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Last Day To File Taxes 2013

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Last Day To File Taxes 2013

Last day to file taxes 2013 Publication 541 - Main Content Table of Contents Forming a PartnershipOrganizations Classified as Partnerships Family Partnership Partnership Agreement Terminating a PartnershipIRS e-file (Electronic Filing) Exclusion From Partnership Rules Partnership Return (Form 1065) Partnership DistributionsSubstantially appreciated inventory items. Last day to file taxes 2013 Partner's Gain or Loss Partner's Basis for Distributed Property Transactions Between Partnership and PartnersGuaranteed Payments Sale or Exchange of Property Contribution of Property Contribution of Services Basis of Partner's InterestAdjusted Basis Effect of Partnership Liabilities Disposition of Partner's InterestSale, Exchange, or Other Transfer Payments for Unrealized Receivables and Inventory Items Liquidation at Partner's Retirement or Death Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)Partnership Item. Last day to file taxes 2013 Small Partnerships and the Small Partnership Exception Small Partnership TEFRA Election Role of Tax Matters Partner (TMP) in TEFRA Proceedings Statute of Limitations and TEFRA Amended Returns and Administrative Adjustment Requests (AARs) How To Get Tax Help Forming a Partnership The following sections contain general information about partnerships. Last day to file taxes 2013 Organizations Classified as Partnerships An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. Last day to file taxes 2013 However, a joint undertaking merely to share expenses is not a partnership. Last day to file taxes 2013 For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants. Last day to file taxes 2013 The rules you must use to determine whether an organization is classified as a partnership changed for organizations formed after 1996. Last day to file taxes 2013 Organizations formed after 1996. Last day to file taxes 2013   An organization formed after 1996 is classified as a partnership for federal tax purposes if it has two or more members and it is none of the following. Last day to file taxes 2013 An organization formed under a federal or state law that refers to it as incorporated or as a corporation, body corporate, or body politic. Last day to file taxes 2013 An organization formed under a state law that refers to it as a joint-stock company or joint-stock association. Last day to file taxes 2013 An insurance company. Last day to file taxes 2013 Certain banks. Last day to file taxes 2013 An organization wholly owned by a state, local, or foreign government. Last day to file taxes 2013 An organization specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Last day to file taxes 2013 Certain foreign organizations identified in section 301. Last day to file taxes 2013 7701-2(b)(8) of the regulations. Last day to file taxes 2013 A tax-exempt organization. Last day to file taxes 2013 A real estate investment trust. Last day to file taxes 2013 An organization classified as a trust under section 301. Last day to file taxes 2013 7701-4 of the regulations or otherwise subject to special treatment under the Internal Revenue Code. Last day to file taxes 2013 Any other organization that elects to be classified as a corporation by filing Form 8832. Last day to file taxes 2013 For more information, see the instructions for Form 8832. Last day to file taxes 2013 Limited liability company. Last day to file taxes 2013   A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Last day to file taxes 2013 Unlike a partnership, none of the members of an LLC are personally liable for its debts. Last day to file taxes 2013 An LLC may be classified for federal income tax purposes as either a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301. Last day to file taxes 2013 7701-3. Last day to file taxes 2013 See Form 8832 and section 301. Last day to file taxes 2013 7701-3 of the regulations for more details. Last day to file taxes 2013 A domestic LLC with at least two members that does not file Form 8832 is classified as a partnership for federal income tax purposes. Last day to file taxes 2013 Organizations formed before 1997. Last day to file taxes 2013   An organization formed before 1997 and classified as a partnership under the old rules will generally continue to be classified as a partnership as long as the organization has at least two members and does not elect to be classified as a corporation by filing Form 8832. Last day to file taxes 2013 Community property. Last day to file taxes 2013    Spouses who own a qualified entity (defined later) can choose to classify the entity as a partnership for federal tax purposes by filing the appropriate partnership tax returns. Last day to file taxes 2013 They can choose to classify the entity as a sole proprietorship by filing a Schedule C (Form 1040) listing one spouse as the sole proprietor. Last day to file taxes 2013 A change in reporting position will be treated for federal tax purposes as a conversion of the entity. Last day to file taxes 2013   A qualified entity is a business entity that meets all the following requirements. Last day to file taxes 2013 The business entity is wholly owned by spouses as community property under the laws of a state, a foreign country, or a possession of the United States. Last day to file taxes 2013 No person other than one or both spouses would be considered an owner for federal tax purposes. Last day to file taxes 2013 The business entity is not treated as a corporation. Last day to file taxes 2013   For more information about community property, see Publication 555, Community Property. Last day to file taxes 2013 Publication 555 discusses the community property laws of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Last day to file taxes 2013 Family Partnership Members of a family can be partners. Last day to file taxes 2013 However, family members (or any other person) will be recognized as partners only if one of the following requirements is met. Last day to file taxes 2013 If capital is a material income-producing factor, they acquired their capital interest in a bona fide transaction (even if by gift or purchase from another family member), actually own the partnership interest, and actually control the interest. Last day to file taxes 2013 If capital is not a material income-producing factor, they joined together in good faith to conduct a business. Last day to file taxes 2013 They agreed that contributions of each entitle them to a share in the profits, and some capital or service has been (or is) provided by each partner. Last day to file taxes 2013 Capital is material. Last day to file taxes 2013   Capital is a material income-producing factor if a substantial part of the gross income of the business comes from the use of capital. Last day to file taxes 2013 Capital is ordinarily an income-producing factor if the operation of the business requires substantial inventories or investments in plants, machinery, or equipment. Last day to file taxes 2013 Capital is not material. Last day to file taxes 2013   In general, capital is not a material income-producing factor if the income of the business consists principally of fees, commissions, or other compensation for personal services performed by members or employees of the partnership. Last day to file taxes 2013 Capital interest. Last day to file taxes 2013   A capital interest in a partnership is an interest in its assets that is distributable to the owner of the interest in either of the following situations. Last day to file taxes 2013 The owner withdraws from the partnership. Last day to file taxes 2013 The partnership liquidates. Last day to file taxes 2013   The mere right to share in earnings and profits is not a capital interest in the partnership. Last day to file taxes 2013 Gift of capital interest. Last day to file taxes 2013   If a family member (or any other person) receives a gift of a capital interest in a partnership in which capital is a material income-producing factor, the donee's distributive share of partnership income is subject to both of the following restrictions. Last day to file taxes 2013 It must be figured by reducing the partnership income by reasonable compensation for services the donor renders to the partnership. Last day to file taxes 2013 The donee's distributive share of partnership income attributable to donated capital must not be proportionately greater than the donor's distributive share attributable to the donor's capital. Last day to file taxes 2013 Purchase. Last day to file taxes 2013   For purposes of determining a partner's distributive share, an interest purchased by one family member from another family member is considered a gift from the seller. Last day to file taxes 2013 The fair market value of the purchased interest is considered donated capital. Last day to file taxes 2013 For this purpose, members of a family include only spouses, ancestors, and lineal descendants (or a trust for the primary benefit of those persons). Last day to file taxes 2013 Example. Last day to file taxes 2013 A father sold 50% of his business to his son. Last day to file taxes 2013 The resulting partnership had a profit of $60,000. Last day to file taxes 2013 Capital is a material income-producing factor. Last day to file taxes 2013 The father performed services worth $24,000, which is reasonable compensation, and the son performed no services. Last day to file taxes 2013 The $24,000 must be allocated to the father as compensation. Last day to file taxes 2013 Of the remaining $36,000 of profit due to capital, at least 50%, or $18,000, must be allocated to the father since he owns a 50% capital interest. Last day to file taxes 2013 The son's share of partnership profit cannot be more than $18,000. Last day to file taxes 2013 Business owned and operated by spouses. Last day to file taxes 2013   If spouses carry on a business together and share in the profits and losses, they may be partners whether or not they have a formal partnership agreement. Last day to file taxes 2013 If so, they should report income or loss from the business on Form 1065. Last day to file taxes 2013 They should not report the income on a Schedule C (Form 1040) in the name of one spouse as a sole proprietor. Last day to file taxes 2013 However, the spouses can elect not to treat the joint venture as a partnership by making a Qualified Joint Venture Election. Last day to file taxes 2013 Qualified Joint Venture Election. Last day to file taxes 2013   A "qualified joint venture," whose only members are spouses filing a joint return, can elect not to be treated as a partnership for federal tax purposes. Last day to file taxes 2013 A qualified joint venture conducts a trade or business where: the only members of the joint venture are spouses filing jointly; both spouses elect not to be treated as a partnership; both spouses materially participate in the trade or business (see Passive Activity Limitations in the Instructions for Form 1065 for a definition of material participation); and the business is co-owned by both spouses and is not held in the name of a state law entity such as a partnership or LLC. Last day to file taxes 2013   Under this election, a qualified joint venture conducted by spouses who file a joint return is not treated as a partnership for federal tax purposes and therefore does not have a Form 1065 filing requirement. Last day to file taxes 2013 All items of