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File 2011 California State Taxes

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File 2011 California State Taxes

File 2011 california state taxes 14. File 2011 california state taxes   Sale of Property Table of Contents Reminder Introduction Useful Items - You may want to see: Sales and TradesWhat Is a Sale or Trade? How To Figure Gain or Loss Nontaxable Trades Transfers Between Spouses Related Party Transactions Capital Gains and LossesCapital or Ordinary Gain or Loss Capital Assets and Noncapital Assets Holding Period Nonbusiness Bad Debts Wash Sales Rollover of Gain From Publicly Traded Securities Reminder Foreign income. File 2011 california state taxes  If you are a U. File 2011 california state taxes S. File 2011 california state taxes citizen who sells property located outside the United States, you must report all gains and losses from the sale of that property on your tax return unless it is exempt by U. File 2011 california state taxes S. File 2011 california state taxes law. File 2011 california state taxes This is true whether you reside inside or outside the United States and whether or not you receive a Form 1099 from the payer. File 2011 california state taxes Introduction This chapter discusses the tax consequences of selling or trading investment property. File 2011 california state taxes It explains the following. File 2011 california state taxes What a sale or trade is. File 2011 california state taxes Figuring gain or loss. File 2011 california state taxes Nontaxable trades. File 2011 california state taxes Related party transactions. File 2011 california state taxes Capital gains or losses. File 2011 california state taxes Capital assets and noncapital assets. File 2011 california state taxes Holding period. File 2011 california state taxes Rollover of gain from publicly traded securities. File 2011 california state taxes Other property transactions. File 2011 california state taxes   Certain transfers of property are not discussed here. File 2011 california state taxes They are discussed in other IRS publications. File 2011 california state taxes These include the following. File 2011 california state taxes Sales of a main home, covered in chapter 15. File 2011 california state taxes Installment sales, covered in Publication 537, Installment Sales. File 2011 california state taxes Transactions involving business property, covered in Publication 544, Sales and Other Dispositions of Assets. File 2011 california state taxes Dispositions of an interest in a passive activity, covered in Publication 925, Passive Activity and At-Risk Rules. File 2011 california state taxes    Publication 550, Investment Income and Expenses (Including Capital Gains and Losses), provides a more detailed discussion about sales and trades of investment property. File 2011 california state taxes Publication 550 includes information about the rules covering nonbusiness bad debts, straddles, section 1256 contracts, puts and calls, commodity futures, short sales, and wash sales. File 2011 california state taxes It also discusses investment-related expenses. File 2011 california state taxes Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 8949 Sales and Other Dispositions of Capital Assets 8824 Like-Kind Exchanges Sales and Trades If you sold property such as stocks, bonds, or certain commodities through a broker during the year, you should receive, for each sale, a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, or substitute statement, from the broker. File 2011 california state taxes Generally, you should receive the statement by February 15 of the next year. File 2011 california state taxes It will show the gross proceeds from the sale. File 2011 california state taxes If you sold a covered security in 2013, your 1099-B (or substitute statement) will show your basis. File 2011 california state taxes Generally, a covered security is a security you acquired after 2010, with certain exceptions. File 2011 california state taxes See the Instructions for Form 8949. File 2011 california state taxes The IRS will also get a copy of Form 1099-B from the broker. File 2011 california state taxes Use Form 1099-B (or substitute statement received from your broker) to complete Form 8949. File 2011 california state taxes What Is a Sale or Trade? This section explains what is a sale or trade. File 2011 california state taxes It also explains certain transactions and events that are treated as sales or trades. File 2011 california state taxes A sale is generally a transfer of property for money or a mortgage, note, or other promise to pay money. File 2011 california state taxes A trade is a transfer of property for other property or services and may be taxed in the same way as a sale. File 2011 california state taxes Sale and purchase. File 2011 california state taxes   Ordinarily, a transaction is not a trade when you voluntarily sell property for cash and immediately buy similar property to replace it. File 2011 california state taxes The sale and purchase are two separate transactions. File 2011 california state taxes But see Like-kind exchanges under Nontaxable Trades, later. File 2011 california state taxes Redemption of stock. File 2011 california state taxes   A redemption of stock is treated as a sale or trade and is subject to the capital gain or loss provisions unless the redemption is a dividend or other distribution on stock. File 2011 california state taxes Dividend versus sale or trade. File 2011 california state taxes   Whether a redemption is treated as a sale, trade, dividend, or other distribution depends on the circumstances in each case. File 2011 california state taxes Both direct and indirect ownership of stock will be considered. File 2011 california state taxes The redemption is treated as a sale or trade of stock if: The redemption is not essentially equivalent to a dividend (see chapter 8), There is a substantially disproportionate redemption of stock, There is a complete redemption of all the stock of the corporation owned by the shareholder, or The redemption is a distribution in partial liquidation of a corporation. File 2011 california state taxes Redemption or retirement of bonds. File 2011 california state taxes   A redemption or retirement of bonds or notes at their maturity is generally treated as a sale or trade. File 2011 california state taxes   In addition, a significant modification of a bond is treated as a trade of the original bond for a new bond. File 2011 california state taxes For details, see Regulations section 1. File 2011 california state taxes 1001-3. File 2011 california state taxes Surrender of stock. File 2011 california state taxes   A surrender of stock by a dominant shareholder who retains ownership of more than half of the corporation's voting shares is treated as a contribution to capital rather than as an immediate loss deductible from taxable income. File 2011 california state taxes The surrendering shareholder must reallocate his or her basis in the surrendered shares to the shares he or she retains. File 2011 california state taxes Worthless securities. File 2011 california state taxes    Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year. File 2011 california state taxes This affects whether your capital loss is long term or short term. File 2011 california state taxes See Holding Period , later. File 2011 california state taxes   Worthless securities also include securities that you abandon after March 12, 2008. File 2011 california state taxes To abandon a security, you must permanently surrender and relinquish all rights in the security and receive no consideration in exchange for it. File 2011 california state taxes All the facts and circumstances determine whether the transaction is properly characterized as an abandonment or other type of transaction, such as an actual sale or exchange, contribution to capital, dividend, or gift. File 2011 california state taxes    If you are a cash basis taxpayer and make payments on a negotiable promissory note that you issued for stock that became worthless, you can deduct these payments as losses in the years you actually make the payments. File 2011 california state taxes Do not deduct them in the year the stock became worthless. File 2011 california state taxes How to report loss. File 2011 california state taxes    Report worthless securities in Part I or Part II, whichever applies, of Form 8949. File 2011 california state taxes In column (a), enter “Worthless. File 2011 california state taxes ”    Report your worthless securities transactions on Form 8949 with the correct box checked for these transactions. File 2011 california state taxes See Form 8949 and the Instructions for Form 8949. File 2011 california state taxes For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. File 2011 california state taxes See also Schedule D (Form 1040), Form 8949, and their separate instructions. File 2011 california state taxes Filing a claim for refund. File 2011 california state taxes   If you do not claim a loss for a worthless security on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the loss. File 2011 california state taxes You must use Form 1040X, Amended U. File 2011 california state taxes S. File 2011 california state taxes Individual Income Tax Return, to amend your return for the year the security became worthless. File 2011 california state taxes You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. File 2011 california state taxes For more information about filing a claim, see Amended Returns and Claims for Refund in chapter 1. File 2011 california state taxes How To Figure Gain or Loss You figure gain or loss on a sale or trade of property by comparing the amount you realize with the adjusted basis of the property. File 2011 california state taxes Gain. File 2011 california state taxes   If the amount you realize from a sale or trade is more than the adjusted basis of the property you transfer, the difference is a gain. File 2011 california state taxes Loss. File 2011 california state taxes   If the adjusted basis of the property you transfer is more than the amount you realize, the difference is a loss. File 2011 california state taxes Adjusted basis. File 2011 california state taxes   The adjusted basis of property is your original cost or other original basis properly adjusted (increased or decreased) for certain items. File 2011 california state taxes See chapter 13 for more information about determining the adjusted basis of property. File 2011 california state taxes Amount realized. File 2011 california state taxes   The amount you realize from a sale or trade of property is everything you receive for the property minus your expenses of sale (such as redemption fees, sales commissions, sales charges, or exit fees). File 2011 california state taxes Amount realized includes the money you receive plus the fair market value of any property or services you receive. File 2011 california state taxes If you received a note or other debt instrument for the property, see How To Figure Gain or Loss in chapter 4 of Publication 550 to figure the amount realized. File 2011 california state taxes If you finance the buyer's purchase of your property and the debt instrument does not provide for adequate stated interest, the unstated interest that you must report as ordinary income will reduce the amount realized from the sale. File 2011 california state taxes For more information, see Publication 537. File 2011 california state taxes Fair market value. File 2011 california state taxes   Fair market value is the price at which the property would change hands between a buyer and a seller, neither being forced to buy or sell and both having reasonable knowledge of all the relevant facts. File 2011 california state taxes Example. File 