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Irs Efile 2012

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Irs Efile 2012

Irs efile 2012 6. Irs efile 2012   Retail Tax on Heavy Trucks, Trailers, and Tractors Table of Contents Highway vehicle. Irs efile 2012 Vehicles not considered highway vehicles. Irs efile 2012 Idling reduction device. Irs efile 2012 Separate purchase. Irs efile 2012 Leases. Irs efile 2012 Exported vehicle. Irs efile 2012 Tax on resale of tax-paid trailers and semitrailers. Irs efile 2012 Use treated as sale. Irs efile 2012 Sale. Irs efile 2012 Long-term lease. Irs efile 2012 Short-term lease. Irs efile 2012 Related person. Irs efile 2012 Exclusions from tax base. Irs efile 2012 Sales not at arm's length. Irs efile 2012 Installment sales. Irs efile 2012 Repairs and modifications. Irs efile 2012 Further manufacture. Irs efile 2012 Rail trailers and rail vans. Irs efile 2012 Parts and accessories. Irs efile 2012 Trash containers. Irs efile 2012 House trailers. Irs efile 2012 Camper coaches or bodies for self-propelled mobile homes. Irs efile 2012 Farm feed, seed, and fertilizer equipment. Irs efile 2012 Ambulances and hearses. Irs efile 2012 Truck-tractors. Irs efile 2012 Concrete mixers. Irs efile 2012 Registration requirement. Irs efile 2012 Further manufacture. Irs efile 2012 A tax of 12% of the sales price is imposed on the first retail sale of the following articles, including related parts and accessories sold on or in connection with, or with the sale of, the articles. Irs efile 2012 Truck chassis and bodies. Irs efile 2012 Truck trailer and semitrailer chassis and bodies. Irs efile 2012 Tractors of the kind chiefly used for highway transportation in combination with a trailer or semitrailer. Irs efile 2012 A truck is a highway vehicle primarily designed to transport its load on the same chassis as the engine, even if it is equipped to tow a vehicle, such as a trailer or semitrailer. Irs efile 2012 A tractor is a highway vehicle designed to tow a vehicle, such as a trailer or semitrailer. Irs efile 2012 A tractor may carry incidental items of cargo when towing or limited amounts of cargo when not towing. Irs efile 2012 A sale of a truck, truck trailer, or semitrailer is considered a sale of a chassis and a body. Irs efile 2012 The seller is liable for the tax. Irs efile 2012 Chassis or body. Irs efile 2012   A chassis or body is taxable only if you sell it for use as a component part of a highway vehicle that is a truck, truck trailer or semitrailer, or a tractor of the kind chiefly used for highway transportation in combination with a trailer or semitrailer. Irs efile 2012 Highway vehicle. Irs efile 2012   A highway vehicle is any self-propelled vehicle designed to carry a load over public highways, whether or not it is also designed to perform other functions. Irs efile 2012 Examples of vehicles designed to carry a load over public highways are passenger automobiles, motorcycles, buses, and highway-type trucks and truck tractors. Irs efile 2012 A vehicle is a highway vehicle even though the vehicle's design allows it to perform a highway transportation function for only one of the following. Irs efile 2012 A particular type of load, such as passengers, furnishings, and personal effects (as in a house, office, or utility trailer). Irs efile 2012 A special kind of cargo, goods, supplies, or materials. Irs efile 2012 Some off-highway task unrelated to highway transportation, except as discussed next. Irs efile 2012 Vehicles not considered highway vehicles. Irs efile 2012   Generally, the following kinds of vehicles are not considered highway vehicles for purposes of the retail tax. Irs efile 2012 Specially designed mobile machinery for nontransportation functions. Irs efile 2012 A self-propelled vehicle is not a highway vehicle if all the following apply. Irs efile 2012 The chassis has permanently mounted to it machinery or equipment used to perform certain operations (construction, manufacturing, drilling, mining, timbering, processing, farming, or similar operations) if the operation of the machinery or equipment is unrelated to transportation on or off the public highways. Irs efile 2012 The chassis has been specially designed to serve only as a mobile carriage and mount (and power source, if applicable) for the machinery or equipment, whether or not the machinery or equipment is in operation. Irs efile 2012 The chassis could not, because of its special design and without substantial structural modification, be used as part of a vehicle designed to carry any other load. Irs efile 2012 Vehicles specially designed for off-highway transportation. Irs efile 2012 A vehicle is