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Taxes 2012 Forms

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Taxes 2012 Forms

Taxes 2012 forms 2. Taxes 2012 forms   Foreclosures and Repossessions Table of Contents Amount realized and ordinary income on a recourse debt. Taxes 2012 forms Amount realized on a nonrecourse debt. Taxes 2012 forms If you do not make payments you owe on a loan secured by property, the lender may foreclose on the loan or repossess the property. Taxes 2012 forms The foreclosure or repossession is treated as a sale from which you may realize gain or loss. Taxes 2012 forms This is true even if you voluntarily return the property to the lender. Taxes 2012 forms If the outstanding loan balance was more than the FMV of the property and the lender cancels all or part of the remaining loan balance, you also may realize ordinary income from the cancellation of debt. Taxes 2012 forms You must report this income on your return unless certain exceptions or exclusions apply. Taxes 2012 forms See chapter 1 for more details. Taxes 2012 forms Borrower's gain or loss. Taxes 2012 forms    You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. Taxes 2012 forms The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). Taxes 2012 forms The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized). Taxes 2012 forms For more information on figuring gain or loss from the sale of property, see Gain or Loss From Sales and Exchanges in Publication 544. Taxes 2012 forms You can use Table 1-1 to figure your ordinary income from the cancellation of debt and your gain or loss from a foreclosure or repossession. Taxes 2012 forms Amount realized and ordinary income on a recourse debt. Taxes 2012 forms    If you are personally liable for the debt, the amount realized on the foreclosure or repossession includes the smaller of: The outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, or The FMV of the transferred property. Taxes 2012 forms The amount realized also includes any proceeds you received from the foreclosure sale. Taxes 2012 forms If the FMV of the transferred property is less than the total outstanding debt immediately before the transfer reduced by any amount for which you remain personally liable immediately after the transfer, the difference is ordinary income from the cancellation of debt. Taxes 2012 forms You must report this income on your return unless certain exceptions or exclusions apply. Taxes 2012 forms See chapter 1 for more details. Taxes 2012 forms       Example 1. Taxes 2012 forms Tara bought a new car for $15,000. Taxes 2012 forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Taxes 2012 forms Tara is personally liable for the loan (recourse debt) and the car is pledged as security for the loan. Taxes 2012 forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Taxes 2012 forms The balance due after taking into account the payments Tara made was $10,000. Taxes 2012 forms The FMV of the car when it was repossessed was $9,000. Taxes 2012 forms On November 15, 2013, the credit company forgave the remaining $1,000 balance on the loan due to insufficient assets. Taxes 2012 forms In this case, the amount Tara realizes is $9,000. Taxes 2012 forms This is the smaller of: The $10,000 outstanding debt immediately before the repossession reduced by the $1,000 for which she remains personally liable immediately after the repossession ($10,000 − $1,000 = $9,000), or The $9,000 FMV of the car. Taxes 2012 forms Tara figures her gain or loss on the repossession by comparing the $9,000 amount realized with her $15,000 adjusted basis. Taxes 2012 forms She has a $6,000 nondeductible loss. Taxes 2012 forms After the cancellation of the remaining balance on the loan in November, Tara also has ordinary income from cancellation of debt in the amount of $1,000 (the remaining balance on the $10,000 loan after the $9,000 amount satisfied by the FMV of the repossessed car). Taxes 2012 forms Tara must report this $1,000 on her return unless one of the exceptions or exclusions described in chapter 1 applies. Taxes 2012 forms Example 2. Taxes 2012 forms Lili paid $200,000 for her home. Taxes 2012 forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Taxes 2012 forms Lili is personally liable for the mortgage loan and the house secures the loan. Taxes 2012 forms In 2013, the bank foreclosed on the mortgage because Lili stopped making payments. Taxes 2012 forms When the bank foreclosed the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Taxes 2012 forms At the time of the foreclosure, the bank forgave $2,000 of the $10,000 debt in excess of the FMV ($180,000 minus $170,000). Taxes 2012 forms She remained personally liable for the $8,000 balance. Taxes 2012 forms In this case, Lili has ordinary income from the cancellation of debt in the amount of $2,000. Taxes 2012 forms The $2,000 income from the cancellation of debt is figured by subtracting the $170,000 FMV of the house from the $172,000 difference between her total outstanding debt immediately before the transfer of property and the amount for which she remains personally liable immediately after the transfer ($180,000 minus $8,000). Taxes 2012 forms She is able to exclude the $2,000 of canceled debt from her income under the qualified principal residence