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Georgia State Income Tax Forms 2012

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Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 2. Georgia state income tax forms 2012   Withholding Tax Table of Contents Topics - This chapter discusses: Useful Items - You may want to see: Income Tax Withholding Statement. Georgia state income tax forms 2012 30% Flat Rate Withholding Social Security and Medicare TaxesGeneral Information Bilateral Social Security (Totalization) Agreements Topics - This chapter discusses: Withholding income tax from the pay of U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizens, Withholding tax at a flat rate, and Social security and Medicare taxes. Georgia state income tax forms 2012 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 673 Statement For Claiming Exemption From Withholding on Foreign Earned Income Eligible for the Exclusion Provided by Section 911 W-4 Employee's Withholding Allowance Certificate W-9 Request for Taxpayer Identification Number and Certification See chapter 7 for information about getting this publication and these forms. Georgia state income tax forms 2012 Income Tax Withholding U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 employers generally must withhold U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 income tax from the pay of U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizens working abroad unless the employer is required by foreign law to withhold foreign income tax. Georgia state income tax forms 2012 Foreign earned income exclusion. Georgia state income tax forms 2012   Your employer does not have to withhold U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 income taxes from wages you earn abroad if it is reasonable to believe that you will exclude them from income under the foreign earned income exclusion or the foreign housing exclusion. Georgia state income tax forms 2012   Your employer should withhold taxes from any wages you earn for working in the United States. Georgia state income tax forms 2012 Statement. Georgia state income tax forms 2012   You can give a statement to your employer indicating that you expect to qualify for the foreign earned income exclusion under either the bona fide residence test or the physical presence test and indicating your estimated housing cost exclusion. Georgia state income tax forms 2012   Form 673 is an acceptable statement. Georgia state income tax forms 2012 You can use Form 673 only if you are a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizen. Georgia state income tax forms 2012 You do not have to use the form. Georgia state income tax forms 2012 You can prepare your own statement. Georgia state income tax forms 2012 See a copy of Form 673, later. Georgia state income tax forms 2012   Generally, your employer can stop the withholding once you submit the statement that includes a declaration that the statement is made under penalties of perjury. Georgia state income tax forms 2012 However, if your employer has reason to believe that you will not qualify for either the foreign earned income or the foreign housing exclusion, your employer must continue to withhold. Georgia state income tax forms 2012   In determining whether your foreign earned income is more than the limit on either the foreign earned income exclusion or the foreign housing exclusion, if your employer has any information about pay you received from any other source outside the United States, your employer must take that information into account. Georgia state income tax forms 2012 Foreign tax credit. Georgia state income tax forms 2012   If you plan to take a foreign tax credit, you may be eligible for additional withholding allowances on Form W-4. Georgia state income tax forms 2012 You can take these additional withholding allowances only for foreign tax credits attributable to taxable salary or wage income. Georgia state income tax forms 2012 Withholding from pension payments. Georgia state income tax forms 2012   U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 payers of benefits from employer-deferred compensation plans, individual retirement plans, and commercial annuities generally must withhold income tax from payments delivered outside of the United States. Georgia state income tax forms 2012 You can choose exemption from withholding if you: Provide the payer of the benefits with a residence address in the United States or a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 possession, or Certify to the payer that you are not a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizen or resident alien or someone who left the United States to avoid tax. Georgia state income tax forms 2012 Check your withholding. Georgia state income tax forms 2012   Before you report U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 income tax withholding on your tax return, you should carefully review all information documents, such as Form W-2, Wage and Tax Statement, and the Form 1099 information returns. Georgia state income tax forms 2012 Compare other records, such as final pay records or bank statements, with Form W-2 or Form 1099 to verify the withholding on these forms. Georgia state income tax forms 2012 Check your U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 income tax withholding even if you pay someone else to prepare your tax return. Georgia state income tax forms 2012 You may be assessed penalties and interest if you claim more than your correct amount of withholding allowances. Georgia state income tax forms 2012 This image is too large to be displayed in the current screen. Georgia state income tax forms 2012 Please click the link to view the image. Georgia state income tax forms 2012 Form 673 30% Flat Rate Withholding Generally, U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 payers of income other than wages, such as dividends and royalties, are required to withhold tax at a flat 30% (or lower treaty) rate on nonwage income paid to nonresident aliens. Georgia state income tax forms 2012 If you are a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizen or resident alien and this tax is withheld in error from payments to you because you have a foreign address, you should notify the payer of the income to stop the withholding. Georgia state income tax forms 2012 Use Form W-9 to notify the payer. Georgia state income tax forms 2012 You can claim the tax withheld in error as a withholding credit on your tax return if the amount is not adjusted by the payer. Georgia state income tax forms 2012 Social security benefits paid to residents. Georgia state income tax forms 2012   If you are a lawful permanent resident (green card holder) and a flat 30% tax was withheld in error on your social security benefits, the tax is refundable by the Social Security Administration (SSA) or the IRS. Georgia state income tax forms 2012 The SSA will refund the tax withheld if the refund can be processed during the same calendar year in which the tax was withheld. Georgia state income tax forms 2012 If the SSA cannot refund the tax withheld, you must file a Form 1040 or 1040A with the Internal Revenue Service Center at the address listed under Where To File to determine if you are entitled to a refund. Georgia state income tax forms 2012 The following information must be submitted with your Form 1040 or Form 1040A. Georgia state income tax forms 2012 A copy of Form SSA-1042S, Social Security Benefit Statement. Georgia state income tax forms 2012 A copy of your “green card. Georgia state income tax forms 2012 ” A signed declaration that includes the following statements. Georgia state income tax forms 2012   “I am a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 lawful permanent resident and my green card has been neither revoked nor administratively or judicially determined to have been abandoned. Georgia state income tax forms 2012 I am filing a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 income tax return for the taxable year as a resident alien reporting all of my worldwide income. Georgia state income tax forms 2012 I have not claimed benefits for the taxable year under an income tax treaty as a nonresident alien. Georgia state income tax forms 2012 ” Social Security and Medicare Taxes Social security and Medicare taxes may apply to wages paid to an employee regardless of where the services are performed. Georgia state income tax forms 2012 General Information In general, U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security and Medicare taxes do not apply to wages for services you perform as an employee outside the United States unless one of the following exceptions applies. Georgia state income tax forms 2012 You perform the services on or in connection with an American vessel or aircraft (defined later) and either: You entered into your employment contract within the United States, or The vessel or aircraft touches at a U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 port while you are employed on it. Georgia state income tax forms 2012 You are working in one of the countries with which the United States has entered into a bilateral social security agreement (discussed later). Georgia state income tax forms 2012 You are working for an American employer (defined later). Georgia state income tax forms 2012 You are working for a foreign affiliate (defined later) of an American employer under a voluntary agreement entered into between the American employer and the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Treasury Department. Georgia state income tax forms 2012 American vessel or aircraft. Georgia state income tax forms 2012   An American vessel is any vessel documented or numbered under the laws of the United States and any other vessel whose crew is employed solely by one or more U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizens, residents, or corporations. Georgia state income tax forms 2012 An American aircraft is an aircraft registered under the laws of the United States. Georgia state income tax forms 2012 American employer. Georgia state income tax forms 2012   An American employer includes any of the following. Georgia state income tax forms 2012 The U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Government or any of its instrumentalities. Georgia state income tax forms 2012 An individual who is a resident of the United States. Georgia state income tax forms 2012 A partnership of which at least two-thirds of the partners are U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 residents. Georgia state income tax forms 2012 A trust of which all the trustees are U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 residents. Georgia state income tax forms 2012 A corporation organized under the laws of the United States, any U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 state, or the District of Columbia, Puerto Rico, the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Virgin Islands, Guam, or American Samoa. Georgia state income tax forms 2012   An American employer also includes any foreign person with an employee who is performing services in connection with a contract between the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 government (or any instrumentality thereof) and a member of a domestically controlled group of entities which includes such foreign person. Georgia state income tax forms 2012 Foreign affiliate. Georgia state income tax forms 2012   A foreign