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File Amended Tax Return 2012

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File Amended Tax Return 2012

File amended tax return 2012 2. File amended tax return 2012   Tax Shelters and Other Reportable Transactions Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Abusive Tax SheltersRules To Curb Abusive Tax Shelters Investor Reporting Penalties Whether To Invest Introduction Investments that yield tax benefits are sometimes called “tax shelters. File amended tax return 2012 ” In some cases, Congress has concluded that the loss of revenue is an acceptable side effect of special tax provisions designed to encourage taxpayers to make certain types of investments. File amended tax return 2012 In many cases, however, losses from tax shelters produce little or no benefit to society, or the tax benefits are exaggerated beyond those intended. File amended tax return 2012 Those cases are called “abusive tax shelters. File amended tax return 2012 ” An investment that is considered a tax shelter is subject to restrictions, including the requirement that it be disclosed, as discussed later. File amended tax return 2012 Topics - This chapter discusses: Abusive Tax Shelters , Rules To Curb Abusive Tax Shelters , Investor Reporting , Penalties , and Whether To Invest . File amended tax return 2012 Useful Items - You may want to see: Publication 538 Accounting Periods and Methods 556 Examination of Returns, Appeal Rights, and Claims for Refund 561 Determining the Value of Donated Property 925 Passive Activity and At-Risk Rules Form (and Instructions) 8275 Disclosure Statement 8275-R Regulation Disclosure Statement 8283 Noncash Charitable Contributions 8886 Reportable Transaction Disclosure Statement See chapter 5, How To Get Tax Help , for information about getting these publications and forms. File amended tax return 2012 Abusive Tax Shelters Abusive tax shelters are marketing schemes involving artificial transactions with little or no economic reality. File amended tax return 2012 They often make use of unrealistic allocations, inflated appraisals, losses in connection with nonrecourse loans, mismatching of income and deductions, financing techniques that do not conform to standard commercial business practices, or mischaracterization of the substance of the transaction. File amended tax return 2012 Despite appearances to the contrary, the taxpayer generally risks little. File amended tax return 2012 Abusive tax shelters commonly involve package deals designed from the start to generate losses, deductions, or credits that will be far more than present or future investment. File amended tax return 2012 Or, they may promise investors from the start that future inflated appraisals will enable them, for example, to reap charitable contribution deductions based on those appraisals. File amended tax return 2012 (But see the appraisal requirements discussed under Rules To Curb Abusive Tax Shelters , later. File amended tax return 2012 ) They are commonly marketed in terms of the ratio of tax deductions allegedly available to each dollar invested. File amended tax return 2012 This ratio (or “write-off”) is frequently said to be several times greater than one-to-one. File amended tax return 2012 Because there are many abusive tax shelters, it is not possible to list all the factors you should consider in determining whether an offering is an abusive tax shelter. File amended tax return 2012 However, you should ask the following questions, which might provide a clue to the abusive nature of the plan. File amended tax return 2012 Do the tax benefits far outweigh the economic benefits? Is this a transaction you would seriously consider, apart from the tax benefits, if you hoped to make a profit? Do shelter assets really exist and, if so, are they insured for less than their purchase price? Is there a nontax justification for the way profits and losses are allocated to partners? Do the facts and supporting documents make economic sense? In that connection, are there sales and resales of the tax shelter property at ever increasing prices? Does the investment plan involve a gimmick, device, or sham to hide the economic reality of the transaction? Does the promoter offer to backdate documents after the close of the year? Are you instructed to backdate checks covering your investment? Is your debt a real debt or are you assured by the promoter that you will never have to pay it? Does this transaction involve laundering United States source income through foreign corporations incorporated in a tax haven and owned by United States shareholders? Rules To Curb Abusive Tax Shelters Congress has enacted a series of income tax laws designed to halt the growth of abusive tax shelters. File amended tax return 2012 These provisions include the following. File amended tax return 2012 Disclosure of reportable transactions. File amended tax return 2012   You must disclose information for each reportable transaction in which you participate. File amended tax return 2012 See Reportable Transaction Disclosure Statement , later. File amended tax return 