not treated as a highway vehicle if the vehicle is specially designed for the primary function of transporting a particular type of load other than over the public highway and because of this special design, the vehicles's capability to transport a load over a public highway is substantially limited or impaired. Irs efile 2012 To make this determination, you can take into account the vehicle's size, whether the vehicle is subject to licensing, safety, or other requirements, and whether the vehicle can transport a load at a sustained speed of at least 25 miles per hour. Irs efile 2012 It does not matter that the vehicle can carry heavier loads off highway than it is allowed to carry over the highway. Irs efile 2012 Nontransportation trailers and semitrailers. Irs efile 2012 A trailer or semitrailer is not treated as a highway vehicle if it is specially designed to function only as an enclosed stationary shelter for carrying on a nontransportation function at an off-highway site. Irs efile 2012 For example, a trailer that is capable only of functioning as an office for an off-highway construction operation is not a highway vehicle. Irs efile 2012 Gross vehicle weight. Irs efile 2012   The tax does not apply to truck chassis and bodies suitable for use with a vehicle that has a gross vehicle weight (defined below) of 33,000 pounds or less. Irs efile 2012 It also does not apply to truck trailer and semitrailer chassis and bodies suitable for use with a trailer or semitrailer that has a gross vehicle weight of 26,000 pounds or less. Irs efile 2012 Tractors that have a gross vehicle weight of 19,500 pounds or less and a gross combined weight of 33,000 pounds or less are excluded from the 12% retail tax. Irs efile 2012   The following four classifications of truck body types meet the suitable for use standard and will be excluded from the retail excise tax. Irs efile 2012 Platform truck bodies 21 feet or less in length. Irs efile 2012 Dry freight and refrigerated truck van bodies 24 feet or less in length. Irs efile 2012 Dump truck bodies with load capacities of 8 cubic yards or less. Irs efile 2012 Refuse packer truck bodies with load capacities of 20 cubic yards or less. Irs efile 2012 For more information on these classifications, see Revenue Procedure 2005-19, which is on page 832 of I. Irs efile 2012 R. Irs efile 2012 B. Irs efile 2012 2005-14 at www. Irs efile 2012 irs. Irs efile 2012 gov/pub/irs-irbs/irb05-14. Irs efile 2012 pdf. Irs efile 2012   The gross vehicle weight means the maximum total weight of a loaded vehicle. Irs efile 2012 Generally, this maximum total weight is the gross vehicle weight rating provided by the manufacturer or determined by the seller of the completed article. Irs efile 2012 The seller's gross vehicle weight rating is determined solely on the basis of the strength of the chassis frame and the axle capacity and placement. Irs efile 2012 The seller may not take into account any readily attachable components (such as tires or rim assemblies) in determining the gross vehicle weight. Irs efile 2012 See Regulations section 145. Irs efile 2012 4051-1(e)(3) for more information. Irs efile 2012 Parts or accessories. Irs efile 2012   The tax applies to parts or accessories sold on or in connection with, or with the sale of, a taxable article. Irs efile 2012 For example, if at the time of the sale by the retailer, the part or accessory has been ordered from the retailer, the part or accessory will be considered as sold in connection with the sale of the vehicle. Irs efile 2012 The tax applies in this case whether or not the retailer bills the parts or accessories separately. Irs efile 2012   If the retailer sells a taxable chassis, body, or tractor without parts or accessories considered essential for the operation or appearance of the taxable article, the sale of the parts or accessories by the retailer to the purchaser is considered made in connection with the sale of the taxable article even though they are shipped separately, at the same time, or on a different date. Irs efile 2012 The tax applies unless there is evidence to the contrary. Irs efile 2012 For example, if a retailer sells to any person a chassis and the bumpers for the chassis, or sells a taxable tractor and the fifth wheel and attachments, the tax applies to the parts or accessories regardless of the method of billing or the time at which the shipments were made. Irs efile 2012 The tax does not apply to parts and accessories that are spares or replacements. Irs efile 2012   The tax imposed on parts and accessories sold on or in connection with the taxable articles listed earlier and the tax imposed on the separate purchase of