affiliate of an American employer is any foreign entity in which the American employer has at least a 10% interest, directly or through one or more entities. Georgia state income tax forms 2012 For a corporation, the 10% interest must be in its voting stock. Georgia state income tax forms 2012 For any other entity, the 10% interest must be in its profits. Georgia state income tax forms 2012   Form 2032, Contract Coverage Under Title II of the Social Security Act, is used by American employers to extend social security coverage to U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 citizens and resident aliens working abroad for foreign affiliates of American employers. Georgia state income tax forms 2012 Once you enter into an agreement, coverage cannot be terminated. Georgia state income tax forms 2012 Excludable meals and lodging. Georgia state income tax forms 2012   Social security tax does not apply to the value of meals and lodging provided to you for the convenience of your employer if it is reasonable to believe that you will be able to exclude the value from your income. Georgia state income tax forms 2012 Bilateral Social Security (Totalization) Agreements The United States has entered into agreements with some foreign countries to coordinate social security coverage and taxation of workers who are employed in those countries. Georgia state income tax forms 2012 These agreements are commonly referred to as totalization agreements and are in effect with the following countries. Georgia state income tax forms 2012 Australia Greece Norway Austria Ireland Poland Belgium Italy Portugal Canada Japan Spain Chile Korea, Sweden Czech South Switzerland Republic Luxembourg United Denmark Netherlands Kingdom Finland     France     Germany           Under these agreements, dual coverage and dual contributions (taxes) for the same work are eliminated. Georgia state income tax forms 2012 The agreements generally make sure that you pay social security taxes to only one country. Georgia state income tax forms 2012 Generally, under these agreements, you will only be subject to social security taxes in the country where you are working. Georgia state income tax forms 2012 However, if you are temporarily sent to work in a foreign country and your pay would otherwise be subject to social security taxes in both the United States and that country, you generally can remain covered only by U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security. Georgia state income tax forms 2012 You can get more information on any specific agreement by contacting: Social Security Administration Office of International Programs P. Georgia state income tax forms 2012 O. Georgia state income tax forms 2012 Box 17741 Baltimore, MD 21235-7741 If you have access to the Internet, you can get more information at: http://www. Georgia state income tax forms 2012 socialsecurity. Georgia state income tax forms 2012 gov/international. Georgia state income tax forms 2012 Covered by U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 only. Georgia state income tax forms 2012   If your pay in a foreign country is subject only to U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security tax and is exempt from foreign social security tax, your employer should get a certificate of coverage from the Office of International Programs. Georgia state income tax forms 2012 Covered by foreign country only. Georgia state income tax forms 2012   If you are permanently working in a foreign country with which the United States has a social security agreement and, under the agreement, your pay is exempt from U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security tax, you or your employer should get a statement from the authorized official or agency of the foreign country verifying that your pay is subject to social security coverage in that country. Georgia state income tax forms 2012   If the authorities of the foreign country will not issue such a statement, either you or your employer should get a statement from the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 Social Security Administration, Office of International Programs, at the address listed earlier. Georgia state income tax forms 2012 The statement should indicate that your wages are not covered by the U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security system. Georgia state income tax forms 2012   This statement should be kept by your employer because it establishes that your pay is exempt from U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security tax. Georgia state income tax forms 2012   Only wages paid on or after the effective date of the totalization agreement can be exempt from U. Georgia state income tax forms 2012 S. Georgia state income tax forms 2012 social security tax. Georgia state income tax forms 2012 Prev  Up  Next   Home   More Online Publications
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The Georgia State Income Tax Forms 2012

Georgia state income tax forms 2012 8. Georgia state income tax forms 2012   Amortization Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: How To Deduct Amortization Starting a BusinessBusiness Start-Up Costs Costs of Organizing a Corporation Costs of Organizing a Partnership How To Amortize Getting a Lease Section 197 IntangiblesSection 197 Intangibles Defined Assets That Are Not Section 197 Intangibles Safe Harbor for Creative Property Costs Anti-Churning Rules Incorrect Amount of Amortization Deducted Disposition of Section 197 Intangibles Reforestation Costs Geological and Geophysical Costs Pollution Control FacilitiesNew identifiable treatment facility. Georgia state income tax forms 2012 Research and Experimental Costs Optional Write-off of Certain Tax Preferences Introduction Amortization is a method of recovering (deducting) certain capital costs over a fixed period of time. Georgia state income tax forms 2012 It is similar to the straight line method of depreciation. Georgia state income tax forms 2012 The various amortizable costs covered in this chapter are included in the list below. Georgia state income tax forms 2012 However, this chapter does not discuss amortization of bond premium. Georgia state income tax forms 2012 For information on that topic, see chapter 3 of Publication 550, Investment Income and Expenses. Georgia state income tax forms 2012 Topics - This chapter discusses: Deducting amortization Amortizing costs of starting a business Amortizing costs of getting a lease Amortizing costs of section 197 intangibles Amortizing reforestation costs Amortizing costs of geological and geophysical costs Amortizing costs of pollution control facilities Amortizing costs of research and experimentation Amortizing costs of certain tax preferences Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 4626 Alternative Minimum Tax—Corporations 6251 Alternative Minimum Tax—Individuals See chapter 12 for information about getting publications and forms. Georgia state income tax forms 2012 How To Deduct Amortization To deduct amortization that begins during the current tax year, complete Part VI of Form 4562 and attach it to your income tax return. Georgia state income tax forms 2012 To report amortization from previous years, in addition to amortization that begins in the current year, list on Form 4562 each item separately. Georgia state income tax forms 2012 For example, in 2012, you began to amortize a lease. Georgia state income tax forms 2012 In 2013, you began to amortize a second lease. Georgia state income tax forms 2012 Report amortization from the new lease on line 42 of your 2013 Form 4562. Georgia state income tax forms 2012 Report amortization from the 2012 lease on line 43 of your 2013 Form 4562. Georgia state income tax forms 2012 If you do not have any new amortizable expenses for the current year, you are not required to complete Form 4562 (unless you are claiming depreciation). Georgia state income tax forms 2012 Report the current year's deduction for amortization that began in a prior year directly on the “Other deduction” or “Other expense line” of your return. Georgia state income tax forms 2012 Starting a Business When you start a business, treat all eligible costs you incur before you begin operating the business as capital expenditures which are part of your basis in the business. Georgia state income tax forms 2012 Generally, you recover costs for particular assets through depreciation deductions. Georgia state income tax forms 2012 However, you generally cannot recover other costs until you sell the business or otherwise go out of business. Georgia state income tax forms 2012 For a discussion on how to treat these costs, see If your attempt to go into business is unsuccessful under Capital Expenses in chapter 1. Georgia state income tax forms 2012 For costs paid or incurred after September 8, 2008, you can deduct a limited amount of start-up and organizational costs. Georgia state income tax forms 2012 The costs that are not deducted currently can be amortized ratably over a 180-month period. Georgia state income tax forms 2012 The amortization period starts with the month you begin operating your active trade or business. Georgia state income tax forms 2012 You are not required to attach a statement to make this election. Georgia state income tax forms 2012 You can choose to forgo this election by affirmatively electing to capitalize your start-up costs on your income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins. Georgia state income tax forms 2012 Once made, the election to either amortize or capitalize start-up costs is irrevocable and applies to all start-up costs that are related to your trade or business. Georgia state income tax forms 2012 See Regulations sections 1. Georgia state income tax forms 2012 195-1, 1. Georgia state income tax forms 2012 248-1, and 1. Georgia state income tax forms 2012 709-1. Georgia state income tax forms 2012 For costs paid or incurred after October 22, 2004, and before September 9, 2008, you can elect to deduct a limited amount of business start-up and organizational costs in the year your active trade or business begins. Georgia state income tax forms 2012 Any costs not deducted can be amortized ratably over a 180-month period, beginning with the month you begin business. Georgia state income tax forms 2012 If the election is made, you must attach any statement required by Regulations sections 1. Georgia state income tax forms 2012 195-1(b), 1. Georgia state income tax forms 2012 248-1(c), and 1. Georgia state income tax forms 2012 709-1(c), as in effect before September 9, 2008. Georgia state income tax forms 2012 Note. Georgia state income tax forms 2012 You can apply the provisions of Regulations sections 1. Georgia state income tax forms 2012 195-1, 1. Georgia state income tax forms 2012 248-1, and 1. Georgia state income tax forms 2012 709-1 to all business start-up and organizational costs paid or incurred after October 22, 2004, provided the period of limitations on assessment has not expired for the year of the election. Georgia state income tax forms 2012 Otherwise, the provisions under Regulations sections 1. Georgia state income tax forms 2012 195-1(b), 1. Georgia state income tax forms 2012 248-1(c), and 1. Georgia state income tax forms 2012 709-1(c), as in effect before September 9, 2008, will apply. Georgia state income tax forms 2012 For costs paid or incurred before October 23, 2004, you can elect to amortize business start-up and organization