2012   Material advisors with respect to any reportable transaction must disclose information about the transaction on Form 8918, Material Advisor Disclosure Statement. File amended tax return 2012 To determine whether you are a material advisor to a transaction, see the Instructions for Form 8918. File amended tax return 2012   Material advisors will receive a reportable transaction number for the disclosed reportable transaction. File amended tax return 2012 They must provide this number to all persons to whom they acted as a material advisor. File amended tax return 2012 They must provide the number at the time the transaction is entered into. File amended tax return 2012 If they do not have the number at that time, they must provide it within 60 days from the date the number is mailed to them. File amended tax return 2012 For information on penalties for failure to disclose and failure to maintain lists, see Internal Revenue Code sections 6707, 6707A, and 6708. File amended tax return 2012 Requirement to maintain list. File amended tax return 2012   Material advisors must maintain a list of persons to whom they provide material aid, assistance, or advice on any reportable transaction. File amended tax return 2012 The list must be available for inspection by the IRS, and the information required to be included on the list generally must be kept for 7 years. File amended tax return 2012 See Regulations section 301. File amended tax return 2012 6112-1 for more information (including what information is required to be included on the list). File amended tax return 2012 Confidentiality privilege. File amended tax return 2012   The confidentiality privilege between you and a federally authorized tax practitioner does not apply to written communications made after October 21, 2004, regarding the promotion of your direct or indirect participation in any tax shelter. File amended tax return 2012 Appraisal requirement for donated property. File amended tax return 2012   If you claim a deduction of more than $5,000 for an item or group of similar items of donated property, you generally must get a qualified appraisal from a qualified appraiser and complete and attach section B of Form 8283 to your return. File amended tax return 2012 If you claim a deduction of more than $500,000 for the donated property, you generally must attach the qualified appraisal to your return. File amended tax return 2012 If you file electronically, see Form 8453, U. File amended tax return 2012 S. File amended tax return 2012 Individual Income Tax Transmittal for an IRS e-file Return, and its instructions. File amended tax return 2012 For more information about appraisals, including exceptions, see Publication 561. File amended tax return 2012 Passive activity loss and credit limits. File amended tax return 2012   The passive activity loss and credit rules limit the amount of losses and credits that can be claimed from passive activities and limit the amount that can offset nonpassive income, such as certain portfolio income from investments. File amended tax return 2012 For more detailed information about determining and reporting income, losses, and credits from passive activities, see Publication 925. File amended tax return 2012 Interest on penalties. File amended tax return 2012   If you are assessed an accuracy-related or civil fraud penalty (as discussed under Penalties , later), interest will be imposed on the amount of the penalty from the due date of the return (including any extensions) to the date you pay the penalty. File amended tax return 2012 Accounting method restriction. File amended tax return 2012   Tax shelters generally cannot use the cash method of accounting. File amended tax return 2012 Uniform capitalization rules. File amended tax return 2012   The uniform capitalization rules generally apply to producing property or acquiring it for resale. File amended tax return 2012 Under those rules, the direct cost and part of the indirect cost of the property must be capitalized or included in inventory. File amended tax return 2012 For more information, see Publication 538. File amended tax return 2012 Denial of deduction for interest on an underpayment due to a reportable transaction. File amended tax return 2012   You cannot deduct any interest you paid or accrued on any part of an underpayment of tax due to an understatement arising from a reportable transaction (discussed later) if the relevant facts affecting the tax treatment of the item are not adequately disclosed. File amended tax return 2012 This rule applies to reportable transactions entered into in tax years beginning after October 22, 2004. File amended tax return 2012 Authority for Disallowance of Tax Benefits The IRS has published guidance concluding that the claimed tax benefits of various abusive tax shelters should be disallowed. File amended tax return 2012 The guidance is the conclusion of the IRS on how the law is applied to a particular set of facts. File amended tax return 2012 Guidance is published in the Internal Revenue Bulletin for taxpayers' information and also for use by IRS officials. File amended tax