2011 california state taxes You trade A Company stock with an adjusted basis of $7,000 for B Company stock with a fair market value of $10,000, which is your amount realized. File 2011 california state taxes Your gain is $3,000 ($10,000 − $7,000). File 2011 california state taxes Debt paid off. File 2011 california state taxes    A debt against the property, or against you, that is paid off as a part of the transaction, or that is assumed by the buyer, must be included in the amount realized. File 2011 california state taxes This is true even if neither you nor the buyer is personally liable for the debt. File 2011 california state taxes For example, if you sell or trade property that is subject to a nonrecourse loan, the amount you realize generally includes the full amount of the note assumed by the buyer even if the amount of the note is more than the fair market value of the property. File 2011 california state taxes Example. File 2011 california state taxes You sell stock that you had pledged as security for a bank loan of $8,000. File 2011 california state taxes Your basis in the stock is $6,000. File 2011 california state taxes The buyer pays off your bank loan and pays you $20,000 in cash. File 2011 california state taxes The amount realized is $28,000 ($20,000 + $8,000). File 2011 california state taxes Your gain is $22,000 ($28,000 − $6,000). File 2011 california state taxes Payment of cash. File 2011 california state taxes   If you trade property and cash for other property, the amount you realize is the fair market value of the property you receive. File 2011 california state taxes Determine your gain or loss by subtracting the cash you pay plus the adjusted basis of the property you trade in from the amount you realize. File 2011 california state taxes If the result is a positive number, it is a gain. File 2011 california state taxes If the result is a negative number, it is a loss. File 2011 california state taxes No gain or loss. File 2011 california state taxes   You may have to use a basis for figuring gain that is different from the basis used for figuring loss. File 2011 california state taxes In this case, you may have neither a gain nor a loss. File 2011 california state taxes See Basis Other Than Cost in chapter 13. File 2011 california state taxes Nontaxable Trades This section discusses trades that generally do not result in a taxable gain or deductible loss. File 2011 california state taxes For more information on nontaxable trades, see chapter 1 of Publication 544. File 2011 california state taxes Like-kind exchanges. File 2011 california state taxes   If you trade business or investment property for other business or investment property of a like kind, you do not pay tax on any gain or deduct any loss until you sell or dispose of the property you receive. File 2011 california state taxes To be nontaxable, a trade must meet all six of the following conditions. File 2011 california state taxes The property must be business or investment property. File 2011 california state taxes You must hold both the property you trade and the property you receive for productive use in your trade or business or for investment. File 2011 california state taxes Neither property may be property used for personal purposes, such as your home or family car. File 2011 california state taxes The property must not be held primarily for sale. File 2011 california state taxes The property you trade and the property you receive must not be property you sell to customers, such as merchandise. File 2011 california state taxes The property must not be stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest, including partnership interests. File 2011 california state taxes However, see Special rules for mutual ditch, reservoir, or irrigation company stock, in chapter 4 of Publication 550 for an exception. File 2011 california state taxes Also, you can have a nontaxable trade of corporate stocks under a different rule, as discussed later. File 2011 california state taxes There must be a trade of like property. File 2011 california state taxes The trade of real estate for real estate, or personal property for similar personal property, is a trade of like property. File 2011 california state taxes The trade of an apartment house for a store building, or a panel truck for a pickup truck, is a trade of like property. File 2011 california state taxes The trade of a piece of machinery for a store building is not a trade of like property. File 2011 california state taxes Real property located in the United States and real property located outside the United States are not like property. File 2011 california state taxes Also, personal property used predominantly within the United States and personal property used predominantly outside the United States are not like property. File 2011 california state taxes The property to be received must be identified in writing within 45 days after the date you transfer the property given up in the trade. File 2011 california state taxes The property to be received must be received by the earlier of: The 180th day after the date on which you transfer the property given up in the trade, or The due date, including extensions, for your tax return for the year in which the transfer of the property given up occurs. File 2011 california state taxes    If you trade property with a related party in a like-kind exchange, a special rule may apply. File 2011 california state taxes See Related Party Transactions , later in this chapter. File 2011 california state taxes Also, see chapter 1 of Publication 544 for more information on exchanges of business property and special rules for exchanges using qualified intermediaries or involving multiple properties. File 2011 california state taxes Partly nontaxable exchange. File 2011 california state taxes   If you receive money or unlike property in addition to like property, and the above six conditions are met, you have a partly nontaxable trade. File 2011 california state taxes You are taxed on any gain you realize, but only up to the amount of the money and the fair market value of the unlike property you receive. File 2011 california state taxes You cannot deduct a loss. File 2011 california state taxes Like property and unlike property transferred. File 2011 california state taxes   If you give up unlike property in addition to the like property, you must recognize gain or loss on the unlike property you give up. File 2011 california state taxes The gain or loss is the difference between the adjusted basis of the unlike property and its fair market value. File 2011 california state taxes Like property and money transferred. File 2011 california state taxes   If all of the above conditions (1) – (6) are met, you have a nontaxable trade even if you pay money in addition to the like property. File 2011 california state taxes Basis of property received. File 2011 california state taxes   To figure the basis of the property received, see Nontaxable Exchanges in chapter 13. File 2011 california state taxes How to report. File 2011 california state taxes   You must report the trade of like property on Form 8824. File 2011 california state taxes If you figure a recognized gain or loss on Form 8824, report it on Schedule D (Form 1040), or on Form 4797, Sales of Business Property, whichever applies. File 2011 california state taxes See the instructions for Line 22 in the Instructions for Form 8824. File 2011 california state taxes   For information on using Form 4797, see chapter 4 of Publication 544. File 2011 california state taxes Corporate stocks. File 2011 california state taxes   The following trades of corporate stocks generally do not result in a taxable gain or a deductible loss. File 2011 california state taxes Corporate reorganizations. File 2011 california state taxes   In some instances, a company will give you common stock for preferred stock, preferred stock for common stock, or stock in one corporation for stock in another corporation. File 2011 california state taxes If this is a result of a merger, recapitalization, transfer to a controlled corporation, bankruptcy, corporate division, corporate acquisition, or other corporate reorganization, you do not recognize gain or loss. File 2011 california state taxes Stock for stock of the same corporation. File 2011 california state taxes   You can exchange common stock for common stock or preferred stock for preferred stock in the same corporation without having a recognized gain or loss. File 2011 california state taxes This is true for a trade between two stockholders as well as a trade between a stockholder and the corporation. File 2011 california state taxes Convertible stocks and bonds. File 2011 california state taxes   You generally will not have a recognized gain or loss if you convert bonds into stock or preferred stock into common stock of the same corporation according to a conversion privilege in the terms of the bond or the preferred stock certificate. File 2011 california state taxes Property for stock of a controlled corporation. File 2011 california state taxes   If you transfer property to a corporation solely in exchange for stock in that corporation, and immediately after the trade you are in control of the corporation, you ordinarily will not recognize a gain or loss. File 2011 california state taxes This rule applies both to individuals and to groups who transfer property to a corporation. File 2011 california state taxes It does not apply if the corporation is an investment company. File 2011 california state taxes   For this purpose, to be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock of the corporation. File 2011 california state taxes   If this provision applies to you, you may have to attach to your return a complete statement of all facts pertinent to the exchange. File 2011 california state taxes For details, see Regulations section 1. File 2011 california state taxes 351-3. File 2011 california state taxes Additional information. File 2011 california state taxes   For more information on trades of stock, see Nontaxable Trades in chapter 4 of Publication 550. File 2011 california state taxes Insurance policies and annuities. File 2011 california state taxes   You will not have a recognized gain or loss if the insured or annuitant is the same under both contracts and you trade: A life insurance contract for another life insurance contract or for an endowment or annuity contract or for a qualified long-term care insurance contract, An endowment contract for another endowment contract that provides for regular payments beginning at a date no later than the beginning date under the old contract or for an annuity contract or for a qualified long-term insurance contract, An annuity contract for annuity contract or for a qualified long-term care insurance contract, or A qualified long-term care insurance contract for a qualified long-term care insurance contract. File 2011 california state taxes   You also may not have to recognize gain or loss on an exchange of a portion of an annuity contract for another annuity contract. File 2011 california state taxes For transfers completed before October 24, 2011, see Revenue Ruling 2003-76 in Internal Revenue Bulletin 2003-33 and Revenue Procedure 2008-24 in Internal Revenue Bulletin 2008-13. File 2011 california state taxes Revenue Ruling 2003-76 is available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2003-33_IRB/ar11. File 2011 california state taxes html. File 2011 california state taxes Revenue Procedure 2008-24 is available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2008-13_IRB/ar13. File 2011 california state taxes html. File 2011 california state taxes For transfers completed on or after October 24, 2011, see Revenue Ruling 2003-76, above, and Revenue Procedure 2011-38, in Internal