costs over an amortization period of 60 months or more. Georgia state income tax forms 2012 See How To Make the Election , later. Georgia state income tax forms 2012 The cost must qualify as one of the following. Georgia state income tax forms 2012 A business start-up cost. Georgia state income tax forms 2012 An organizational cost for a corporation. Georgia state income tax forms 2012 An organizational cost for a partnership. Georgia state income tax forms 2012 Business Start-Up Costs Start-up costs are amounts paid or incurred for: (a) creating an active trade or business; or (b) investigating the creation or acquisition of an active trade or business. Georgia state income tax forms 2012 Start-up costs include amounts paid or incurred in connection with an existing activity engaged in for profit; and for the production of income in anticipation of the activity becoming an active trade or business. Georgia state income tax forms 2012 Qualifying costs. Georgia state income tax forms 2012   A start-up cost is amortizable if it meets both of the following tests. Georgia state income tax forms 2012 It is a cost you could deduct if you paid or incurred it to operate an existing active trade or business (in the same field as the one you entered into). Georgia state income tax forms 2012 It is a cost you pay or incur before the day your active trade or business begins. Georgia state income tax forms 2012   Start-up costs include amounts paid for the following: An analysis or survey of potential markets, products, labor supply, transportation facilities, etc. Georgia state income tax forms 2012 Advertisements for the opening of the business. Georgia state income tax forms 2012 Salaries and wages for employees who are being trained and their instructors. Georgia state income tax forms 2012 Travel and other necessary costs for securing prospective distributors, suppliers, or customers. Georgia state income tax forms 2012 Salaries and fees for executives and consultants, or for similar professional services. Georgia state income tax forms 2012 Nonqualifying costs. Georgia state income tax forms 2012   Start-up costs do not include deductible interest, taxes, or research and experimental costs. Georgia state income tax forms 2012 See Research and Experimental Costs , later. Georgia state income tax forms 2012 Purchasing an active trade or business. Georgia state income tax forms 2012   Amortizable start-up costs for purchasing an active trade or business include only investigative costs incurred in the course of a general search for or preliminary investigation of the business. Georgia state income tax forms 2012 These are costs that help you decide whether to purchase a business. Georgia state income tax forms 2012 Costs you incur in an attempt to purchase a specific business are capital expenses that you cannot amortize. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 On June 1st, you hired an accounting firm and a law firm to assist you in the potential purchase of XYZ, Inc. Georgia state income tax forms 2012 They researched XYZ's industry and analyzed the financial projections of XYZ, Inc. Georgia state income tax forms 2012 In September, the law firm prepared and submitted a letter of intent to XYZ, Inc. Georgia state income tax forms 2012 The letter stated that a binding commitment would result only after a purchase agreement was signed. Georgia state income tax forms 2012 The law firm and accounting firm continued to provide services including a review of XYZ's books and records and the preparation of a purchase agreement. Georgia state income tax forms 2012 On October 22nd, you signed a purchase agreement with XYZ, Inc. Georgia state income tax forms 2012 All amounts paid or incurred to investigate the business before October 22nd are amortizable investigative costs. Georgia state income tax forms 2012 Amounts paid on or after that date relate to the attempt to purchase the business and therefore must be capitalized. Georgia state income tax forms 2012 Disposition of business. Georgia state income tax forms 2012   If you completely dispose of your business before the end of the amortization period, you can deduct any remaining deferred start-up costs. Georgia state income tax forms 2012 However, you can deduct these deferred start-up costs only to the extent they qualify as a loss from a business. Georgia state income tax forms 2012 Costs of Organizing a Corporation Amounts paid to organize a corporation are the direct costs of creating the corporation. Georgia state income tax forms 2012 Qualifying costs. Georgia state income tax forms 2012   To qualify as an organizational cost, it must be: For the creation of the corporation, Chargeable to a capital account (see chapter 1), Amortized over the life of the corporation if the corporation had a fixed life, and Incurred before the end of the first tax year in which the corporation is in business. Georgia state income tax forms 2012   A corporation using the cash method of accounting can amortize organizational costs incurred within the first tax year, even if it does not pay them in that year. Georgia state income tax forms 2012   Examples of organizational costs include: The cost of temporary directors. Georgia state income tax forms 2012 The cost of organizational meetings. Georgia state income tax forms 2012 State incorporation fees. Georgia state income tax forms 2012 The cost of legal services. Georgia state income tax forms 2012 Nonqualifying costs. Georgia state income tax forms 2012   The following items are capital expenses that cannot be amortized: Costs for issuing and selling stock or securities, such as commissions, professional fees, and printing costs. Georgia state income tax forms 2012 Costs associated with the transfer of assets to the corporation. Georgia state income tax forms 2012 Costs of Organizing a Partnership The costs to organize a partnership are the direct costs of creating the partnership. Georgia state income tax forms 2012 Qualifying costs. Georgia state income tax forms 2012   A partnership can amortize an organizational cost only if it meets all the following tests. Georgia state income tax forms 2012 It is for the creation of the partnership and not for starting or operating the partnership trade or business. Georgia state income tax forms 2012 It is chargeable to a capital account (see chapter 1). Georgia state income tax forms 2012 It could be amortized over the life of the partnership if the partnership had a fixed life. Georgia state income tax forms 2012 It is incurred by the due date of the partnership return (excluding extensions) for the first tax year in which the partnership is in business. Georgia state income tax forms 2012 However, if the partnership uses the cash method of accounting and pays the cost after the end of its first tax year, see Cash method partnership under How To Amortize, later. Georgia state income tax forms 2012 It is for a type of item normally expected to benefit the partnership throughout its entire life. Georgia state income tax forms 2012   Organizational costs include the following fees. Georgia state income tax forms 2012 Legal fees for services incident to the organization of the partnership, such as negotiation and preparation of the partnership agreement. Georgia state income tax forms 2012 Accounting fees for services incident to the organization of the partnership. Georgia state income tax forms 2012 Filing fees. Georgia state income tax forms 2012 Nonqualifying costs. Georgia state income tax forms 2012   The following costs cannot be amortized. Georgia state income tax forms 2012 The cost of acquiring assets for the partnership or transferring assets to the partnership. Georgia state income tax forms 2012 The cost of admitting or removing partners, other than at the time the partnership is first organized. Georgia state income tax forms 2012 The cost of making a contract concerning the operation of the partnership trade or business including a contract between a partner and the partnership. Georgia state income tax forms 2012 The costs for issuing and marketing interests in the partnership such as brokerage, registration, and legal fees and printing costs. Georgia state income tax forms 2012 These “syndication fees” are capital expenses that cannot be depreciated or amortized. Georgia state income tax forms 2012 Liquidation of partnership. Georgia state income tax forms 2012   If a partnership is liquidated before the end of the amortization period, the unamortized amount of qualifying organizational costs can be deducted in the partnership's final tax year. Georgia state income tax forms 2012 However, these costs can be deducted only to the extent they qualify as a loss from a business. Georgia state income tax forms 2012 How To Amortize Deduct start-up and organizational costs in equal amounts over the applicable amortization period (discussed earlier). Georgia state income tax forms 2012 You can choose an amortization period for start-up costs that is different from the period you choose for organizational costs, as long as both are not less than the applicable amortization period. Georgia state income tax forms 2012 Once you choose an amortization period, you cannot change it. Georgia state income tax forms 2012 To figure your deduction, divide your total start-up or organizational costs by the months in the amortization period. Georgia state income tax forms 2012 The result is the amount you can deduct for each month. Georgia state income tax forms 2012 Cash method partnership. Georgia state income tax forms 2012   A partnership using the cash method of accounting can deduct an organizational cost only if it has been paid by the end of the tax year. Georgia state income tax forms 2012 However, any cost the partnership could have deducted as an organizational cost in an earlier tax year (if it had been paid that year) can be deducted in the tax year of payment. Georgia state income tax forms 2012 How To Make the Election To elect to amortize start-up or organizational costs, you must complete and attach Form 4562 to your return for the first tax year you are in business. Georgia state income tax forms 2012 You may also be required to attach an accompanying statement (described later) to your return. Georgia state income tax forms 2012 For start-up or organizational costs paid or incurred after September 8, 2008, an accompanying statement is not required. Georgia state income tax forms 2012 Generally, for start-up or organizational costs paid or incurred before September 9, 2008, and after October 22, 2004, unless you choose to apply Regulations sections 1. Georgia state income tax forms 2012 195-1, 1. Georgia state income tax forms 2012 248-1, and 1. Georgia state income tax forms 2012 709-1, you must also attach an accompanying statement to elect to amortize the costs. Georgia state income tax forms 2012 If you have both start-up and organizational costs, attach a separate statement (if required) to your return for each type of cost. Georgia state income tax forms 2012 See Starting a Business , earlier, for more information. Georgia state income tax forms 2012 Generally, you must file the return by the due date (including any extensions). Georgia state income tax forms 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Georgia state income tax forms 2012 For more information, see the instructions for Part VI of Form 4562. Georgia state income tax forms 2012 You can choose to forgo the election to amortize by