return 2012 So, if your return is examined and an abusive tax shelter is identified and challenged, published guidance dealing with that type of shelter, which disallows certain claimed tax shelter benefits, could serve as the basis for the examining official's challenge of the tax benefits you claimed. File amended tax return 2012 In such a case, the examiner will not compromise even if you or your representative believes you have authority for the positions taken on your tax return. File amended tax return 2012 The courts have generally been unsympathetic to taxpayers involved in abusive tax shelter schemes and have ruled in favor of the IRS in the majority of the cases in which these shelters have been challenged. File amended tax return 2012 Investor Reporting You may be required to file a reportable transaction disclosure statement. File amended tax return 2012 Reportable Transaction Disclosure Statement Use Form 8886 to disclose information for each reportable transaction (discussed later) in which you participated. File amended tax return 2012 Generally, you must attach Form 8886 to your return for each tax year in which you participated in the transaction. File amended tax return 2012 Under certain circumstances, a transaction must be disclosed within 90 days of the transaction being identified as a listed transaction or a transaction of interest (discussed later). File amended tax return 2012 In addition, for the first year Form 8886 is attached to your return, you must send a copy of the form to: Internal Revenue Service OTSA Mail Stop 4915 1973 North Rulon White Blvd. File amended tax return 2012  Ogden, UT 84404 If you file your return electronically, the copy sent to OTSA must show exactly the same information, word for word, provided with the electronically filed return and it must be provided on the official IRS Form 8886 or an exact copy of the form. File amended tax return 2012 If you use a computer-generated or substitute Form 8886, it must be an exact copy of the official IRS form. File amended tax return 2012 If you fail to file Form 8886 as required or fail to include any required information on the form, you may have to pay a penalty. File amended tax return 2012 See Penalty for failure to disclose a reportable transaction , later under Penalties. File amended tax return 2012 The following discussion briefly describes reportable transactions. File amended tax return 2012 For more details, see the Instructions for Form 8886. File amended tax return 2012 Reportable transaction. File amended tax return 2012   A reportable transaction is any of the following. File amended tax return 2012 A listed transaction. File amended tax return 2012 A confidential transaction. File amended tax return 2012 A transaction with contractual protection. File amended tax return 2012 A loss transaction. File amended tax return 2012 A transaction of interest entered into after November 1, 2006. File amended tax return 2012 Note. File amended tax return 2012 Transactions with a brief asset holding period were removed from the definition of reportable transaction for transactions entered into after August 2, 2007. File amended tax return 2012 Listed transaction. File amended tax return 2012   A listed transaction is the same as, or substantially similar to, one of the types of transactions the IRS has determined to be a tax-avoidance transaction. File amended tax return 2012 These transactions have been identified in notices, regulations, and other published guidance issued by the IRS. File amended tax return 2012 For a list of existing guidance, see Notice 2009-59 in Internal Revenue Bulletin 2009-31, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2009-31_IRB/ar07. File amended tax return 2012 html. File amended tax return 2012 Confidential transaction. File amended tax return 2012   A confidential transaction is offered to you under conditions of confidentiality and for which you have paid an advisor a minimum fee. File amended tax return 2012 A transaction is offered under conditions of confidentiality if the advisor who is paid the fee places a limit on your disclosure of the tax treatment or tax structure of the transaction and the limit protects the confidentiality of the advisor's tax strategies. File amended tax return 2012 The transaction is treated as confidential even if the conditions of confidentiality are not legally binding on you. File amended tax return 2012 Transaction with contractual protection. File amended tax return 2012   Generally, a transaction with contractual protection is one in which you or a related party has the right to a full or partial refund of fees if all or part of the intended tax consequences of the transaction are not sustained, or a transaction for which the fees are contingent on your realizing the tax benefits from the transaction. File amended tax return 2012 For information on exceptions, see Revenue Procedure 2007-20 in Internal Revenue Bulletin 2007-7, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2007-07_IRB/ar15. File amended tax return 2012 html. File amended tax return 2012 Loss transaction. File amended tax return 