indebtedness rules discussed earlier. Taxes 2012 forms Lili must also determine her gain or loss from the foreclosure. Taxes 2012 forms In this case, the amount that she realizes is $170,000. Taxes 2012 forms This is the smaller of: (a) the $180,000 outstanding debt immediately before the transfer reduced by the $8,000 for which she remains personally liable immediately after the transfer ($180,000 − $8,000 = $172,000) or (b) the $170,000 FMV of the house. Taxes 2012 forms Lili figures her gain or loss on the foreclosure by comparing the $170,000 amount realized with her $175,000 adjusted basis. Taxes 2012 forms She has a $5,000 nondeductible loss. Taxes 2012 forms Table 1-1. Taxes 2012 forms Worksheet for Foreclosures and Repossessions Part 1. Taxes 2012 forms Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). Taxes 2012 forms Otherwise, go to Part 2. Taxes 2012 forms 1. Taxes 2012 forms Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property   2. Taxes 2012 forms Enter the fair market value of the transferred property   3. Taxes 2012 forms Ordinary income from the cancellation of debt upon foreclosure or repossession. Taxes 2012 forms * Subtract line 2 from line 1. Taxes 2012 forms If less than zero, enter zero. Taxes 2012 forms Next, go to Part 2   Part 2. Taxes 2012 forms Gain or loss from foreclosure or repossession. Taxes 2012 forms   4. Taxes 2012 forms Enter the smaller of line 1 or line 2. Taxes 2012 forms If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property   5. Taxes 2012 forms Enter any proceeds you received from the foreclosure sale   6. Taxes 2012 forms Add line 4 and line 5   7. Taxes 2012 forms Enter the adjusted basis of the transferred property   8. Taxes 2012 forms Gain or loss from foreclosure or repossession. Taxes 2012 forms Subtract line 7 from line 6   * The income may not be taxable. Taxes 2012 forms See chapter 1 for more details. Taxes 2012 forms Amount realized on a nonrecourse debt. Taxes 2012 forms    If you are not personally liable for repaying the debt secured by the transferred property, the amount you realize includes the full amount of the outstanding debt immediately before the transfer. Taxes 2012 forms This is true even if the FMV of the property is less than the outstanding debt immediately before the transfer. Taxes 2012 forms Example 1. Taxes 2012 forms Tara bought a new car for $15,000. Taxes 2012 forms She made a $2,000 downpayment and borrowed the remaining $13,000 from the dealer's credit company. Taxes 2012 forms Tara is not personally liable for the loan (nonrecourse), but pledged the new car as security for the loan. Taxes 2012 forms On August 1, 2013, the credit company repossessed the car because Tara had stopped making loan payments. Taxes 2012 forms The balance due after taking into account the payments Tara made was $10,000. Taxes 2012 forms The FMV of the car when it was repossessed was $9,000. Taxes 2012 forms The amount Tara realized on the repossession is $10,000. Taxes 2012 forms That is the outstanding amount of debt immediately before the repossession, even though the FMV of the car is less than $10,000. Taxes 2012 forms Tara figures her gain or loss on the repossession by comparing the $10,000 amount realized with her $15,000 adjusted basis. Taxes 2012 forms Tara has a $5,000 nondeductible loss. Taxes 2012 forms Example 2. Taxes 2012 forms Lili paid $200,000 for her home. Taxes 2012 forms She made a $15,000 downpayment and borrowed the remaining $185,000 from a bank. Taxes 2012 forms She is not personally liable for the loan, but grants the bank a mortgage. Taxes 2012 forms The bank foreclosed on the mortgage because Lili stopped making payments. Taxes 2012 forms When the bank foreclosed on the mortgage, the balance due was $180,000, the FMV of the house was $170,000, and Lili's adjusted basis was $175,000 due to a casualty loss she had deducted. Taxes 2012 forms The amount Lili realized on the foreclosure is $180,000, the outstanding debt immediately before the foreclosure. Taxes 2012 forms She figures her gain or loss by comparing the $180,000 amount realized with her $175,000 adjusted basis. Taxes 2012 forms Lili has a $5,000 realized gain. Taxes 2012 forms See Publication 523 to figure and report any taxable amount. Taxes 2012 forms Forms 1099-A and 1099-C. Taxes 2012 forms    A lender who acquires an interest in your property in a foreclosure or repossession should send you Form 1099-A, Acquisition or Abandonment of Secured Property, showing information you need to figure your gain or loss. Taxes 2012 forms However, if the lender also cancels part of your debt and must file Form 1099-C, the lender can include the information about the foreclosure or repossession on that form instead of on Form 1099-A. Taxes 2012 forms The lender must file Form 1099-C and send you a copy if the amount of debt canceled is $600 or more and the lender is a financial institution, credit union, federal government agency, or any organization that has a significant trade or business of lending money. Taxes 2012 forms For foreclosures or repossessions occurring in 2013, these forms should be sent to you by January 31, 2014. Taxes 2012 forms Prev  Up  Next   Home   More Online Publications
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SOI Tax Stats - Statistics by Form

