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2011 Income Tax

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2011 Income Tax

2011 income tax Index A Accounting methods, Accounting Methods Accrual method, Accrual method. 2011 income tax Change in accounting method Section 481(a) adjustment. 2011 income tax , Change in accounting method. 2011 income tax Mark-to-market accounting method, Mark-to-market accounting method. 2011 income tax Nonaccrual experience method, Nonaccrual experience method. 2011 income tax Percentage of completion method, Percentage of completion method. 2011 income tax Accounting periods, Accounting Periods Accumulated earnings tax, Accumulated Earnings Tax Alternative minimum tax (AMT), Alternative Minimum Tax (AMT) At-risk limits, At-Risk Limits B Backup withholding, Backup withholding. 2011 income tax Below-market loans, Below-Market Loans C Capital contributions, Capital Contributions Capital losses, Capital Losses Charitable contributions, Charitable Contributions Closely held corporation: At-risk limits, Closely held corporation. 2011 income tax Closely held corporations:, Closely held corporations. 2011 income tax Comments, Comments and suggestions. 2011 income tax Corporate preference items, Corporate Preference Items Corporations, businesses taxed as, Businesses Taxed as Corporations Credits, Credits Credits: Foreign tax, Credits General business credit, Credits Prior year minimum tax, Credits D Distributions: Money or property. 2011 income tax , Money or Property Distributions Other, Constructive Distributions Reporting, Reporting Dividends and Other Distributions Stock or stock rights, Distributions of Stock or Stock Rights To shareholders, Distributions to Shareholders Dividends-received deduction, Dividends-Received Deduction E EFTPS, Electronic Federal Tax Payment System, Electronic Federal Tax Payment System (EFTPS). 2011 income tax Electronic filing, Electronic filing. 2011 income tax Energy-efficient commercial building property deduction, Energy-Efficient Commercial Building Property Deduction Estimated tax, Estimated Tax Extraordinary dividends, Extraordinary Dividends F Figuring: NOL carryovers, Figuring the NOL Carryover Tax, Figuring Tax Foreign tax credit, Credits Form: 1096, Form 1099-DIV. 2011 income tax 1099–DIV, Form 1099-DIV. 2011 income tax 1118, Credits 1120, Which form to file. 2011 income tax 1120-W, How to figure each required installment. 2011 income tax 1120X, Refunds. 2011 income tax , NOL carryback. 2011 income tax 1138, Carryback expected. 2011 income tax 1139, Refunds. 2011 income tax , NOL carryback. 2011 income tax 2220, Form 2220. 2011 income tax 3800, Credits, Recapture Taxes 4255, Recapture Taxes 4626, Form 4626. 2011 income tax 5452, Form 5452. 2011 income tax 7004, Extension of time to file. 2011 income tax 8611, Recapture Taxes 8827, Credits 8832, Business formed after 1996. 2011 income tax 8834, Recapture Taxes 8845, Recapture Taxes 8874, Recapture Taxes 8882, Recapture Taxes 8912, Credits G Going into business, Costs of Going Into Business I Income tax returns, Income Tax Return L Loans, below-market, Below-Market Loans M Minimum tax credit, Credits N Net operating losses, Net Operating Losses Nontaxable exchange of property for stock, Property Exchanged for Stock P Paid-in capital, Paid-in capital. 2011 income tax Passive activity limits, Passive Activity Limits Paying estimated tax, How to pay estimated tax. 2011 income tax Penalties Other, Other penalties. 2011 income tax Trust fund recovery, Trust fund recovery penalty. 2011 income tax Penalties: Estimated tax, Underpayment penalty. 2011 income tax Late filing of return, Late filing of return. 2011 income tax Late payment of tax, Late payment of tax. 2011 income tax Personal service corporation: Figuring tax, Qualified personal service corporation. 2011 income tax Personal service corporations:, Personal service corporations. 2011 income tax Preference items, Corporate Preference Items Q Qualified refinery property, election to expense, Election to Expense Qualified Refinery Property Qualifying shipping activities, income from, Income From Qualifying Shipping Activities R Recapture taxes: Childcare facilities and services credit , Recapture Taxes Indian employment credit, Recapture Taxes Investment credit, Recapture Taxes Low-income housing credit, Recapture Taxes New markets credit, Recapture Taxes Qualified plug-in electric and electric vehicle credit, Recapture Taxes Recordkeeping, Recordkeeping Related persons, Related Persons Retained earnings, Accumulated Earnings Tax S Suggestions, Comments and suggestions. 2011 income tax T Tax help, How To Get Tax Help Tax rate schedule, Tax Rate Schedule Tax, figuring, Figuring Tax Taxpayer Advocate, Contacting your Taxpayer Advocate. 2011 income tax TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications
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The 2011 Income Tax

