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How Much Do Students Get Back In Taxes

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How Much Do Students Get Back In Taxes

How much do students get back in taxes Publication 970 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionComparison table. How much do students get back in taxes Ordering forms and publications. How much do students get back in taxes Tax questions. How much do students get back in taxes Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 970, such as legislation enacted after it was published, go to www. How much do students get back in taxes irs. How much do students get back in taxes gov/pub970. How much do students get back in taxes What's New Lifetime learning credit. How much do students get back in taxes  For 2013, the amount of your lifetime learning credit is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $53,000 and $63,000 ($107,000 and $127,000 if you file a joint return). How much do students get back in taxes You cannot claim a credit if your MAGI is $63,000 or more ($127,000 or more if you file a joint return). How much do students get back in taxes This is an increase from the 2012 limits of $52,000 and $62,000 ($104,000 and $124,000 if filing a joint return). How much do students get back in taxes For more information, see chapter 3, Lifetime Learning Credit . How much do students get back in taxes Business deduction for work-related education. How much do students get back in taxes  For 2013, if you drive your car to and from school and qualify to deduct transportation expenses, the amount you can deduct for miles driven from January 1, 2013 through December 31, 2013 is 56. How much do students get back in taxes 5 cents per mile. How much do students get back in taxes See chapter 12, Business Deduction for Work-Related Education , for more information. How much do students get back in taxes Reminders Form 1098-T, Tuition Statement. How much do students get back in taxes  When figuring an education credit or the tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. How much do students get back in taxes In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2014. How much do students get back in taxes An institution my choose to report either payments received during calendar year 2013 (box 1), or amounts billed during the calendar year 2013 (box 2), for qualified education expenses. How much do students get back in taxes However, the amounts in boxes 1 and 2 of Form 1098-T might be different than the amount you actually paid and are deemed to have paid. How much do students get back in taxes In addition, the Form 1098-T should give you other information for that institution, such as adjustments made for prior years, the amount of scholarships or grants, reimbursements, or refunds, and whether the student was enrolled at least half-time or was a graduate student. How much do students get back in taxes The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number. How much do students get back in taxes Hope Scholarship Credit. How much do students get back in taxes  For 2013, the Hope Scholarship Credit is not available. How much do students get back in taxes However, you may be able to claim an American opportunity or lifetime learning credit. How much do students get back in taxes See chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit , for more information. How much do students get back in taxes Estimated tax payments. How much do students get back in taxes  If you have taxable income from any of your education benefits and the payer does not withhold enough income tax, you may need to make estimated tax payments. How much do students get back in taxes For more information, see Publication 505, Tax Withholding and Estimated Tax. How much do students get back in taxes Photographs of missing children. How much do students get back in taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How much do students get back in taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How much do students get back in taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How much do students get back in taxes Introduction This publication explains tax benefits that may be available to you if you are saving for or paying education costs for yourself or, in many cases, another student who is a member of your immediate family. How much do students get back in taxes Most benefits apply only to higher education. How much do students get back in taxes What is in this publication. How much do students get back in taxes    Chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions , explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. How much do students get back in taxes   Two tax credits for which you may be eligible are explained in chapter 2, American Opportunity Credit , and chapter 3, Lifetime Learning Credit . How much do students get back in taxes These benefits, which reduce the amount of income tax you may have to pay, are: The American opportunity credit, and The lifetime learning credit. How much do students get back in taxes    Ten other types of benefits are explained in chapters 4 through 12. How much do students get back in taxes These benefits, which reduce the amount of income tax you may have to pay, are: Deduct student loan interest; Receive tax-free treatment of a canceled student loan; Receive tax-free student loan repayment assistance; Deduct tuition and fees for education; Establish and contribute to a Coverdell education savings account (ESA), which features tax-free earnings; Participate in a qualified tuition program (QTP), which features tax-free earnings; Take early distributions from any type of individual retirement arrangement (IRA) for education costs without paying the 10% additional tax on