Revenue Bulletin 2011-30. File 2011 california state taxes Revenue Procedure 2011-38 is available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2011-30_IRB/ar09. File 2011 california state taxes html. File 2011 california state taxes   For tax years beginning after December 31, 2010, amounts received as an annuity for a period of 10 years or more, or for the lives of one or more individuals, under any portion of an annuity, endowment, or life insurance contract, are treated as a separate contract and are considered partial annuities. File 2011 california state taxes A portion of an annuity, endowment, or life insurance contract may be annuitized, provided that the annuitization period is for 10 years or more or for the lives of one or more individuals. File 2011 california state taxes The investment in the contract is allocated between the part of the contract from which amounts are received as an annuity and the part of the contract from which amounts are not received as an annuity. File 2011 california state taxes   Exchanges of contracts not included in this list, such as an annuity contract for an endowment contract, or an annuity or endowment contract for a life insurance contract, are taxable. File 2011 california state taxes Demutualization of life insurance companies. File 2011 california state taxes   If you received stock in exchange for your equity interest as a policyholder or an annuitant, you generally will not have a recognized gain or loss. File 2011 california state taxes See Demutualization of Life Insurance Companies in Publication 550. File 2011 california state taxes U. File 2011 california state taxes S. File 2011 california state taxes Treasury notes or bonds. File 2011 california state taxes   You can trade certain issues of U. File 2011 california state taxes S. File 2011 california state taxes Treasury obligations for other issues designated by the Secretary of the Treasury, with no gain or loss recognized on the trade. File 2011 california state taxes See Savings bonds traded in chapter 1 of Publication 550 for more information. File 2011 california state taxes Transfers Between Spouses Generally, no gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or if incident to a divorce, a former spouse. File 2011 california state taxes This nonrecognition rule does not apply in the following situations. File 2011 california state taxes The recipient spouse or former spouse is a nonresident alien. File 2011 california state taxes Property is transferred in trust and liability exceeds basis. File 2011 california state taxes Gain must be recognized to the extent the amount of the liabilities assumed by the trust, plus any liabilities on the property, exceed the adjusted basis of the property. File 2011 california state taxes For other situations, see Transfers Between Spouses in chapter 4 of Publication 550. File 2011 california state taxes Any transfer of property to a spouse or former spouse on which gain or loss is not recognized is treated by the recipient as a gift and is not considered a sale or exchange. File 2011 california state taxes The recipient's basis in the property will be the same as the adjusted basis of the giver immediately before the transfer. File 2011 california state taxes This carryover basis rule applies whether the adjusted basis of the transferred property is less than, equal to, or greater than either its fair market value at the time of transfer or any consideration paid by the recipient. File 2011 california state taxes This rule applies for purposes of determining loss as well as gain. File 2011 california state taxes Any gain recognized on a transfer in trust increases the basis. File 2011 california state taxes A transfer of property is incident to a divorce if the transfer occurs within 1 year after the date on which the marriage ends, or if the transfer is related to the ending of the marriage. File 2011 california state taxes Related Party Transactions Special rules apply to the sale or trade of property between related parties. File 2011 california state taxes Gain on sale or trade of depreciable property. File 2011 california state taxes   Your gain from the sale or trade of property to a related party may be ordinary income, rather than capital gain, if the property can be depreciated by the party receiving it. File 2011 california state taxes See chapter 3 of Publication 544 for more information. File 2011 california state taxes Like-kind exchanges. File 2011 california state taxes   Generally, if you trade business or investment property for other business or investment property of a like kind, no gain or loss is recognized. File 2011 california state taxes See Like-kind exchanges , earlier, under Nontaxable Trades. File 2011 california state taxes   This rule also applies to trades of property between related parties, defined next under Losses on sales or trades of property. File 2011 california state taxes However, if either you or the related party disposes of the like property within 2 years after the trade, you both must report any gain or loss not recognized on the original trade on your return filed for the year in which the later disposition occurs. File 2011 california state taxes See Related Party Transactions in chapter 4 of Publication 550 for exceptions. File 2011 california state taxes Losses on sales or trades of property. File 2011 california state taxes   You cannot deduct a loss on the sale or trade of property, other than a distribution in complete liquidation of a corporation, if the transaction is directly or indirectly between you and the following related parties. File 2011 california state taxes Members of your family. File 2011 california state taxes This includes only your brothers and sisters, half-brothers and half-sisters, spouse, ancestors (parents, grandparents, etc. File 2011 california state taxes ), and lineal descendants (children, grandchildren, etc. File 2011 california state taxes ). File 2011 california state taxes A partnership in which you directly or indirectly own more than 50% of the capital interest or the profits interest. File 2011 california state taxes A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock. File 2011 california state taxes (See Constructive ownership of stock , later. File 2011 california state taxes ) A tax-exempt charitable or educational organization directly or indirectly controlled, in any manner or by any method, by you or by a member of your family, whether or not this control is legally enforceable. File 2011 california state taxes   In addition, a loss on the sale or trade of property is not deductible if the transaction is directly or indirectly between the following related parties. File 2011 california state taxes A grantor and fiduciary, or the fiduciary and beneficiary, of any trust. File 2011 california state taxes Fiduciaries of two different trusts, or the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. File 2011 california state taxes A trust fiduciary and a corporation of which more than 50% in value of the outstanding stock is directly or indirectly owned by or for the trust, or by or for the grantor of the trust. File 2011 california state taxes A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest, or the profits interest, in the partnership. File 2011 california state taxes Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. File 2011 california state taxes Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. File 2011 california state taxes An executor and a beneficiary of an estate (except in the case of a sale or trade to satisfy a pecuniary bequest). File 2011 california state taxes Two corporations that are members of the same controlled group. File 2011 california state taxes (Under certain conditions, however, these losses are not disallowed but must be deferred. File 2011 california state taxes ) Two partnerships if the same persons own, directly or indirectly, more than 50% of the capital interests or the profit interests in both partnerships. File 2011 california state taxes Multiple property sales or trades. File 2011 california state taxes   If you sell or trade to a related party a number of blocks of stock or pieces of property in a lump sum, you must figure the gain or loss separately for each block of stock or piece of property. File 2011 california state taxes The gain on each item may be taxable. File 2011 california state taxes However, you cannot deduct the loss on any item. File 2011 california state taxes Also, you cannot reduce gains from the sales of any of these items by losses on the sales of any of the other items. File 2011 california state taxes Indirect transactions. File 2011 california state taxes   You cannot deduct your loss on the sale of stock through your broker if, under a prearranged plan, a related party buys the same stock you had owned. File 2011 california state taxes This does not apply to a trade between related parties through an exchange that is purely coincidental and is not prearranged. File 2011 california state taxes Constructive ownership of stock. File 2011 california state taxes   In determining whether a person directly or indirectly owns any of the outstanding stock of a corporation, the following rules apply. File 2011 california state taxes Rule 1. File 2011 california state taxes   Stock directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. File 2011 california state taxes Rule 2. File 2011 california state taxes   An individual is considered to own the stock directly or indirectly owned by or for his or her family. File 2011 california state taxes Family includes only brothers and sisters, half-brothers and half-sisters, spouse, ancestors, and lineal descendants. File 2011 california state taxes Rule 3. File 2011 california state taxes   An individual owning, other than by applying rule 2, any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. File 2011 california state taxes Rule 4. File 2011 california state taxes   When applying rule 1, 2, or 3, stock constructively owned by a person under rule 1 is treated as actually owned by that person. File 2011 california state taxes But stock constructively owned by an individual under rule 2 or rule 3 is not treated as owned by that individual for again applying either rule 2 or rule 3 to make another person the constructive owner of the stock. File 2011 california state taxes Property received from a related party. File 2011 california state taxes    If you sell or trade at a gain property you acquired from a related party, you recognize the gain only to the extent it is more than the loss previously disallowed to the related party. File 2011 california state taxes This rule applies only if you are the original transferee and you acquired the property by purchase or exchange. File 2011 california state taxes This rule does not apply if the related party's loss was disallowed because of the wash sale rules described in chapter 4 of Publication 550 under Wash Sales. File 2011 california state taxes   If you sell or trade at a loss property you acquired from a related party, you cannot recognize the loss that was not allowed to the related party. File 2011 california state taxes Example 1. File 2011 california state taxes Your brother sells you stock for $7,600. File 2011 california state taxes His cost basis is $10,000. File 2011 california state taxes Your brother cannot deduct the loss of $2,400. File 2011 california state taxes Later, you sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900. File 2011 california state taxes Your reportable gain is $500 (the $2,900 gain minus the $2,400 loss not allowed to your brother). File 2011 california state taxes Example 2. File 2011 california state taxes If, in Example 1, you sold the stock for $6,900 instead of $10,500, your recognized loss is only $700 (your $7,600 