2012   For individuals, a loss transaction is one that results in a deductible loss if the gross amount of the loss is at least $2 million in a single tax year or $4 million in any combination of tax years. File amended tax return 2012 A loss from a foreign currency transaction under Internal Revenue Code section 988 is a loss transaction if the gross amount of the loss is at least $50,000 in a single tax year, whether or not the loss flows through from an S corporation or partnership. File amended tax return 2012   Certain losses (such as losses from casualties, thefts, and condemnations) are excepted from this category and do not have to be reported on Form 8886. File amended tax return 2012 For information on other exceptions, see Revenue Procedure 2004-66 in Internal Revenue Bulletin 2004-50, as modified and superseded by Revenue Procedure 2013-11, (or future published guidance) available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2004-50_IRB/ar11. File amended tax return 2012 html. File amended tax return 2012 Transaction of interest. File amended tax return 2012   A transaction of interest is a transaction entered into after November 1, 2006, that is the same as, or substantially similar to, one of the types of transactions that the IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest. File amended tax return 2012 The IRS has identified the following transactions of interest. File amended tax return 2012 “Toggling” grantor trusts as described in Notice 2007-73, 2007-36 I. File amended tax return 2012 R. File amended tax return 2012 B. File amended tax return 2012 545, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2007-36_IRB/ar20. File amended tax return 2012 html. File amended tax return 2012 Certain transactions involving contributions of a successor member interest in a limited liability company as described in Notice 2007-72, 2007-36 I. File amended tax return 2012 R. File amended tax return 2012 B. File amended tax return 2012 544, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2007-36_IRB/ar19. File amended tax return 2012 html. File amended tax return 2012 Certain transactions involving the sale or other disposition of all interests in a charitable remainder trust and claiming little or no taxable gain as described in Notice 2008-99, 2008-47 I. File amended tax return 2012 R. File amended tax return 2012 B. File amended tax return 2012 1194, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2008-47_IRB/ar11. File amended tax return 2012 html. File amended tax return 2012 Certain transactions involving a U. File amended tax return 2012 S. File amended tax return 2012 taxpayer owning controlled foreign corporations (CFCs) that hold stock of a lower-tier CFC through a domestic partnership to avoid reporting income as described in Notice 2009-7, 2009-3 I. File amended tax return 2012 R. File amended tax return 2012 B. File amended tax return 2012 312, available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2009-03_IRB/ar10. File amended tax return 2012 html. File amended tax return 2012   For updates to this list, go to www. File amended tax return 2012 irs. File amended tax return 2012 gov/Businesses/Corporations/Abusive-Tax-Shelters-and-Transactions. File amended tax return 2012 Penalties Investing in an abusive tax shelter may lead to substantial expenses. File amended tax return 2012 First, the promoter generally charges a substantial fee. File amended tax return 2012 If your return is examined by the IRS and a tax deficiency is determined, you will be faced with payment of more tax, interest on the underpayment, possibly a 20%, 30%, or even 40% accuracy-related penalty, or a 75% civil fraud penalty. File amended tax return 2012 You may also be subject to the penalty for failure to pay tax. File amended tax return 2012 These penalties are explained in the following paragraphs. File amended tax return 2012 Accuracy-related penalties. File amended tax return 2012   An accuracy-related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased to 40% for gross valuation misstatement), Transaction lacking economic substance (increased to 40% for undisclosed transaction lacking economic substance), or Undisclosed foreign financial asset understatement (40% in all cases). File amended tax return 2012 Except for a transaction lacking economic substance, this penalty will not be imposed if you can show you had reasonable cause for any understatement of tax and that you acted in good faith. File amended tax return 2012 Your failure to disclose a reportable transaction is a strong indication that you failed to act in good faith. File amended tax return 2012   If you are charged an accuracy-related penalty, interest will be imposed on the amount of the penalty from the due date of the return (including extensions) to the date you pay the penalty. File amended tax return 2012   The 20% penalties do not apply to any underpayment attributable to a reportable transaction understatement subject to an accuracy-related penalty (discussed later). File amended tax return 2012 Negligence or disregard of rules or regulations. File amended tax