early distributions; Cash in savings bonds for education costs without having to pay tax on the interest; Receive tax-free educational benefits from your employer; and Take a business deduction for work-related education. How much do students get back in taxes Note. How much do students get back in taxes You generally cannot claim more than one of the benefits described in the list above for the same qualifying education expense. How much do students get back in taxes Comparison table. How much do students get back in taxes   Some of the features of these benefits are highlighted in Appendix B, Highlights of Education Tax Benefits for Tax Year 2013 , later, in this publication. How much do students get back in taxes This general comparison table may guide you in determining which benefits you may be eligible for and which chapters you may want to read. How much do students get back in taxes When you figure your taxes, you may want to compare these tax benefits so you can choose the method(s) that gives you the lowest tax liability. How much do students get back in taxes If you qualify, you may find that a combination of credit(s) and deduction(s) gives you the lowest tax. How much do students get back in taxes Analyzing your tax withholding. How much do students get back in taxes   After you estimate your education tax benefits for the year, you may be able to reduce the amount of your federal income tax withholding. How much do students get back in taxes Also, you may want to recheck your withholding during the year if your personal or financial situation changes. How much do students get back in taxes See Publication 919, How Do I Adjust My Tax Withholding, for more information. How much do students get back in taxes Glossary. How much do students get back in taxes   In this publication, wherever appropriate, we have tried to use the same or similar terminology when referring to the basic components of each education benefit. How much do students get back in taxes Some of the terms used are: Qualified education expenses, Eligible educational institution, and Modified adjusted gross income. How much do students get back in taxes   Even though the same term, such as qualified education expenses, is used to label a basic component of many of the education benefits, the same expenses are not necessarily allowed for each benefit. How much do students get back in taxes For example, the cost of room and board is a qualified education expense for the qualified tuition program, but not for the education savings bond program. How much do students get back in taxes   Many of the terms used in the publication are defined in the glossary near the end of the publication. How much do students get back in taxes The glossary is not intended to be a substitute for reading the chapter on a particular education benefit, but it will give you an overview of how certain terms are used in discussing the different benefits. How much do students get back in taxes Comments and suggestions. How much do students get back in taxes   We welcome your comments about this publication and your suggestions for future editions. How much do students get back in taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How much do students get back in taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How much do students get back in taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How much do students get back in taxes   You can send your comments from www. How much do students get back in taxes irs. How much do students get back in taxes gov/formspubs/. How much do students get back in taxes Click on “More Information” and then on “Comment on Tax Forms and Publications”. How much do students get back in taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How much do students get back in taxes Ordering forms and publications. How much do students get back in taxes   Visit www. How much do students get back in taxes irs. How much do students get back in taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How much do students get back in taxes Internal Revenue Service 1201 N. How much do students get back in taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How much do students get back in taxes   If you have a tax question, check the information available on IRS. How much do students get back in taxes gov or call 1-800-829-1040. How much do students get back in taxes We cannot answer tax questions sent to either of the above addresses. How much do students get back in taxes Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 590 Individual Retirement Arrangements (IRAs) Form (and Instructions) 1040 U. How much do students get back in taxes S. How much do students get back in taxes Individual Income Tax Return 1040A U. How much do students get back in taxes S. How much do students get back in taxes Individual Income Tax Return 1040EZ Income Tax Return for Single and Joint Filers With No Dependents 1040NR U. How much do students get back in taxes S. How much do students get back in taxes Nonresident Alien Income Tax Return 1040NR-EZ U. How much do students get back in taxes S. How much do students get back in taxes Income Tax Return for Certain Nonresident Aliens With No Dependents 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 5329 Additional Taxes on Qualified Plans and Other Tax-Favored Accounts 8815 Exclusion of Interest From Series EE and I U. How much do students get back in taxes S. How much do students get back in taxes Savings Bonds Issued After 1989 8863 Education Credits 8917 Tuition and Fees Deduction Schedule A (Form 1040) Itemized Deductions  See chapter 13, How To Get Tax Help , for information about getting these publications and forms. How much do students get back in taxes Prev  Up  Next   Home   More Online Publications
Español