basis minus $6,900). File 2011 california state taxes You cannot deduct the loss that was not allowed to your brother. File 2011 california state taxes Capital Gains and Losses This section discusses the tax treatment of gains and losses from different types of investment transactions. File 2011 california state taxes Character of gain or loss. File 2011 california state taxes   You need to classify your gains and losses as either ordinary or capital gains or losses. File 2011 california state taxes You then need to classify your capital gains and losses as either short term or long term. File 2011 california state taxes If you have long-term gains and losses, you must identify your 28% rate gains and losses. File 2011 california state taxes If you have a net capital gain, you must also identify any unrecaptured section 1250 gain. File 2011 california state taxes   The correct classification and identification helps you figure the limit on capital losses and the correct tax on capital gains. File 2011 california state taxes Reporting capital gains and losses is explained in chapter 16. File 2011 california state taxes Capital or Ordinary Gain or Loss If you have a taxable gain or a deductible loss from a transaction, it may be either a capital gain or loss or an ordinary gain or loss, depending on the circumstances. File 2011 california state taxes Generally, a sale or trade of a capital asset (defined next) results in a capital gain or loss. File 2011 california state taxes A sale or trade of a noncapital asset generally results in ordinary gain or loss. File 2011 california state taxes Depending on the circumstances, a gain or loss on a sale or trade of property used in a trade or business may be treated as either capital or ordinary, as explained in Publication 544. File 2011 california state taxes In some situations, part of your gain or loss may be a capital gain or loss and part may be an ordinary gain or loss. File 2011 california state taxes Capital Assets and Noncapital Assets For the most part, everything you own and use for personal purposes, pleasure, or investment is a capital asset. File 2011 california state taxes Some examples are: Stocks or bonds held in your personal account, A house owned and used by you and your family, Household furnishings, A car used for pleasure or commuting, Coin or stamp collections, Gems and jewelry, and Gold, silver, or any other metal. File 2011 california state taxes Any property you own is a capital asset, except the following noncapital assets. File 2011 california state taxes Property held mainly for sale to customers or property that will physically become a part of the merchandise for sale to customers. File 2011 california state taxes For an exception, see Capital Asset Treatment for Self-Created Musical Works , later. File 2011 california state taxes Depreciable property used in your trade or business, even if fully depreciated. File 2011 california state taxes Real property used in your trade or business. File 2011 california state taxes A copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property that is: Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Acquired under circumstances (for example, by gift) entitling you to the basis of the person who created the property or for whom it was prepared or produced. File 2011 california state taxes For an exception to this rule, see Capital Asset Treatment for Self-Created Musical Works , later. File 2011 california state taxes Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of property described in (1). File 2011 california state taxes U. File 2011 california state taxes S. File 2011 california state taxes Government publications that you received from the government free or for less than the normal sales price, or that you acquired under circumstances entitling you to the basis of someone who received the publications free or for less than the normal sales price. File 2011 california state taxes Certain commodities derivative financial instruments held by commodities derivatives dealers. File 2011 california state taxes Hedging transactions, but only if the transaction is clearly identified as a hedging transaction before the close of the day on which it was acquired, originated, or entered into. File 2011 california state taxes Supplies of a type you regularly use or consume in the ordinary course of your trade or business. File 2011 california state taxes Investment Property Investment property is a capital asset. File 2011 california state taxes Any gain or loss from its sale or trade is generally a capital gain or loss. File 2011 california state taxes Gold, silver, stamps, coins, gems, etc. File 2011 california state taxes   These are capital assets except when they are held for sale by a dealer. File 2011 california state taxes Any gain or loss you have from their sale or trade generally is a capital gain or loss. File 2011 california state taxes Stocks, stock rights, and bonds. File 2011 california state taxes   All of these (including stock received as a dividend) are capital assets except when held for sale by a securities dealer. File 2011 california state taxes However, if you own small business stock, see Losses on Section 1244 (Small Business) Stock , later, and Losses on Small Business Investment Company Stock, in chapter 4 of Publication 550. File 2011 california state taxes Personal Use Property Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain. File 2011 california state taxes However, you cannot deduct a loss from selling personal use property. File 2011 california state taxes Capital Asset Treatment for Self-Created Musical Works You can elect to treat musical compositions and copyrights in musical works as capital assets when you sell or exchange them if: Your personal efforts created the property, or You acquired the property under circumstances (for example, by gift) entitling you to the basis of the person who created the property or for whom it was prepared or produced. File 2011 california state taxes You must make a separate election for each musical composition (or copyright in a musical work) sold or exchanged during the tax year. File 2011 california state taxes You must make the election on or before the due date (including extensions) of the income tax return for the tax year of the sale or exchange. File 2011 california state taxes You must make the election on Form 8949 by treating the sale or exchange as the sale or exchange of a capital asset, according to Form 8949, Schedule D (Form 1040), and their separate instructions. File 2011 california state taxes For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. File 2011 california state taxes See also Schedule D (Form 1040), Form 8949, and their separate instructions. File 2011 california state taxes You can revoke the election if you have IRS approval. File 2011 california state taxes To get IRS approval, you must submit a request for a letter ruling under the appropriate IRS revenue procedure. File 2011 california state taxes See, for example, Rev. File 2011 california state taxes Proc. File 2011 california state taxes 2013-1, corrected by Announcement 2013–9, and amplified and modified by Rev. File 2011 california state taxes Proc. File 2011 california state taxes 2013–32, available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2013-01_IRB/ar06. File 2011 california state taxes html. File 2011 california state taxes Alternatively, you are granted an automatic 6-month extension from the due date of your income tax return (excluding extensions) to revoke the election, provided you timely file your income tax return, and within this 6-month extension period, you file Form 1040X that treats the sale or exchange as the sale or exchange of property that is not a capital asset. File 2011 california state taxes Discounted Debt Instruments Treat your gain or loss on the sale, redemption, or retirement of a bond or other debt instrument originally issued at a discount or bought at a discount as capital gain or loss, except as explained in the following discussions. File 2011 california state taxes Short-term government obligations. File 2011 california state taxes   Treat gains on short-term federal, state, or local government obligations (other than tax-exempt obligations) as ordinary income up to your ratable share of the acquisition discount. File 2011 california state taxes This treatment applies to obligations with a fixed maturity date not more than 1 year from the date of issue. File 2011 california state taxes Acquisition discount is the stated redemption price at maturity minus your basis in the obligation. File 2011 california state taxes   However, do not treat these gains as income to the extent you previously included the discount in income. File 2011 california state taxes See Discount on Short-Term Obligations in chapter 1 of Publication 550. File 2011 california state taxes Short-term nongovernment obligations. File 2011 california state taxes   Treat gains on short-term nongovernment obligations as ordinary income up to your ratable share of original issue discount (OID). File 2011 california state taxes This treatment applies to obligations with a fixed maturity date of not more than 1 year from the date of issue. File 2011 california state taxes   However, to the extent you previously included the discount in income, you do not have to include it in income again. File 2011 california state taxes See Discount on Short-Term Obligations in chapter 1 of Publication 550. File 2011 california state taxes Tax-exempt state and local government bonds. File 2011 california state taxes   If these bonds were originally issued at a discount before September 4, 1982, or you acquired them before March 2, 1984, treat your part of OID as tax-exempt interest. File 2011 california state taxes To figure your gain or loss on the sale or trade of these bonds, reduce the amount realized by your part of OID. File 2011 california state taxes   If the bonds were issued after September 3, 1982, and acquired after March 1, 1984, increase the adjusted basis by your part of OID to figure gain or loss. File 2011 california state taxes For more information on the basis of these bonds, see Discounted Debt Instruments in chapter 4 of Publication 550. File 2011 california state taxes   Any gain from market discount is usually taxable on disposition or redemption of tax-exempt bonds. File 2011 california state taxes If you bought the bonds before May 1, 1993, the gain from market discount is capital gain. File 2011 california state taxes If you bought the bonds after April 30, 1993, the gain is ordinary income. File 2011 california state taxes   You figure the market discount by subtracting the price you paid for the bond from the sum of the original issue price of the bond and the amount of accumulated OID from the date of issue that represented interest to any earlier holders. File 2011 california state taxes For more information, see Market Discount Bonds in chapter 1 of Publication 550. File 2011 california state taxes    A loss on the sale or other disposition of a tax-exempt state or local government bond is deductible as a capital loss. File 2011 california state taxes Redeemed before maturity. File 2011 california state taxes   If a state or local bond issued before June 9, 1980, is redeemed before it matures, the OID is not taxable to you. File 2011 california state taxes   If a state or local bond issued after June 8, 1980, is redeemed before it matures, the part of OID earned while you hold the bond is not taxable to you. File 2011 california state taxes However, you must report the unearned part of OID as a capital gain. File 2011 california state taxes Example. File 2011 california state taxes On July 2, 2002, the date of issue, you bought a 20-year, 6% municipal bond for $800. File 2011 california