parts and accessories (discussed next) for the taxable articles listed earlier do not apply to an idling reduction device or insulation that has an R value of at least R35 per inch. Irs efile 2012 Idling reduction device. Irs efile 2012   An idling reduction device is any device or system of devices that provide the tractor with services, such as heat, air conditioning, and electricity, without the use of the main drive engine while the tractor is temporarily parked or stationary. Irs efile 2012 The device must be affixed to the tractor and determined by the Administrator of the EPA, in consultation with the Secretary of Energy and Secretary of Transportation, to reduce idling while parked or stationary. Irs efile 2012 The EPA discusses idling reduction technologies on its website at www. Irs efile 2012 epa. Irs efile 2012 gov/smartway/technology/idling. Irs efile 2012 htm. Irs efile 2012 Separate purchase. Irs efile 2012   The tax generally applies to the price of a part or accessory and its installation if the following conditions are met. Irs efile 2012 The owner, lessee, or operator of any vehicle that contains a taxable article installs any part or accessory on the vehicle. Irs efile 2012 The installation occurs within 6 months after the vehicle is first placed in service. Irs efile 2012   The owners of the trade or business installing the parts or accessories are secondarily liable for the tax. Irs efile 2012   A vehicle is placed in service on the date the owner takes actual possession of the vehicle. Irs efile 2012 This date is established by a signed delivery ticket or other comparable document indicating delivery to and acceptance by the owner. Irs efile 2012   The tax does not apply if the installed part or accessory is a replacement part or accessory. Irs efile 2012 The tax also does not apply if the total price of the parts and accessories, including installation charges, during the 6-month period is $1,000 or less. Irs efile 2012 However, if the total price is more than $1,000, the tax applies to the cost of all parts and accessories (and installation charges) during that period. Irs efile 2012 Example. Irs efile 2012 You bought a taxable vehicle and placed it in service on April 8. Irs efile 2012 On May 3, you bought and installed parts and accessories at a cost of $850. Irs efile 2012 On July 15, you bought and installed parts and accessories for $300. Irs efile 2012 Tax of $138 (12% of $1,150) applies on July 15. Irs efile 2012 Also, tax will apply to any costs of additional parts and accessories installed on the vehicle before October 8. Irs efile 2012 First retail sale defined. Irs efile 2012   The sale of an article is treated as the first retail sale, and the seller will be liable for the tax imposed on the sale unless one of the following exceptions applies. Irs efile 2012 There has been a prior taxable sale, lease, or use of the article (however, see Tax on resale of tax-paid trailers and semitrailers, later). Irs efile 2012 The sale qualifies as a tax-free sale under section 4221 (see Sales exempt from tax, later). Irs efile 2012 The seller in good faith accepts from the purchaser a statement signed under penalties of perjury and executed in good faith that the purchaser intends to resell the article or lease it on a long-term basis. Irs efile 2012 There is no registration requirement. Irs efile 2012 Leases. Irs efile 2012   A long-term lease (a lease with a term of 1 year or more, taking into account options to renew) before a first retail sale is treated as a taxable sale. Irs efile 2012 The tax is imposed on the lessor at the time of the lease. Irs efile 2012   A short-term lease (a lease with a term of less than 1 year, taking into account options to renew) before a first retail sale is treated as a taxable use. Irs efile 2012 The tax is imposed on the lessor at the time of the lease. Irs efile 2012 Exported vehicle. Irs efile 2012   A vehicle exported before its first retail sale, used in a foreign country, and then returned to the United States is subject to the retail tax on its first domestic use or retail sale after importation. Irs efile 2012 Tax on resale of tax-paid trailers and semitrailers. Irs efile 2012   The tax applies to a trailer or semitrailer resold within 6 months after having been sold in a taxable sale. Irs efile 2012 The seller liable for the tax on the resale can claim a credit equal to the tax paid on the prior taxable sale. Irs efile 2012 The credit cannot exceed the tax on the resale. Irs efile 2012 See Regulations section 145. Irs efile 2012 4052-1(a)(4) for information on the conditions to allowance for the credit. Irs efile 2012 Use treated as sale. Irs