income, gain, deduction, loss, and credit are divided between the spouses based on their respective interests in the venture. Last day to file taxes 2013 Each spouse takes into account his or her respective share of these items as a sole proprietor. Last day to file taxes 2013 Each spouse would account for his or her respective share on the appropriate form, such as Schedule C (Form 1040). Last day to file taxes 2013 For purposes of determining net earnings from self-employment, each spouse's share of income or loss from a qualified joint venture is taken into account just as it is for federal income tax purposes (i. Last day to file taxes 2013 e. Last day to file taxes 2013 , based on their respective interests in the venture). Last day to file taxes 2013   If the spouses do not make the election to treat their respective interests in the joint venture as sole proprietorships, each spouse should carry his or her share of the partnership income or loss from Schedule K-1 (Form 1065) to their joint or separate Form(s) 1040. Last day to file taxes 2013 Each spouse should include his or her respective share of self-employment income on a separate Schedule SE (Form 1040), Self-Employment Tax. Last day to file taxes 2013   This generally does not increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based. Last day to file taxes 2013 However, this may not be true if either spouse exceeds the social security tax limitation. Last day to file taxes 2013   For more information on qualified joint ventures, go to IRS. Last day to file taxes 2013 gov, enter “Election for Qualified Joint Ventures” in the search box and select the link reading “Election for Husband and Wife Unincorporated Businesses. Last day to file taxes 2013 ” Partnership Agreement The partnership agreement includes the original agreement and any modifications. Last day to file taxes 2013 The modifications must be agreed to by all partners or adopted in any other manner provided by the partnership agreement. Last day to file taxes 2013 The agreement or modifications can be oral or written. Last day to file taxes 2013 Partners can modify the partnership agreement for a particular tax year after the close of the year but not later than the date for filing the partnership return for that year. Last day to file taxes 2013 This filing date does not include any extension of time. Last day to file taxes 2013 If the partnership agreement or any modification is silent on any matter, the provisions of local law are treated as part of the agreement. Last day to file taxes 2013 Terminating a Partnership A partnership terminates when one of the following events takes place. Last day to file taxes 2013 All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership. Last day to file taxes 2013 At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner. Last day to file taxes 2013 Unlike other partnerships, an electing large partnership does not terminate on the sale or exchange of 50% or more of the partnership interests within a 12-month period. Last day to file taxes 2013 See section 1. Last day to file taxes 2013 708-1(b) of the regulations for more information on the termination of a partnership. Last day to file taxes 2013 For special rules that apply to a merger, consolidation, or division of a partnership, see sections 1. Last day to file taxes 2013 708-1(c) and 1. Last day to file taxes 2013 708-1(d) of the regulations. Last day to file taxes 2013 Date of termination. Last day to file taxes 2013   The partnership's tax year ends on the date of termination. Last day to file taxes 2013 For the event described in (1), above, the date of termination is the date the partnership completes the winding up of its affairs. Last day to file taxes 2013 For the event described in (2), above, the date of termination is the date of the sale or exchange of a partnership interest that, by itself or together with other sales or exchanges in the preceding 12 months, transfers an interest of 50% or more in both capital and profits. Last day to file taxes 2013 Short period return. Last day to file taxes 2013   If a partnership is terminated before the end of what would otherwise be its tax year, Form 1065 must be filed for the short period, which is the period from the beginning of the tax year through the date of termination. Last day to file taxes 2013 The return is due the 15th day of the fourth month following the date of termination. Last day to file taxes 2013 See Partnership Return (Form 1065), later, for information about filing Form 1065. Last day to file taxes 2013 Conversion of partnership into limited liability company (LLC). Last day to file taxes 2013   The conversion of a partnership into an LLC classified as a partnership for federal tax purposes does not terminate the partnership. Last day to file taxes 2013 The conversion is not a sale, exchange, or liquidation of any partnership interest; the partnership's tax year does not close; and the LLC can continue to use the partnership's taxpayer identification number. Last day to file taxes 2013   However, the conversion may change some of the partners' bases in their partnership interests if the partnership has recourse liabilities that become nonrecourse liabilities. Last day to file taxes 2013 Because the partners share recourse and nonrecourse liabilities differently, their bases must be adjusted to reflect the new sharing ratios. Last day to file taxes 2013 If a decrease in a partner's share of liabilities exceeds the partner's basis, he or she must recognize gain on the excess. Last day to file taxes 2013 For more information, see Effect of Partnership Liabilities under Basis of Partner's Interest, later. Last day to file taxes 2013   The same rules apply if an LLC classified as a partnership is converted into a partnership. Last day to file taxes 2013 IRS e-file (Electronic Filing) Please click here for the text description of the image. Last day to file taxes 2013 e-file Certain partnerships with more than 100 partners are required to file Form 1065, Schedules K-1, and related forms and schedules electronically (e-file). Last day to file taxes 2013 Other partnerships generally have the option to file electronically. Last day to file taxes 2013 For details about IRS e-file, see the Form 1065 instructions. Last day to file taxes 2013 Exclusion From Partnership Rules Certain partnerships that do not actively conduct a business can choose to be completely or partially excluded from being treated as partnerships for federal income tax purposes. Last day to file taxes 2013 All the partners must agree to make the choice, and the partners must be able to compute their own taxable income without computing the partnership's income. Last day to file taxes 2013 However, the partners are not exempt from the rule that limits a partner's distributive share of partnership loss to the adjusted basis of the partner's partnership interest. Last day to file taxes 2013 Nor are they exempt from the requirement of a business purpose for adopting a tax year for the partnership that differs from its required tax year. Last day to file taxes 2013 Investing partnership. Last day to file taxes 2013   An investing partnership can be excluded if the participants in the joint purchase, retention, sale, or exchange of investment property meet all the following requirements. Last day to file taxes 2013 They own the property as co-owners. Last day to file taxes 2013 They reserve the right separately to take or dispose of their shares of any property acquired or retained. Last day to file taxes 2013 They do not actively conduct business or irrevocably authorize some person acting in a representative capacity to purchase, sell, or exchange the investment property. Last day to file taxes 2013 Each separate participant can delegate authority to purchase, sell, or exchange his or her share of the investment property for the time being for his or her account, but not for a period of more than a year. Last day to file taxes 2013 Operating agreement partnership. Last day to file taxes 2013   An operating agreement partnership group can be excluded if the participants in the joint production, extraction, or use of property meet all the following requirements. Last day to file taxes 2013 They own the property as co-owners, either in fee or under lease or other form of contract granting exclusive operating rights. Last day to file taxes 2013 They reserve the right separately to take in kind or dispose of their shares of any property produced, extracted, or used. Last day to file taxes 2013 They do not jointly sell services or the property produced or extracted. Last day to file taxes 2013 Each separate participant can delegate authority to sell his or her share of the property produced or extracted for the time being for his or her account, but not for a period of time in excess of the minimum needs of the industry, and in no event for more than one year. Last day to file taxes 2013 However, this exclusion does not apply to an unincorporated organization one of whose principal purposes is cycling, manufacturing, or processing for persons who are not members of the organization. Last day to file taxes 2013 Electing the exclusion. Last day to file taxes 2013   An eligible organization that wishes to be excluded from the partnership rules must make the election not later than the time for filing the partnership return for the first tax year for which exclusion is desired. Last day to file taxes 2013 This filing date includes any extension of time. Last day to file taxes 2013 See Regulations section 1. Last day to file taxes 2013 761-2(b) for the procedures to follow. Last day to file taxes 2013 Partnership Return (Form 1065) Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. Last day to file taxes 2013 The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. Last day to file taxes 2013 The return must be signed by a general partner. Last day to file taxes 2013 If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return. Last day to file taxes 2013 A partnership is not considered to engage in a trade or business, and is not required to file a Form 1065, for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal income tax purposes. Last day to file taxes 2013 See the Instructions for Form 1065 for more information about who must file Form 1065. Last day to file taxes 2013 Partnership Distributions Partnership distributions include the following. Last day to file taxes 2013 A withdrawal by a partner in anticipation of the current year's earnings. Last day to file taxes 2013 A distribution of the current year's or prior years' earnings not needed for working capital. Last day to file taxes 2013 A complete or partial liquidation of a partner's interest. Last day to file taxes 2013 A distribution to all partners in a complete liquidation of the partnership. Last day to file taxes 2013 A partnership distribution is not taken into account in determining the partner's distributive share of partnership income or loss. Last day to file taxes 2013 If any gain or loss from the distribution is recognized by the partner, it must be reported on his or her return for the tax year in which the distribution is received. Last day to file taxes 2013 Money or property withdrawn by a partner in anticipation of the current year's earnings is treated as a distribution received on the last day of the partnership's tax year. Last day to file taxes 2013 Effect on partner's basis. Last day to file taxes 2013   A partner's adjusted basis in his or her