state taxes The face amount of the bond was $1,000. File 2011 california state taxes The $200 discount was OID. File 2011 california state taxes At the time the bond was issued, the issuer had no intention of redeeming it before it matured. File 2011 california state taxes The bond was callable at its face amount beginning 10 years after the issue date. File 2011 california state taxes The issuer redeemed the bond at the end of 11 years (July 2, 2013) for its face amount of $1,000 plus accrued annual interest of $60. File 2011 california state taxes The OID earned during the time you held the bond, $73, is not taxable. File 2011 california state taxes The $60 accrued annual interest also is not taxable. File 2011 california state taxes However, you must report the unearned part of OID ($127) as a capital gain. File 2011 california state taxes Long-term debt instruments issued after 1954 and before May 28, 1969 (or before July 2, 1982, if a government instrument). File 2011 california state taxes   If you sell, trade, or redeem for a gain one of these debt instruments, the part of your gain that is not more than your ratable share of the OID at the time of the sale or redemption is ordinary income. File 2011 california state taxes The rest of the gain is capital gain. File 2011 california state taxes If, however, there was an intention to call the debt instrument before maturity, all of your gain that is not more than the entire OID is treated as ordinary income at the time of the sale. File 2011 california state taxes This treatment of taxable gain also applies to corporate instruments issued after May 27, 1969, under a written commitment that was binding on May 27, 1969, and at all times thereafter. File 2011 california state taxes Long-term debt instruments issued after May 27, 1969 (or after July 1, 1982, if a government instrument). File 2011 california state taxes   If you hold one of these debt instruments, you must include a part of OID in your gross income each year you own the instrument. File 2011 california state taxes Your basis in that debt instrument is increased by the amount of OID that you have included in your gross income. File 2011 california state taxes See Original Issue Discount (OID) in chapter 7 for information about OID that you must report on your tax return. File 2011 california state taxes   If you sell or trade the debt instrument before maturity, your gain is a capital gain. File 2011 california state taxes However, if at the time the instrument was originally issued there was an intention to call it before its maturity, your gain generally is ordinary income to the extent of the entire OID reduced by any amounts of OID previously includible in your income. File 2011 california state taxes In this case, the rest of the gain is capital gain. File 2011 california state taxes Market discount bonds. File 2011 california state taxes   If the debt instrument has market discount and you chose to include the discount in income as it accrued, increase your basis in the debt instrument by the accrued discount to figure capital gain or loss on its disposition. File 2011 california state taxes If you did not choose to include the discount in income as it accrued, you must report gain as ordinary interest income up to the instrument's accrued market discount. File 2011 california state taxes The rest of the gain is capital gain. File 2011 california state taxes See Market Discount Bonds in chapter 1 of Publication 550. File 2011 california state taxes   A different rule applies to market discount bonds issued before July 19, 1984, and purchased by you before May 1, 1993. File 2011 california state taxes See Market discount bonds under Discounted Debt Instruments in chapter 4 of Publication 550. File 2011 california state taxes Retirement of debt instrument. File 2011 california state taxes   Any amount you receive on the retirement of a debt instrument is treated in the same way as if you had sold or traded that instrument. File 2011 california state taxes Notes of individuals. File 2011 california state taxes   If you hold an obligation of an individual issued with OID after March 1, 1984, you generally must include the OID in your income currently, and your gain or loss on its sale or retirement is generally capital gain or loss. File 2011 california state taxes An exception to this treatment applies if the obligation is a loan between individuals and all the following requirements are met. File 2011 california state taxes The lender is not in the business of lending money. File 2011 california state taxes The amount of the loan, plus the amount of any outstanding prior loans, is $10,000 or less. File 2011 california state taxes Avoiding federal tax is not one of the principal purposes of the loan. File 2011 california state taxes   If the exception applies, or the obligation was issued before March 2, 1984, you do not include the OID in your income currently. File 2011 california state taxes When you sell or redeem the obligation, the part of your gain that is not more than your accrued share of OID at that time is ordinary income. File 2011 california state taxes The rest of the gain, if any, is capital gain. File 2011 california state taxes Any loss on the sale or redemption is capital loss. File 2011 california state taxes Deposit in Insolvent or Bankrupt Financial Institution If you lose money you have on deposit in a bank, credit union, or other financial institution that becomes insolvent or bankrupt, you may be able to deduct your loss in one of three ways. File 2011 california state taxes Ordinary loss. File 2011 california state taxes Casualty loss. File 2011 california state taxes Nonbusiness bad debt (short-term capital loss). File 2011 california state taxes  For more information, see Deposit in Insolvent or Bankrupt Financial Institution, in chapter 4 of Publication 550. File 2011 california state taxes Sale of Annuity The part of any gain on the sale of an annuity contract before its maturity date that is based on interest accumulated on the contract is ordinary income. File 2011 california state taxes Losses on Section 1244 (Small Business) Stock You can deduct as an ordinary loss, rather than as a capital loss, your loss on the sale, trade, or worthlessness of section 1244 stock. File 2011 california state taxes Report the loss on Form 4797, line 10. File 2011 california state taxes Any gain on section 1244 stock is a capital gain if the stock is a capital asset in your hands. File 2011 california state taxes Report the gain on Form 8949. File 2011 california state taxes See Losses on Section 1244 (Small Business) Stock in chapter 4 of Publication 550. File 2011 california state taxes For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. File 2011 california state taxes See also Schedule D (Form 1040), Form 8949, and their separate instructions. File 2011 california state taxes Holding Period If you sold or traded investment property, you must determine your holding period for the property. File 2011 california state taxes Your holding period determines whether any capital gain or loss was a short-term or long-term capital gain or loss. File 2011 california state taxes Long-term or short-term. File 2011 california state taxes   If you hold investment property more than 1 year, any capital gain or loss is a long-term capital gain or loss. File 2011 california state taxes If you hold the property 1 year or less, any capital gain or loss is a short-term capital gain or loss. File 2011 california state taxes   To determine how long you held the investment property, begin counting on the date after the day you acquired the property. File 2011 california state taxes The day you disposed of the property is part of your holding period. File 2011 california state taxes Example. File 2011 california state taxes If you bought investment property on February 6, 2012, and sold it on February 6, 2013, your holding period is not more than 1 year and you have a short-term capital gain or loss. File 2011 california state taxes If you sold it on February 7, 2013, your holding period is more than 1 year and you will have a long-term capital gain or loss. File 2011 california state taxes Securities traded on established market. File 2011 california state taxes   For securities traded on an established securities market, your holding period begins the day after the trade date you bought the securities, and ends on the trade date you sold them. File 2011 california state taxes    Do not confuse the trade date with the settlement date, which is the date by which the stock must be delivered and payment must be made. File 2011 california state taxes Example. File 2011 california state taxes You are a cash method, calendar year taxpayer. File 2011 california state taxes You sold stock at a gain on December 30, 2013. File 2011 california state taxes According to the rules of the stock exchange, the sale was closed by delivery of the stock 4 trading days after the sale, on January 6, 2014. File 2011 california state taxes You received payment of the sales price on that same day. File 2011 california state taxes Report your gain on your 2013 return, even though you received the payment in 2014. File 2011 california state taxes The gain is long term or short term depending on whether you held the stock more than 1 year. File 2011 california state taxes Your holding period ended on December 30. File 2011 california state taxes If you had sold the stock at a loss, you would also report it on your 2013 return. File 2011 california state taxes U. File 2011 california state taxes S. File 2011 california state taxes Treasury notes and bonds. File 2011 california state taxes   The holding period of U. File 2011 california state taxes S. File 2011 california state taxes Treasury notes and bonds sold at auction on the basis of yield starts the day after the Secretary of the Treasury, through news releases, gives notification of acceptance to successful bidders. File 2011 california state taxes The holding period of U. File 2011 california state taxes S. File 2011 california state taxes Treasury notes and bonds sold through an offering on a subscription basis at a specified yield starts the day after the subscription is submitted. File 2011 california state taxes Automatic investment service. File 2011 california state taxes   In determining your holding period for shares bought by the bank or other agent, full shares are considered bought first and any fractional shares are considered bought last. File 2011 california state taxes Your holding period starts on the day after the bank's purchase date. File 2011 california state taxes If a share was bought over more than one purchase date, your holding period for that share is a split holding period. File 2011 california state taxes A part of the share is considered to have been bought on each date that stock was bought by the bank with the proceeds of available funds. File 2011 california state taxes Nontaxable trades. File 2011 california state taxes   If you acquire investment property in a trade for other investment property and your basis for the new property is determined, in whole or in part, by your basis in the old property, your holding period for the new property begins on the day following the date you acquired the old property. File 2011 california state taxes Property received as a gift. File 2011 california state taxes   If you receive a gift of property and your basis is determined by the donor's adjusted basis, your holding period is considered to have started on the same day the donor's holding period started. File 2011 california state taxes   If your basis is determined by the fair market value of the property, your holding period starts on the day after the date of the gift. File 2011 california state taxes Inherited