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Free 2011 tax software download Index A Abatement of interest and penalties, Abatement of interest and penalties. Free 2011 tax software download Accidents, Deductible losses. Free 2011 tax software download , Nondeductible losses. Free 2011 tax software download Adjusted basis, Adjusted Basis Adjustments to basis, Basis adjustment to corporation's property. Free 2011 tax software download , Adjustments to Basis Amended returns, Amended return. Free 2011 tax software download Appraisals, Appraisal. Free 2011 tax software download , Costs of photographs and appraisals. Free 2011 tax software download Assistance (see Tax help) B Bad debts, Nonbusiness bad debt. Free 2011 tax software download Basis Adjusted, Adjusted Basis Adjustments to, Basis adjustment to corporation's property. Free 2011 tax software download , Adjustments to Basis Replacement property, Basis of replacement property. 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Free 2011 tax software download W Workbooks for property lost due to casualties and thefts, Workbooks for casualties and thefts. Free 2011 tax software download Prev  Up     Home   More Online Publications
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Free 2011 tax software download Publication 595 - Main Contents Table of Contents Capital Construction FundCCF Accounts Types of Accounts You Must Maintain Within a CCF Tax Treatment of CCF Deposits Tax Treatment of CCF Earnings Tax Treatment of CCF Withdrawals More Information How To Get Tax Help Capital Construction Fund The following sections discuss CCF accounts and the types of bookkeeping accounts you must maintain when you invest in a CCF account. Free 2011 tax software download They also discuss the income tax treatment of CCF deposits, earnings, and withdrawals. Free 2011 tax software download CCF Accounts This section explains who can open a CCF account and how to use the account to defer income tax. Free 2011 tax software download Opening a CCF account. Free 2011 tax software download   If you are a U. Free 2011 tax software download S. Free 2011 tax software download citizen and you own or lease one or more eligible vessels (defined later), you can open a CCF account. Free 2011 tax software download However, before you open your CCF account, you must enter into an agreement with the Secretary of Commerce through the NMFS. Free 2011 tax software download This agreement will establish the following. Free 2011 tax software download Agreement vessels. Free 2011 tax software download Eligible vessels named in the agreement that will be the basis for the deferral of income tax. Free 2011 tax software download Planned use of withdrawals. Free 2011 tax software download Use of CCF funds to acquire, build, or rebuild a vessel. Free 2011 tax software download CCF depository. Free 2011 tax software download Where your CCF funds will be held. Free 2011 tax software download    You can request an application kit or get additional information from NMFS at the following address. Free 2011 tax software download NOAA/NMFS, Financial Services Division, F/MB5 Capital Construction Fund Program 1315 East-West Highway Silver Spring, MD 20910-3282    You can obtain information on the Capital Construction Fund Program at the following website: www. Free 2011 tax software download nmfs. Free 2011 tax software download noaa. Free 2011 tax software download gov/mb/financial_services/ccf. Free 2011 tax software download htm. Free 2011 tax software download    You can call NMFS to request an application kit or get additional information at (301) 713-2393 (ext. Free 2011 tax software download 204). Free 2011 tax software download Their fax number is (301) 713-1939. Free 2011 tax software download Eligible vessels. Free 2011 tax software download   There are two types of vessels that may be considered eligible, those weighing 5 tons or more and those weighing less than 5 tons. Free 2011 tax software download For each type, certain requirements must be met. Free 2011 tax software download Vessel weighing 5 tons or more. Free 2011 tax software download   To be considered eligible, the vessel must meet all the following requirements. Free 2011 tax software download Be built or rebuilt in the United States. Free 2011 tax software download Be documented under the laws of the United States. Free 2011 tax software download Be used commercially in the fisheries of the United States. Free 2011 tax software download Be operated in the foreign or domestic commerce of the United States. Free 2011 tax software download Vessel weighing less than 5 tons. Free 2011 tax software download   A small vessel, weighing at least 2 net tons but less than 5 net tons, must meet all the following requirements to be considered eligible. Free 2011 tax software download Be built or rebuilt in the United States. Free 2011 tax software download Be owned by a U. Free 2011 tax software download S. Free 2011 tax software download citizen. Free 2011 tax software download Have a home port in the United States. Free 2011 tax software download Be used commercially in the fisheries of the United States. Free 2011 tax software download Deferring tax on CCF deposits and earnings. Free 2011 tax software download   You can use a CCF account to defer income tax by taking the following actions. Free 2011 tax software download Making deposits to your CCF account from taxable income. Free 2011 tax software download Excluding from income deposits assigned to certain accounts (discussed later). Free 2011 tax software download Making withdrawals from your CCF account when you