About the API

We make the content you see in our directory of federal agencies available in both English and Spanish via a REST API. The API programmatically returns all of the information contained in the directory, or you can query the API to return just a subset of the available information.

If you are using the Federal Agency Directory API and have feedback or want to tell us about your product, please e-mail us.

Changes to the API

On December 28, 2012, we launched version 2.0 of the API and made the following changes:

  • Launched new methods to return directory records in a hierarchical fashion.
  • Results can now be returned using XML and JSONP, as well as straight JSON.
  • The Interface method was removed.

About the Data

The data in the Federal Agency Directory API is based on the English and Spanish federal agency directories. We gather this data from the agency information listed in the U.S. Government Manual, and independent research by our staff.

There is no schedule for data updates; we update data continually, and as needed. Early versions of the API may have incomplete and inconsistent data. We are working to continually develop the data in our directory records.

If you have suggestions about what types of data you would like to see in the Federal Agency Directory API, please e-mail us.

About the Spanish Data

GobiernoUSA.gov and the North American Academy of the Spanish Language (ANLE, per its Spanish acronym) worked together to review federal agencies Spanish translations to ensure language accuracy and consistency throughout the government. ANLE, the highest authority on Spanish language in the United States, and GobiernoUSA.gov have the joined mission of improving and standardizing the use of Spanish language in government communications.

This collaboration, possible through a signed agreement between the two institutions, resulted in a list of official Spanish language translations of federal agencies, available through this API.

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Accessing the API

Our Federal Agency Directory API is accessible via HTTP GET requests and does not require a login or API key to use.

The base URL for the API is http://www.usa.gov/api/USAGovAPI/contacts.{format}/. Append the API call you’d like to make to this URL.

Currently, three output formats are available:

  1. JSON (such as http://www.usa.gov/api/USAGovAPI/contacts.json/contacts)
  2. XML (such as http://www.usa.gov/api/USAGovAPI/contacts.xml/contacts)
  3. JSONP (such as http://www.usa.gov/api/USAGovAPI/contacts.jsonp/contacts?callback=callmemaybe). When requesting JSONP, you should include a callback parameter with the name of the callback function you would like called.

For the purposes of this documentation, only JSON sample calls and results will be shown.

API Result Formats

The Federal Agency Directory API returns results in json, with an optional callback parameter to enable jsonp support.

Interactive Documentation for the API

If you're interested in trying out the Federal Agency Directory API, we have an interactive test page. On this page, you can try different parameters and see the results.

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API Data Model

The following fields are associated with directory records. Please note that not every record has data in every field, and the API will only return completed fields.

  • Id - A unique identifier for each directory record
  • Name – The name of the agency.
  • Description – A brief description of the agency.
  • Language – Whether the record is in English or Spanish.
  • Subdivision – Used for mailing items to the agency.
  • Street1 – A first line of address information (such as the street address) for the agency’s main office.
  • Street2 – A second line of address information for the agency’s main office.
  • City – The city of the agency’s main office.
  • StateTer – The state of the agency’s main office.
  • Zip – The postal zip code of the agency’s main office.
  • Email – The e-mail address for the agency’s main office.
  • Phone – The phone number of the agency’s main office (may contain more than one).
  • TTY – The TTY number of the agency’s main office (may contain more than one).
  • Tollfree – The toll-free number to contact the agency (may contain more than one).
  • SMS – Any services offered via text messaging by the agency.
  • Synonym – Alternative names used commonly to refer to the agency (may contain more than one).
  • URI – The URL to access the agency’s complete directory record via the API.
  • Source_Url – The USA.gov or GobiernoUSA.gov URL that contains the record.

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URLs

The directory API returns several types of URLs that can be used to link to the agency.

  • Web_Url – Main URLs for the agency (may contain more than one).
  • Contact_Url – URLs for the public to contact the agency (may contain more than one).
  • In_Person_Url – URLs for the public to find out how to interact with the agney in person (may contain more than one).
  • Form_Url – URLs for the agency to find forms from the agency (may contain more than one).

For each of these URLs, the following sub-data elements are returned:

  • Url – The URL to the web page.
  • Description – A description of the URL.
  • Language – Whether the web page located at the URL is in English (en) or Spanish (es).

Agency Relationships

Additionally, the directory API returns information on the hierarchical relationship between federal agencies.

  • Parent – The parent of the agency. such as the Department of the Treasury for the Internal Revenue Service.
  • Child – Any children departments or agencies for the agency. such as the Census Bureau for the Department of Commerce (may contain more than one of these).
  • Alt_Language – The record for the agency in Spanish, if the record is in English, and vice versa.

For each of these relationships, the following sub-data elements are returned for the related agency:

  • Id – A unique identifier for each directory record
  • Name – The name of the agency.
  • URI – The URL to access the agency’s complete directory record via the API.
  • For Alt_Language only, Language – Whether the alternate language record is in English (en) or Spanish (es).