Back to Tax Stats

Find your specific topic by using these selected IRS form numbers and titles.


 

Form Number  

   Form Title

706

United States Estate (and Generation-Skipping Transfer) Tax Return 

706NA

United States Estate (and Generation-Skipping Transfer) Tax Return: Estate of Nonresident Not a Citizen of the United States

709

United States Gift (and Generation-Skipping Transfer) Tax Return

720

Quarterly Federal Excise Tax Return

940

Employer's Annual Federal Unemployment (FUTA) Tax Return

990

Return of Organization Exempt from Income Tax

990-PF

Return of Private Foundation

990-T

Exempt Organization Business Income Tax Return

1040

U.S. Individual Income Tax Return

1040, Schedule C

U.S. Individual Income Tax Return: Profit or Loss from Business

1040, Schedule F

U.S. Individual Income Tax Return: Profit or Loss from Farming

1041

U.S. Income Tax Return for Estates and Trusts

1042-S

Foreign Person's U.S. Source Income Subject to Withholding

1065

U.S. Partnership Return of Income

1116

Foreign Tax Credit: Individuals

1118

Foreign Tax Credit: Corporations

1120

U.S. Corporation Income Tax Return

1120-F

U.S. Income Tax Return of a Foreign Corporation

1120-FSC

U.S. Income Tax Return of a Foreign Sales Corporation

1120S

U.S. Income Tax Return for an S Corporation

2555

Foreign Earned Income: U.S. Citizens

3520

Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts

5227

Split-Interest Trust Information Return

5471

Information Return of U.S. Person with Respect to Certain Foreign Corporations

5472

Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business

5500

Annual Return / Report of Employee Benefits Plan

5713

International Boycott Report

5735

Possessions Corporation Tax Credit under Sections 936 and 30A

8038

Information Return for Tax-Exempt Private Activity Bond Issues

8805

Foreign Partner's Information Statement of Section 1446 Withholding Tax

  


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Page Last Reviewed or Updated: 29-Jan-2014