acquire, build, or rebuild fishing vessels. Free 2011 tax software download Reducing the basis of fishing vessels you acquire, build, or rebuild to recapture amounts previously excluded from tax. Free 2011 tax software download    Reporting requirements. Free 2011 tax software download Beginning with the tax year in which you establish your agreement, you must report annual deposit and withdrawal activity to the NMFS on NOAA Form 34-82. Free 2011 tax software download This form is due within 30 days after you file your federal income tax return even if no deposits or withdrawals are made. Free 2011 tax software download For more information, contact the NMFS at the address or phone number given earlier. Free 2011 tax software download Types of Accounts You Must Maintain Within a CCF This section discusses the three types of bookkeeping accounts you must maintain when you invest in a CCF account. Free 2011 tax software download Your total CCF deposits and earnings for any given year are limited to the amount attributed to these three accounts for that year. Free 2011 tax software download Capital account. Free 2011 tax software download   The capital account consists primarily of amounts attributable to the following items. Free 2011 tax software download Allowable depreciation deductions for agreement vessels. Free 2011 tax software download Any nontaxable return of capital from either (a) or (b), below. Free 2011 tax software download The sale or other disposition of agreement vessels. Free 2011 tax software download Insurance or indemnity proceeds attributable to agreement vessels. Free 2011 tax software download Any tax-exempt interest earned on state or local bonds in your CCF account. Free 2011 tax software download Capital gain account. Free 2011 tax software download   The capital gain account consists of amounts attributable to the following items reduced by any capital losses from assets held in your CCF account for more than 6 months. Free 2011 tax software download Any capital gain from either of the following sources. Free 2011 tax software download The sale or other disposition of agreement vessels held for more than 6 months. Free 2011 tax software download Insurance or indemnity proceeds attributable to agreement vessels held for more than 6 months. Free 2011 tax software download Any capital gain from assets held in your CCF account for more than 6 months. Free 2011 tax software download Ordinary income account. Free 2011 tax software download   The ordinary income account consists of amounts attributable to the following items. Free 2011 tax software download Any earnings (without regard to the carryback of any net operating or net capital loss) from the operation of agreement vessels in the fisheries of the United States or in the foreign or domestic commerce of the United States. Free 2011 tax software download Any capital gain from the following sources reduced by any capital losses from assets held in your CCF account for 6 months or less. Free 2011 tax software download The sale or other disposition of agreement vessels held for 6 months or less. Free 2011 tax software download Insurance or indemnity proceeds attributable to agreement vessels held for 6 months or less. Free 2011 tax software download Any capital gain from assets held in your CCF account for 6 months or less. Free 2011 tax software download Any ordinary income (such as depreciation recapture) from either of the following sources. Free 2011 tax software download The sale or other disposition of agreement vessels. Free 2011 tax software download Insurance or indemnity proceeds attributable to agreement vessels. Free 2011 tax software download Any interest (not including tax-exempt interest from state and local bonds), most dividends, and other ordinary income earned on the assets in your CCF account. Free 2011 tax software download Tax Treatment of CCF Deposits This section explains the tax treatment of income used as the basis for CCF deposits. Free 2011 tax software download Capital gains. Free 2011 tax software download   Do not report any transaction that produces a capital gain if you deposit the net proceeds into your CCF account. Free 2011 tax software download This treatment applies to either of the following transactions. Free 2011 tax software download The sale or other disposition of an agreement vessel. Free 2011 tax software download The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Free 2011 tax software download Depreciation recapture. Free 2011 tax software download   Do not report any transaction that produces depreciation recapture if you deposit the net proceeds into your CCF account. Free 2011 tax software download This treatment applies to either of the following transactions. Free 2011 tax software download The sale or other disposition of an agreement vessel. Free 2011 tax software download The receipt of insurance or indemnity proceeds attributable to an agreement vessel. Free 2011 tax software download Earnings from operations. Free 2011 tax software download   Report earnings from the operation of agreement vessels on your Schedule C or C-EZ (Form 1040) even if you deposit part of these earnings into your CCF account. Free 2011 tax software download You subtract any part of the earnings you deposited into your CCF account from the amount you would otherwise enter as taxable income on Form 1040, line 43 (for 2005). Free 2011 tax software download Next to line 43, write “CCF” and the amount of the deposits. Free 2011 tax software download Do not deduct these CCF deposits on Schedule C or C-EZ (Form 1040). Free 2011 tax software