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API Methods

As of version 2.0, the methods of the Federal Agency Directory API are broken down into two categories. The first category simply returns a list of agency records. The second category returns a hierarchical structure of the agency records, making it easy to form a tree. The tree can show that the Food and Drug Administration is part of the Department of Health and Human Services. This is just one example.

API Methods That Return A List of Agency Records

Contacts

Contacts is a general purpose call that, by default, will return all of the agency directory records. However, you can pass parameters into contacts that allow you to filter the records returned by the API in powerful ways.

Parameters

query_filter – Return only agency directory records that meet the criteria you enter into this parameter. In general, the filter takes the form of {field_name}::{value}[|{field_name}::{value}]*. Additionally, for names, you can perform substring searches by surrounding {value} with asterixis.

For example, if you want to return all agencies that have the word “commission” in their title, you can use a query_filter of name::*commission*. Likewise, if you want to find all commissions who have their main address in Virginia, you can use a query_filter of: name::*commission*|state::VA

See the data model above for a list of field names that you can query on.

result_filter – Return only the fields listed here (separated by |) as opposed to every field in each directory record. For example, use a result_filter of name|phone to return only names and phone numbers.

See the data model above for a list of field names that you can specify be returned.

sort – Allows you to specify the sort order of the returned agency directory records. For example, use a sort of name to sort the results by the agency’s name. You can also cause the sort to go in descending order by prepending the field name with a -, such as -name.

See the data model above for a list of field names that you can sort the results on.

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/contacts/tree/independent

The independent method will return every agency record that has no parent and no child, such as the National Railroad Passenger Corporation.

/contacts/tree

The tree method returns every agency record, and, optionally, includes sub-agencies as part of their parent agency’s record.

Paramaters

include_descendants - Set to true if you want the API to return the descendents directly as part of their parent agency’s record.

/contacts/tree/dependent

The dependent method returns every agency record that has sub-agencies, and, optionally, includes sub-agencies as part of their parent agency’s record.

Parameters

include_descendants - Set to true if you want the API to return the descendents directly as part of their parent agency’s record.

/contact/{identifier}/tree/sibling

The sibling method will return all of the agency records that are siblings to the agency represented by the id specified in the REST URL. It will also return the record for the id specified as well.  

The only difference between the result format of the sibling method and the more generic contacts method is that the siblings method does not return the child and parent data elements as part of it’s results.

For example, if you request the sibling agencies for the U.S. Botanic Garden (id 49108), the API will return records for both the U.S. Botanic Garden and the U.S. Capitol Visitor Center, as both of these agencies are part of the Architect of the Capitol.

If you desired the results in JSON format, the API call for this query would look like the following:
http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49108/tree/sibling

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Sample Results For These Methods

For API methods that return a list of directory records, the API will return an array of objects, such as:

The API will return an array of objects, such as:

{
   "Contact":[
      {
         "Id":"52663",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/52663",
         "Language":"en",
         "Name":"U.S. Access Board",
         "Source_Url":"http://www.usa.gov/directory/federal/us-access-board.shtml",
         "Street1":"1331 F Street, NW",
         "Street2":"Suite 1000",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20004-1111",
         "Synonym":[
            "Access Board"
         ],
         "Phone":[
            "202-272-0080"
         ],
         "Tollfree":[
            "800-872-2253"
         ],
         "TTY":[
            "202-272-0082",
            "800-993-2822"
         ],
         "Email":"info@access-board.gov",
         "Contact_Url":[
            {
               "Url":"http://www.access-board.gov/contact.htm",
               "Description":"Contact the U.S. Access Board ",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/contact.htm#email",
               "Description":"E-mail Directory",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/contact.htm#Phone",
               "Description":"Phone Directory",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/enforcement/filing.htm",
               "Description":"File an Accessibility Complaint",
               "Language":"en"
            }
         ],
         "Web_Url":[
            {
               "Url":"http://www.access-board.gov/",
               "Description":"U.S. Access Board ",
               "Language":"en"
            }
         ],
         "In_Person_Url":[
            {
               "Url":"http://www.access-board.gov/contact.htm#Location",
               "Description":"Map and Directions",
               "Language":"en"
            }
         ],
         "Description":"The Access Board is an independent federal agency devoted to accessibility for people with disabilities. The Board develops and maintains design criteria for the built environment, transit vehicles, telecommunications equipment, and for electronic and information technology. ",
         "Alt_Language":[
            {
               "Id":"50175",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50175",
               "Name":"Consejo de Acceso de Estados Unidos",
               "Language":"es"
            }
         ]
      },
      {
         "Id":"61787",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/61787",
         "Language":"en",
         "Name":"Medicaid and CHIP Payment and Access Commission",
         "Source_Url":"http://www.usa.gov/directory/federal/medicaid-chip-payment-access-commission.shtml",
         "Street1":"1800 M Street, NW",
         "Street2":"Suite 350N",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20036",
         "Phone":[
            "202-273-2460"
         ],
         "Email":"webmaster@macpac.gov",
         "Web_Url":[
            {
               "Url":"http://www.macpac.gov",
               "Description":"Medicaid and CHIP Payment and Access Commission ",
               "Language":"en"
            }
         ]
      }
   ]
}