partnership interest is decreased (but not below zero) by the money and adjusted basis of property distributed to the partner. Last day to file taxes 2013 See Adjusted Basis under Basis of Partner's Interest, later. Last day to file taxes 2013 Effect on partnership. Last day to file taxes 2013   A partnership generally does not recognize any gain or loss because of distributions it makes to partners. Last day to file taxes 2013 The partnership may be able to elect to adjust the basis of its undistributed property. Last day to file taxes 2013 Certain distributions treated as a sale or exchange. Last day to file taxes 2013   When a partnership distributes the following items, the distribution may be treated as a sale or exchange of property rather than a distribution. Last day to file taxes 2013 Unrealized receivables or substantially appreciated inventory items distributed in exchange for any part of the partner's interest in other partnership property, including money. Last day to file taxes 2013 Other property (including money) distributed in exchange for any part of a partner's interest in unrealized receivables or substantially appreciated inventory items. Last day to file taxes 2013   See Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Last day to file taxes 2013   This treatment does not apply to the following distributions. Last day to file taxes 2013 A distribution of property to the partner who contributed the property to the partnership. Last day to file taxes 2013 Payments made to a retiring partner or successor in interest of a deceased partner that are the partner's distributive share of partnership income or guaranteed payments. Last day to file taxes 2013 Substantially appreciated inventory items. Last day to file taxes 2013   Inventory items of the partnership are considered to have appreciated substantially in value if, at the time of the distribution, their total fair market value is more than 120% of the partnership's adjusted basis for the property. Last day to file taxes 2013 However, if a principal purpose for acquiring inventory property is to avoid ordinary income treatment by reducing the appreciation to less than 120%, that property is excluded. Last day to file taxes 2013 Partner's Gain or Loss A partner generally recognizes gain on a partnership distribution only to the extent any money (and marketable securities treated as money) included in the distribution exceeds the adjusted basis of the partner's interest in the partnership. Last day to file taxes 2013 Any gain recognized is generally treated as capital gain from the sale of the partnership interest on the date of the distribution. Last day to file taxes 2013 If partnership property (other than marketable securities treated as money) is distributed to a partner, he or she generally does not recognize any gain until the sale or other disposition of the property. Last day to file taxes 2013 For exceptions to these rules, see Distribution of partner's debt and Net precontribution gain, later. Last day to file taxes 2013 Also, see Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Last day to file taxes 2013 Example. Last day to file taxes 2013 The adjusted basis of Jo's partnership interest is $14,000. Last day to file taxes 2013 She receives a distribution of $8,000 cash and land that has an adjusted basis of $2,000 and a fair market value of $3,000. Last day to file taxes 2013 Because the cash received does not exceed the basis of her partnership interest, Jo does not recognize any gain on the distribution. Last day to file taxes 2013 Any gain on the land will be recognized when she sells or otherwise disposes of it. Last day to file taxes 2013 The distribution decreases the adjusted basis of Jo's partnership interest to $4,000 [$14,000 − ($8,000 + $2,000)]. Last day to file taxes 2013 Marketable securities treated as money. Last day to file taxes 2013   Generally, a marketable security distributed to a partner is treated as money in determining whether gain is recognized on the distribution. Last day to file taxes 2013 This treatment, however, does not generally apply if that partner contributed the security to the partnership or an investment partnership made the distribution to an eligible partner. Last day to file taxes 2013   The amount treated as money is the security's fair market value when distributed, reduced (but not below zero) by the excess (if any) of: The partner's distributive share of the gain that would be recognized had the partnership sold all its marketable securities at their fair market value immediately before the transaction resulting in the distribution, over The partner's distributive share of the gain that would be recognized had the partnership sold all such securities it still held after the distribution at the fair market value in (1). Last day to file taxes 2013   For more information, including the definition of marketable securities, see section 731(c) of the Internal Revenue Code. Last day to file taxes 2013 Loss on distribution. Last day to file taxes 2013   A partner does not recognize loss on a partnership distribution unless all the following requirements are met. Last day to file taxes 2013 The adjusted basis of the partner's interest in the partnership exceeds the distribution. Last day to file taxes 2013 The partner's entire interest in the partnership is liquidated. Last day to file taxes 2013 The distribution is in money, unrealized receivables, or inventory items. Last day to file taxes 2013   There are exceptions to these general rules. Last day to file taxes 2013 See the following discussions. Last day to file taxes 2013 Also, see Liquidation at Partner's Retirement or Death under Disposition of Partner's Interest, later. Last day to file taxes 2013 Distribution of partner's debt. Last day to file taxes 2013   If a partnership acquires a partner's debt and extinguishes the debt by distributing it to the partner, the partner will recognize capital gain or loss to the extent the fair market value of the debt differs from the basis of the debt (determined under the rules discussed in Partner's Basis for Distributed Property, later). Last day to file taxes 2013   The partner is treated as having satisfied the debt for its fair market value. Last day to file taxes 2013 If the issue price (adjusted for any premium or discount) of the debt exceeds its fair market value when distributed, the partner may have to include the excess amount in income as canceled debt. Last day to file taxes 2013   Similarly, a deduction may be available to a corporate partner if the fair market value of the debt at the time of distribution exceeds its adjusted issue price. Last day to file taxes 2013 Net precontribution gain. Last day to file taxes 2013   A partner generally must recognize gain on the distribution of property (other than money) if the partner contributed appreciated property to the partnership during the 7-year period before the distribution. Last day to file taxes 2013   The gain recognized is the lesser of the following amounts. Last day to file taxes 2013 The excess of: The fair market value of the property received in the distribution, over The adjusted basis of the partner's interest in the partnership immediately before the distribution, reduced (but not below zero) by any money received in the distribution. Last day to file taxes 2013 The “net precontribution gain” of the partner. Last day to file taxes 2013 This is the net gain the partner would recognize if all the property contributed by the partner within 7 years of the distribution, and held by the partnership immediately before the distribution, were distributed to another partner, other than a partner who owns more than 50% of the partnership. Last day to file taxes 2013 For information about the distribution of contributed property to another partner, see Contribution of Property , under Transactions Between Partnership and Partners, later. Last day to file taxes 2013   The character of the gain is determined by reference to the character of the net precontribution gain. Last day to file taxes 2013 This gain is in addition to any gain the partner must recognize if the money distributed is more than his or her basis in the partnership. Last day to file taxes 2013 For these rules, the term “money” includes marketable securities treated as money, as discussed earlier. Last day to file taxes 2013 Effect on basis. Last day to file taxes 2013   The adjusted basis of the partner's interest in the partnership is increased by any net precontribution gain recognized by the partner. Last day to file taxes 2013 Other than for purposes of determining the gain, the increase is treated as occurring immediately before the distribution. Last day to file taxes 2013 See Basis of Partner's Interest , later. Last day to file taxes 2013   The partnership must adjust its basis in any property the partner contributed within 7 years of the distribution to reflect any gain that partner recognizes under this rule. Last day to file taxes 2013 Exceptions. Last day to file taxes 2013   Any part of a distribution that is property the partner previously contributed to the partnership is not taken into account in determining the amount of the excess distribution or the partner's net precontribution gain. Last day to file taxes 2013 For this purpose, the partner's previously contributed property does not include a contributed interest in an entity to the extent its value is due to property contributed to the entity after the interest was contributed to the partnership. Last day to file taxes 2013   Recognition of gain under this rule also does not apply to a distribution of unrealized receivables or substantially appreciated inventory items if the distribution is treated as a sale or exchange, as discussed earlier. Last day to file taxes 2013 Partner's Basis for Distributed Property Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed to the partner by a partnership is its adjusted basis to the partnership immediately before the distribution. Last day to file taxes 2013 However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Last day to file taxes 2013 Example 1. Last day to file taxes 2013 The adjusted basis of Emily's partnership interest is $30,000. Last day to file taxes 2013 She receives a distribution of property that has an adjusted basis of $20,000 to the partnership and $4,000 in cash. Last day to file taxes 2013 Her basis for the property is $20,000. Last day to file taxes 2013 Example 2. Last day to file taxes 2013 The adjusted basis of Steve's partnership interest is $10,000. Last day to file taxes 2013 He receives a distribution of $4,000 cash and property that has an adjusted basis to the partnership of $8,000. Last day to file taxes 2013 His basis for the distributed property is limited to $6,000 ($10,000 − $4,000, the cash he receives). Last day to file taxes 2013 Complete liquidation of partner's interest. Last day to file taxes 2013   The basis of property received in complete liquidation of a partner's interest is the adjusted basis of the partner's interest in the partnership reduced by any money distributed to the partner in the same transaction. Last day to file taxes 2013 Partner's holding period. Last day to file taxes 2013   A partner's holding period for property distributed to the partner includes the period the property was held by the partnership. Last day to file taxes 2013 If the property was contributed to the partnership by a partner, then the period it was held by that partner is also included. Last