return 2012   The penalty for negligence or disregard of rules or regulations is imposed only on the part of the underpayment due to negligence or disregard of rules or regulations. File amended tax return 2012 The penalty will not be charged if you can show you had reasonable cause for understating your tax and that you acted in good faith. File amended tax return 2012    Negligence includes any failure to make a reasonable attempt to comply with the provisions of the Internal Revenue Code. File amended tax return 2012 It also includes any failure to keep adequate books and records. File amended tax return 2012 A return position that has a reasonable basis is not negligence. File amended tax return 2012   Disregard includes any careless, reckless, or intentional disregard of rules or regulations. File amended tax return 2012   The penalty for disregard of rules and regulations can be avoided if all the following are true. File amended tax return 2012 You keep adequate books and records. File amended tax return 2012 You have a reasonable basis for your position on the tax issue. File amended tax return 2012 You make an adequate disclosure of your position. File amended tax return 2012 Use Form 8275 to make your disclosure and attach it to your return. File amended tax return 2012 To disclose a position contrary to a regulation, use Form 8275-R. File amended tax return 2012 Use Form 8886 to disclose a reportable transaction (discussed earlier). File amended tax return 2012 Substantial understatement of tax. File amended tax return 2012   An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. File amended tax return 2012 An “understatement” is the amount of tax required to be shown on your return for a tax year minus the amount of tax shown on the return, reduced by any rebates. File amended tax return 2012 The term “rebate” generally means a decrease in the tax shown on your original return as the result of your filing an amended return or claim for refund. File amended tax return 2012   For items other than tax shelters, you can file Form 8275 or Form 8275-R to disclose items that could cause a substantial understatement of income tax. File amended tax return 2012 In that way, you can avoid the substantial understatement penalty if you have a reasonable basis for your position on the tax issue. File amended tax return 2012 Disclosure of the tax shelter item on a tax return does not reduce the amount of the understatement. File amended tax return 2012   Also, the understatement penalty will not be imposed if you can show there was reasonable cause for the underpayment caused by the understatement and that you acted in good faith. File amended tax return 2012 An important factor in establishing reasonable cause and good faith will be the extent of your effort to determine your proper tax liability under the law. File amended tax return 2012 Substantial valuation misstatement. File amended tax return 2012   In general, you are liable for a 20% penalty for a substantial valuation misstatement if all the following are true. File amended tax return 2012 The value or adjusted basis of any property claimed on the return is 150% or more of the correct amount. File amended tax return 2012 You underpaid your tax by more than $5,000 because of the misstatement. File amended tax return 2012 You cannot establish that you had reasonable cause for the underpayment and that you acted in good faith. File amended tax return 2012   You may be assessed a penalty of 40% for a gross valuation misstatement. File amended tax return 2012 If you misstate the value or the adjusted basis of property by 200% or more of the amount determined to be correct, you will be assessed a penalty of 40%, instead of 20%, of the amount you underpaid because of the gross valuation misstatement. File amended tax return 2012 The penalty rate is also 40% if the property's correct value or adjusted basis is zero. File amended tax return 2012 Transaction lacking economic substance. File amended tax return 2012   The economic substance doctrine only applies to an individual that entered into a transaction in connection with a trade or business or an activity engaged in for the production of income. File amended tax return 2012 For transactions entered into after March 30, 2010, a transaction has economic substance for you as an individual taxpayer only if: The transaction changes your economic position in a meaningful way (apart from federal income tax effects), or You have a substantial purpose (apart from federal income tax effects) for entering into the transaction. File amended tax return 2012   For purposes of determining whether economic substance exists, a transaction's profit potential will only be taken into account if the present value of the reasonably expected pre-tax profit from the transaction is substantial compared to the present value of the expected net tax benefits that would be allowed if the transaction were respected. File amended tax return 2012   If any part of your underpayment is due to any disallowance of claimed tax benefits by reason of a transaction lacking economic substance or failing to