affirmatively electing to capitalize your start-up or organizational costs on your income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins. Georgia state income tax forms 2012 Note. Georgia state income tax forms 2012 The election to either amortize or capitalize start-up or organizational costs is irrevocable and applies to all start-up and organizational costs that are related to the trade or business. Georgia state income tax forms 2012 If your business is organized as a corporation or partnership, only the corporation or partnership can elect to amortize its start-up or organizational costs. Georgia state income tax forms 2012 A shareholder or partner cannot make this election. Georgia state income tax forms 2012 You, as a shareholder or partner, cannot amortize any costs you incur in setting up your corporation or partnership. Georgia state income tax forms 2012 Only the corporation or partnership can amortize these costs. Georgia state income tax forms 2012 However, you, as an individual, can elect to amortize costs you incur to investigate an interest in an existing partnership. Georgia state income tax forms 2012 These costs qualify as business start-up costs if you acquire the partnership interest. Georgia state income tax forms 2012 Start-up costs election statement. Georgia state income tax forms 2012   If you elect to amortize your start-up costs, attach a separate statement (if required) that contains the following information. Georgia state income tax forms 2012 A description of the business to which the start-up costs relate. Georgia state income tax forms 2012 A description of each start-up cost incurred. Georgia state income tax forms 2012 The month your active business began (or was acquired). Georgia state income tax forms 2012 The number of months in your amortization period (which is generally 180 months). Georgia state income tax forms 2012 Filing the statement early. Georgia state income tax forms 2012   You can elect to amortize your start-up costs by filing the statement with a return for any tax year before the year your active business begins. Georgia state income tax forms 2012 If you file the statement early, the election becomes effective in the month of the tax year your active business begins. Georgia state income tax forms 2012 Revised statement. Georgia state income tax forms 2012   You can file a revised statement to include any start-up costs not included in your original statement. Georgia state income tax forms 2012 However, you cannot include on the revised statement any cost you previously treated on your return as a cost other than a start-up cost. Georgia state income tax forms 2012 You can file the revised statement with a return filed after the return on which you elected to amortize your start-up costs. Georgia state income tax forms 2012 Organizational costs election statement. Georgia state income tax forms 2012   If you elect to amortize your corporation's or partnership's organizational costs, attach a separate statement (if required) that contains the following information. Georgia state income tax forms 2012 A description of each cost. Georgia state income tax forms 2012 The amount of each cost. Georgia state income tax forms 2012 The date each cost was incurred. Georgia state income tax forms 2012 The month your corporation or partnership began active business (or acquired the business). Georgia state income tax forms 2012 The number of months in your amortization period (which is generally 180 months). Georgia state income tax forms 2012 Partnerships. Georgia state income tax forms 2012   The statement prepared for a cash basis partnership must also indicate the amount paid before the end of the year for each cost. Georgia state income tax forms 2012   You do not need to separately list any partnership organizational cost that is less than $10. Georgia state income tax forms 2012 Instead, you can list the total amount of these costs with the dates the first and last costs were incurred. Georgia state income tax forms 2012   After a partnership makes the election to amortize organizational costs, it can later file an amended return to include additional organizational costs not included in the partnership's original return and statement. Georgia state income tax forms 2012 Getting a Lease If you get a lease for business property, you may recover the cost of acquiring the lease by amortizing it over the term of the lease. Georgia state income tax forms 2012 The term of the lease for amortization purposes generally includes all renewal options (and any other period for which you and the lessor reasonably expect the lease to be renewed). Georgia state income tax forms 2012 However, renewal periods are not included if 75% or more of the cost of acquiring the lease is for the term of the lease remaining on the acquisition date (not including any period for which you may choose to renew, extend, or continue the lease). Georgia state income tax forms 2012 For more information on the costs of getting a lease, see Cost of Getting a Lease in  chapter 3. Georgia state income tax forms 2012 How to amortize. Georgia state income tax forms 2012   Enter your deduction in Part VI of Form 4562 if you are deducting amortization that begins during the current year, or on the appropriate line of your tax return if you are not otherwise required to file Form 4562. Georgia state income tax forms 2012 Section 197 Intangibles Generally, you may amortize the capitalized costs of “section 197 intangibles” (defined later) ratably over a 15-year period. Georgia state income tax forms 2012 You must amortize these costs if you hold the section 197 intangibles in connection with your trade or business or in an activity engaged in for the production of income. Georgia state income tax forms 2012 You may not be able to amortize section 197 intangibles acquired in a transaction that did not result in a significant change in ownership or use. Georgia state income tax forms 2012 See Anti-Churning Rules, later. Georgia state income tax forms 2012 Your amortization deduction each year is the applicable part of the intangible's adjusted basis (for purposes of determining gain), figured by amortizing it ratably over 15 years (180 months). Georgia state income tax forms 2012 The 15-year period begins with the later of: The month the intangible is acquired, or The month the trade or business or activity engaged in for the production of income begins. Georgia state income tax forms 2012 You cannot deduct amortization for the month you dispose of the intangible. Georgia state income tax forms 2012 If you pay or incur an amount that increases the basis of an amortizable section 197 intangible after the 15-year period begins, amortize it over the remainder of the 15-year period beginning with the month the basis increase occurs. Georgia state income tax forms 2012 You are not allowed any other depreciation or amortization deduction for an amortizable section 197 intangible. Georgia state income tax forms 2012 Tax-exempt use property subject to a lease. Georgia state income tax forms 2012   The amortization period for any section 197 intangible leased under a lease agreement entered into after March 12, 2004, to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership), shall not be less than 125 percent of the lease term. Georgia state income tax forms 2012 Cost attributable to other property. Georgia state income tax forms 2012   The rules for section 197 intangibles do not apply to any amount that is included in determining the cost of property that is not a section 197 intangible. Georgia state income tax forms 2012 For example, if the cost of computer software is not separately stated from the cost of hardware or other tangible property and you consistently treat it as part of the cost of the hardware or other tangible property, these rules do not apply. Georgia state income tax forms 2012 Similarly, none of the cost of acquiring real property held for the production of rental income is considered the cost of goodwill, going concern value, or any other section 197 intangible. Georgia state income tax forms 2012 Section 197 Intangibles Defined The following assets are section 197 intangibles and must be amortized over 180 months: Goodwill; Going concern value; Workforce in place; Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers; A patent, copyright, formula, process, design, pattern, know-how, format, or similar item; A customer-based intangible; A supplier-based intangible; Any item similar to items (3) through (7); A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals); A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business; Any franchise, trademark, or trade name; and A contract for the use of, or a term interest in, any item in this list. Georgia state income tax forms 2012 You cannot amortize any of the intangibles listed in items (1) through (8) that you created rather than acquired unless you created them in acquiring assets that make up a trade or business or a substantial part of a trade or business. Georgia state income tax forms 2012 Goodwill. Georgia state income tax forms 2012   This is the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor. Georgia state income tax forms 2012 Going concern value. Georgia state income tax forms 2012   This is the additional value of a trade or business that attaches to property because the property is an integral part of an ongoing business activity. Georgia state income tax forms 2012 It includes value based on the ability of a business to continue to function and generate income even though there is a change in ownership (but does not include any other section 197 intangible). Georgia state income tax forms 2012 It also includes value based on the immediate use or availability of an acquired trade or business, such as the use of earnings during any period in which the business would not otherwise be available or operational. Georgia state income tax forms 2012 Workforce in place, etc. Georgia state income tax forms 2012   This includes the composition of a workforce (for example, its experience, education, or training). Georgia state income tax forms 2012 It also includes the terms and conditions of employment, whether contractual or otherwise, and any other value placed on employees or any of their attributes. Georgia state income tax forms 2012   For example, you must amortize the part of the purchase price of a business that is for the existence of a highly skilled workforce. Georgia state income tax forms 2012 Also, you must amortize the cost of acquiring an existing employment contract or relationship with employees or consultants. Georgia state income tax forms 2012 Business books and records, etc. Georgia state income tax forms 2012   This includes the intangible value of technical manuals, training manuals or programs, data files, and accounting or inventory control systems. Georgia state income tax forms 2012 It also includes the cost of customer lists, subscription lists, insurance expirations, patient or client files, and lists of newspaper, magazine, radio, and television advertisers. Georgia state income tax forms 2012 Patents, copyrights, etc. Georgia state income tax forms 2012   This includes package design, computer software, and any interest in a film, sound recording, videotape, book, or other similar property, except as discussed later under Assets That Are Not Section 197 Intangibles . Georgia state income tax forms 2012 Customer-based