property. File 2011 california state taxes   Generally, if you inherited investment property, your capital gain or loss on any later disposition of that property is long-term capital gain or loss. File 2011 california state taxes This is true regardless of how long you actually held the property. File 2011 california state taxes However, if you inherited property from someone who died in 2010, see the information below. File 2011 california state taxes Inherited property from someone who died in 2010. File 2011 california state taxes   If you inherit investment property from a decedent who died in 2010, and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, to determine your holding period. File 2011 california state taxes Real property bought. File 2011 california state taxes   To figure how long you have held real property bought under an unconditional contract, begin counting on the day after you received title to it or on the day after you took possession of it and assumed the burdens and privileges of ownership, whichever happened first. File 2011 california state taxes However, taking delivery or possession of real property under an option agreement is not enough to start the holding period. File 2011 california state taxes The holding period cannot start until there is an actual contract of sale. File 2011 california state taxes The holding period of the seller cannot end before that time. File 2011 california state taxes Real property repossessed. File 2011 california state taxes   If you sell real property but keep a security interest in it, and then later repossess the property under the terms of the sales contract, your holding period for a later sale includes the period you held the property before the original sale and the period after the repossession. File 2011 california state taxes Your holding period does not include the time between the original sale and the repossession. File 2011 california state taxes That is, it does not include the period during which the first buyer held the property. File 2011 california state taxes Stock dividends. File 2011 california state taxes   The holding period for stock you received as a taxable stock dividend begins on the date of distribution. File 2011 california state taxes   The holding period for new stock you received as a nontaxable stock dividend begins on the same day as the holding period of the old stock. File 2011 california state taxes This rule also applies to stock acquired in a “spin-off,” which is a distribution of stock or securities in a controlled corporation. File 2011 california state taxes Nontaxable stock rights. File 2011 california state taxes   Your holding period for nontaxable stock rights begins on the same day as the holding period of the underlying stock. File 2011 california state taxes The holding period for stock acquired through the exercise of stock rights begins on the date the right was exercised. File 2011 california state taxes Nonbusiness Bad Debts If someone owes you money that you cannot collect, you have a bad debt. File 2011 california state taxes You may be able to deduct the amount owed to you when you figure your tax for the year the debt becomes worthless. File 2011 california state taxes Generally, nonbusiness bad debts are bad debts that did not come from operating your trade or business, and are deductible as short-term capital losses. File 2011 california state taxes To be deductible, nonbusiness bad debts must be totally worthless. File 2011 california state taxes You cannot deduct a partly worthless nonbusiness debt. File 2011 california state taxes Genuine debt required. File 2011 california state taxes   A debt must be genuine for you to deduct a loss. File 2011 california state taxes A debt is genuine if it arises from a debtor-creditor relationship based on a valid and enforceable obligation to repay a fixed or determinable sum of money. File 2011 california state taxes Basis in bad debt required. File 2011 california state taxes    To deduct a bad debt, you must have a basis in it—that is, you must have already included the amount in your income or loaned out your cash. File 2011 california state taxes For example, you cannot claim a bad debt deduction for court-ordered child support not paid to you by your former spouse. File 2011 california state taxes If you are a cash method taxpayer (as most individuals are), you generally cannot take a bad debt deduction for unpaid salaries, wages, rents, fees, interest, dividends, and similar items. File 2011 california state taxes When deductible. File 2011 california state taxes   You can take a bad debt deduction only in the year the debt becomes worthless. File 2011 california state taxes You do not have to wait until a debt is due to determine whether it is worthless. File 2011 california state taxes A debt becomes worthless when there is no longer any chance that the amount owed will be paid. File 2011 california state taxes   It is not necessary to go to court if you can show that a judgment from the court would be uncollectible. File 2011 california state taxes You must only show that you have taken reasonable steps to collect the debt. File 2011 california state taxes Bankruptcy of your debtor is generally good evidence of the worthlessness of at least a part of an unsecured and unpreferred debt. File 2011 california state taxes How to report bad debts. File 2011 california state taxes    Deduct nonbusiness bad debts as short-term capital losses on Form 8949. File 2011 california state taxes    Make sure you report your bad debt(s) (and any other short-term transactions for which you did not receive a Form 1099-B) on Form 8949, Part I, with box C checked. File 2011 california state taxes    For more information on Form 8949 and Schedule D (Form 1040), see Reporting Capital Gains and Losses in chapter 16. File 2011 california state taxes See also Schedule D (Form 1040), Form 8949, and their separate instructions. File 2011 california state taxes   For each bad debt, attach a statement to your return that contains: A description of the debt, including the amount, and the date it became due, The name of the debtor, and any business or family relationship between you and the debtor, The efforts you made to collect the debt, and Why you decided the debt was worthless. File 2011 california state taxes For example, you could show that the borrower has declared bankruptcy, or that legal action to collect would probably not result in payment of any part of the debt. File 2011 california state taxes Filing a claim for refund. File 2011 california state taxes    If you do not deduct a bad debt on your original return for the year it becomes worthless, you can file a claim for a credit or refund due to the bad debt. File 2011 california state taxes To do this, use Form 1040X to amend your return for the year the debt became worthless. File 2011 california state taxes You must file it within 7 years from the date your original return for that year had to be filed, or 2 years from the date you paid the tax, whichever is later. File 2011 california state taxes For more information about filing a claim, see Amended Returns and Claims for Refund in chapter 1. File 2011 california state taxes Additional information. File 2011 california state taxes   For more information, see Nonbusiness Bad Debts in Publication 550. File 2011 california state taxes For information on business bad debts, see chapter 10 of Publication 535, Business Expenses. File 2011 california state taxes Wash Sales You cannot deduct losses from sales or trades of stock or securities in a wash sale. File 2011 california state taxes A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: Buy substantially identical stock or securities, Acquire substantially identical stock or securities in a fully taxable trade, Acquire a contract or option to buy substantially identical stock or securities, or Acquire substantially identical stock for your individual retirement account (IRA) or Roth IRA. File 2011 california state taxes If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities (except in (4) above). File 2011 california state taxes The result is your basis in the new stock or securities. File 2011 california state taxes This adjustment postpones the loss deduction until the disposition of the new stock or securities. File 2011 california state taxes Your holding period for the new stock or securities includes the holding period of the stock or securities sold. File 2011 california state taxes For more information, see Wash Sales, in chapter 4 of Publication 550. File 2011 california state taxes Rollover of Gain From Publicly Traded Securities You may qualify for a tax-free rollover of certain gains from the sale of publicly traded securities. File 2011 california state taxes This means that if you buy certain replacement property and make the choice described in this section, you postpone part or all of your gain. File 2011 california state taxes You postpone the gain by adjusting the basis of the replacement property as described in Basis of replacement property , later. File 2011 california state taxes This postpones your gain until the year you dispose of the replacement property. File 2011 california state taxes You qualify to make this choice if you meet all the following tests. File 2011 california state taxes You sell publicly traded securities at a gain. File 2011 california state taxes Publicly traded securities are securities traded on an established securities market. File 2011 california state taxes Your gain from the sale is a capital gain. File 2011 california state taxes During the 60-day period beginning on the date of the sale, you buy replacement property. File 2011 california state taxes This replacement property must be either common stock of, or a partnership interest in a specialized small business investment company (SSBIC). File 2011 california state taxes This is any partnership or corporation licensed by the Small Business Administration under section 301(d) of the Small Business Investment Act of 1958, as in effect on May 13, 1993. File 2011 california state taxes Amount of gain recognized. File 2011 california state taxes   If you make the choice described in this section, you must recognize gain only up to the following amount. File 2011 california state taxes The amount realized on the sale, minus The cost of any common stock or partnership interest in an SSBIC that you bought during the 60-day period beginning on the date of sale (and did not previously take into account on an earlier sale of publicly traded securities). File 2011 california state taxes  If this amount is less than the amount of your gain, you can postpone the rest of your gain, subject to the limit described next. File 2011 california state taxes If this amount is equal to or more than the amount of your gain, you must recognize the full amount of your gain. File 2011 california state taxes Limit on gain postponed. File 2011 california state taxes   The amount of gain you can postpone each year is limited to the smaller of: $50,000 ($25,000 if you are married and file a separate return), or $500,000 ($250,000 if you are married and file a separate return), minus the amount of gain you postponed for all earlier years. File 2011 california state taxes Basis of replacement property. File 2011 california state taxes   You must subtract the amount of postponed gain from the basis of your replacement property. File 2011 california state taxes How to report and postpone gain. File 2011 california state taxes    See How to report and postpone gain under Rollover of Gain From Publicly Traded Securities in chapter 4 of Publication 550 for details. File 2011 california state taxes Prev  Up  Next   Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Arizona Office of the Attorney General- Tucson