meet the requirements of any similar rule of law, that part of your underpayment will be subject to the 20% accuracy-related penalty even if you had a reasonable cause and acted in good faith concerning that part. File amended tax return 2012   Additionally, the penalty increases to 40% if you do not adequately disclose on your return or in a statement attached to your return the relevant facts affecting the tax treatment of a transaction that lacks economic substance. File amended tax return 2012 Relevant facts include any facts affecting the tax treatment of the transaction. File amended tax return 2012    Any excessive amount of an erroneous claim for an income tax refund or credit (other than a refund or credit related to the earned income credit) that results from a transaction found to be lacking economic substance will not be treated as having a reasonable basis and could be subject to a 20% penalty. File amended tax return 2012 Undisclosed foreign financial asset understatement. File amended tax return 2012   For tax years beginning after March 18, 2010, you may be liable for a 40% penalty for an understatement of your tax liability due to an undisclosed foreign financial asset. File amended tax return 2012 An undisclosed foreign financial asset is any asset for which an information return, required to be provided under Internal Revenue Code section 6038, 6038B, 6038D, 6046A, or 6048 for any taxable year, is not provided. File amended tax return 2012 The penalty applies to any part of an underpayment related to the following undisclosed foreign financial assets. File amended tax return 2012 Any foreign business you control, reportable on Form 5471, Information Return of U. File amended tax return 2012 S. File amended tax return 2012 Persons With Respect To Certain Foreign Corporations, or Form 8865, Return of U. File amended tax return 2012 S. File amended tax return 2012 Persons With Respect to Certain Foreign Partnerships. File amended tax return 2012 Certain transfers of property to a foreign corporation or partnership, reportable on Form 926, Return by a U. File amended tax return 2012 S. File amended tax return 2012 Transferor of Property to a Foreign Corporation, or certain distributions to a foreign person, reportable on Form 8865. File amended tax return 2012 Your ownership interest in certain foreign financial assets, temporarily reportable on Form 8275 or 8275-R. File amended tax return 2012    Instead of, or in addition to, Form 8275 or 8275-R, you may have to file Form 8938, Statement of Specified Foreign Financial Assets, with your tax return. File amended tax return 2012 See the Instructions for Form 8938 for details. File amended tax return 2012    Your acquisition, disposition, or substantial change in ownership interest in a foreign partnership, reportable on Form 8865. File amended tax return 2012 Creation or transfer of money or property to certain foreign trusts, reportable on Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. File amended tax return 2012 Penalty for incorrect appraisals. File amended tax return 2012   The person who prepares an appraisal of the value of property may have to pay a penalty if: He or she knows, or reasonably should have known, that the appraisal would be used in connection with a return or claim for refund; and The claimed value of the property on a return or claim for refund based on that appraisal results in a substantial valuation misstatement or a gross valuation misstatement as discussed earlier. File amended tax return 2012 For details on the penalty amount and exceptions, see Publication 561. File amended tax return 2012 Penalty for failure to disclose a reportable transaction. File amended tax return 2012   If you fail to include any required information regarding a reportable transaction (discussed earlier) on a return or statement, you may have to pay a penalty of 75% of the decrease in tax shown on your return as a result of such transaction (or that would have resulted if the transaction were respected for federal tax purposes). File amended tax return 2012 For an individual, the minimum penalty is $5,000 and the maximum is $10,000 (or $100,000 for a listed transaction). File amended tax return 2012 This penalty is in addition to any other penalty that may be imposed. File amended tax return 2012   The IRS may rescind or abate the penalty for failing to disclose a reportable transaction under certain limited circumstances but cannot rescind the penalty for failing to disclose a listed transaction. File amended tax return 2012 For information on rescission, see Revenue Procedure 2007-21 in Internal Revenue Bulletin 2007-9 available at www. File amended tax return 2012 irs. File amended tax return 2012 gov/irb/2007-09_IRB/ar12. File amended tax return 2012 html. File amended tax return 2012 Accuracy-related penalty for a reportable transaction understatement. File amended tax return 2012   If you have a reportable transaction understatement, you may have to pay a penalty equal to 20% of the amount of that understatement. File amended tax return 2012 This applies to any item due to a listed transaction