download If you deposit earnings from operations into your CCF account and you must complete other forms such as Form 6251, Alternative Minimum Tax (Individuals), or a worksheet for Schedule D (Form 1040), you will need to make an extra computation. Free 2011 tax software download When the other form instructs you to use the amount from Form 1040, line 41 (for 2005), do not use that amount. Free 2011 tax software download Instead, add Form 1040, lines 42 and 43 (for 2005), and use that amount. Free 2011 tax software download Self-employment tax. Free 2011 tax software download   You must use your net profit or loss from your fishing business to figure your self-employment tax. Free 2011 tax software download Do not reduce your net profit or loss by any earnings from operations you deposit into your CCF account. Free 2011 tax software download    Partnerships and S corporations. Free 2011 tax software download The deduction for partnership earnings from operations deposited into a CCF account is separately stated on Schedule K (Form 1065), line 13d, and allocated to the partners on Schedule K-1 (Form 1065), box 13 (for 2005). Free 2011 tax software download   The deduction for S corporation earnings deposited into a CCF account is separately stated on Schedule K (Form 1120S), line 12d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 12 (for 2005). Free 2011 tax software download Tax Treatment of CCF Earnings This section explains the tax treatment of the earnings from the assets in your CCF account when the earnings are redeposited or left in your account. Free 2011 tax software download However, if you choose to withdraw the earnings in the year earned, you must generally pay income tax on them. Free 2011 tax software download Capital gains. Free 2011 tax software download   Do not report any capital gains from the sale of capital assets held in your CCF account. Free 2011 tax software download This includes capital gain distributions reported to you on Form 1099-DIV or a substitute statement. Free 2011 tax software download However, you should attach a statement to your tax return to list the payers and the amounts and to identify the capital gains as “CCF account earnings. Free 2011 tax software download ” Interest and dividends. Free 2011 tax software download   Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Free 2011 tax software download However, you should attach a statement to your return to list the payers and the amounts and to identify them as “CCF account earnings. Free 2011 tax software download ”   If you are required to file Schedule B (Form 1040), you can add these earnings to the list of payers and amounts on line 1 or line 5 and identify them as “CCF earnings. Free 2011 tax software download ” Then, subtract the same amounts from the list and identify them as “CCF deposits. Free 2011 tax software download ” Tax-exempt interest. Free 2011 tax software download   Do not report tax-exempt interest from state or local bonds you held in your CCF account. Free 2011 tax software download You are not required to report this interest on Form 1040, line 8b. Free 2011 tax software download Tax Treatment of CCF Withdrawals This section discusses the tax treatment of amounts you withdraw from your CCF account during the year. Free 2011 tax software download Qualified Withdrawals A qualified withdrawal from a CCF account is one that is approved by NMFS for either of the following uses. Free 2011 tax software download Acquiring, building, or rebuilding qualified vessels (defined next). Free 2011 tax software download Making principal payments on the mortgage of a qualified vessel. Free 2011 tax software download NMFS will not approve amounts withdrawn to purchase nets not continuously attached to the vessel, such as seine nets, gill set-nets, and gill drift-nets. Free 2011 tax software download NMFS will approve amounts withdrawn to purchase trawl nets. Free 2011 tax software download Qualified vessel. Free 2011 tax software download   This is any vessel that meets all of the following requirements. Free 2011 tax software download The vessel was built or rebuilt in the United States. Free 2011 tax software download The vessel is documented under the laws of the United States. Free 2011 tax software download The person maintaining the CCF account agrees with the Secretary of Commerce that the vessel will be operated in United States foreign trade, Great Lakes trade, noncontiguous domestic trade, or the fisheries of the United States. Free 2011 tax software download How to determine the source of qualified withdrawals. Free 2011 tax software download   When you make a qualified withdrawal, the amount is treated as being withdrawn in the following order from the accounts listed below. Free 2011 tax software download The capital account. Free 2011 tax software download The capital gain account. Free 2011 tax software download The ordinary income account. Free 2011 tax software download Excluding qualified withdrawals from tax. Free 2011 tax software download   Do not report on your income tax return any qualified withdrawals from your CCF account. Free 2011 tax software download Reduce the depreciable basis of fishing vessels you acquire, build, or rebuild when you make a qualified withdrawal from either the capital gain or the ordinary income account. Free 2011 tax software download Nonqualified Withdrawals A nonqualified withdrawal from a CCF account is generally any withdrawal that is not a qualified withdrawal. Free 2011 tax software download Qualified withdrawals are defined under Qualified Withdrawals, earlier. Free 2011 tax software