Website: Arizona Office of the Attorney General- Tucson

Address: Arizona Office of the Attorney General- Tucson
Consumer Information and Complaints
400 W. Congress St.
South Bldg., Suite 315
Tucson, AZ 85701-1367

Phone Number: 520-628-6504

Toll-free: 1-800-352-8431 (AZ, except in Maricopa and Pima Counties)

Arizona Office of the Attorney General-Phoenix

Website: Arizona Office of the Attorney General-Phoenix

Address: Arizona Office of the Attorney General-Phoenix
Consumer Information and Complaints
1275 W. Washington St.
Phoenix, AZ 85007

Phone Number: 602-542-5763

Toll-free: 1-800-352-8431 (AZ, except Phoenix)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
2910 N. 44th St., Suite 310
Phoenix, AZ 85018

Phone Number: 602-771-2800

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Affairs Division
2910 N. 44th St., Suite 210
Phoenix, AZ 85018-7269

Phone Number: 602-364-2499 602-364-2977 (in Spanish)

Toll-free: 1-800-325-2548 (AZ)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Arizona Corporation Commission

Website: Arizona Corporation Commission

Address: Arizona Corporation Commission
Securities Division
1300 W. Washington St., 3rd Floor
Phoenix, AZ 85007

Phone Number: 602-542-4242

Toll-free: 1-866-837-4399 (AZ)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Corporation Commission

Website: Corporation Commission

Address: Corporation Commission
Utilities Division
Consumer Services

1200 W. Washington St.
Phoenix, AZ 85007-2996

Phone Number: 602-542-4251

Toll-free: 1-800-222-7000 (AZ)

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The File 2011 California State Taxes