day to file taxes 2013 Basis divided among properties. Last day to file taxes 2013   If the basis of property received is the adjusted basis of the partner's interest in the partnership (reduced by money received in the same transaction), it must be divided among the properties distributed to the partner. Last day to file taxes 2013 For property distributed after August 5, 1997, allocate the basis using the following rules. Last day to file taxes 2013 Allocate the basis first to unrealized receivables and inventory items included in the distribution by assigning a basis to each item equal to the partnership's adjusted basis in the item immediately before the distribution. Last day to file taxes 2013 If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Last day to file taxes 2013 Allocate any remaining basis to properties other than unrealized receivables and inventory items by assigning a basis to each property equal to the partnership's adjusted basis in the property immediately before the distribution. Last day to file taxes 2013 If the allocable basis exceeds the total of these assigned bases, increase the assigned bases by the amount of the excess. Last day to file taxes 2013 If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Last day to file taxes 2013 Allocating a basis increase. Last day to file taxes 2013   Allocate any basis increase required in rule (2), above, first to properties with unrealized appreciation to the extent of the unrealized appreciation. Last day to file taxes 2013 If the basis increase is less than the total unrealized appreciation, allocate it among those properties in proportion to their respective amounts of unrealized appreciation. Last day to file taxes 2013 Allocate any remaining basis increase among all the properties in proportion to their respective fair market values. Last day to file taxes 2013 Example. Last day to file taxes 2013 Eun's basis in her partnership interest is $55,000. Last day to file taxes 2013 In a distribution in liquidation of her entire interest, she receives properties A and B, neither of which is inventory or unrealized receivables. Last day to file taxes 2013 Property A has an adjusted basis to the partnership of $5,000 and a fair market value of $40,000. Last day to file taxes 2013 Property B has an adjusted basis to the partnership of $10,000 and a fair market value of $10,000. Last day to file taxes 2013 To figure her basis in each property, Eun first assigns bases of $5,000 to property A and $10,000 to property B (their adjusted bases to the partnership). Last day to file taxes 2013 This leaves a $40,000 basis increase (the $55,000 allocable basis minus the $15,000 total of the assigned bases). Last day to file taxes 2013 She first allocates $35,000 to property A (its unrealized appreciation). Last day to file taxes 2013 The remaining $5,000 is allocated between the properties based on their fair market values. Last day to file taxes 2013 $4,000 ($40,000/$50,000) is allocated to property A and $1,000 ($10,000/$50,000) is allocated to property B. Last day to file taxes 2013 Eun's basis in property A is $44,000 ($5,000 + $35,000 + $4,000) and her basis in property B is $11,000 ($10,000 + $1,000). Last day to file taxes 2013 Allocating a basis decrease. Last day to file taxes 2013   Use the following rules to allocate any basis decrease required in rule (1) or rule (2), earlier. Last day to file taxes 2013 Allocate the basis decrease first to items with unrealized depreciation to the extent of the unrealized depreciation. Last day to file taxes 2013 If the basis decrease is less than the total unrealized depreciation, allocate it among those items in proportion to their respective amounts of unrealized depreciation. Last day to file taxes 2013 Allocate any remaining basis decrease among all the items in proportion to their respective assigned basis amounts (as decreased in (1)). Last day to file taxes 2013 Example. Last day to file taxes 2013 Armando's basis in his partnership interest is $20,000. Last day to file taxes 2013 In a distribution in liquidation of his entire interest, he receives properties C and D, neither of which is inventory or unrealized receivables. Last day to file taxes 2013 Property C has an adjusted basis to the partnership of $15,000 and a fair market value of $15,000. Last day to file taxes 2013 Property D has an adjusted basis to the partnership of $15,000 and a fair market value of $5,000. Last day to file taxes 2013 To figure his basis in each property, Armando first assigns bases of $15,000 to property C and $15,000 to property D (their adjusted bases to the partnership). Last day to file taxes 2013 This leaves a $10,000 basis decrease (the $30,000 total of the assigned bases minus the $20,000 allocable basis). Last day to file taxes 2013 He allocates the entire $10,000 to property D (its unrealized depreciation). Last day to file taxes 2013 Armando's basis in property C is $15,000 and his basis in property D is $5,000 ($15,000 − $10,000). Last day to file taxes 2013 Distributions before August 6, 1997. Last day to file taxes 2013   For property distributed before August 6, 1997, allocate the basis using the following rules. Last day to file taxes 2013 Allocate the basis first to unrealized receivables and inventory items included in the distribution to the extent of the partnership's adjusted basis in those items. Last day to file taxes 2013 If the partnership's adjusted basis in those items exceeded the allocable basis, allocate the basis among the items in proportion to their adjusted bases to the partnership. Last day to file taxes 2013 Allocate any remaining basis to other distributed properties in proportion to their adjusted bases to the partnership. Last day to file taxes 2013 Partner's interest more than partnership basis. Last day to file taxes 2013   If the basis of a partner's interest to be divided in a complete liquidation of the partner's interest is more than the partnership's adjusted basis for the unrealized receivables and inventory items distributed, and if no other property is distributed to which the partner can apply the remaining basis, the partner has a capital loss to the extent of the remaining basis of the partnership interest. Last day to file taxes 2013 Special adjustment to basis. Last day to file taxes 2013   A partner who acquired any part of his or her partnership interest in a sale or exchange or upon the death of another partner may be able to choose a special basis adjustment for property distributed by the partnership. Last day to file taxes 2013 To choose the special adjustment, the partner must have received the distribution within 2 years after acquiring the partnership interest. Last day to file taxes 2013 Also, the partnership must not have chosen the optional adjustment to basis when the partner acquired the partnership interest. Last day to file taxes 2013   If a partner chooses this special basis adjustment, the partner's basis for the property distributed is the same as it would have been if the partnership had chosen the optional adjustment to basis. Last day to file taxes 2013 However, this assigned basis is not reduced by any depletion or depreciation that would have been allowed or allowable if the partnership had previously chosen the optional adjustment. Last day to file taxes 2013   The choice must be made with the partner's tax return for the year of the distribution if the distribution includes any property subject to depreciation, depletion, or amortization. Last day to file taxes 2013 If the choice does not have to be made for the distribution year, it must be made with the return for the first year in which the basis of the distributed property is pertinent in determining the partner's income tax. Last day to file taxes 2013   A partner choosing this special basis adjustment must attach a statement to his or her tax return that the partner chooses under section 732(d) of the Internal Revenue Code to adjust the basis of property received in a distribution. Last day to file taxes 2013 The statement must show the computation of the special basis adjustment for the property distributed and list the properties to which the adjustment has been allocated. Last day to file taxes 2013 Example. Last day to file taxes 2013 Chin Ho purchased a 25% interest in X partnership for $17,000 cash. Last day to file taxes 2013 At the time of the purchase, the partnership owned inventory having a basis to the partnership of $14,000 and a fair market value of $16,000. Last day to file taxes 2013 Thus, $4,000 of the $17,000 he paid was attributable to his share of inventory with a basis to the partnership of $3,500. Last day to file taxes 2013 Within 2 years after acquiring his interest, Chin Ho withdrew from the partnership and for his entire interest received cash of $1,500, inventory with a basis to the partnership of $3,500, and other property with a basis of $6,000. Last day to file taxes 2013 The value of the inventory received was 25% of the value of all partnership inventory. Last day to file taxes 2013 (It is immaterial whether the inventory he received was on hand when he acquired his interest. Last day to file taxes 2013 ) Since the partnership from which Chin Ho withdrew did not make the optional adjustment to basis, he chose to adjust the basis of the inventory received. Last day to file taxes 2013 His share of the partnership's basis for the inventory is increased by $500 (25% of the $2,000 difference between the $16,000 fair market value of the inventory and its $14,000 basis to the partnership at the time he acquired his interest). Last day to file taxes 2013 The adjustment applies only for purposes of determining his new basis in the inventory, and not for purposes of partnership gain or loss on disposition. Last day to file taxes 2013 The total to be allocated among the properties Chin Ho received in the distribution is $15,500 ($17,000 basis of his interest − $1,500 cash received). Last day to file taxes 2013 His basis in the inventory items is $4,000 ($3,500 partnership basis + $500 special adjustment). Last day to file taxes 2013 The remaining $11,500 is allocated to his new basis for the other property he received. Last day to file taxes 2013 Mandatory adjustment. Last day to file taxes 2013   A partner does not always have a choice of making this special adjustment to basis. Last day to file taxes 2013 The special adjustment to basis must be made for a distribution of property (whether or not within 2 years after the partnership interest was acquired) if all the following conditions existed when the partner received the partnership interest. Last day to file taxes 2013 The fair market value of all partnership property (other than money) was more than 110% of its adjusted basis to the partnership. Last day to file taxes 2013 If there had been a liquidation of the partner's interest immediately after it was acquired, an allocation of the basis of that interest under the general rules (discussed earlier under Basis divided among properties) would have decreased the basis of property that could not be depreciated, depleted, or amortized and increased the basis of property that could be. Last day to file taxes 2013 The optional basis adjustment, if it had been chosen by the partnership, would have changed the partner's basis for the property actually distributed. Last day to file taxes 2013 Required statement. Last day to file taxes 2013   Generally, if a partner chooses a special basis adjustment and notifies the partnership, or if