intangible. Georgia state income tax forms 2012   This is the composition of market, market share, and any other value resulting from the future provision of goods or services because of relationships with customers in the ordinary course of business. Georgia state income tax forms 2012 For example, you must amortize the part of the purchase price of a business that is for the existence of the following intangibles. Georgia state income tax forms 2012 A customer base. Georgia state income tax forms 2012 A circulation base. Georgia state income tax forms 2012 An undeveloped market or market growth. Georgia state income tax forms 2012 Insurance in force. Georgia state income tax forms 2012 A mortgage servicing contract. Georgia state income tax forms 2012 An investment management contract. Georgia state income tax forms 2012 Any other relationship with customers involving the future provision of goods or services. Georgia state income tax forms 2012   Accounts receivable or other similar rights to income for goods or services provided to customers before the acquisition of a trade or business are not section 197 intangibles. Georgia state income tax forms 2012 Supplier-based intangible. Georgia state income tax forms 2012   A supplier-based intangible is the value resulting from the future acquisitions, (through contract or other relationships with suppliers in the ordinary course of business) of goods or services that you will sell or use. Georgia state income tax forms 2012 The amount you pay or incur for supplier-based intangibles includes, for example, any portion of the purchase price of an acquired trade or business that is attributable to the existence of a favorable relationship with persons providing distribution services (such as a favorable shelf or display space or a retail outlet), or the existence of favorable supply contracts. Georgia state income tax forms 2012 Do not include any amount required to be paid for the goods or services to honor the terms of the agreement or other relationship. Georgia state income tax forms 2012 Also, see Assets That Are Not Section 197 Intangibles below. Georgia state income tax forms 2012 Government-granted license, permit, etc. Georgia state income tax forms 2012   This is any right granted by a governmental unit or an agency or instrumentality of a governmental unit. Georgia state income tax forms 2012 For example, you must amortize the capitalized costs of acquiring (including issuing or renewing) a liquor license, a taxicab medallion or license, or a television or radio broadcasting license. Georgia state income tax forms 2012 Covenant not to compete. Georgia state income tax forms 2012   Section 197 intangibles include a covenant not to compete (or similar arrangement) entered into in connection with the acquisition of an interest in a trade or business, or a substantial portion of a trade or business. Georgia state income tax forms 2012 An interest in a trade or business includes an interest in a partnership or a corporation engaged in a trade or business. Georgia state income tax forms 2012   An arrangement that requires the former owner to perform services (or to provide property or the use of property) is not similar to a covenant not to compete to the extent the amount paid under the arrangement represents reasonable compensation for those services or for that property or its use. Georgia state income tax forms 2012 Franchise, trademark, or trade name. Georgia state income tax forms 2012   A franchise, trademark, or trade name is a section 197 intangible. Georgia state income tax forms 2012 You must amortize its purchase or renewal costs, other than certain contingent payments that you can deduct currently. Georgia state income tax forms 2012 For information on currently deductible contingent payments, see chapter 11. Georgia state income tax forms 2012 Professional sports franchise. Georgia state income tax forms 2012   A franchise engaged in professional sports and any intangible assets acquired in connection with acquiring the franchise (including player contracts) is a section 197 intangible amortizable over a 15-year period. Georgia state income tax forms 2012 Contract for the use of, or a term interest in, a section 197 intangible. Georgia state income tax forms 2012   Section 197 intangibles include any right under a license, contract, or other arrangement providing for the use of any section 197 intangible. Georgia state income tax forms 2012 It also includes any term interest in any section 197 intangible, whether the interest is outright or in trust. Georgia state income tax forms 2012 Assets That Are Not Section 197 Intangibles The following assets are not section 197 intangibles. Georgia state income tax forms 2012 Any interest in a corporation, partnership, trust, or estate. Georgia state income tax forms 2012 Any interest under an existing futures contract, foreign currency contract, notional principal contract, interest rate swap, or similar financial contract. Georgia state income tax forms 2012 Any interest in land. Georgia state income tax forms 2012 Most computer software. Georgia state income tax forms 2012 (See Computer software , later. Georgia state income tax forms 2012 ) Any of the following assets not acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. Georgia state income tax forms 2012 An interest in a film, sound recording, video tape, book, or similar property. Georgia state income tax forms 2012 A right to receive tangible property or services under a contract or from a governmental agency. Georgia state income tax forms 2012 An interest in a patent or copyright. Georgia state income tax forms 2012 Certain rights that have a fixed duration or amount. Georgia state income tax forms 2012 (See Rights of fixed duration or amount , later. Georgia state income tax forms 2012 ) An interest under either of the following. Georgia state income tax forms 2012 An existing lease or sublease of tangible property. Georgia state income tax forms 2012 A debt that was in existence when the interest was acquired. Georgia state income tax forms 2012 A right to service residential mortgages unless the right is acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. Georgia state income tax forms 2012 Certain transaction costs incurred by parties to a corporate organization or reorganization in which any part of a gain or loss is not recognized. Georgia state income tax forms 2012 Intangible property that is not amortizable under the rules for section 197 intangibles can be depreciated if it meets certain requirements. Georgia state income tax forms 2012 You generally must use the straight line method over its useful life. Georgia state income tax forms 2012 For certain intangibles, the depreciation period is specified in the law and regulations. Georgia state income tax forms 2012 For example, the depreciation period for computer software that is not a section 197 intangible is generally 36 months. Georgia state income tax forms 2012 For more information on depreciating intangible property, see Intangible Property under What Method Can You Use To Depreciate Your Property? in chapter 1 of Publication 946. Georgia state income tax forms 2012 Computer software. Georgia state income tax forms 2012   Section 197 intangibles do not include the following types of computer software. Georgia state income tax forms 2012 Software that meets all the following requirements. Georgia state income tax forms 2012 It is, or has been, readily available for purchase by the general public. Georgia state income tax forms 2012 It is subject to a nonexclusive license. Georgia state income tax forms 2012 It has not been substantially modified. Georgia state income tax forms 2012 This requirement is considered met if the cost of all modifications is not more than the greater of 25% of the price of the publicly available unmodified software or $2,000. Georgia state income tax forms 2012 Software that is not acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. Georgia state income tax forms 2012 Computer software defined. Georgia state income tax forms 2012   Computer software includes all programs designed to cause a computer to perform a desired function. Georgia state income tax forms 2012 It also includes any database or similar item that is in the public domain and is incidental to the operation of qualifying software. Georgia state income tax forms 2012 Rights of fixed duration or amount. Georgia state income tax forms 2012   Section 197 intangibles do not include any right under a contract or from a governmental agency if the right is acquired in the ordinary course of a trade or business (or in an activity engaged in for the production of income) but not as part of a purchase of a trade or business and either: Has a fixed life of less than 15 years, or Is of a fixed amount that, except for the rules for section 197 intangibles, would be recovered under a method similar to the unit-of-production method of cost recovery. Georgia state income tax forms 2012 However, this does not apply to the following intangibles. Georgia state income tax forms 2012 Goodwill. Georgia state income tax forms 2012 Going concern value. Georgia state income tax forms 2012 A covenant not to compete. Georgia state income tax forms 2012 A franchise, trademark, or trade name. Georgia state income tax forms 2012 A customer-related information base, customer-based intangible, or similar item. Georgia state income tax forms 2012 Safe Harbor for Creative Property Costs If you are engaged in the trade or business of film production, you may be able to amortize the creative property costs for properties not set for production within 3 years of the first capitalized transaction. Georgia state income tax forms 2012 You may amortize these costs ratably over a 15-year period beginning on the first day of the second half of the tax year in which you properly write off the costs for financial accounting purposes. Georgia state income tax forms 2012 If, during the 15-year period, you dispose of the creative property rights, you must continue to amortize the costs over the remainder of the 15-year period. Georgia state income tax forms 2012 Creative property costs include costs paid or incurred to acquire and develop screenplays, scripts, story outlines, motion picture production rights to books and plays, and other similar properties for purposes of potential future film development, production, and exploitation. Georgia state income tax forms 2012 Amortize these costs using the rules of Revenue Procedure 2004-36. Georgia state income tax forms 2012 For more information, see Revenue Procedure 2004-36, 2004-24 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 1063, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2004-24_IRB/ar16. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012 A change in the treatment of creative property costs is a change in method of accounting. Georgia state income tax forms 2012 Anti-Churning Rules Anti-churning rules prevent you from amortizing most section 197 intangibles if the transaction in which you acquired them did not result in a significant change in ownership or use. Georgia state income tax forms 2012 These rules apply to goodwill and going concern value, and to any other section 197 intangible that is not otherwise depreciable or amortizable. Georgia state income tax forms 2012 Under the anti-churning rules, you cannot use 15-year amortization for the intangible if any of the following conditions apply. Georgia state income tax forms 2012 You or a related person (defined later) held or used the intangible at any time from July 25, 1991, through August 10, 1993. Georgia state income tax forms 2012 You acquired the intangible from a person who held it at any time during the period in (1) and, as part of the transaction, the user did not change. Georgia state income tax forms 2012 You granted the right to use the intangible to a person (or a person related to that person) who held or used it at any time during the period in (1). Georgia state income tax forms 2012 This applies only if the transaction in which you granted the right and the transaction in which you acquired the intangible are part of a series of related transactions. Georgia state income tax forms 2012 See Related person , later, for more information. Georgia state income tax forms 2012 Exceptions. Georgia state income tax forms 2012   The anti-churning rules do not apply in the following situations. Georgia state income tax forms 2012 You acquired the intangible from a decedent and its basis was stepped up to its fair market value. Georgia state income tax forms 2012 The intangible was amortizable as a section 197 intangible by the seller or transferor you acquired it from. Georgia state income tax forms 2012 This exception does not apply if the transaction in which you acquired the intangible and the transaction in which the seller or transferor acquired it are part of a series of related transactions. Georgia state income tax forms 2012 The gain-recognition exception, discussed later, applies. Georgia state income tax forms 2012 Related person. Georgia state income tax forms 2012   For purposes of the anti-churning rules, the following are related persons. Georgia state income tax forms 2012 An individual and his or her brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Georgia state income tax forms 2012 ), and lineal descendants (children, grandchildren, etc. Georgia state income tax forms 2012 ). Georgia state income tax forms 2012 A corporation and an individual who owns, directly or indirectly, more than 20% of the value of the corporation's outstanding stock. Georgia state income tax forms 2012 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 20%” is substituted for “at least 80%” in that definition and the determination is made without regard to subsections (a)(4) and (e)(3)(C) of section 1563. Georgia state income tax forms 2012 (For an exception, see section 1. Georgia state income tax forms 2012 197-2(h)(6)(iv) of the regulations. Georgia state income tax forms 2012 ) A trust fiduciary and a corporation if more than 20% of the value of the corporation's outstanding stock is owned, directly or indirectly, by or for the trust or grantor of the trust. Georgia state income tax forms 2012 The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Georgia state income tax forms 2012 The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. Georgia state income tax forms 2012 The executor and beneficiary of an estate. Georgia state income tax forms 2012 A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization (or whose family members control it). Georgia state income tax forms 2012 A corporation and a partnership if the same persons own more than 20% of the value of the outstanding stock of the corporation and more than 20% of the capital or profits interest in the partnership. Georgia state income tax forms 2012 Two S corporations, and an S corporation and a regular corporation, if the same persons own more than 20% of the value of the outstanding stock of each corporation. Georgia state income tax forms 2012 Two partnerships if the same persons own, directly or indirectly, more than 20% of the capital or profits interests in both partnerships. Georgia state income tax forms 2012 A partnership and a person who owns, directly or indirectly, more than 20% of the capital or profits interests in the partnership. Georgia state income tax forms 2012 Two persons who are engaged in trades or businesses under common control (as described in section 41(f)(1) of the Internal Revenue Code). Georgia state income tax forms 2012 When to determine relationship. Georgia state income tax forms 2012   Persons are treated as related if the relationship existed at the following time. Georgia state income tax forms 2012 In the case of a single transaction, immediately before or immediately after the transaction in which the intangible was acquired. Georgia state income tax forms 2012 In the case of a series of related transactions (or a series of transactions that comprise a qualified stock purchase under section 338(d)(3) of the Internal Revenue Code), immediately before the earliest transaction or immediately after the last transaction. Georgia state income tax forms 2012 Ownership of stock. Georgia state income tax forms 2012   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following rules apply. Georgia state income tax forms 2012 Rule 1. Georgia state income tax forms 2012   Stock 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. Georgia state income tax forms 2012 Rule 2. Georgia state income tax forms 2012   An individual is considered to own the stock directly or indirectly owned by or for his or her family. Georgia state income tax forms 2012 Family includes only brothers and sisters, half-brothers and half-sisters, spouse, ancestors, and lineal descendants. Georgia state income tax forms 2012 Rule 3. Georgia state income tax forms 2012   An individual owning (other than by applying Rule 2) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Georgia state income tax forms 2012 Rule 4. Georgia state income tax forms 2012   For purposes of applying Rule 1, 2, or 3, treat stock constructively owned by a person under Rule 1 as actually owned by that person. Georgia state income tax forms 2012 Do not treat stock constructively owned by an individual under Rule 2 or 3 as owned by the individual for reapplying Rule 2 or 3 to make another person the constructive owner of the stock. Georgia state income tax forms 2012 Gain-recognition exception. Georgia state income tax forms 2012   This exception to the anti-churning rules applies if the person you acquired the intangible from (the transferor) meets both of the following requirements. Georgia state income tax forms 2012 That person would not be related to you (as described under Related person , earlier) if the 20% test for ownership of stock and partnership interests were replaced by a 50% test. Georgia state income tax forms 2012 That person chose to recognize gain on the disposition of the intangible and pay income tax on the gain at the highest tax rate. Georgia state income tax forms 2012 See chapter 2 in Publication 544 for information on making this choice. Georgia state income tax forms 2012   If this exception applies, the anti-churning rules apply only to the amount of your adjusted basis in the intangible that is more than the gain recognized by the transferor. Georgia state income tax forms 2012 Notification. Georgia state income tax forms 2012   If the person you acquired the intangible from chooses to recognize gain under the rules for this exception, that person must notify you in writing by the due date of the return on which the choice is made. Georgia state income tax forms 2012 Anti-abuse rule. Georgia state income tax forms 2012   You cannot amortize any section 197 intangible acquired in a transaction for which the principal purpose was either of the following. Georgia state income tax forms 2012 To avoid the requirement that the intangible be acquired after August 10, 1993. Georgia state income tax forms 2012 To avoid any of the anti-churning rules. Georgia state income tax forms 2012 More information. Georgia state income tax forms 2012   For more information about the anti-churning rules, including additional rules for partnerships, see Regulations section 1. Georgia state income tax forms 2012 197-2(h). Georgia state income tax forms 2012 Incorrect Amount of Amortization Deducted If you later discover that you deducted an incorrect amount for amortization for a section 197 intangible in any year, you may be able to make a correction for that year by filing an amended return. Georgia state income tax forms 2012 See Amended Return , next. Georgia state income tax forms 2012 If you are not allowed to make the correction on an amended return, you can change your accounting method to claim the correct amortization. Georgia state income tax forms 2012 See Changing Your Accounting Method , later. Georgia state income tax forms 2012 Amended Return If you deducted an incorrect amount for amortization, you can file an amended return to correct the following. Georgia state income tax forms 2012 A mathematical error made in any year. Georgia state income tax forms 2012 A posting error made in any year. Georgia state income tax forms 2012 An amortization deduction for a section 197 intangible for which you have not adopted a method of accounting. Georgia state income tax forms 2012 When to file. Georgia state income tax forms 2012   If an amended return is allowed, you must file it by the later of the following dates. Georgia state income tax forms 2012 3 years from the date you filed your original return for the year in which you did not deduct the correct amount. Georgia state income tax forms 2012 (A return filed early is considered filed on the due date. Georgia state income tax forms 2012 ) 2 years from the time you paid your tax for that year. Georgia state income tax forms 2012 Changing Your Accounting Method Generally, you must get IRS approval to change your method of accounting. Georgia state income tax forms 2012 File Form 3115, Application for Change in Accounting Method, to request a change to a permissible method of accounting for amortization. Georgia state income tax forms 2012 The following are examples of a change in method of accounting for amortization. Georgia state income tax forms 2012 A change in the amortization method, period of recovery, or convention of an amortizable asset. Georgia state income tax forms 2012 A change in the accounting for amortizable assets from a single asset account to a multiple asset account (pooling), or vice versa. Georgia state income tax forms 2012 A change in the accounting for amortizable assets from one type of multiple asset account to a different type of multiple asset account. Georgia state income tax forms 2012 Changes in amortization that are not a change in method of accounting include the following: A change in computing amortization in the tax year in which your use of the asset changes. Georgia state income tax forms 2012 An adjustment in the useful life of an amortizable asset. Georgia state income tax forms 2012 Generally, the making of a late amortization election or the revocation of a timely valid amortization election. Georgia state income tax forms 2012 Any change in the placed-in-service date of an amortizable asset. Georgia state income tax forms 2012 See Regulations section 1. Georgia state income tax forms 2012 446-1(e)(2)(ii)(a) for more information and examples. Georgia state income tax forms 2012 Automatic approval. Georgia state income tax forms 2012   In some instances, you may be able to get automatic approval from the IRS to change your method of accounting for amortization. Georgia state income tax forms 2012 For a list of automatic accounting method changes, see the Instructions for Form 3115. Georgia state income tax forms 2012 Also see the Instructions for Form 3115 for more information on getting approval, automatic approval procedures, and a list of exceptions to the automatic approval process. Georgia state income tax forms 2012 For more information, see Revenue Procedure 2006-12, as modified by Revenue Procedure 2006-37, and Revenue Procedure 2008-52, as amplified, clarified, and modified by Revenue Procedure 2009-39, as clarified and modified by Revenue Procedure 2011-14, as modified and amplified by Revenue Procedure 2011-22, as modified by Revenue Procedure 2012-39, or any successor. Georgia state income tax forms 2012 See Revenue Procedure 2006-12, 2006-3 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 310, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2006-03_IRB/ar14. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012  See Revenue Procedure 2006-37, 2006-38 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 499, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2006-38_IRB/ar10. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012  See Revenue Procedure 2008-52, 2008-36 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 587, available at www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2008-36_IRB/ar09. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012  See Revenue Procedure 2009-39, 2009-38 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 371, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2009-38_IRB/ar08. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012  See Revenue Procedure 2011-14, 2011-4 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 330, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2011-04_IRB/ar08. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012  See Revenue Procedure 2011-22, 2011-18 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 737, available at  www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2011-18_IRB/ar08. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012 Also, see Revenue Procedure 2012-39, 2012-41 I. Georgia state income tax forms 2012 R. Georgia state income tax forms 2012 B. Georgia state income tax forms 2012 470 available at www. Georgia state income tax forms 2012 irs. Georgia state income tax forms 2012 gov/irb/2012-41_IRB/index. Georgia state income tax forms 2012 html. Georgia state income tax forms 2012 Disposition of Section 197 Intangibles A section 197 intangible is treated as depreciable property used in your trade or business. Georgia state income tax forms 2012 If you held the intangible for more than 1 year, any gain on its disposition, up to the amount of allowable amortization, is ordinary income (section 1245 gain). Georgia state income tax forms 2012 If multiple section 197 intangibles are disposed of in a single transaction or a series of related transactions, treat all of the section 197 intangibles as if they were a single asset for purposes of determining the amount of gain that is ordinary income. Georgia state income tax forms 2012 Any remaining gain, or any loss, is a section 1231 gain or loss. Georgia state income tax forms 2012 If you held the intangible 1 year or less, any gain or loss on its disposition is an ordinary gain or loss. Georgia state income tax forms 2012 For more information on ordinary or capital gain or loss on business property, see chapter 3 in Publication 544. Georgia state income tax forms 2012 Nondeductible loss. Georgia state income tax forms 2012   You cannot deduct any loss on the disposition or worthlessness of a section 197 intangible that you acquired in the same transaction (or series of related transactions) as other section 197 intangibles you still have. Georgia state income tax forms 2012 Instead, increase the adjusted basis of each remaining amortizable section 197 intangible by a proportionate part of the nondeductible loss. Georgia state income tax forms 2012 Figure the increase by multiplying the nondeductible loss on the disposition of the intangible by the following fraction. Georgia state income tax forms 2012 The numerator is the adjusted basis of each remaining intangible on the date of the disposition. Georgia state income tax forms 2012 The denominator is the total adjusted bases of all remaining amortizable section 197 intangibles on the date of the disposition. Georgia state income tax forms 2012 Covenant not to compete. Georgia state income tax forms 2012   A covenant not to compete, or similar arrangement, is not considered disposed of or worthless before you dispose of your entire interest in the trade or business for which you entered into the covenant. Georgia state income tax forms 2012 Nonrecognition transfers. Georgia state income tax forms 2012   If you acquire a section 197 intangible in a nonrecognition transfer, you are treated as the transferor with respect to the part of your adjusted basis in the intangible that is not more than the transferor's adjusted basis. Georgia state income tax forms 2012 You amortize this part of the adjusted basis over the intangible's remaining amortization period in the hands of the transferor. Georgia state income tax forms 2012 Nonrecognition transfers include transfers to a corporation, partnership contributions and distributions, like-kind exchanges, and involuntary conversions. Georgia state income tax forms 2012   In a like-kind exchange or involuntary conversion of a section 197 intangible, you must continue to amortize the part of your adjusted basis in the acquired intangible that is not more than your adjusted basis in the exchanged or converted intangible over the remaining amortization period of the exchanged or converted intangible. Georgia state income tax forms 2012 Amortize over a new 15-year period the part of your adjusted basis in the acquired intangible that is more than your adjusted basis in the exchanged or converted intangible. Georgia state income tax forms 2012 Example. Georgia state income tax forms 2012 You own a section 197 intangible you have amortized for 4 full years. Georgia state income tax forms 2012 It has a remaining unamortized basis of $30,000. Georgia state income tax forms 2012 You exchange the asset plus $10,000 for a like-kind section 197 intangible. Georgia state income tax forms 2012 The nonrecognition provisions of like-kind exchanges apply. Georgia state income tax forms 2012 You amortize $30,000 of the $40,000 adjusted basis of the acquired intangible over the 11 years remaining in the original 15-year amortization period for the transferred asset. Georgia state income tax forms 2012 You amortize the other $10,000 of adjusted basis over a new 15-year period. Georgia state income tax forms 2012 For more information, see Regulations section 1. Georgia state income tax forms 2012 197-2(g). Georgia state income tax forms 2012 Reforestation Costs You can elect to deduct a limited amount of reforestation costs paid or incurred during the tax year. Georgia state income tax forms 2012 See Reforestation Costs in chapter 7. Georgia state income tax forms 2012 You can elect to amortize the qualifying costs that are not deducted currently over an 84-month period. Georgia state income tax forms 2012 There is no limit on the amount of your amortization deduction for reforestation costs paid or incurred during the tax year. Georgia state income tax forms 2012 The election to amortize reforestation costs incurred by a partnership, S corporation, or estate must be made by the partnership, corporation, or estate. Georgia state income tax forms 2012 A partner, shareholder, or beneficiary cannot make that election. Georgia state income tax forms 2012 A partner's or shareholder's share of amortizable costs is figured under the general rules for allocating items of income, loss, deduction, etc. Georgia state income tax forms 2012 , of a partnership or S corporation. Georgia state income tax forms 2012 The amortizable costs of an estate are divided between the estate and the income beneficiary based on the income of the estate allocable to each. Georgia state income tax forms 2012 Qualifying costs. Georgia state income tax forms 2012   Reforestation costs are the direct costs of planting or seeding for forestation or reforestation. Georgia state income tax forms 2012 Qualifying costs include only those costs you must capitalize and include in the adjusted basis of the property. Georgia state income tax forms 2012 They include costs for the following items. Georgia state income tax forms 2012 Site preparation. Georgia state income tax forms 2012 Seeds or seedlings. Georgia state income tax forms 2012 Labor. Georgia state income tax forms 2012 Tools. Georgia state income tax forms 2012 Depreciation on equipment used in planting and seeding. Georgia state income tax forms 2012 Qualifying costs do not include costs for which the government reimburses you under a cost-sharing program, unless you include the reimbursement in your income. Georgia state income tax forms 2012 Qualified timber property. Georgia state income tax forms 2012   Qualified timber property is property that contains trees in significant commercial quantities. Georgia state income tax forms 2012 It can be a woodlot or other site that you own or lease. Georgia state income tax forms 2012 The property qualifies only if it meets all of the following requirements. Georgia state income tax forms 2012 It is located in the United States. Georgia state income tax forms 2012 It is held for the growing and cutting of timber you will either use in, or sell for use in, the commercial production of timber products. Georgia state income tax forms 2012 It consists of at least one acre planted with tree seedlings in the manner normally used in forestation or reforestation. Georgia state income tax forms 2012 Qualified timber property does not include property on which you have planted shelter belts or ornamental trees, such as Christmas trees. Georgia state income tax forms 2012 Amortization period. Georgia state income tax forms 2012   The 84-month amortization period starts on the first day of the first month of the second half of the tax year you incur the costs (July 1 for a calendar year taxpayer), regardless of the month you actually incur the costs. Georgia state income tax forms 2012 You can claim amortization deductions for no more than 6 months of the first and last (eighth) tax years of the period. Georgia state income tax forms 2012 Life tenant and remainderman. Georgia state income tax forms 2012   If one person holds the property for life with the remainder going to another person, the life tenant is entitled to the full amortization for qualifying reforestation costs incurred by the life tenant. Georgia state income tax forms 2012 Any remainder interest in the property is ignored for amortization purposes. Georgia state income tax forms 2012 Recapture. Georgia state income tax forms 2012   If you dispose of qualified timber property within 10 years after the tax year you incur qualifying reforestation expenses, report any gain as ordinary income up to the amortization you took. Georgia state income tax forms 2012 See chapter 3 of Publication 544 for more information. Georgia state income tax forms 2012 How to make the election. Georgia state income tax forms 2012   To elect to amortize qualifying reforestation costs, complete Part VI of Form 4562 and attach a statement that contains the following information. Georgia state income tax forms 2012 A description of the costs and the dates you incurred them. Georgia state income tax forms 2012 