The Taxes 2012 Forms

Taxes 2012 forms Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Taxes 2012 forms They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Taxes 2012 forms CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Taxes 2012 forms Opening a CCF account. Taxes 2012 forms   If you are a U. Taxes 2012 forms S. Taxes 2012 forms citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Taxes 2012 forms However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Taxes 2012 forms This agreement will establish the following. Taxes 2012 forms Agreement vessels. Taxes 2012 forms Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Taxes 2012 forms Planned use of withdrawals. Taxes 2012 forms Use of CCF funds to acquire, build, or rebuild a vessel. Taxes 2012 forms CCF depository. Taxes 2012 forms Where your CCF funds will be held. Taxes 2012 forms    You can request an application kit or get additional information from NMFS at the following address. Taxes 2012 forms NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Taxes 2012 forms nmfs. Taxes 2012 forms noaa. Taxes 2012 forms gov/mb/financial_services/ccf. Taxes 2012 forms htm. Taxes 2012 forms    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Taxes 2012 forms 204). Taxes 2012 forms Their fax number is (301) 713-1939. Taxes 2012 forms Eligible vessels. Taxes 2012 forms   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Taxes 2012 forms For each type, certain requirements must be met. Taxes 2012 forms Vessel weighing 5 tons or more. Taxes 2012 forms   To be considered eligible, the vessel must meet all the following requirements. Taxes 2012 forms Be built or rebuilt in the United States. Taxes 2012 forms Be documented under the laws of the United States. Taxes 2012 forms Be used commercially in the fisheries of the United States. Taxes 2012 forms Be operated in the foreign or domestic commerce of the United States. Taxes 2012 forms Vessel weighing less than 5 tons. Taxes 2012 forms   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Taxes 2012 forms Be built or rebuilt in the United States. Taxes 2012 forms Be owned by a U. Taxes 2012 forms S. Taxes 2012 forms citizen. Taxes 2012 forms Have a home port in the United States. Taxes 2012 forms Be used commercially in the fisheries of the United States. Taxes 2012 forms Deferring tax on CCF deposits and earnings. Taxes 2012 forms   You can use a CCF account to defer income tax by taking the following actions. Taxes 2012 forms Making deposits to your CCF account from taxable income. Taxes 2012 forms Excluding from income deposits assigned to certain accounts (discussed later). Taxes 2012 forms Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Taxes 2012 forms Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Taxes 2012 forms    Reporting requirements. Taxes 2012 forms Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Taxes 2012 forms This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Taxes 2012 forms For more information, contact the NMFS at the address or phone number given earlier. Taxes 2012 forms Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Taxes 2012 forms Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Taxes 2012 forms Capital account. Taxes 2012 forms   The capital account consists primarily of amounts attributable to the following items. Taxes 2012 forms Allowable depreciation deductions for agreement vessels. Taxes 2012 forms Any nontaxable return of capital from either (a) or (b), below. Taxes 2012 forms The sale or other disposition of agreement vessels. Taxes 2012 forms Insurance or indemnity proceeds attributable to agreement vessels. Taxes 2012 forms Any tax-exempt interest earned on state or local bonds in your CCF account. Taxes 2012 forms Capital gain account. Taxes 2012 forms   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Taxes 2012 forms Any capital gain from either of the following sources. Taxes 2012 forms The sale or other disposition of agreement vessels held for more than 6 months. Taxes 2012 forms Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Taxes 2012 forms Any capital gain from assets held in your CCF account for more than 6 months. Taxes 2012 forms Ordinary income account. Taxes 2012 forms   The ordinary income account consists of amounts attributable to the following items. Taxes 2012 forms Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Taxes 2012 forms Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Taxes 2012 forms The sale or other disposition of agreement vessels held for 6 months or less. Taxes 2012 forms Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Taxes 2012 forms Any capital gain from assets held in your CCF account for 6 months or less. Taxes 2012 forms Any ordinary income (such as depreciation recapture) from either of the following sources. Taxes 2012 forms The sale or other disposition of agreement vessels. Taxes 2012 forms Insurance or indemnity proceeds attributable to agreement vessels. Taxes 2012 forms Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Taxes 2012 forms Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Taxes 2012 forms Capital gains. Taxes 2012 