efile 2012   If any person uses a taxable article before the first retail sale of the article, that person is liable for the tax as if the article had been sold at retail by that person. Irs efile 2012 Figure the tax on the price at which similar articles are sold in the ordinary course of trade by retailers. Irs efile 2012 The tax attaches when the use begins. Irs efile 2012   If the seller of an article regularly sells the articles at retail in arm's-length transactions, figure the tax on its use on the lowest established retail price for the articles in effect at the time of the taxable use. Irs efile 2012   If the seller of an article does not regularly sell the articles at retail in arm's-length transactions, a constructive price on which the tax is figured will be determined by the IRS after considering the selling practices and price structures of sellers of similar articles. Irs efile 2012   If a seller of an article incurs liability for tax on the use of the article and later sells or leases the article in a transaction that otherwise would be taxable, liability for tax is not incurred on the later sale or lease. Irs efile 2012 Presumptive retail sales price. Irs efile 2012   There are rules to ensure that the tax base of transactions considered to be taxable sales includes either an actual or presumed markup percentage. Irs efile 2012 If the person liable for tax is the vehicle's manufacturer, producer, or importer, the following discussions show how you figure the presumptive retail sales price depending on the type of transaction and the persons involved in the transaction. Irs efile 2012 Table 6-1 outlines the appropriate tax base calculation for various transactions. Irs efile 2012   The presumed markup percentage to be used for trucks and truck-tractors is 4%. Irs efile 2012 But for truck trailers and semitrailers and remanufactured trucks and tractors, the presumed markup percentage is zero. Irs efile 2012 Sale. Irs efile 2012   For a taxable sale by a manufacturer, producer, importer, or related person, you generally figure the tax on a tax base of the sales price plus an amount equal to the presumed markup percentage times that sales price. Irs efile 2012 Long-term lease. Irs efile 2012   In the case of a long-term lease by a manufacturer, producer, importer, or related person, figure the tax on a tax base of the constructive sales price plus an amount equal to the presumed markup percentage times the constructive sales price. Irs efile 2012 Short-term lease. Irs efile 2012   When a manufacturer, producer, importer, or related person leases an article in a short-term lease considered a taxable use, figure the tax on a constructive sales price at which those or similar articles generally are sold in the ordinary course of trade by retailers. Irs efile 2012   But if the lessor in this situation regularly sells articles at retail in arm's-length transactions, figure the tax on the lowest established retail price in effect at the time of the taxable use. Irs efile 2012   If a person other than the manufacturer, producer, importer, or related person leases an article in a short-term lease considered a taxable use, figure the tax on a tax base of the price for which the article was sold to the lessor plus the cost of parts and accessories installed by the lessor and a presumed markup percentage. Irs efile 2012 Related person. Irs efile 2012   A related person is any member of the same controlled group as the manufacturer, producer, or importer. Irs efile 2012 Do not treat as a related person a person that sells the articles through a permanent retail establishment in the normal course of being a retailer if that person has records to prove the article was sold for a price that included a markup equal to or greater than the presumed markup percentage. Irs efile 2012 Table 6-1. Irs efile 2012 Tax Base IF the transaction is a. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 THEN figuring the base by using the. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 Sale by the manufacturer, producer, importer, or related person Sales price plus (presumed markup percentage × sales price) Sale by the dealer Total consideration paid for the item including any charges incident to placing it in a condition ready for use Long-term lease by the manufacturer, producer, importer, or related person Constructive sales price plus (presumed markup percentage × constructive sales price) Short-term lease by the manufacturer, producer, importer, or related person Constructive sales price at which such or similar articles are sold Short-term lease by a lessor other than the manufacturer, producer, importer, or related person Price for which the article was sold to the lessor plus the cost of parts and accessories installed by the lessor plus a presumed markup percentage Short-term lease where the articles are regularly sold at arm's length Lowest established retail price in effect at the time of the taxable use General rule for sales by dealers to the consumer. Irs efile 2012   For a taxable sale, other than a long-term lease, by a person other than a manufacturer, producer, importer, or related person, your tax base is the retail sales price as discussed next under Determination of tax base. Irs efile 2012   When you sell an article to the consumer, generally you do not add a presumed markup to the tax base. Irs efile 2012 However, you do add a markup if all the following apply. Irs efile 2012 You do not perform any significant activities relating to the processing of the sale of a taxable article. Irs efile 2012 The main reason for processing the sale through you is to avoid or evade the presumed markup. Irs efile 2012 You do not have records proving that the article was sold for a price that included a markup equal to or greater than the presumed markup percentage. Irs efile 2012 In these situations, your tax base is the sales price plus an amount equal to the presumed markup percentage times that selling price. Irs efile 2012 Determination of tax base. Irs efile 2012   These rules apply to both normal retail sales price and presumptive retail sales price computations. Irs efile 2012 To arrive at the tax base, the price is the total consideration paid (including trade-in allowance) for the item and includes any charge incident to placing the article in a condition ready for use. Irs efile 2012 However, see Presumptive retail sales price, earlier. Irs efile 2012 Exclusions from tax base. Irs efile 2012   Exclude from the tax base the retail excise tax imposed on the sale. Irs efile 2012 Exclude any state or local retail sales tax if stated as a separate charge from the price whether the sales tax is imposed on the seller or purchaser. Irs efile 2012 Also exclude the value of any used component of the article furnished by the first user of the article. Irs efile 2012   Exclude charges for transportation, delivery, insurance, and installation (other than installation charges for parts and accessories, discussed earlier) and other expenses incurred in connection with the delivery of an article to a purchaser. Irs efile 2012 These expenses are those incurred in delivery from the retail dealer to the customer. Irs efile 2012 In the case of delivery directly from the manufacturer to the dealer's customer, include the transportation and delivery charges to the extent the charges do not exceed what it would have cost to ship the article to the dealer. Irs efile 2012   Exclude amounts charged for machinery or equipment that does not contribute to the highway transportation function of the vehicle, provided those charges are supported by adequate records. Irs efile 2012 For example, for an industrial vacuum loader vehicle, exclude amounts charged for the vacuum pump and hose, filter system, material separator, silencer or muffler, control cabinet, and ladder. Irs efile 2012 Similarly, for a sewer cleaning vehicle, exclude amounts charged for the high pressure water pump, hose components, and the vacuum pipe. Irs efile 2012 Sales not at arm's length. Irs efile 2012   For any taxable article sold (not at arm's length) at less than the fair market price, figure the excise tax on the price for which similar articles are sold at retail in the ordinary course of trade. Irs efile 2012   A sale is not at arm's length if either of the following apply. Irs efile 2012 One of the parties is controlled (in law or in fact) by the other or there is common control, whether or not the control is actually exercised to influence the sales price. Irs efile 2012 The sale is made under special arrangements between a seller and a purchaser. Irs efile 2012 Installment sales. Irs efile 2012   If the first retail sale is an installment sale, or other form of sale in which the sales price is paid in installments, tax liability arises at the time of the sale. Irs efile 2012 The tax is figured on the entire sales price. Irs efile 2012 No part of the tax is deferred because the sales price is paid in installments. Irs efile 2012 Repairs and modifications. Irs efile 2012   The tax does not apply to the sale or use of an article that has been repaired or modified unless the cost of the repairs and modifications is more than 75% of the retail price of a comparable new article. Irs efile 2012 This includes modifications that change the transportation function of an