2011 income tax 3. 2011 income tax   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. 2011 income tax How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. 2011 income tax However, in some cases you may have a gain that is not taxable or a loss that is not deductible. 2011 income tax This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. 2011 income tax Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. 2011 income tax What Is a Disposition of Property? A disposition of property includes the following transactions. 2011 income tax You sell property for cash or other property. 2011 income tax You exchange property for other property. 2011 income tax You receive money as a tenant for the cancellation of a lease. 2011 income tax You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. 2011 income tax You transfer property to satisfy a debt. 2011 income tax You abandon property. 2011 income tax Your bank or other financial institution forecloses on your mortgage or repossesses your property. 2011 income tax Your property is damaged, destroyed, or stolen, and you receive property or money in payment. 2011 income tax Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. 2011 income tax For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. 2011 income tax For details about other dispositions, see chapter 1 in Publication 544. 2011 income tax Nontaxable exchanges. 2011 income tax   Certain exchanges of property are not taxable. 2011 income tax This means any gain from the exchange is not recognized and you cannot deduct any loss. 2011 income tax Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. 2011 income tax Like-kind exchanges. 2011 income tax   A like-kind exchange is the exchange of property for the same kind of property. 2011 income tax It is the most common type of nontaxable exchange. 2011 income tax To be a like-kind exchange, the property traded and the property received must be both of the following. 2011 income tax Business or investment property. 2011 income tax Like property. 2011 income tax   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. 2011 income tax For more information about like-kind exchanges, see chapter 1 in Publication 544. 2011 income tax Installment sales. 2011 income tax   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. 2011 income tax If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. 2011 income tax   For more information about installment sales, see Publication 537, Installment Sales. 2011 income tax Sale of a business. 2011 income tax   The sale of a business usually is not a sale of one asset. 2011 income tax Instead, all the assets of the business are sold. 2011 income tax Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. 2011 income tax   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. 2011 income tax Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. 2011 income tax The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. 2011 income tax   For more information about the sale of a business, see chapter 2 of Publication 544. 2011 income tax How Do I Figure a Gain or Loss? Table 3-1. 2011 income tax How To Figure a Gain or Loss IF your. 2011 income tax . 2011 income tax . 2011 income tax THEN you have a. 2011 income tax . 2011 income tax . 2011 income tax Adjusted basis is more than the amount realized Loss. 2011 income tax Amount realized is more than the adjusted basis Gain. 2011 income tax Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. 2011 income tax You need to know these definitions to figure your gain or loss. 2011 income tax Basis. 2011 income tax   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. 2011 income tax However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. 2011 income tax For more information about basis, see Publication 551, Basis of Assets. 2011 income tax Adjusted basis. 2011 income tax   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. 2011 income tax In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. 2011 income tax Amount realized. 2011 income tax   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. 2011 income tax The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. 2011 income tax Fair market value. 2011 income tax   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. 2011 income tax Amount recognized. 2011 income tax   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. 2011 income tax Recognized gains must be included in gross income. 2011 income tax Recognized losses are deductible from gross income. 2011 income tax However, a gain or loss realized from certain exchanges of property is not recognized. 2011 income tax See  Nontaxable exchanges, earlier. 2011 income tax Also, you cannot deduct a loss from the disposition of property held for personal use. 2011 income tax Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. 2011 income tax You must do this to figure your net capital gain or loss. 2011 income tax Generally, you will have a capital gain or loss if you dispose of a capital asset. 2011 income tax For the most part, everything you own and use for personal purposes or investment is a capital asset. 2011 income tax Certain property you use in your business is not a capital asset. 2011 income tax A gain or loss from a disposition of this property is an ordinary gain or loss. 2011 income tax However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. 2011 income tax These gains and losses are called section 1231 gains and losses. 2011 income tax For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. 2011 income tax Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. 2011 income tax Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. 2011 income tax The time you own property before disposing of it is called the holding period. 2011 income tax Table 3-2. 2011 income tax Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. 2011 income tax . 2011 income tax . 2011 income tax THEN you have a. 2011 income tax . 2011 income tax . 2011 income tax 1 year or less Short-term capital gain or loss. 2011 income tax More than 1 year Long-term capital gain or loss. 2011 income tax For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. 2011 income tax Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. 2011 income tax The instructions for the forms explain how to fill them out. 2011 income tax Dispositions of business property and depreciable property. 2011 income tax   Use Form 4797. 2011 income tax If you have taxable gain, you may also have to use Schedule D (Form 1040). 2011 income tax Like-kind exchanges. 2011 income tax   Use Form 8824, Like-Kind Exchanges. 2011 income tax You may also have to use Form 4797 and Schedule D (Form 1040). 2011 income tax Installment sales. 2011 income tax   Use Form 6252, Installment Sale Income. 2011 income tax You may also have to use Form 4797 and Schedule D (Form 1040). 2011 income tax Casualties and thefts. 2011 income tax   Use Form 4684, Casualties and Thefts. 2011 income tax You may also have to use Form 4797. 2011 income tax Condemned property. 2011 income tax   Use Form 4797. 2011 income tax You may also have to use Schedule D (Form 1040). 2011 income tax Prev  Up  Next   Home   More Online Publications