the partnership makes a distribution for which the special basis adjustment is mandatory, the partnership must provide a statement to the partner. Last day to file taxes 2013 The statement must provide information necessary for the partner to compute the special basis adjustment. Last day to file taxes 2013 Marketable securities. Last day to file taxes 2013   A partner's basis in marketable securities received in a partnership distribution, as determined in the preceding discussions, is increased by any gain recognized by treating the securities as money. Last day to file taxes 2013 See Marketable securities treated as money under Partner's Gain or Loss, earlier. Last day to file taxes 2013 The basis increase is allocated among the securities in proportion to their respective amounts of unrealized appreciation before the basis increase. Last day to file taxes 2013 Transactions Between Partnership and Partners For certain transactions between a partner and his or her partnership, the partner is treated as not being a member of the partnership. Last day to file taxes 2013 These transactions include the following. Last day to file taxes 2013 Performing services for, or transferring property to, a partnership if: There is a related allocation and distribution to a partner, and The entire transaction, when viewed together, is properly characterized as occurring between the partnership and a partner not acting in the capacity of a partner. Last day to file taxes 2013 Transferring money or other property to a partnership if: There is a related transfer of money or other property by the partnership to the contributing partner or another partner, and The transfers together are properly characterized as a sale or exchange of property. Last day to file taxes 2013 Payments by accrual basis partnership to cash basis partner. Last day to file taxes 2013   A partnership that uses an accrual method of accounting cannot deduct any business expense owed to a cash basis partner until the amount is paid. Last day to file taxes 2013 However, this rule does not apply to guaranteed payments made to a partner, which are generally deductible when accrued. Last day to file taxes 2013 Guaranteed Payments Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. Last day to file taxes 2013 A partnership treats guaranteed payments for services, or for the use of capital, as if they were made to a person who is not a partner. Last day to file taxes 2013 This treatment is for purposes of determining gross income and deductible business expenses only. Last day to file taxes 2013 For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income. Last day to file taxes 2013 Guaranteed payments are not subject to income tax withholding. Last day to file taxes 2013 The partnership generally deducts guaranteed payments on line 10 of Form 1065 as a business expense. Last day to file taxes 2013 They are also listed on Schedules K and K-1 of the partnership return. Last day to file taxes 2013 The individual partner reports guaranteed payments on Schedule E (Form 1040) as ordinary income, along with his or her distributive share of the partnership's other ordinary income. Last day to file taxes 2013 Guaranteed payments made to partners for organizing the partnership or syndicating interests in the partnership are capital expenses. Last day to file taxes 2013 Generally, organizational and syndication expenses are not deductible by the partnership. Last day to file taxes 2013 However, a partnership can elect to deduct a portion of its organizational expenses and amortize the remaining expenses (see Business start-up and organizational costs in the Instructions for Form 1065). Last day to file taxes 2013 Organizational expenses (if the election is not made) and syndication expenses paid to partners must be reported on the partners' Schedule K-1 as guaranteed payments. Last day to file taxes 2013 Minimum payment. Last day to file taxes 2013   If a partner is to receive a minimum payment from the partnership, the guaranteed payment is the amount by which the minimum payment is more than the partner's distributive share of the partnership income before taking into account the guaranteed payment. Last day to file taxes 2013 Example. Last day to file taxes 2013 Under a partnership agreement, Divya is to receive 30% of the partnership income, but not less than $8,000. Last day to file taxes 2013 The partnership has net income of $20,000. Last day to file taxes 2013 Divya's share, without regard to the minimum guarantee, is $6,000 (30% × $20,000). Last day to file taxes 2013 The guaranteed payment that can be deducted by the partnership is $2,000 ($8,000 − $6,000). Last day to file taxes 2013 Divya's income from the partnership is $8,000, and the remaining $12,000 of partnership income will be reported by the other partners in proportion to their shares under the partnership agreement. Last day to file taxes 2013 If the partnership net income had been $30,000, there would have been no guaranteed payment since her share, without regard to the guarantee, would have been greater than the guarantee. Last day to file taxes 2013 Self-employed health insurance premiums. Last day to file taxes 2013   Premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments. Last day to file taxes 2013 The partnership can deduct the payments as a business expense, and the partner must include them in gross income. Last day to file taxes 2013 However, if the partnership accounts for insurance paid for a partner as a reduction in distributions to the partner, the partnership cannot deduct the premiums. Last day to file taxes 2013   A partner who qualifies can deduct 100% of the health insurance premiums paid by the partnership on his or her behalf as an adjustment to income. Last day to file taxes 2013 The partner cannot deduct the premiums for any calendar month, or part of a month, in which the partner is eligible to participate in any subsidized health plan maintained by any employer of the partner, the partner's spouse, the partner's dependents, or any children under age 27 who are not dependents. Last day to file taxes 2013 For more information on the self-employed health insurance deduction, see chapter 6 in Publication 535. Last day to file taxes 2013 Including payments in partner's income. Last day to file taxes 2013   Guaranteed payments are included in income in the partner's tax year in which the partnership's tax year ends. Last day to file taxes 2013 Example 1. Last day to file taxes 2013 Under the terms of a partnership agreement, Erica is entitled to a fixed annual payment of $10,000 without regard to the income of the partnership. Last day to file taxes 2013 Her distributive share of the partnership income is 10%. Last day to file taxes 2013 The partnership has $50,000 of ordinary income after deducting the guaranteed payment. Last day to file taxes 2013 She must include ordinary income of $15,000 ($10,000 guaranteed payment + $5,000 ($50,000 × 10%) distributive share) on her individual income tax return for her tax year in which the partnership's tax year ends. Last day to file taxes 2013 Example 2. Last day to file taxes 2013 Lamont is a calendar year taxpayer who is a partner in a partnership. Last day to file taxes 2013 The partnership uses a fiscal year that ended January 31, 2013. Last day to file taxes 2013 Lamont received guaranteed payments from the partnership from February 1, 2012, until December 31, 2012. Last day to file taxes 2013 He must include these guaranteed payments in income for 2013 and report them on his 2013 income tax return. Last day to file taxes 2013 Payments resulting in loss. Last day to file taxes 2013   If guaranteed payments to a partner result in a partnership loss in which the partner shares, the partner must report the full amount of the guaranteed payments as ordinary income. Last day to file taxes 2013 The partner separately takes into account his or her distributive share of the partnership loss, to the extent of the adjusted basis of the partner's partnership interest. Last day to file taxes 2013 Sale or Exchange of Property Special rules apply to a sale or exchange of property between a partnership and certain persons. Last day to file taxes 2013 Losses. Last day to file taxes 2013   Losses will not be allowed from a sale or exchange of property (other than an interest in the partnership) directly or indirectly between a partnership and a person whose direct or indirect interest in the capital or profits of the partnership is more than 50%. Last day to file taxes 2013   If the sale or exchange is between two partnerships in which the same persons directly or indirectly own more than 50% of the capital or profits interests in each partnership, no deduction of a loss is allowed. Last day to file taxes 2013   The basis of each partner's interest in the partnership is decreased (but not below zero) by the partner's share of the disallowed loss. Last day to file taxes 2013   If the purchaser later sells the property, only the gain realized that is greater than the loss not allowed will be taxable. Last day to file taxes 2013 If any gain from the sale of the property is not recognized because of this rule, the basis of each partner's interest in the partnership is increased by the partner's share of that gain. Last day to file taxes 2013 Gains. Last day to file taxes 2013   Gains are treated as ordinary income in a sale or exchange of property directly or indirectly between a person and a partnership, or between two partnerships, if both of the following tests are met. Last day to file taxes 2013 More than 50% of the capital or profits interest in the partnership(s) is directly or indirectly owned by the same person(s). Last day to file taxes 2013 The property in the hands of the transferee immediately after the transfer is not a capital asset. Last day to file taxes 2013 Property that is not a capital asset includes accounts receivable, inventory, stock-in-trade, and depreciable or real property used in a trade or business. Last day to file taxes 2013 More than 50% ownership. Last day to file taxes 2013   To determine if there is more than 50% ownership in partnership capital or profits, the following rules apply. Last day to file taxes 2013 An interest directly or indirectly owned by, or for, a corporation, partnership, estate, or trust is considered to be owned proportionately by, or for, its shareholders, partners, or beneficiaries. Last day to file taxes 2013 An individual is considered to own the interest directly or indirectly owned by, or for, the individual's family. Last day to file taxes 2013 For this rule, “family” includes only brothers, sisters, half-brothers, half-sisters, spouses, ancestors, and lineal descendants. Last day to file taxes 2013 If a person is considered to own an interest using rule (1), that person (the “constructive owner”) is treated as if actually owning that interest when rules (1) and (2) are applied. Last day to file taxes 2013 However, if a person is considered to own an interest using rule (2), that person is not treated as actually owning that interest in reapplying rule (2) to make another person the constructive owner. Last day to file taxes 2013 Example. Last day to file taxes 2013 Individuals A and B and Trust T are equal partners in Partnership ABT. Last day to file taxes 2013 A's husband, AH, is the sole beneficiary of Trust T. Last day to file taxes 2013 Trust T's partnership interest will be attributed to AH only for the purpose of further attributing the interest