or other reportable transaction with a significant purpose of avoiding or evading federal income tax. File amended tax return 2012 The penalty is 30% rather than 20% for the part of any reportable transaction understatement if the transaction was not properly disclosed. File amended tax return 2012 You may not have to pay the 20% penalty if you meet the strengthened reasonable cause and good faith exception. File amended tax return 2012 The reasonable cause and good faith exception does not apply to any part of a reportable transaction understatement attributable to one or more transactions that lack economic substance. File amended tax return 2012   This penalty does not apply to the part of an understatement on which the fraud penalty, gross valuation misstatement penalty, or penalty for nondisclosure of noneconomic substance transactions is imposed. File amended tax return 2012 Civil fraud penalty. File amended tax return 2012   If any underpayment of tax on your return is due to fraud, a penalty of 75% of the underpayment will be added to your tax. File amended tax return 2012 Joint return. File amended tax return 2012   The fraud penalty on a joint return applies to a spouse only if some part of the underpayment is due to the fraud of that spouse. File amended tax return 2012 Failure to pay tax. File amended tax return 2012   If a deficiency is assessed and is not paid within 10 days of the demand for payment, an investor can be penalized with up to a 25% addition to tax if the failure to pay continues. File amended tax return 2012 Whether To Invest In light of the adverse tax consequences and the substantial amount of penalties and interest that will result if the claimed tax benefits are disallowed, you should consider tax shelter investments carefully and seek competent legal and financial advice. File amended tax return 2012 Prev  Up  Next   Home   More Online Publications
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The File Amended Tax Return 2012

File amended tax return 2012 Index A Acknowledgment, Acknowledgment. File amended tax return 2012 Adoption expenses, Personal Expenses Airplanes, donations of, Cars, Boats, and Airplanes Appraisal fees, Appraisal Fees Assistance (see Tax help) Athletic events, Athletic events. File amended tax return 2012 B Bargain sales, Bargain Sales Blood donated, Value of Time or Services Boats, donations of, Cars, Boats, and Airplanes Boats, fair market value, Cars, boats, and airplanes. File amended tax return 2012 C Canadian charity, Canadian charities. File amended tax return 2012 Capital gain property, Capital Gain Property Car expenses, Car expenses. File amended tax return 2012 , Car expenses. File amended tax return 2012 Carryovers, Carryovers Cars, donations of, Cars, Boats, and Airplanes Cash contributions, records to keep, Cash Contributions Charity benefit events, Charity benefit events. File amended tax return 2012 Church deacon, Church deacon. File amended tax return 2012 Clothing Fair market value of, Used clothing. File amended tax return 2012 Conservation contribution, Special 50% Limit for Qualified Conservation Contributions Contributions from which you benefit, Contributions From Which You Benefit, Contributions From Which You Benefit Contributions of property, Contributions of Property Contributions subject to special rules Car, boat, or airplane, 1098–C, Contributions Subject to Special Rules Clothing, Contributions Subject to Special Rules Fractional interest in tangible personal property, Contributions Subject to Special Rules Future interest in tangible personal property, Contributions Subject to Special Rules Household items, Contributions Subject to Special Rules Inventory from your business, Contributions Subject to Special Rules Partial interest in property, Contributions Subject to Special Rules Patent or other intellectual property, Contributions Subject to Special Rules Property subject to a debt, Contributions Subject to Special Rules Qualified conservation contribution, Contributions Subject to Special Rules Taxidermy property, Contributions Subject to Special Rules Contributions to nonqualified organizations Foreign organizations, Contributions to Nonqualified Organizations Contributions you can deduct, Contributions You Can Deduct Conventions of a qualified organization, Conventions. File amended tax return 2012 D Daily allowance (per diem) from a charitable organization, Daily allowance (per diem). File amended tax return 2012 Deduction limits, Limits on Deductions Determining fair market value, Determining Fair Market Value Disaster relief, Reminders Donor-advised funds, Contributions to Donor-Advised Funds E Easement, Building in registered historic district. File amended tax return 2012 F Farmer, Qualified farmer or rancher. File amended tax return 2012 Food inventory, Food Inventory Foreign organizations Canadian, Canadian charities. File amended tax return 2012 Israeli, Israeli charities. File amended tax return 2012 Mexican, Mexican charities. File amended tax return 2012 Form 8282, Form 8282. File amended tax return 2012 8283, Total deduction over $500. File amended tax