article or restore a wrecked article to a functional condition. Irs efile 2012 However, this exception generally does not apply to an article that was not subject to the tax when it was new. Irs efile 2012 Further manufacture. Irs efile 2012   The tax does not apply to the use by a person of a taxable article as material in the manufacture or production of, or as a component part of, another article to be manufactured or produced by that person. Irs efile 2012 Do not treat a person as engaged in the manufacture of any article merely because that person combines the article with a: Coupling device (including any fifth wheel); Wrecker crane; Loading and unloading equipment (including any crane, hoist, winch, or power liftgate); Aerial ladder or tower; Ice and snow control equipment; Earth moving, excavation, and construction equipment; Spreader; Sleeper cab; Cab shield; or Wood or metal floor. Irs efile 2012 Combining an article with an item in this list does not give rise to taxability. Irs efile 2012 However, see Parts or accessories discussed earlier. Irs efile 2012 Articles exempt from tax. Irs efile 2012   The tax on heavy trucks, trailers, and tractors does not apply to sales of the articles described in the following discussions. Irs efile 2012 Rail trailers and rail vans. Irs efile 2012   This is any chassis or body of a trailer or semitrailer designed for use both as a highway vehicle and a railroad car (including any parts and accessories designed primarily for use on and in connection with it). Irs efile 2012 Do not treat a piggyback trailer or semitrailer as designed for use as a railroad car. Irs efile 2012 Parts and accessories. Irs efile 2012   This is any part or accessory sold separately from the truck or trailer, except as described earlier under Parts or accessories and Separate purchase. Irs efile 2012 Trash containers. Irs efile 2012   This is any box, container, receptacle, bin, or similar article that meets all the following conditions. Irs efile 2012 It is designed to be used as a trash container. Irs efile 2012 It is not designed to carry freight other than trash. Irs efile 2012 It is not designed to be permanently mounted on or affixed to a truck chassis or body. Irs efile 2012 House trailers. Irs efile 2012   This is any house trailer (regardless of size) suitable for use in connection with either passenger automobiles or trucks. Irs efile 2012 Camper coaches or bodies for self-propelled mobile homes. Irs efile 2012   This is any article designed to be mounted or placed on trucks, truck chassis, or automobile chassis and to be used primarily as living quarters or camping accommodations. Irs efile 2012 Further, the tax does not apply to chassis specifically designed and constructed to accommodate and transport self-propelled mobile home bodies. Irs efile 2012 Farm feed, seed, and fertilizer equipment. Irs efile 2012   This is any body primarily designed to process or prepare, haul, spread, load, or unload feed, seed, or fertilizer to or on farms. Irs efile 2012 This exemption applies only to the farm equipment body (and parts and accessories) and not to the chassis upon which the farm equipment is mounted. Irs efile 2012 Ambulances and hearses. Irs efile 2012   This is any ambulance, hearse, or combination ambulance-hearse. Irs efile 2012 Truck-tractors. Irs efile 2012   This is any truck-tractor specifically designed for use in shifting semitrailers in and around freight yards and freight terminals. Irs efile 2012 Concrete mixers. Irs efile 2012   This is any article designed to be placed or mounted on a truck, truck trailer, or semitrailer chassis to be used to process or prepare concrete. Irs efile 2012 This exemption does not apply to the chassis on which the article is mounted. Irs efile 2012 Sales exempt from tax. Irs efile 2012   The following sales are ordinarily exempt from tax. Irs efile 2012 Sales to a state or local government for its exclusive use. Irs efile 2012 Sales to Indian tribal governments, but only if the transaction involves the exercise of an essential tribal government function. Irs efile 2012 Sales to a nonprofit educational organization for its exclusive use. Irs efile 2012 Sales to a qualified blood collector organization (as defined under Communications Tax in chapter 4) for its exclusive use in the collection, storage, or transportation of blood. Irs efile 2012 Sales for use by the purchaser for further manufacture of other taxable articles (see below). Irs efile 2012 Sales for export or for resale by the purchaser to a second purchaser for export. Irs efile 2012 Sales to the United Nations for official use. Irs efile 2012 Registration requirement. Irs efile 