to A. Last day to file taxes 2013 As a result, A is a more-than-50% partner. Last day to file taxes 2013 This means that any deduction for losses on transactions between her and ABT will not be allowed, and gain from property that in the hands of the transferee is not a capital asset is treated as ordinary, rather than capital, gain. Last day to file taxes 2013 More information. Last day to file taxes 2013   For more information on these special rules, see Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Last day to file taxes 2013 Contribution of Property Usually, neither the partner nor the partnership recognizes a gain or loss when property is contributed to the partnership in exchange for a partnership interest. Last day to file taxes 2013 This applies whether a partnership is being formed or is already operating. Last day to file taxes 2013 The partnership's holding period for the property includes the partner's holding period. Last day to file taxes 2013 The contribution of limited partnership interests in one partnership for limited partnership interests in another partnership qualifies as a tax-free contribution of property to the second partnership if the transaction is made for business purposes. Last day to file taxes 2013 The exchange is not subject to the rules explained later under Disposition of Partner's Interest. Last day to file taxes 2013 Disguised sales. Last day to file taxes 2013   A contribution of money or other property to the partnership followed by a distribution of different property from the partnership to the partner is treated not as a contribution and distribution, but as a sale of property, if both of the following tests are met. Last day to file taxes 2013 The distribution would not have been made but for the contribution. Last day to file taxes 2013 The partner's right to the distribution does not depend on the success of partnership operations. Last day to file taxes 2013   All facts and circumstances are considered in determining if the contribution and distribution are more properly characterized as a sale. Last day to file taxes 2013 However, if the contribution and distribution occur within 2 years of each other, the transfers are presumed to be a sale unless the facts clearly indicate that the transfers are not a sale. Last day to file taxes 2013 If the contribution and distribution occur more than 2 years apart, the transfers are presumed not to be a sale unless the facts clearly indicate that the transfers are a sale. Last day to file taxes 2013 Form 8275 required. Last day to file taxes 2013   A partner must attach Form 8275, Disclosure Statement, (or other statement) to his or her return if the partner contributes property to a partnership and, within 2 years (before or after the contribution), the partnership transfers money or other consideration to the partner. Last day to file taxes 2013 For exceptions to this requirement, see section 1. Last day to file taxes 2013 707-3(c)(2) of the regulations. Last day to file taxes 2013   A partnership must attach Form 8275 (or other statement) to its return if it distributes property to a partner, and, within 2 years (before or after the distribution), the partner transfers money or other consideration to the partnership. Last day to file taxes 2013   Form 8275 must include the following information. Last day to file taxes 2013 A caption identifying the statement as a disclosure under section 707 of the Internal Revenue Code. Last day to file taxes 2013 A description of the transferred property or money, including its value. Last day to file taxes 2013 A description of any relevant facts in determining if the transfers are properly viewed as a disguised sale. Last day to file taxes 2013 See section 1. Last day to file taxes 2013 707-3(b)(2) of the regulations for a description of the facts and circumstances considered in determining if the transfers are a disguised sale. Last day to file taxes 2013 Contribution to partnership treated as investment company. Last day to file taxes 2013   Gain is recognized when property is contributed (in exchange for an interest in the partnership) to a partnership that would be treated as an investment company if it were incorporated. Last day to file taxes 2013   A partnership is generally treated as an investment company if over 80% of the value of its assets is held for investment and consists of certain readily marketable items. Last day to file taxes 2013 These items include money, stocks and other equity interests in a corporation, and interests in regulated investment companies and real estate investment trusts. Last day to file taxes 2013 For more information, see section 351(e)(1) of the Internal Revenue Code and the related regulations. Last day to file taxes 2013 Whether a partnership is treated as an investment company under this test is ordinarily determined immediately after the transfer of property. Last day to file taxes 2013   This rule applies to limited partnerships and general partnerships, regardless of whether they are privately formed or publicly syndicated. Last day to file taxes 2013 Contribution to foreign partnership. Last day to file taxes 2013   A domestic partnership that contributed property after August 5, 1997, to a foreign partnership in exchange for a partnership interest may have to file Form 8865 if either of the following apply. Last day to file taxes 2013 Immediately after the contribution, the partnership owned, directly or indirectly, at least a 10% interest in the foreign partnership. Last day to file taxes 2013 The fair market value of the property contributed to the foreign partnership, when added to other contributions of property made to the partnership during the preceding 12-month period, is greater than $100,000. Last day to file taxes 2013   The partnership may also have to file Form 8865, even if no contributions are made during the tax year, if it owns a 10% or more interest in a foreign partnership at any time during the year. Last day to file taxes 2013 See the form instructions for more information. Last day to file taxes 2013 Basis of contributed property. Last day to file taxes 2013   If a partner contributes property to a partnership, the partnership's basis for determining depreciation, depletion, gain, or loss for the property is the same as the partner's adjusted basis for the property when it was contributed, increased by any gain recognized by the partner at the time of contribution. Last day to file taxes 2013 Allocations to account for built-in gain or loss. Last day to file taxes 2013   The fair market value of property at the time it is contributed may be different from the partner's adjusted basis. Last day to file taxes 2013 The partnership must allocate among the partners any income, deduction, gain, or loss on the property in a manner that will account for the difference. Last day to file taxes 2013 This rule also applies to contributions of accounts payable and other accrued but unpaid items of a cash basis partner. Last day to file taxes 2013   The partnership can use different allocation methods for different items of contributed property. Last day to file taxes 2013 A single reasonable method must be consistently applied to each item, and the overall method or combination of methods must be reasonable. Last day to file taxes 2013 See section 1. Last day to file taxes 2013 704-3 of the regulations for allocation methods generally considered reasonable. Last day to file taxes 2013   If the partnership sells contributed property and recognizes gain or loss, built-in gain or loss is allocated to the contributing partner. Last day to file taxes 2013 If contributed property is subject to depreciation or other cost recovery, the allocation of deductions for these items takes into account built-in gain or loss on the property. Last day to file taxes 2013 However, the total depreciation, depletion, gain, or loss allocated to partners cannot be more than the depreciation or depletion allowable to the partnership or the gain or loss realized by the partnership. Last day to file taxes 2013 Example. Last day to file taxes 2013 Areta and Sofia formed an equal partnership. Last day to file taxes 2013 Areta contributed $10,000 in cash to the partnership and Sofia contributed depreciable property with a fair market value of $10,000 and an adjusted basis of $4,000. Last day to file taxes 2013 The partnership's basis for depreciation is limited to the adjusted basis of the property in Sofia's hands, $4,000. Last day to file taxes 2013 In effect, Areta purchased an undivided one-half interest in the depreciable property with her contribution of $10,000. Last day to file taxes 2013 Assuming that the depreciation rate is 10% a year under the General Depreciation System (GDS), she would have been entitled to a depreciation deduction of $500 per year, based on her interest in the partnership, if the adjusted basis of the property equaled its fair market value when contributed. Last day to file taxes 2013 To simplify this example, the depreciation deductions are determined without regard to any first-year depreciation conventions. Last day to file taxes 2013 However, since the partnership is allowed only $400 per year of depreciation (10% of $4,000), no more than $400 can be allocated between the partners. Last day to file taxes 2013 The entire $400 must be allocated to Areta. Last day to file taxes 2013 Distribution of contributed property to another partner. Last day to file taxes 2013   If a partner contributes property to a partnership and the partnership distributes the property to another partner within 7 years of the contribution, the contributing partner must recognize gain or loss on the distribution. Last day to file taxes 2013   The recognized gain or loss is the amount the contributing partner would have recognized if the property had been sold for its fair market value when it was distributed. Last day to file taxes 2013 This amount is the difference between the property's basis and its fair market value at the time of contribution. Last day to file taxes 2013 The character of the gain or loss will be the same as the character of the gain or loss that would have resulted if the partnership had sold the property to the distributee partner. Last day to file taxes 2013 Appropriate adjustments must be made to the adjusted basis of the contributing partner's partnership interest and to the adjusted basis of the property distributed to reflect the recognized gain or loss. Last day to file taxes 2013 Disposition of certain contributed property. Last day to file taxes 2013   The following rules determine the character of the partnership's gain or loss on a disposition of certain types of contributed property. Last day to file taxes 2013 Unrealized receivables. Last day to file taxes 2013 If the property was an unrealized receivable in the hands of the contributing partner, any gain or loss on its disposition by the partnership is ordinary income or loss. Last day to file taxes 2013 Unrealized receivables are defined later under Payments for Unrealized Receivables and Inventory Items. Last day to file taxes 2013 When reading the definition, substitute “partner” for “partnership. Last day to file taxes 2013 ” Inventory items. Last day to file taxes 2013 If the property was an inventory item in the hands of the contributing partner, any gain or loss on its disposition by the partnership within 5 years after the contribution is ordinary income or loss. Last day to file taxes 2013 Inventory items are defined later