forms   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Taxes 2012 forms This treatment applies to either of the following transactions. Taxes 2012 forms The sale or other disposition of an agreement vessel. Taxes 2012 forms The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Taxes 2012 forms Depreciation recapture. Taxes 2012 forms   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Taxes 2012 forms This treatment applies to either of the following transactions. Taxes 2012 forms The sale or other disposition of an agreement vessel. Taxes 2012 forms The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Taxes 2012 forms Earnings from operations. Taxes 2012 forms   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Taxes 2012 forms You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Taxes 2012 forms Next to line 43, write “CCF” and the amount of the deposits. Taxes 2012 forms Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Taxes 2012 forms If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Taxes 2012 forms When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Taxes 2012 forms Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Taxes 2012 forms Self-employment tax. Taxes 2012 forms   You must use your net profit or loss from your fishing business to figure your self-employment tax. Taxes 2012 forms Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Taxes 2012 forms    Partnerships and S corporations. Taxes 2012 forms The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Taxes 2012 forms   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Taxes 2012 forms Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Taxes 2012 forms However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Taxes 2012 forms Capital gains. Taxes 2012 forms   Do not report any capital gains from the sale of capital assets held in your CCF account. Taxes 2012 forms This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Taxes 2012 forms However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Taxes 2012 forms ” Interest and dividends. Taxes 2012 forms   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Taxes 2012 forms However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Taxes 2012 forms ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Taxes 2012 forms ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Taxes 2012 forms ” Tax-exempt interest. Taxes 2012 forms   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Taxes 2012 forms You are not required to report this interest on Form 1040, line 8b. Taxes 2012 forms Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Taxes 2012 forms Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Taxes 2012 forms Acquiring, building, or rebuilding qualified vessels (defined next). Taxes 2012 forms Making principal payments on the mortgage of a qualified vessel. Taxes 2012 forms NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Taxes 2012 forms NMFS will approve amounts withdrawn to purchase trawl nets. Taxes 2012 forms Qualified vessel. Taxes 2012 forms   This is any vessel that meets all of the following requirements. Taxes 2012 forms The vessel was built or rebuilt in the United States. Taxes 2012 forms The vessel is documented under the laws of the United States. Taxes 2012 forms The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Taxes 2012 forms How to determine the source of qualified withdrawals. Taxes 2012 forms   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Taxes 2012 forms The capital account. Taxes 2012 forms The capital gain account. Taxes 2012 forms The ordinary income account. Taxes 2012 forms Excluding qualified withdrawals from tax. Taxes 2012 forms   Do not report on your income tax return any qualified withdrawals from your CCF account. Taxes 2012 forms Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Taxes 2012 forms Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Taxes 2012 forms Qualified withdrawals are defined under Qualified Withdrawals, earlier. Taxes 2012 forms Examples. Taxes 2012 forms   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Taxes 2012 forms Amounts remaining in a CCF account upon termination of your agreement with NMFS. Taxes 2012 forms Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Taxes 2012 forms Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Taxes 2012 forms You will generally be given 3 years to revise your plans to cover this excess balance. Taxes 2012 forms Amounts you leave in your account for more than 25 years. Taxes 2012 forms There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Taxes 2012 forms How to determine the source of nonqualified withdrawals. Taxes 2012 forms    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Taxes 2012 forms The ordinary income account. Taxes 2012 forms The capital gain account. Taxes 2012 forms The capital account. Taxes 2012 forms Paying tax on nonqualified withdrawals. Taxes 2012 forms   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Taxes 2012 forms However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Taxes 2012 forms    Partnerships and S corporations. Taxes 2012 