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If you set include_descendents to true in the tree or descendants methods, parent agencies will include an array called "Contact" with their child agency records, such as in this snippet:

{
   "Contact":[
      {
         "Id":"49015",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49015",
         "Language":"en",
         "Name":"U.S. Department of Agriculture (USDA)",
         "Source_Url":"http://www.usa.gov/directory/federal/department-of-agriculture.shtml",
         "Street1":"1400 Independence Ave., S.W.",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20250",
         "Synonym":[
            "Agriculture Department",
            "Department of Agriculture"
         ],
         "Phone":[
            "202-720-2791"
         ],
         "Contact_Url":[
            {
               "Url":"http://usda.gov/wps/portal/usda/usdahome?navid=CONTACT_US",
               "Description":"Contact the U.S. Department of Agriculture (USDA) ",
               "Language":"en"
            },
            {
               "Url":"http://www.fns.usda.gov/cnd/Contacts/StateDirectory.htm",
               "Description":"Child Nutrition Programs",
               "Language":"en"
            },
            {
               "Url":"http://www.fns.usda.gov/snap/contact_info/default.htm",
               "Description":"Food Stamps",
               "Language":"en"
            },
            {
               "Url":"http://www.fsis.usda.gov/Food_Safety_Education/USDA_Meat_&_Poultry_Hotline/index.asp",
               "Description":"Meat and Poultry Hotline",
               "Language":"en"
            },
            {
               "Url":"http://offices.sc.egov.usda.gov/employeeDirectory/app",
               "Description":"Employee Directory",
               "Language":"en"
            }
         ],
         "Web_Url":[
            {
               "Url":"http://www.usda.gov/wps/portal/usda/usdahome",
               "Description":"U.S. Department of Agriculture (USDA) ",
               "Language":"en"
            }
         ],
         "In_Person_Url":[
            {
               "Url":"http://www.rurdev.usda.gov/recd_map.html",
               "Description":"Rural Development Office Locator",
               "Language":"en"
            },
            {
               "Url":"http://apps.ams.usda.gov/FarmersMarkets/",
               "Description":"Farmers Markets Near You",
               "Language":"en"
            },
            {
               "Url":"http://offices.sc.egov.usda.gov/locator/app",
               "Description":"Find a Service Center Near You",
               "Language":"en"
            }
         ],
         "Description":"The Department of Agriculture provides leadership on food, agriculture, natural resources, and related issues.",
         "Alt_Language":[
            {
               "Id":"50072",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50072",
               "Name":"Departamento de Agricultura",
               "Language":"es"
            }
         ],
         "Contact":[
            {
               "Id":"48012",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/48012",
               "Language":"en",
               "Name":"Center for Nutrition Policy and Promotion (CNPP)",
               "Source_Url":"http://www.usa.gov/directory/federal/center-for-nutrition-policy-and-promotion.shtml",
               "Street1":"3101 Park Center Dr., 10th Floor",
               "City":"Alexandria",
               "StateTer":"VA",
               "Zip":"22302-1594",
               "Phone":[
                  "703-305-7600"
               ],
               "Contact_Url":[
                  {
                     "Url":"http://www.cnpp.usda.gov/contacts.htm",
                     "Description":"Contact the Center for Nutrition Policy and Promotion (CNPP) ",
                     "Language":"en"
                  }
               ],
               "Web_Url":[
                  {
                     "Url":"http://www.cnpp.usda.gov/",
                     "Description":"Center for Nutrition Policy and Promotion (CNPP) ",
                     "Language":"en"
                  },
                  {
                     "Url":"http://www.choosemyplate.gov/",
                     "Description":"",
                     "Language":"en"
                  }
               ],
               "Description":"The USDA Center for Nutrition Policy and Promotion (CNPP) works to improve the health and well-being of Americans by developing and promoting dietary guidance that links scientific research to the nutrition needs of consumers."
            }
         ]
      }
   ]
}

For a complete list of fields returned in the json, see the data model description above. Please note that any field that contains more than one item in it (such as synonyms), is returned as an array and noted in the data model description.