in Payments for Unrealized Receivables and Inventory Items. Last day to file taxes 2013 Capital loss property. Last day to file taxes 2013 If the property was a capital asset in the contributing partner's hands, any loss on its disposition by the partnership within 5 years after the contribution is a capital loss. Last day to file taxes 2013 The capital loss is limited to the amount by which the partner's adjusted basis for the property exceeded the property's fair market value immediately before the contribution. Last day to file taxes 2013 Substituted basis property. Last day to file taxes 2013 If the disposition of any of the property listed in (1), (2), or (3) is a nonrecognition transaction, these rules apply when the recipient of the property disposes of any substituted basis property (other than certain corporate stock) resulting from the transaction. Last day to file taxes 2013 Contribution of Services A partner can acquire an interest in partnership capital or profits as compensation for services performed or to be performed. Last day to file taxes 2013 Capital interest. Last day to file taxes 2013   A capital interest is an interest that would give the holder a share of the proceeds if the partnership's assets were sold at fair market value and the proceeds were distributed in a complete liquidation of the partnership. Last day to file taxes 2013 This determination generally is made at the time of receipt of the partnership interest. Last day to file taxes 2013 The fair market value of such an interest received by a partner as compensation for services must generally be included in the partner's gross income in the first tax year in which the partner can transfer the interest or the interest is not subject to a substantial risk of forfeiture. Last day to file taxes 2013 The capital interest transferred as compensation for services is subject to the rules for restricted property discussed in Publication 525 under Employee Compensation. Last day to file taxes 2013   The fair market value of an interest in partnership capital transferred to a partner as payment for services to the partnership is a guaranteed payment, discussed earlier. Last day to file taxes 2013 Profits interest. Last day to file taxes 2013   A profits interest is a partnership interest other than a capital interest. Last day to file taxes 2013 If a person receives a profits interest for providing services to, or for the benefit of, a partnership in a partner capacity or in anticipation of being a partner, the receipt of such an interest is not a taxable event for the partner or the partnership. Last day to file taxes 2013 However, this does not apply in the following situations. Last day to file taxes 2013 The profits interest relates to a substantially certain and predictable stream of income from partnership assets, such as income from high-quality debt securities or a high-quality net lease. Last day to file taxes 2013 Within 2 years of receipt, the partner disposes of the profits interest. Last day to file taxes 2013 The profits interest is a limited partnership interest in a publicly traded partnership. Last day to file taxes 2013   A profits interest transferred as compensation for services is not subject to the rules for restricted property that apply to capital interests. Last day to file taxes 2013 Basis of Partner's Interest The basis of a partnership interest is the money plus the adjusted basis of any property the partner contributed. Last day to file taxes 2013 If the partner must recognize gain as a result of the contribution, this gain is included in the basis of his or her interest. Last day to file taxes 2013 Any increase in a partner's individual liabilities because of an assumption of partnership liabilities is considered a contribution of money to the partnership by the partner. Last day to file taxes 2013 Interest acquired by gift, etc. Last day to file taxes 2013   If a partner acquires an interest in a partnership by gift, inheritance, or under any circumstance other than by a contribution of money or property to the partnership, the partner's basis must be determined using the basis rules described in Publication 551. Last day to file taxes 2013 Adjusted Basis There is a worksheet for adjusting the basis of a partner's interest in the partnership in the Partner's Instructions for Schedule K-1 (Form 1065). Last day to file taxes 2013 The basis of an interest in a partnership is increased or decreased by certain items. Last day to file taxes 2013 Increases. Last day to file taxes 2013   A partner's basis is increased by the following items. Last day to file taxes 2013 The partner's additional contributions to the partnership, including an increased share of, or assumption of, partnership liabilities. Last day to file taxes 2013 The partner's distributive share of taxable and nontaxable partnership income. Last day to file taxes 2013 The partner's distributive share of the excess of the deductions for depletion over the basis of the depletable property, unless the property is oil or gas wells whose basis has been allocated to partners. Last day to file taxes 2013 Decreases. Last day to file taxes 2013   The partner's basis is decreased (but never below zero) by the following items. Last day to file taxes 2013 The money (including a decreased share of partnership liabilities or an assumption of the partner's individual liabilities by the partnership) and adjusted basis of property distributed to the partner by the partnership. Last day to file taxes 2013 The partner's distributive share of the partnership losses (including capital losses). Last day to file taxes 2013 The partner's distributive share of nondeductible partnership expenses that are not capital expenditures. Last day to file taxes 2013 This includes the partner's share of any section 179 expenses, even if the partner cannot deduct the entire amount on his or her individual income tax return. Last day to file taxes 2013 The partner's deduction for depletion for any partnership oil and gas wells, up to the proportionate share of the adjusted basis of the wells allocated to the partner. Last day to file taxes 2013 Partner's liabilities assumed by partnership. Last day to file taxes 2013   If contributed property is subject to a debt or if a partner's liabilities are assumed by the partnership, the basis of that partner's interest is reduced (but not below zero) by the liability assumed by the other partners. Last day to file taxes 2013 This partner must reduce his or her basis because the assumption of the liability is treated as a distribution of money to that partner. Last day to file taxes 2013 The other partners' assumption of the liability is treated as a contribution by them of money to the partnership. Last day to file taxes 2013 See Effect of Partnership Liabilities , later. Last day to file taxes 2013 Example 1. Last day to file taxes 2013 Ivan acquired a 20% interest in a partnership by contributing property that had an adjusted basis to him of $8,000 and a $4,000 mortgage. Last day to file taxes 2013 The partnership assumed payment of the mortgage. Last day to file taxes 2013 The basis of Ivan's interest is: Adjusted basis of contributed property $8,000 Minus: Part of mortgage assumed by other partners (80% × $4,000) 3,200 Basis of Ivan's partnership interest $4,800 Example 2. Last day to file taxes 2013 If, in Example 1, the contributed property had a $12,000 mortgage, the basis of Ivan's partnership interest would be zero. Last day to file taxes 2013 The $1,600 difference between the mortgage assumed by the other partners, $9,600 (80% × $12,000), and his basis of $8,000 would be treated as capital gain from the sale or exchange of a partnership interest. Last day to file taxes 2013 However, this gain would not increase the basis of his partnership interest. Last day to file taxes 2013 Book value of partner's interest. Last day to file taxes 2013   The adjusted basis of a partner's interest is determined without considering any amount shown in the partnership books as a capital, equity, or similar account. Last day to file taxes 2013 Example. Last day to file taxes 2013 Enzo contributes to his partnership property that has an adjusted basis of $400 and a fair market value of $1,000. Last day to file taxes 2013 His partner contributes $1,000 cash. Last day to file taxes 2013 While each partner has increased his capital account by $1,000, which will be re
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The Last Day To File Taxes 2013

Last day to file taxes 2013 12. Last day to file taxes 2013   How To Get More Information Table of Contents Internal Revenue ServiceLow Income Taxpayer Clinics (LITCs) Small Business Administration Other Federal Agencies This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. Last day to file taxes 2013 Internal Revenue Service Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Last day to file taxes 2013 Free help with your return. Last day to file taxes 2013   You can get free help preparing your return nationwide from IRS-certified volunteers. Last day to file taxes 2013 The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Last day to file taxes 2013 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Last day to file taxes 2013 Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Last day to file taxes 2013 In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Last day to file taxes 2013 To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Last day to file taxes 2013 gov, download the IRS2Go app, or call 1-800-906-9887. Last day to file taxes 2013   As part of the TCE program, AARP offers the Tax-Aide counseling program. Last day to file taxes 2013 To find the nearest AARP Tax-Aide site, visit AARP's website at www. Last day to file taxes 2013 aarp. Last day to file taxes 2013 org/money/taxaide or call 1-888-227-7669. Last day to file taxes 2013 For more information on these programs, go to IRS. Last day to file taxes 2013 gov and enter “VITA” in the search box. Last day to file taxes 2013 Internet. Last day to file taxes 2013    IRS. Last day to file taxes 2013 gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Last day to file taxes 2013 Download the free IRS2Go app from the iTunes app store or from Google Play. Last day to file taxes 2013 Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Last day to file taxes 2013 Check the status of your 2013 refund with the Where's My Refund? application on IRS. Last day to file taxes 2013 gov or download the IRS2Go app and select the Refund Status option. Last day to file taxes 2013 The IRS issues more than 9 out of 10 refunds in less than 21 days. Last day to file taxes 2013 Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Last day to file taxes 2013 You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Last day to file taxes 2013 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Last day to file taxes 2013 Use the Interactive Tax Assistant (ITA) to research your tax questions. Last day to file taxes 2013 No need to wait on the phone or stand in line. Last day to file taxes 2013 The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Last day to file taxes 2013 When you reach the response screen, you can print the entire interview and the final response for your records. Last day to file taxes 2013 New subject areas are added on a regular basis. Last day to file taxes 2013  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Last day to file taxes 2013 gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Last