A description of the type of timber being grown and the purpose for which it is grown. Georgia state income tax forms 2012 Attach a separate statement for each property for which you amortize reforestation costs. Georgia state income tax forms 2012   Generally, you must make the election on a timely filed return (including extensions) for the tax year in which you incurred the costs. Georgia state income tax forms 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Georgia state income tax forms 2012 Attach Form 4562 and the statement to the amended return and write “Filed pursuant to section 301. Georgia state income tax forms 2012 9100-2” on Form 4562. Georgia state income tax forms 2012 File the amended return at the same address you filed the original return. Georgia state income tax forms 2012 Revoking the election. Georgia state income tax forms 2012   You must get IRS approval to revoke your election to amortize qualifying reforestation costs. Georgia state income tax forms 2012 Your application to revoke the election must include your name, address, the years for which your election was in effect, and your reason for revoking it. Georgia state income tax forms 2012 Please provide your daytime telephone number (optional), in case we need to contact you. Georgia state income tax forms 2012 You, or your duly authorized representative, must sign the application and file it at least 90 days before the due date (without extensions) for filing your income tax return for the first tax year for which your election is to end. Georgia state income tax forms 2012    Send the application to: Internal Revenue Service Associate Chief Counsel Passthroughs and Special Industries CC:PSI:6 1111 Constitution Ave. Georgia state income tax forms 2012 NW, IR-5300 Washington, DC 20224 Geological and Geophysical Costs You can amortize the cost of geological and geophysical expenses paid or incurred in connection with oil and gas exploration or development within the United States. Georgia state income tax forms 2012 These costs can be amortized ratably over a 24-month period beginning on the mid-point of the tax year in which the expenses were paid or incurred. Georgia state income tax forms 2012 For major integrated oil companies (as defined in section 167(h)(5)), these costs must be amortized ratably over a 5-year period for costs paid or incurred after May 17, 2006 (a 7-year period for costs paid or incurred after December 19, 2007). Georgia state income tax forms 2012 If you retire or abandon the property during the amortization period, no amortization deduction is allowed in the year of retirement or abandonment. Georgia state income tax forms 2012 Pollution Control Facilities You can elect to amortize the cost of a certified pollution control facility over 60 months. Georgia state income tax forms 2012 However, see Atmospheric pollution control facilities for an exception. Georgia state income tax forms 2012 The cost of a pollution control facility that is not eligible for amortization can be depreciated under the regular rules for depreciation. Georgia state income tax forms 2012 Also, you can claim a special depreciation allowance on a certified pollution control facility that is qualified property even if you elect to amortize its cost. Georgia state income tax forms 2012 You must reduce its cost (amortizable basis) by the amount of any special allowance you claim. Georgia state income tax forms 2012 See chapter 3 of Publication 946. Georgia state income tax forms 2012 A certified pollution control facility is a new identifiable treatment facility used in connection with a plant or other property in operation before 1976, to reduce or control water or atmospheric pollution or contamination. Georgia state income tax forms 2012 The facility must do so by removing, changing, disposing, storing, or preventing the creation or emission of pollutants, contaminants, wastes, or heat. Georgia state income tax forms 2012 The facility must be certified by state and federal certifying authorities. Georgia state income tax forms 2012 The facility must not significantly increase the output or capacity, extend the useful life, or reduce the total operating costs of the plant or other property. Georgia state income tax forms 2012 Also, it must not significantly change the nature of the manufacturing or production process or facility. Georgia state income tax forms 2012 The federal certifying authority will not certify your property to the extent it appears you will recover (over the property's useful life) all or part of its cost from the profit based on its operation (such as through sales of recovered wastes). Georgia state income tax forms 2012 The federal certifying authority will describe the nature of the potential cost recovery. Georgia state income tax forms 2012 You must then reduce the amortizable basis of the facility by this potential recovery. Georgia state income tax forms 2012 New identifiable treatment facility. Georgia state income tax forms 2012   A new identifiable treatment facility is tangible depreciable property that is identifiable as a treatment facility. Georgia state income tax forms 2012 It does not include a building and its structural components unless the building is exclusively a treatment facility. Georgia state income tax forms 2012 Atmospheric pollution control facilities. Georgia state income tax forms 2012   Certain atmospheric pollution control facilities can be amortized over 84 months. Georgia state income tax forms 2012 To qualify, the following must apply. Georgia state income tax forms 2012 The facility must be acquired and placed in service after April 11, 2005. Georgia state income tax forms 2012 If acquired, the original use must begin with you after April 11, 2005. Georgia state income tax forms 2012 The facility must be used in connection with an electric generation plant or other property placed in operation after December 31, 1975, that is primarily coal fired. Georgia state income tax forms 2012 If you construct, reconstruct, or erect the facility, only the basis attributable to the construction, reconstruction, or erection completed after April 11, 2005, qualifies. Georgia state income tax forms 2012 Basis reduction for corporations. Georgia state income tax forms 2012   A corporation must reduce the amortizable basis of a pollution control facility by 20% before figuring the amortization deduction. Georgia state income tax forms 2012 More information. Georgia state income tax forms 2012   For more information on the amortization of pollution control facilities, see Code sections 169 and 291(c) and the related regulations. Georgia state income tax forms 2012 Research and Experimental Costs You can elect to amortize your research and experimental costs, deduct them as current business expenses, or write them off over a 10-year period (see Optional write-off method below). Georgia state income tax forms 2012 If you elect to amortize these costs, deduct them in equal amounts over 60 months or more. Georgia state income tax forms 2012 The amortization period begins the month you first receive an economic benefit from the costs. Georgia state income tax forms 2012 For a definition of “research and experimental costs” and information on deducting them as current business expenses, see chapter 7. Georgia state income tax forms 2012 Optional write-off method. Georgia state income tax forms 2012   Rather than amortize these costs or deduct them as a current expense, you have the option of deducting (writing off) research and experimental costs ratably over a 10-year period beginning with the tax year in which you incurred the costs. Georgia state income tax forms 2012 For more information, see Optional Write-off of Certain Tax Preferences , later, and section 59(e) of the Internal Revenue Code. Georgia state income tax forms 2012 Costs you can amortize. Georgia state income tax forms 2012   You can amortize costs chargeable to a capital account (see chapter 1) if you meet both of the following requirements. Georgia state income tax forms 2012 You paid or incurred the costs in your trade or business. Georgia state income tax forms 2012 You are not deducting the costs currently. Georgia state income tax forms 2012 How to make the election. Georgia state income tax forms 2012   To elect to amortize research and experimental costs, complete Part VI of Form 4562 and attach it to your income tax return. Georgia state income tax forms 2012 Generally, you must file the return by the due date (including extensions). Georgia state income tax forms 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Georgia state income tax forms 2012 Attach Form 4562 to the amended return and write “Filed pursuant to section 301. Georgia state income tax forms 2012 9100-2” on Form 4562. Georgia state income tax forms 2012 File the amended return at the same address you filed the original return. Georgia state income tax forms 2012   Your election is binding for the year it is made and for all later years unless you obtain approval from the IRS to change to a different method. Georgia state income tax forms 2012 Optional Write-off of Certain Tax Preferences You can elect to amortize certain tax preference items over an optional period beginning in the tax year in which you incurred the costs. Georgia state income tax forms 2012 If you make this election, there is no AMT adjustment. Georgia state income tax forms 2012 The applicable costs and the optional recovery periods are as follows: Circulation costs — 3 years, Intangible drilling and development costs — 60 months, Mining exploration and development costs — 10 years, and Research and experimental costs — 10 years. Georgia state income tax forms 2012 How to make the election. Georgia state income tax forms 2012   To elect to amortize qualifying costs over the optional recovery period, complete Part VI of Form 4562 and attach a statement containing the following information to your return for the tax year in which the election begins: Your name, address, and taxpayer identification number; and The type of cost and the specific amount of the cost for which you are making the election. Georgia state income tax forms 2012   Generally, the election must be made on a timely filed return (including extensions) for the tax year in which you incurred the costs. Georgia state income tax forms 2012 However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). Georgia state income tax forms 2012 Attach Form 4562 to the amended return and write “Filed pursuant to section 301. Georgia state income tax forms 2012 9100-2” on Form 4562. Georgia state income tax forms 2012 File the amended return at the same address you filed the original return. Georgia state income tax forms 2012 Revoking the election. Georgia state income tax forms 2012   You must obtain consent from the IRS to revoke your election. Georgia state income tax forms 2012 Your request to revoke the election must be submitted to the IRS in the form of a letter ruling before the end of the tax year in which the optional recovery period ends. Georgia state income tax forms 2012 The request must contain all of the information necessary to demonstrate the rare and unusual circumstances that would justify granting revocation. Georgia state income tax forms 2012 If the request for revocation is approved, any unamortized costs are deductible in the year the revocation is effective. Georgia state income tax forms 2012 Prev  Up  Next   Home   More Online Publications