return 2012 Foster parents, Foster parents. File amended tax return 2012 Free tax services, Free help with your tax return. File amended tax return 2012 Future interests in property, Future Interest in Tangible Personal Property H Help (see Tax help) Historic building, Building in registered historic district. File amended tax return 2012 Household items Fair market value of, Household items. File amended tax return 2012 How to report, How To Report Noncash contributions, Reporting expenses for student living with you. File amended tax return 2012 I Introduction, Introduction Inventory, Food Inventory Israeli charity, Israeli charities. File amended tax return 2012 L Legislation, influencing, Contributions From Which You Benefit Limit on itemized deductions, What's New Limits on deductions, Limits on Deductions 20% limit, 20% Limit 30% limit, 30% Limit 50% limit, 50% Limit Calculation, How To Figure Your Deduction When Limits Apply Capital gain property, Special 30% Limit for Capital Gain Property Qualified conservation contributions, Special 50% Limit for Qualified Conservation Contributions M Meals, Personal Expenses Membership fees or dues, Membership fees or dues. File amended tax return 2012 Mexican charity, Mexican charities. File amended tax return 2012 Motor vehicles, donations of, Cars, Boats, and Airplanes Motor vehicles, fair market value, Cars, boats, and airplanes. File amended tax return 2012 N Noncash contributions, Noncash Contributions How to report, Reporting expenses for student living with you. File amended tax return 2012 Records to keep, Noncash Contributions Nondeductible contributions, Contributions You Cannot Deduct O Ordinary income property, Ordinary Income Property Out-of-pocket expenses, Out-of-pocket expenses. File amended tax return 2012 Out-of-pocket expenses in giving services, Out-of-Pocket Expenses in Giving Services P Payroll deductions, Payroll deductions. File amended tax return 2012 , Payroll deductions. File amended tax return 2012 Penalty, valuation overstatement, Penalty Personal expenses, Personal Expenses Private foundation, 50% Limit Organizations Private nonoperating foundation, Contributions to private nonoperating foundations. File amended tax return 2012 , 50% Limit Organizations Private operating foundation, 50% Limit Organizations Property Bargain sales, Bargain Sales Basis, Giving Property That Has Decreased in Value Capital gain, Capital Gain Property Capital gain election, Capital gain property election. File amended tax return 2012 Decreased in value, Giving Property That Has Decreased in Value Future interests, Future Interest in Tangible Personal Property Increased in value, Giving Property That Has Increased in Value Inventory, Food Inventory Ordinary income, Ordinary Income Property Unrelated use, Tangible personal property put to unrelated use. File amended tax return 2012 Publications (see Tax help) Q Qualified charitable distributions, Qualified Charitable Distributions Qualified conservation contribution, Special 50% Limit for Qualified Conservation Contributions Qualified organizations Foreign qualified organizations Canadian, Organizations That Qualify To Receive Deductible Contributions Israeli, Organizations That Qualify To Receive Deductible Contributions Mexican, Organizations That Qualify To Receive Deductible Contributions Types, Organizations That Qualify To Receive Deductible Contributions R Raffle or bingo, Contributions From Which You Benefit Recapture No exempt use, Recapture if no exempt use. File amended tax return 2012 Recapture of deduction of fractional interest in tangible personal property Additional tax, Recapture of deduction. File amended tax return 2012 Records to keep, Records To Keep Reminders Disaster relief, Reminders Reporting, How To Report Retirement home, Contributions From Which You Benefit S Services, value of, Value of Time or Services Split-dollar insurance arrangements, Contributions From Which You Benefit Student, Mutual exchange program. File amended tax return 2012 Exchange program, Mutual exchange program. File amended tax return 2012 Living with you, Student living with you. File amended tax return 2012 Student living with you, Expenses Paid for Student Living With You, Reporting expenses for student living with you. File amended tax return 2012 T Tangible personal property Future interest in, Future Interest in Tangible Personal Property Tax help, How To Get Tax Help Time, value of, Value of Time or Services Token items, Certain membership benefits can be disregarded. File amended tax return 2012 Travel expenses, Travel. File amended tax return 2012 Travel expenses for charitable services, Deductible travel expenses. File amended tax return 2012 Tuition, Contributions From Which You Benefit U Underprivileged youths, Underprivileged youths selected by charity. File amended tax return 2012 Uniforms, Uniforms. File amended tax return 2012 Unrelated use, Unrelated use. File amended tax return 2012 V Volunteers, Out-of-Pocket Expenses in Giving Services W Whaling captain, Expenses of Whaling Captains When to deduct, When To Deduct Prev  Up     Home   More Online Publications