We encourage you to try out the interactive documentation to learn more.

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API Methods That Return Agency Records in a Tree Form

These methods return agency records in a hierarchical data structure. In this way, you do not have to manually recreate the hierarchy yourself using the contacts method.

/contact/{identifier}/tree/parent

The parent method returns the record of the parent agency specified in the REST URL and will continue up the agency hierarchy until the root agency is returned. Additionally, the record for the id specified will also be returned.

For example, if you request the parent tree for the Administration for Native Americans (agency id 49064) , the API will return a tree structure whose head is the U.S.  Department of Health and Human Services, with a child record for the Administration for Children and Families, which will then have a child record for the Administration of Native Americans.

With JSON-formatted results, this call would be made with this URL:  http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49064/tree/parent

Likewise, if you request the parent tree for the Administration for Children and Families (agency id 47994), the API will return a tree structure whose head is the U.S. Department of Health and Human Services, with a child record for the Administration for Children and Families.  However, the structure will end at that point instead of continuing down the agency hierarchy.

With JSON-formatted results, this call would be made with this URL:  http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994/tree/parent

/contact/{identifier}/tree/descendant

The descendant method will return a tree with the agency specified in the REST URL at it’s head. It will include all of the agency's sub-agencies as children. The tree will then continue in this fashion until the agencies with no children are returned.

For example, if you request the descendant tree of the Administration for Children and Families (agency id 47994), the API will return a tree structure with the record for the Administration for Children and Families at it’s head. There would then be child record for the Administration of Native Americans, since that agency is a subagency of the Administration for Children and Families.

With JSON-formatted results, this call would be made with this URL: http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994/tree/descendant

Likewise, if you request the descendant tree of the U.S. Department of Health and Human Services (agency id 49021), the API will return a tree structure with the U.S. Department of Health and Human Services record at it’s head, and have 15 child records for each of the sub-agencies.  The tree will continue in this manner until the entire U.S. Department of Health and Human Services hierarchy of agencies is exposed.

With JSON-formatted results, this call would be made with this URL: http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49021/tree/descendant

/contact/{identifier}/tree/branch

The branch method returns a tree that is the combination of the trees returned by the parent method and the descendant method for the id specified in the REST URL. With this one method, the API will return every parent and every descendant of a particular agency.

/contact/{identifier}

The contact/{identifier} method will return the single directory record represented by the id specified in the REST URL. There are no children records returned when using this method.

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Sample Results For These Methods

For API methods that return a tree of directory records, the API will return an array of objects, such as:

{
  "Id": "49021",
  "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49021",
  "Language": "en",
  "Name": "U.S. Department of Health and Human Services (HHS)",
  "Source_Url": "http://www.usa.gov/directory/federal/department-of-health-and-human-services.shtml",
  "Street1": "200 Independence Avenue, S.W.",
  "City": "Washington",
  "StateTer": "DC",
  "Zip": "20201",
  "Synonym": [
    "Health and Human Services Department",
    "Department of Health and Human Services"
  ],
  "Contact_Url": [
    {
      "Url": "http://www.hhs.gov/contactus.html",
      "Description": "Contact the U.S. Department of Health and Human Services (HHS) ",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/acf_contact_us.html#state",
      "Description": "Child Support",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/programs/ofa/help",
      "Description": "Temporary Assistance for Needy Families (Welfare)",
      "Language": "en"
    },
    {
      "Url": "http://www.medicare.gov/ContactUs.asp",
      "Description": "Medicare",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/programs/ocs/liheap/about/contact_us.html",
      "Description": "Low Income Home Energy Assistance Program (LIHEAP)",
      "Language": "en"
    },
    {
      "Url": "https://cfo.gov/cfo-members/",
      "Description": "Employee Directory",
      "Language": "en"
    }
  ],
  "Web_Url": [
    {
      "Url": "http://www.hhs.gov/",
      "Description": "U.S. Department of Health and Human Services (HHS) ",
      "Language": "en"
    }
  ],
  "In_Person_Url": [
    {
      "Url": "http://eclkc.ohs.acf.hhs.gov/hslc/HeadStartOffices",
      "Description": "Head Start Program Locator",
      "Language": "en"
    }
  ],
  "Description": "The Department of Health and Human Services protects the health of all Americans and provides essential human services.",
  "Alt_Language": [
    {
      "Id": "50081",
      "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50081",
      "Name": "Departamento de Salud y Servicios Sociales – HHS",
      "Language": "es"
    }
  ],
  "Contact": [
    {
      "Id": "47994",
      "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994",
      "Language": "en",
      "Name": "Administration for Children and Families (ACF)",
      "Source_Url": "http://www.usa.gov/directory/federal/administration-for-children--families.shtml",
      "Street1": "370 L'nfant Promenade, SW",
      "City": "Washington",
      "StateTer": "DC",
      "Zip": "20447",
      "Tollfree": [
        "1-888-289-8442 (Fraud Alert Hotline)"
      ],
      "Contact_Url": [
        {
          "Url": "http://www.acf.hhs.gov/programs/ana/about",
          "Description": "Contact the Administration for Children and Families (ACF) ",
          "Language": "en"
        },
        {
          "Url": "https://cfo.gov/cfo-members/",
          "Description": "Employee Directory",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/acf_contact_us.html#state",
          "Description": "Child Support",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/ofa/help",
          "Description": "Temporary Assistance for Needy Families (Welfare)",
          "Language": "en"
        },
        {
          "Url": "http://www.childwelfare.gov/pubs/reslist/rl_dsp.cfm?rs_id=5&rate_chno=11-11172",
          "Description": "Report Child Abuse and Neglect",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/ocs/liheap/about/contact_us.html",
          "Description": "Low Income Home Energy Assistance Program (LIHEAP)",
          "Language": "en"
        }
      ],
      "Web_Url": [
        {
          "Url": "http://www.acf.hhs.gov/",
          "Description": "Administration for Children and Families (ACF) ",
          "Language": "en"
        }
      ],
      "In_Person_Url": [
        {
          "Url": "http://eclkc.ohs.acf.hhs.gov/hslc/HeadStartOffices",
          "Description": "Head Start Program Locator",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/cse/extinf.html",
          "Description": "Child Support Enforcement in Your State",
          "Language": "en"
        }
      ],
      "Description": "The ACF funds state, territory, local, and tribal organizations to provide family assistance (welfare), child support, child care, Head Start, child welfare, and other programs relating to children and families.",
      "Alt_Language": [
        {
          "Id": "50101",
          "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50101",
          "Name": "Administración de Asuntos de Niños y Familias",
          "Language": "es"
        }
      ],
      "Contact": [
        {
          "Id": "49064",
          "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49064",
          "Language": "en",
          "Name": "Administration for Native Americans",
          "Source_Url": "http://www.usa.gov/directory/federal/administration-for-native-americans.shtml",
          "Street1": "2nd Floor, West Aerospace Center",
          "Street2": "370 L'Enfant Promenade, SW",
          "City": "Washington",
          "StateTer": "DC",
          "Zip": "20447-0002",
          "Tollfree": [
            "877-922-9262"
          ],
          "Email": "anacomments@acf.hhs.gov",
          "Contact_Url": [
            {
              "Url": "http://www.acf.hhs.gov/programs/ana/about",
              "Description": "Contact the Administration for Native Americans ",
              "Language": "en"
            }
          ],
          "Web_Url": [
            {
              "Url": "http://www.acf.hhs.gov/programs/ana/",
              "Description": "Administration for Native Americans ",
              "Language": "en"
            }
          ],
          "Description": "The Administration for Native Americans promotes self-sufficiency and cultural preservation for Native Americans by providing social and economic development opportunities through financial assistance, training, and technical assistance.",
          "Alt_Language": [
            {
              "Id": "50125",
              "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50125",
              "Name": "Oficina de Asuntos Nativo Americanos",
              "Language": "es"
            }
          ]
        }
      ]
    }
  ]
}

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The How Much Do Students Get Back In Taxes

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