forms Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Taxes 2012 forms Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Taxes 2012 forms Interest. Taxes 2012 forms   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Taxes 2012 forms The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Taxes 2012 forms The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Taxes 2012 forms The interest rate on the nonqualified withdrawal is simple interest. Taxes 2012 forms The rate is subject to change annually and is published in the Federal Register. Taxes 2012 forms    You also can call NMFS at (301) 713-2393 (ext. Taxes 2012 forms 204) to get the current interest rate. Taxes 2012 forms Interest deduction. Taxes 2012 forms   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Taxes 2012 forms Reporting the additional tax and interest. Taxes 2012 forms   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Taxes 2012 forms Include the tax and interest on Form 1040, line 63 (for 2005). Taxes 2012 forms To the left of line 63, write in the amount of tax and interest and “CCF. Taxes 2012 forms ” Tax benefit rule. Taxes 2012 forms   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Taxes 2012 forms The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Taxes 2012 forms That part is allowed as a net operating loss deduction. Taxes 2012 forms More Information This section briefly discussed the CCF program. Taxes 2012 forms For more detailed information, see the following legislative authorities. Taxes 2012 forms Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Taxes 2012 forms S. Taxes 2012 forms C. Taxes 2012 forms 1177). Taxes 2012 forms Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Taxes 2012 forms F. Taxes 2012 forms R. Taxes 2012 forms , Part 259). Taxes 2012 forms Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Taxes 2012 forms F. Taxes 2012 forms R. Taxes 2012 forms , Part 3). Taxes 2012 forms Section 7518 of the Internal Revenue Code (IRC 7518). Taxes 2012 forms The application kit you can obtain from NMFS at the address or phone number given earlier may contain copies of some of these sources of additional information. Taxes 2012 forms Also, see their web page at www. Taxes 2012 forms nmfs. Taxes 2012 forms noaa. Taxes 2012 forms gov/mb/financial_services/ccf. Taxes 2012 forms htm. Taxes 2012 forms How To Get Tax Help You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. Taxes 2012 forms By selecting the method that is best for you, you will have quick and easy access to tax help. Taxes 2012 forms Contacting your Taxpayer Advocate. Taxes 2012 forms   If you have attempted to deal with an IRS problem unsuccessfully, you should contact your Taxpayer Advocate. Taxes 2012 forms   The Taxpayer Advocate independently represents your interests and concerns within the IRS by protecting your rights and resolving problems that have not been fixed through normal channels. Taxes 2012 forms While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that your case is given a complete and impartial review. Taxes 2012 forms   To contact your Taxpayer Advocate: Call the Taxpayer Advocate toll free at 1-877-777-4778, Call, write, or fax the Taxpayer Advocate office in your area, Call 1-800-829-4059 if you are a TTY/TDD user, or Visit www. Taxes 2012 forms irs. Taxes 2012 forms gov/advocate. Taxes 2012 forms   For more information, see Publication 1546, How To Get Help With Unresolved Tax Problems (now available in Chinese, Korean, Russian, and Vietnamese, in addition to English and Spanish). Taxes 2012 forms Free tax services. Taxes 2012 forms   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. Taxes 2012 forms It contains a list of free tax publications and an index of tax topics. Taxes 2012 forms It also describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. Taxes 2012 forms Internet. Taxes 2012 forms You can access the IRS website 24 hours a day, 7 days a week, at www. Taxes 2012 forms irs. Taxes 2012 forms gov to: E-file your return. Taxes 2012 forms Find out about commercial tax preparation and e-file services available free to eligible taxpayers. Taxes 2012 forms Check the status of your refund. Taxes 2012 forms Click on Where's My Refund. Taxes 2012 forms Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Taxes 2012 forms Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Taxes 2012 forms Download forms, instructions, and publications. Taxes 2012 forms Order IRS products online. Taxes 2012 forms Research your tax questions online. Taxes 2012 forms Search publications online by topic or keyword. Taxes 2012 forms View Internal Revenue Bulletins (IRBs) published in the last few years. Taxes 2012 forms Figure your withholding allowances using our Form W-4 calculator. Taxes 2012 forms Sign up to receive local and national tax news by email. Taxes 2012 forms Get information on starting and operating a small business. Taxes 2012 forms Phone. Taxes 2012 forms Many services are available by phone. Taxes 2012 forms Ordering forms, instructions, and publications. Taxes 2012 forms Call 1-800-829-3676 to order current-year forms, instructions, and publications and prior-year forms and instructions. Taxes 