2012   In general, the seller and buyer must be registered for a sale to be tax free. Irs efile 2012 See the Form 637 instructions for more information. Irs efile 2012 Certain registration exceptions apply in the case of sales to state and local governments, sales to foreign purchasers for export, and sales for resale or long term leasing. Irs efile 2012 Further manufacture. Irs efile 2012   If you buy articles tax free and resell or use them other than in the manufacture of another article, you are liable for the tax on their resale or use just as if you had manufactured and made the first retail sale of them. Irs efile 2012 Credits or refunds. Irs efile 2012   A credit or refund (without interest) of the retail tax on the taxable articles described earlier may be allowable if the tax has been paid with respect to an article and, before any other use, such article is used by any person as a component part of another taxable article manufactured or produced. Irs efile 2012 The person using the article as a component part is eligible for the credit or refund. Irs efile 2012   A credit or refund is allowable if, before any other use, an article is, by any person: Exported, Used or sold for use as supplies for vessels, Sold to a state or local government for its exclusive use, Sold to a nonprofit educational organization for its exclusive use, or Sold to a qualified blood collector organization (as defined under Communications Tax in chapter 4) for its exclusive use in the collection, storage, or transportation of blood. Irs efile 2012 A credit or refund is also allowable if there is a price readjustment by reason of the return or repossession of an article or by reason of a bona fide discount, rebate, or allowance. Irs efile 2012   See also Conditions to allowance in chapter 5. Irs efile 2012 Tire credit. Irs efile 2012   A credit is allowed against the retail tax on the taxable articles described earlier if taxable tires are sold on or in connection with the sale of the article. Irs efile 2012 The credit is equal to the manufacturers excise tax imposed on the taxable tires (discussed earlier). Irs efile 2012 This is the section 4051(d) taxable tire credit and is claimed on Schedule C (Form 720) for the same quarter for which the tax on the heavy vehicle is reported. Irs efile 2012 Prev  Up  Next   Home   More Online Publications
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Irs efile 2012 3. Irs efile 2012   Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Irs efile 2012 How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Irs efile 2012 However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Irs efile 2012 This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Irs efile 2012 Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Irs efile 2012 What Is a Disposition of Property? A disposition of property includes the following transactions. Irs efile 2012 You sell property for cash or other property. Irs efile 2012 You exchange property for other property. Irs efile 2012 You receive money as a tenant for the cancellation of a lease. Irs efile 2012 You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Irs efile 2012 You transfer property to satisfy a debt. Irs efile 2012 You abandon property. Irs efile 2012 Your bank or other financial institution forecloses on your mortgage or repossesses your property. Irs efile 2012 Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Irs efile 2012 Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Irs efile 2012 For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Irs efile 2012 For details about other dispositions, see chapter 1 in Publication 544. Irs efile 2012 Nontaxable exchanges. Irs efile 2012   Certain exchanges of property are not taxable. Irs efile 2012 This means any gain from the exchange is not recognized and you cannot deduct any loss. Irs efile 2012 Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Irs efile 2012 Like-kind exchanges. Irs efile 2012   A like-kind exchange is the exchange of property for the same kind of property. Irs efile 2012 It is the most common type of nontaxable exchange. Irs efile 2012 To be a like-kind exchange, the property traded and the property received must be both of the following. Irs efile 2012 Business or investment property. Irs efile 2012 Like property. Irs efile 2012   Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Irs efile 2012 For more information about like-kind exchanges, see chapter 1 in Publication 544. Irs efile 2012 Installment sales. Irs efile 2012   An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Irs efile 2012 If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Irs efile 