Section 1291(f) of the Code specifically provides that, "to the extent provided in regulations," certain nonrecognition transactions will be taxable
Form 990 must be filed four and one-half months after year-end by organizations with annual taxable
and nontaxable gross receipts of at least $25,000.
Because of this three-year rule, taxable
gifts work best for clients likely to outlive a transfer by at least three years.
With respect to a taxable
year of a corporation that straddles an ownership change date, section 382(b)(3) provides a general rule that requires a ratable daily allocation of the income or loss for the year to the pre-and post-change portions of the year.
Under the 1991 proposed regulations, taxable
Income or loss of a QBU would first be computed in local currency and then the taxable
income or loss would be translated into the owner's functional currency.
Such taxpayers will be able to avoid taking the QCD into income, resulting in lower taxable
For tax purposes, they received the excess cash at the time of the sale, making it taxable
Computer equipment Not taxable
on first pounds 2,500
If you buy just before a mutual fund's capital gains distribution, you're buying taxable
income," says Eardley Willock, tax manager in the New York office of the accounting firm Grant Thornton.
The other major concern with Statement 96 is that, because it assumes "no future events," the tax benefit of deductible temporary differences and carryforwards can be recognized only to the extent that they offset either actual taxable
income reported in the carry-back period or future reversals of taxable
In our earnings release and conference call on Tuesday, we stated that we expect to recognize little, if any, taxable
income during the period 2007 through 2011.
Under this section, a qualifying taxpayer can take a deduction equal to a percentage of the lesser of its taxable
income or qualified production activities income (QPAI).
Commissioner (TC Summary Opinion 2005-57), the court considered whether certain workers' compensation benefits were taxable
as if they were Social Security benefits.
If not properly addressed, the money could be considered taxable
income for the lessee.
6) and 258(3) through (5) of the Act are the principal charging provisions for the TPS rules and convert what would otherwise be tax-exempt dividends into taxable