File 2011 california state taxes Publication 15-A - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 15-A, such as legislation enacted after it was published, go to www. File 2011 california state taxes irs. File 2011 california state taxes gov/pub15a. File 2011 california state taxes What's New Social security and Medicare tax for 2014. File 2011 california state taxes  The social security tax rate is 6. File 2011 california state taxes 2% each for the employee and employer, unchanged from 2013. File 2011 california state taxes The social security wage base limit is $117,000. File 2011 california state taxes The Medicare tax rate is 1. File 2011 california state taxes 45% each for the employee and employer, unchanged from 2013. File 2011 california state taxes There is no wage base limit for Medicare tax. File 2011 california state taxes Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. File 2011 california state taxes Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. File 2011 california state taxes Withholding allowance. File 2011 california state taxes  The 2014 amount for one withholding allowance on an annual basis is $3,950. File 2011 california state taxes Same-sex marriage. File 2011 california state taxes  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. File 2011 california state taxes For more information, see Revenue Ruling 2013-17, 2013-38 I. File 2011 california state taxes R. File 2011 california state taxes B. File 2011 california state taxes 201, available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2013-38_IRB/ar07. File 2011 california state taxes html. File 2011 california state taxes Notice 2013-61 provides special administrative procedures for employers to make claims for refunds or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. File 2011 california state taxes Notice 2013-61, 2013-44 I. File 2011 california state taxes R. File 2011 california state taxes B. File 2011 california state taxes 432, is available at www. File 2011 california state taxes irs. File 2011 california state taxes gov/irb/2013-44_IRB/ar10. File 2011 california state taxes html. File 2011 california state taxes Reminders Additional Medicare Tax withholding. File 2011 california state taxes . File 2011 california state taxes  In addition to withholding Medicare tax at 1. File 2011 california state taxes 45%, you must withhold a 0. File 2011 california state taxes 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. File 2011 california state taxes You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. File 2011 california state taxes Additional Medicare Tax is only imposed on the employee. File 2011 california state taxes There is no employer share of Additional Medicare Tax. File 2011 california state taxes All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. File 2011 california state taxes For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15 (Circular E), Employer's Tax Guide. File 2011 california state taxes For more information on Additional Medicare Tax, visit IRS. File 2011 california state taxes gov and enter “Additional Medicare Tax” in the search box. File 2011 california state taxes Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. File 2011 california state taxes  The work opportunity tax credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2014. File 2011 california state taxes Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. File 2011 california state taxes For more information, visit IRS. File 2011 california state taxes gov and enter “work opportunity tax credit” in the search box. File 2011 california state taxes COBRA premium assistance credit. File 2011 california state taxes  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. File 2011 california state taxes For more information, see COBRA premium assistance credit in Publication 15 (Circular E). File 2011 california state taxes Federal tax deposits must be made by electronic funds transfer. File 2011 california state taxes  You must use electronic funds transfer to make all federal tax deposits. File 2011 california state taxes Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). File 2011 california state taxes If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. File 2011 california state taxes Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. File 2011 california state taxes EFTPS is a free service provided by the Department of Treasury. File 2011 california state taxes Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. File 2011 california state taxes For more information on making federal tax deposits, see How To Deposit in Publication 15 (Circular E). File 2011 california state taxes To get more information about EFTPS or to enroll in EFTPS, visit www. File 2011 california state taxes eftps. File 2011 california state taxes gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). File 2011 california state taxes Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. File 2011 california state taxes You must receive written notice from the IRS to file Form 944. File 2011 california state taxes  If you have been filing Forms 941, Employer's QUARTERLY Federal Tax Return (or Forms 941-SS, Employer's QUARTERLY Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U. File 2011 california state taxes S. File 2011 california state taxes Virgin Islands, or Formularios 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono), and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941, you must contact the IRS to request to file Form 944. File 2011 california state taxes You must receive written notice from the IRS to file Form 944 instead of Forms 941 before you may file this form. File 2011 california state taxes For more information on requesting to file Form 944, visit IRS. File 2011 california state taxes gov and enter “file employment taxes annually” in the search box. File 2011 california state taxes Employers can request to file Forms 941 instead of Form 944. File 2011 california state taxes  If you received notice from the IRS and have been filing Form 944 but would like to file Forms 941 instead, you must contact the IRS to request to file Forms 941. File 2011 california state taxes You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. File 2011 california state taxes For more information on requesting to file Form 944, visit IRS. File 2011 california state taxes gov and enter “file employment taxes annually” in the search box. File 2011 california state taxes Aggregate Form 941 filers. File 2011 california state taxes  Agents must complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when filing an aggregate Form 941. File 2011 california state taxes Aggregate Forms 941 can only be filed by agents approved by the IRS under section 3504 of the Internal Revenue Code. File 2011 california state taxes To request approval to act as an agent for an employer, the agent must file Form 2678, Employer/Payer Appointment of Agent, with the IRS. File 2011 california state taxes Aggregate Form 940 filers. File 2011 california state taxes  Agents must complete Schedule R (Form 940), Allocation Schedule for Aggregate Form 940 Filers, when filing an aggregate Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. File 2011 california state taxes Aggregate Forms 940 may only be filed by agents acting on behalf of home care service recipients who receive home care services through a program administered by a federal, state, or local government. File 2011 california state taxes To request approval to act as an agent on behalf of home care service recipients, the agent must file Form 2678 with the IRS. File 2011 california state taxes Electronic filing and payment. File 2011 california state taxes  Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. File 2011 california state taxes Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and payment easier. File 2011 california state taxes Spend less time and worry about taxes and more time running your business. File 2011 california state taxes Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. File 2011 california state taxes For e-file, visit www. File 2011 california state taxes irs. File 2011 california state taxes gov/efile for additional information. File 2011 california state taxes For EFTPS, visit www. File 2011 california state taxes eftps. File 2011 california state taxes gov or call EFTPS Customer Service at 1-800-555-4477 or 1-800-733-4829 (TDD). File 2011 california state taxes Electronic submission of Forms W-4, W-4P, W-4S and W-4V. File 2011 california state taxes  You may set up a system to electronically receive any or all of the following forms (and their Spanish versions, if available) from an employee or payee. File 2011 california state taxes Form W-4, Employee's Withholding Allowance Certificate. File 2011 california state taxes Form W-4P, Withholding Certificate for Pension or Annuity Payments. File 2011 california state taxes Form W-4S, Request for Federal Income Tax Withholding From Sick Pay. File 2011 california state taxes Form W-4V, Voluntary Withholding Request. File 2011 california state taxes For each form that you establish an electronic submission system for, you must meet each of the following five requirements. File 2011 california state taxes The electronic system must ensure that the information received by the payer is the information sent by the payee. File 2011 california state taxes The system must document all occasions of user access that result in a submission. File 2011 california state taxes In addition, the design and operation of the electronic system, including access procedures, must make it reasonably certain that the person accessing the system and submitting the form is the person identified on the form. File 2011 california state taxes The electronic system must provide exactly the same information as the paper form. File 2011 california state taxes The electronic submission must be signed with an electronic signature by the payee whose name is on the form. File 2011 california state taxes The electronic signature must be the final entry in the submission. File 2011 california state taxes Upon request, you must furnish a hard copy of any completed electronic form to the IRS and a statement that, to the best of the payer's knowledge, the electronic form was submitted by the named payee. File 2011 california state taxes The hard copy of the electronic form must provide exactly the same information as, but need not be a facsimile of, the paper form. File 2011 california state taxes For Form W-4, the signature must be under penalty of perjury, and must contain the same language that appears on the paper version of the form. File 2011 california state taxes The electronic system must inform the employee that he or she must make a declaration contained in the perjury statement and that the declaration is made by signing the Form W-4. File 2011 california state taxes You must also meet all recordkeeping requirements that apply to the paper forms. File 2011 california state taxes For more information, see: Regulations sections 31. File 2011 california state taxes 3402(f)(5)-1(c) (for Form W-4), and Announcement 99-6 (for Forms W-4P, W-4S, and W-4V). File 2011 california state taxes You can find Announcement 99-6 on page 24 of Internal Revenue Bulletin 1999-4 at www. File 2011 california state taxes irs. File 2011 california state taxes gov/pub/irs-irbs/irb99-04. File 2011 california state taxes pdf. File 2011 california state taxes Additional employment tax information. File 2011 california state taxes  Visit the IRS website at www. File 2011 california state taxes irs. File 2011 california state taxes gov/businesses and click on the Employment Taxes link under Businesses Topics. File 2011 california state taxes Telephone help. File 2011 california state taxes  You can call the IRS Business and Specialty Tax Line with your employment tax questions at 1-800-829-4933. File 2011 california state taxes Help for people with disabilities. File 2011 california state taxes  You may call 1-800-829-4059 (TDD/TTY for persons who are deaf, heard of hearing, or have a speech disability) with any tax question or to order forms and publications. File 2011 california state taxes You may also use this number for assistance with unresolved tax problems. File 2011 california state taxes Furnishing Form W-2 to employees electronically. File 2011 california state taxes  You may set up a system to furnish Form W-2, Wage and Tax Statement, electronically. File 2011 california state taxes Each employee participating must consent (either electronically or by paper document) to receive his or her Form W-2 electronically, and you must notify the employee of all hardware and software requirements to receive the form. File 2011 california state taxes You may not send a Form W-2 electronically to any employee who does not consent or who has revoked consent previously provided. File 2011 california state taxes To furnish Forms W-2 electronically, you must meet the following disclosure requirements and provide a clear and conspicuous statement of each requirement to your employees. File 2011 california state taxes The employee must be informed that he or she will receive a paper Form W-2 if consent is not given to receive it electronically. File 2011 california state taxes The employee must be informed of the scope and duration of the consent. File 2011 california state taxes The employee must be informed of any procedure for obtaining a paper copy of his or her Form W-2 and whether or not the request for a paper statement is treated as a withdrawal of his or her consent to receiving his or her Form W-2 electronically. File 2011 california state taxes The employee must be notified about how to withdraw a consent and the effective date and manner by which the employer will confirm the withdrawn consent. File 2011 california state taxes The employee must also be notified that the withdrawn consent does not apply to the previously issued Forms W-2. File 2011 california state taxes The employee must be informed about any conditions under which electronic Forms W-2 will no longer be furnished (for example, termination of employment). File 2011 california state taxes The employee must be informed of any procedures for updating his or her contact information that enables the employer to provide electronic Forms W-2. File 2011 california state taxes The employer must notify the employee of any changes to the employer's contact information. File 2011 california state taxes You must furnish electronic Forms W-2 by the same due date as the paper Forms W-2. File 2011 california state taxes For more information on furnishing Form W-2 to employees electronically, see Regulations section 31. File 2011 california state taxes 6051-1(j). File 2011 california state taxes Photographs of missing children. File 2011 california state taxes  The IRS is a proud partner with the National Center for Missing and Exploited Children. File 2011 california state taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. File 2011 california state taxes You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. File 2011 california state taxes Introduction This publication supplements Publication 15 (Circular E). File 2011 california state taxes It contains specialized and detailed employment tax information supplementing the basic information provided in Publication 15 (Circular E). File 2011 california state taxes This publication also contains tables for withholding on distributions of Indian gaming profits to tribal members. File 2011 california state taxes Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment of various types of noncash compensation. File 2011 california state taxes Ordering publications and forms. File 2011 california state taxes   See Ordering Employer Tax Forms and Publications in Publication 15 (Circular E) and How To Get Tax Help , later, for more information on how to obtain forms and publications. File 2011 california state taxes Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 505 Tax Withholding and Estimated Tax 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 583 Starting a Business and Keeping Records 1635 Employer Identification Number: Understanding Your EIN Comments and suggestions. File 2011 california state taxes   We welcome your comments about this publication and your suggestions for future editions. File 2011 california state taxes    You can write to us at the following address: Internal Revenue Service Tax Forms & Publications Division 1111 Constitution Ave. File 2011 california state taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. File 2011 california state taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File 2011 california state taxes   You can also send us comments from www. File 2011 california state taxes irs. File 2011 california state taxes gov/formspubs. File 2011 california state taxes Click on More Information and then click on Comment on Tax Forms and Publications. File 2011 california state taxes   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. File 2011 california state taxes Prev  Up  Next   Home   More Online Publications