, How Do I Know If I Have Excess Contributions? Excess amounts, Excess Annual Addition Excess deferrals, Excess Annual Addition Excess elective deferral, Excess Elective Deferral Excise tax, Excise Tax Excise tax Excess contributions, Excise Tax Reporting requirement, Reporting requirement. Free taxes for students F Free tax services, How To Get Tax Help, Free help with your tax return. Free taxes for students Full-time or part-time, Years of Service G Gift tax, Gift Tax H Help (see Tax help) I Incidental life insurance, Cost of Incidental Life Insurance Includible compensation, Includible Compensation 403(b) plan, Changes to Includible Compensation Figuring, Figuring Includible Compensation for Your Most Recent Year of Service Foreign missionaries, Changes to Includible Compensation Incidental life insurance, Cost of Incidental Life Insurance Self-employed ministers, Changes to Includible Compensation Includible compensation for your most recent year of service Definition, Definition. Free taxes for students L Limit on annual additions, Limit on Annual Additions Limit on elective deferrals, Limit on Elective Deferrals 15-year rule, 15-Year Rule Figuring, Figuring the Limit on Elective Deferrals General limit, General Limit M MAC (see Maximum amount contributable) Maximum amount contributable, Maximum Amount Contributable (MAC) Components, Components of Your MAC How to figure MAC, How Do I Figure My MAC? When to figure MAC, When Should I Figure My MAC? Minimum required distributions, Minimum Required Distributions Ministers, Ministers. Free taxes for students , Ministers and Church Employees Missing children, Reminder More information (see Tax help) Most recent year of service, Most Recent Year of Service Most recent year of service, figuring, Figuring Your Most Recent Year of Service N Nonelective contributions, How Can Contributions Be Made to My 403(b) Account?, Nonelective contributions only. Free taxes for students P Pre-tax contributions, Includible Compensation, Table 3-4. Free taxes for students Worksheet B. Free taxes for students Includible Compensation for Your Most Recent Year of Service1 , Rollovers to and from 403(b) plans. Free taxes for students , Worksheet B. Free taxes for students Includible Compensation for Your Most Recent Year of Service1 Publications (see Tax help) Q Qualified domestic relations order, Qualified domestic relations order. Free taxes for students R Reporting Contributions Self-employed ministers, Self-employed ministers. Free taxes for students Reporting contributions Chaplains, Chaplains. Free taxes for students Required distributions, Minimum Required Distributions Retirement savings contributions credit, What's New for 2013, What's New for 2014, Retirement Savings Contributions Credit (Saver's Credit) Rollovers, Distributions and Rollovers, Tax-Free Rollovers Roth contribution program, Roth contribution program. Free taxes for students S Salary reduction agreement, Limit on Elective Deferrals Self-employed ministers, Ministers. Free taxes for students , Who Can Set Up a 403(b) Account?, Self-employed minister. Free taxes for students , Self-employed ministers. Free taxes for students , Self-employed minister. Free taxes for students Suggestions for publication, Comments and suggestions. Free taxes for students T Tax help, How To Get Tax Help Transfers, Transfer of Interest in 403(b) Contract 90-24 transfer, Transfer of Interest in 403(b) Contract Conservatorship, Contract exchanges. Free taxes for students Direct-trustee-to-trustee, Direct trustee-to-trustee transfer. Free taxes for students Insolvency, Tax-free transfers for certain cash distributions. Free taxes for students Permissive service credit, Permissive service credit. Free taxes for students TTY/TDD information, How To Get Tax Help V Voluntary deductible contributions, Voluntary deductible contributions. Free taxes for students W What is a 403(b) plan?, What Is a 403(b) Plan? Y Years of service, Years of Service Church employees, Church employee. Free taxes for students , Changes to Years of Service Definition, Definition Employer's annual work period, Employer's annual work period. Free taxes for students Full year of service, Full year of service. Free taxes for students Full-time employee for the full year, Full-Time Employee for the Full Year Full-time for part of the year, Full-time for part of the year. Free taxes for students Other than full-time for the full year, Other Than Full-Time for the Full Year Part-time for the full year, Part-time for the full year. Free taxes for students Part-time for the part of the year, Part-time for part of the year. Free taxes for students Self-employed minister, Changes to Years of Service Total years of service, Total years of service. Free taxes for students Prev  Up     Home   More Online Publications