2012 forms You should receive your order within 10 days. Taxes 2012 forms Asking tax questions. Taxes 2012 forms Call the IRS with your tax questions at 1-800-829-1040. Taxes 2012 forms Solving problems. Taxes 2012 forms You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. Taxes 2012 forms An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Taxes 2012 forms Call your local Taxpayer Assistance Center for an appointment. Taxes 2012 forms To find the number, go to www. Taxes 2012 forms irs. Taxes 2012 forms gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxes 2012 forms TTY/TDD equipment. Taxes 2012 forms If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. Taxes 2012 forms TeleTax topics. Taxes 2012 forms Call 1-800-829-4477 and press 2 to listen to pre-recorded messages covering various tax topics. Taxes 2012 forms Refund information. Taxes 2012 forms If you would like to check the status of your refund, call 1-800-829-4477 and press 1 for automated refund information and follow the recorded instructions or call 1-800-829-1954. Taxes 2012 forms Be sure to wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically). Taxes 2012 forms Have your tax return available because you will need to know your social security number, your filing status, and the exact whole dollar amount of your refund. Taxes 2012 forms Evaluating the quality of our telephone services. Taxes 2012 forms To ensure that IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. Taxes 2012 forms One method is for a second IRS representative to sometimes listen in on or record telephone calls. Taxes 2012 forms Another is to ask some callers to complete a short survey at the end of the call. Taxes 2012 forms Walk-in. Taxes 2012 forms Many products and services are available on a walk-in basis. Taxes 2012 forms Products. Taxes 2012 forms You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Taxes 2012 forms Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD-ROM or photocopy from reproducible proofs. Taxes 2012 forms Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. Taxes 2012 forms Services. Taxes 2012 forms You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. Taxes 2012 forms An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. Taxes 2012 forms If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you're more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. Taxes 2012 forms No appointment is necessary, but if you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. Taxes 2012 forms A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. Taxes 2012 forms To find the number, go to www. Taxes 2012 forms irs. Taxes 2012 forms gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. Taxes 2012 forms Mail. Taxes 2012 forms You can send your order for forms, instructions, and publications to the address below and receive a response within 10 business days after your request is received. Taxes 2012 forms National Distribution Center P. Taxes 2012 forms O. Taxes 2012 forms Box 8903 Bloomington, IL 61702-8903 CD-ROM for tax products. Taxes 2012 forms You can order Publication 1796, IRS Tax Products on CD-ROM, and obtain: A CD that is released twice so you have the latest products. Taxes 2012 forms The first release ships in late December and the final release ships in late February. Taxes 2012 forms Current-year forms, instructions, and publications. Taxes 2012 forms Prior-year forms, instructions, and publications. Taxes 2012 forms Tax Map: an electronic research tool and finding aid. Taxes 2012 forms Tax law frequently asked questions (FAQs). Taxes 2012 forms Tax Topics from the IRS telephone response system. Taxes 2012 forms Fill-in, print, and save features for most tax forms. Taxes 2012 forms Internal Revenue Bulletins. Taxes 2012 forms Toll-free and email technical support. Taxes 2012 forms Buy the CD-ROM from National Technical Information Service (NTIS) at www. Taxes 2012 forms irs. Taxes 2012 forms gov/cdorders for $25 (no handling fee) or call 1-877-233-6767 toll free to buy the CD-ROM for $25 (plus a $5 handling fee). Taxes 2012 forms CD-ROM for small businesses. Taxes 2012 forms Publication 3207, Small Business Resource Guide CD-ROM, has a new look and enhanced navigation features. Taxes 2012 forms This CD includes: Helpful information, such as how to prepare a business plan, find financing for your business, and much more. Taxes 2012 forms All the business tax forms, instructions, and publications needed to successfully manage a business. Taxes 2012 forms Tax law changes. Taxes 2012 forms IRS Tax Map to help you find forms, instructions, and publications by searching on a keyword or topic. Taxes 2012 forms Web links to various government agencies, business associations, and IRS organizations. Taxes 2012 forms “Rate the Product” survey—your opportunity to suggest changes for future editions. Taxes 2012 forms An updated version of this CD is available each year in early April. Taxes 2012 forms You can get a free copy by calling 1-800-829-3676 or by visiting www. Taxes 2012 forms irs. Taxes 2012 forms gov/smallbiz. Taxes 2012 forms Prev  Up  Next   Home   More Online Publications