day to file taxes 2013 You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Last day to file taxes 2013 The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Last day to file taxes 2013 When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Last day to file taxes 2013 Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Last day to file taxes 2013 You can also ask the IRS to mail a return or an account transcript to you. Last day to file taxes 2013 Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Last day to file taxes 2013 gov or by calling 1-800-908-9946. Last day to file taxes 2013 Tax return and tax account transcripts are generally available for the current year and the past three years. Last day to file taxes 2013 Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Last day to file taxes 2013 Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Last day to file taxes 2013 If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Last day to file taxes 2013 Check the status of your amended return using Where's My Amended Return? Go to IRS. Last day to file taxes 2013 gov and enter Where's My Amended Return? in the search box. Last day to file taxes 2013 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Last day to file taxes 2013 It can take up to 3 weeks from the date you mailed it to show up in our system. Last day to file taxes 2013 Make a payment using one of several safe and convenient electronic payment options available on IRS. Last day to file taxes 2013 gov. Last day to file taxes 2013 Select the Payment tab on the front page of IRS. Last day to file taxes 2013 gov for more information. Last day to file taxes 2013 Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Last day to file taxes 2013 Figure your income tax withholding with the IRS Withholding Calculator on IRS. Last day to file taxes 2013 gov. Last day to file taxes 2013 Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Last day to file taxes 2013 Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Last day to file taxes 2013 gov. Last day to file taxes 2013 Request an Electronic Filing PIN by going to IRS. Last day to file taxes 2013 gov and entering Electronic Filing PIN in the search box. Last day to file taxes 2013 Download forms, instructions and publications, including accessible versions for people with disabilities. Last day to file taxes 2013 Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Last day to file taxes 2013 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Last day to file taxes 2013 An employee can answer questions about your tax account or help you set up a payment plan. Last day to file taxes 2013 Before you visit, check the Office Locator on IRS. Last day to file taxes 2013 gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Last day to file taxes 2013 If you have a special need, such as a disability, you can request an appointment. Last day to file taxes 2013 Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Last day to file taxes 2013 Apply for an Employer Identification Number (EIN). Last day to file taxes 2013 Go to IRS. Last day to file taxes 2013 gov and enter Apply for an EIN in the search box. Last day to file taxes 2013 Read the Internal Revenue Code, regulations, or other official guidance. Last day to file taxes 2013 Read Internal Revenue Bulletins. Last day to file taxes 2013 Sign up to receive local and national tax news and more by email. Last day to file taxes 2013 Just click on “subscriptions” above the search box on IRS. Last day to file taxes 2013 gov and choose from a variety of options. Last day to file taxes 2013    Phone. Last day to file taxes 2013 You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Last day to file taxes 2013 Download the free IRS2Go app from the iTunes app store or from Google Play. Last day to file taxes 2013 Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Last day to file taxes 2013 gov, or download the IRS2Go app. Last day to file taxes 2013 Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Last day to file taxes 2013 The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Last day to file taxes 2013 Most VITA and TCE sites offer free electronic filing. Last day to file taxes 2013 Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Last day to file taxes 2013 Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Last day to file taxes 2013 Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Last day to file taxes 2013 If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Last day to file taxes 2013 The IRS issues more than 9 out of 10 refunds in less than 21 days. Last day to file taxes 2013 Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Last day to file taxes 2013 Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Last day to file taxes 2013 The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Last day to file taxes 2013 Note, the above information is for our automated hotline. Last day to file taxes 2013 Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Last day to file taxes 2013 Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Last day to file taxes 2013 You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Last day to file taxes 2013 It can take up to 3 weeks from the date you mailed it to show up in our system. Last day to file taxes 2013 Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Last day to file taxes 2013 You should receive your order within 10 business days. Last day to file taxes 2013 Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Last day to file taxes 2013 If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Last day to file taxes 2013 Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Last day to file taxes 2013 The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Last day to file taxes 2013 These individuals can also contact the IRS through relay services such as the Federal Relay Service. Last day to file taxes 2013    Walk-in. Last day to file taxes 2013 You can find a selection of forms, publications and services — in-person. Last day to file taxes 2013 Products. Last day to file taxes 2013 You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Last day to file taxes 2013 Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Last day to file taxes 2013 Services. Last day to file taxes 2013 You can walk in to your local TAC for face-to-face tax help. Last day to file taxes 2013 An employee can answer questions about your tax account or help you set up a payment plan. Last day to file taxes 2013 Before visiting, use the Office Locator tool on IRS. Last day to file taxes 2013 gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Last day to file taxes 2013    Mail. Last day to file taxes 2013 You can send your order for forms, instructions, and publications to the address below. Last day to file taxes 2013 You should receive a response within 10 business days after your request is received. Last day to file taxes 2013  Internal Revenue Service 1201 N. Last day to file taxes 2013 Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Last day to file taxes 2013 The Taxpayer Advocate Service (TAS) is your voice at the IRS. Last day to file taxes 2013 Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Last day to file taxes 2013   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Last day to file taxes 2013 We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Last day to file taxes 2013 You face (or your business is facing) an immediate threat of adverse action. Last day to file taxes 2013 You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Last day to file taxes 2013   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Last day to file taxes 2013 Here's why we can help: TAS is an independent organization within the IRS. Last day to file taxes 2013 Our advocates know how to work with the IRS. Last day to file taxes 2013 Our services are free and tailored to meet your needs. Last day to file taxes 2013 We have offices in every state, the District of Columbia, and Puerto Rico. Last day to file taxes 2013   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Last day to file taxes 2013   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Last day to file taxes 2013 If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Last day to file taxes 2013 Low Income Taxpayer Clinics (LITCs) Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Last day to file taxes 2013 Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Last day to file taxes 2013 Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Last day to file taxes 2013 Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. Last day to file taxes 2013 The SBA also has publications and videos on a variety of business topics. Last day to file taxes 2013 The following briefly describes assistance provided by the SBA. Last day to file taxes 2013 Small Business Development Centers (SBDCs). Last day to file taxes 2013   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. Last day to file taxes 2013 Help is available when beginning, improving, or expanding a small business. Last day to file taxes 2013 Business Information Centers (BICs). Last day to file taxes 2013   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. Last day to file taxes 2013 BICs also offer one-on-one assistance. Last day to file taxes 2013 Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. Last day to file taxes 2013 Service Corps of Retired Executives (SCORE). Last day to file taxes 2013   SCORE provides small business counseling and training to current and prospective small business owners. Last day to file taxes 2013 SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. Last day to file taxes 2013 SCORE also offers a variety of small business workshops. Last day to file taxes 2013 Internet. Last day to file taxes 2013    You can visit the SBA website at www. Last day to file taxes 2013 sba. Last day to file taxes 2013 gov. Last day to file taxes 2013 While visiting the SBA website, you can find a variety of information of interest to small business owners. Last day to file taxes 2013 Phone. Last day to file taxes 2013    Call the SBA Answer Desk at 1-800-U-ASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. Last day to file taxes 2013 Walk-in. Last day to file taxes 2013   You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. Last day to file taxes 2013 To find the location nearest you, visit the SBA website or call the SBA Answer Desk. Last day to file taxes 2013 Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. Last day to file taxes 2013 Most of these are available from the Superintendent of Documents at the Government Printing Office. Last day to file taxes 2013 You can get information and order these publications and pamphlets in several ways. Last day to file taxes 2013 Internet. Last day to file taxes 2013   You can visit the GPO website at  www. Last day to file taxes 2013 access. Last day to file taxes 2013 gpo. Last day to file taxes 2013 gov. Last day to file taxes 2013 Mail. Last day to file taxes 2013   Write to the GPO at the following address. Last day to file taxes 2013  Superintendent of Documents U. Last day to file taxes 2013 S. Last day to file taxes 2013 Government Printing Office P. Last day to file taxes 2013 O. Last day to file taxes 2013 Box 979050 St. Last day to file taxes 2013 Louis, MO 63917-9000 Phone. Last day to file taxes 2013   Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC, area. Last day to file taxes 2013 Prev  Up  Next   Home   More Online Publications