download Examples. Free 2011 tax software download   Examples of nonqualified withdrawals include the following amounts from either the ordinary income account or the capital gain account. Free 2011 tax software download Amounts remaining in a CCF account upon termination of your agreement with NMFS. Free 2011 tax software download Amounts you withdraw and use to make principal payments on the mortgage of a vessel if the basis of that vessel and the bases of other vessels you own have already been reduced to zero. Free 2011 tax software download Amounts determined by the IRS to cause your CCF account balance to exceed the amount appropriate to meet your planned use of withdrawals. Free 2011 tax software download You will generally be given 3 years to revise your plans to cover this excess balance. Free 2011 tax software download Amounts you leave in your account for more than 25 years. Free 2011 tax software download There is a graduated schedule under which the percentage applied to determine the amount of the nonqualified withdrawal increases from 20% in the 26th year to 100% in the 30th year. Free 2011 tax software download How to determine the source of nonqualified withdrawals. Free 2011 tax software download    When you make a nonqualified withdrawal from your CCF account, the amount is treated as being withdrawn in the following order from the accounts listed below. Free 2011 tax software download The ordinary income account. Free 2011 tax software download The capital gain account. Free 2011 tax software download The capital account. Free 2011 tax software download Paying tax on nonqualified withdrawals. Free 2011 tax software download   In general, nonqualified withdrawals are taxed separately from your other gross income and at the highest marginal tax rate in effect for the year of withdrawal. Free 2011 tax software download However, nonqualified withdrawals treated as made from the capital gain account are taxed at a rate that cannot exceed 15% for individuals and 34% for corporations. Free 2011 tax software download    Partnerships and S corporations. Free 2011 tax software download Taxable nonqualified partnership withdrawals are separately stated on Schedule K (Form 1065), line 20c, and allocated to the partners on Schedule K-1 (Form 1065), box 20 (for 2005). Free 2011 tax software download Taxable nonqualified withdrawals by an S corporation are separately stated on Schedule K (Form 1120S), line 17d, and allocated to the shareholders on Schedule K-1 (Form 1120S), box 17. Free 2011 tax software download Interest. Free 2011 tax software download   You must pay interest on the additional tax due to nonqualified withdrawals that are treated as made from either the ordinary income or the capital gain account. Free 2011 tax software download The interest period begins on the last date for paying tax for the year for which you deposited the amount you withdrew from your CCF account. Free 2011 tax software download The period ends on the last date for paying tax for the year in which you make the nonqualified withdrawal. Free 2011 tax software download The interest rate on the nonqualified withdrawal is simple interest. Free 2011 tax software download The rate is subject to change annually and is published in the Federal Register. Free 2011 tax software download    You also can call NMFS at (301) 713-2393 (ext. Free 2011 tax software download 204) to get the current interest rate. Free 2011 tax software download Interest deduction. Free 2011 tax software download   You can deduct the interest you pay on a nonqualified withdrawal as a trade or business expense. Free 2011 tax software download Reporting the additional tax and interest. Free 2011 tax software download   Attach a statement to your income tax return showing your computation of the tax and the interest on a nonqualified withdrawal. Free 2011 tax software download Include the tax and interest on Form 1040, line 63 (for 2005). Free 2011 tax software download To the left of line 63, write in the amount of tax and interest and “CCF. Free 2011 tax software download ” Tax benefit rule. Free 2011 tax software download   If any portion of your nonqualified withdrawal is properly attributable to contributions (not earnings on the contributions) you made to the CCF account that did not reduce your tax liability for any tax year prior to the withdrawal year, the following tax treatment applies. Free 2011 tax software download The part that did not reduce your tax liability for any year prior to the withdrawal year is not taxed. Free 2011 tax software download That part is allowed as a net operating loss deduction. Free 2011 tax software download More Information This section briefly discussed the CCF program. Free 2011 tax software download For more detailed information, see the following legislative authorities. Free 2011 tax software download Section 607 of the Merchant Marine Act of 1936, as amended (46 U. Free 2011 tax software download S. Free 2011 tax software download C. Free 2011 tax software download 1177). Free 2011 tax software download Chapter 2, Part 259 of title 50 of the Code of Federal Regulations (50 C. Free 2011 tax software download F. Free 2011 tax software download R. Free 2011 tax software download , Part 259). Free 2011 tax software download Subchapter A, Part 3 of title 26 of the Code of Federal Regulations (26 C. Free 2011 tax software download F. Free 2011 tax software download R. Free 2011 tax software download , Part 3). Free 2011 tax software download Section 7518 of the Internal Revenue Code (IRC 7518). 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