2012   For more information about installment sales, see Publication 537, Installment Sales. Irs efile 2012 Sale of a business. Irs efile 2012   The sale of a business usually is not a sale of one asset. Irs efile 2012 Instead, all the assets of the business are sold. Irs efile 2012 Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Irs efile 2012   Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Irs efile 2012 Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Irs efile 2012 The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Irs efile 2012   For more information about the sale of a business, see chapter 2 of Publication 544. Irs efile 2012 How Do I Figure a Gain or Loss? Table 3-1. Irs efile 2012 How To Figure a Gain or Loss IF your. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 THEN you have a. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 Adjusted basis is more than the amount realized Loss. Irs efile 2012 Amount realized is more than the adjusted basis Gain. Irs efile 2012 Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Irs efile 2012 You need to know these definitions to figure your gain or loss. Irs efile 2012 Basis. Irs efile 2012   The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Irs efile 2012 However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Irs efile 2012 For more information about basis, see Publication 551, Basis of Assets. Irs efile 2012 Adjusted basis. Irs efile 2012   The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Irs efile 2012 In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Irs efile 2012 Amount realized. Irs efile 2012   The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Irs efile 2012 The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Irs efile 2012 Fair market value. Irs efile 2012   Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Irs efile 2012 Amount recognized. Irs efile 2012   Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Irs efile 2012 Recognized gains must be included in gross income. Irs efile 2012 Recognized losses are deductible from gross income. Irs efile 2012 However, a gain or loss realized from certain exchanges of property is not recognized. Irs efile 2012 See  Nontaxable exchanges, earlier. Irs efile 2012 Also, you cannot deduct a loss from the disposition of property held for personal use. Irs efile 2012 Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Irs efile 2012 You must do this to figure your net capital gain or loss. Irs efile 2012 Generally, you will have a capital gain or loss if you dispose of a capital asset. Irs efile 2012 For the most part, everything you own and use for personal purposes or investment is a capital asset. Irs efile 2012 Certain property you use in your business is not a capital asset. Irs efile 2012 A gain or loss from a disposition of this property is an ordinary gain or loss. Irs efile 2012 However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Irs efile 2012 These gains and losses are called section 1231 gains and losses. Irs efile 2012 For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Irs efile 2012 Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Irs efile 2012 Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Irs efile 2012 The time you own property before disposing of it is called the holding period. Irs efile 2012 Table 3-2. Irs efile 2012 Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 THEN you have a. Irs efile 2012 . Irs efile 2012 . Irs efile 2012 1 year or less Short-term capital gain or loss. Irs efile 2012 More than 1 year Long-term capital gain or loss. Irs efile 2012 For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Irs efile 2012 Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Irs efile 2012 The instructions for the forms explain how to fill them out. Irs efile 2012 Dispositions of business property and depreciable property. Irs efile 2012   Use Form 4797. Irs efile 2012 If you have taxable gain, you may also have to use Schedule D (Form 1040). Irs efile 2012 Like-kind exchanges. Irs efile 2012   Use Form 8824, Like-Kind Exchanges. Irs efile 2012 You may also have to use Form 4797 and Schedule D (Form 1040). Irs efile 2012 Installment sales. Irs efile 2012   Use Form 6252, Installment Sale Income. Irs efile 2012 You may also have to use Form 4797 and Schedule D (Form 1040). Irs efile 2012 Casualties and thefts. Irs efile 2012   Use Form 4684, Casualties and Thefts. Irs efile 2012 You may also have to use Form 4797. Irs efile 2012 Condemned property. Irs efile 2012   Use Form 4797. Irs efile 2012 You may also have to use Schedule D (Form 1040). Irs efile 2012 Prev  Up  Next   Home   More Online Publications