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Www dfas mil 2. Www dfas mil   Ordinary or Capital Gain or Loss Table of Contents IntroductionSection 1231 transactions. Www dfas mil Topics - This chapter discusses: Useful Items - You may want to see: Capital Assets Noncapital AssetsCommodities derivative dealer. Www dfas mil Sales and Exchanges Between Related PersonsGain Is Ordinary Income Nondeductible Loss Other DispositionsSale of a Business Dispositions of Intangible Property Subdivision of Land Timber Precious Metals and Stones, Stamps, and Coins Coal and Iron Ore Conversion Transactions Introduction You must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Www dfas mil You must do this to figure your net capital gain or loss. Www dfas mil For individuals, a net capital gain may be taxed at a different tax rate than ordinary income. Www dfas mil See Capital Gains Tax Rates in chapter 4. Www dfas mil Your deduction for a net capital loss may be limited. Www dfas mil See Treatment of Capital Losses in chapter 4. Www dfas mil Capital gain or loss. Www dfas mil   Generally, you will have a capital gain or loss if you sell or exchange a capital asset. Www dfas mil You also may have a capital gain if your section 1231 transactions result in a net gain. Www dfas mil Section 1231 transactions. Www dfas mil   Section 1231 transactions are sales and exchanges of property held longer than 1 year and either used in a trade or business or held for the production of rents or royalties. Www dfas mil They also include certain involuntary conversions of business or investment property, including capital assets. Www dfas mil See Section 1231 Gains and Losses in chapter 3 for more information. Www dfas mil Topics - This chapter discusses: Capital assets Noncapital assets Sales and exchanges between  related persons Other dispositions Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 4797 Sales of Business Property 8594 Asset Acquisition Statement Under Section 1060 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Www dfas mil Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. Www dfas mil For exceptions, see Noncapital Assets, later. Www dfas mil The following items are examples of capital assets. Www dfas mil Stocks and bonds. Www dfas mil A home owned and occupied by you and your family. Www dfas mil Timber grown on your home property or investment property, even if you make casual sales of the timber. Www dfas mil Household furnishings. Www dfas mil A car used for pleasure or commuting. Www dfas mil Coin or stamp collections. Www dfas mil Gems and jewelry. Www dfas mil Gold, silver, and other metals. Www dfas mil Personal-use property. Www dfas mil   Generally, property held for personal use is a capital asset. Www dfas mil Gain from a sale or exchange of that property is a capital gain. Www dfas mil Loss from the sale or exchange of that property is not deductible. Www dfas mil You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Www dfas mil Investment property. Www dfas mil   Investment property (such as stocks and bonds) is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss. Www dfas mil This treatment does not apply to property used to produce rental income. Www dfas mil See Business assets, later, under Noncapital Assets. Www dfas mil Release of restriction on land. Www dfas mil   Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset. Www dfas mil Noncapital Assets A noncapital asset is property that is not a capital asset. Www dfas mil The following kinds of property are not capital assets. Www dfas mil Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business. Www dfas mil Inventories are discussed in Publication 538, Accounting Periods and Methods. Www dfas mil But, see the Tip below. Www dfas mil Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of any properties described in (1), above. Www dfas mil Depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later), even if the property is fully depreciated (or amortized). Www dfas mil Sales of this type of property are discussed in chapter 3. Www dfas mil Real property used in your trade or business or as rental property, even if the property is fully depreciated. Www dfas mil A copyright; a literary, musical, or artistic composition; a letter; a memorandum; or similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs): Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Received from a person who created the property or for whom the property was prepared under circumstances (for example, by gift) entitling you to the basis of the person who created the property, or for whom it was prepared or produced. Www dfas mil But, see the Tip below. Www dfas mil U. Www dfas mil S. Www dfas mil Government publications you got from the government for free or for less than the normal sales price or that you acquired under circumstances entitling you to the basis of someone who got the publications for free or for less than the normal sales price. Www dfas mil Any commodities derivative financial instrument (discussed later) held by a commodities derivatives dealer unless it meets both of the following requirements. Www dfas mil It is established to the satisfaction of the IRS that the instrument has no connection to the activities of the dealer as a dealer. Www dfas mil The instrument is clearly identified in the dealer's records as meeting (a) by the end of the day on which it was acquired, originated, or entered into. Www dfas mil Any hedging transaction (defined later) that is clearly identified as a hedging transaction by the end of the day on which it was acquired, originated, or entered into. Www dfas mil Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Www dfas mil You can elect to treat as capital assets certain self-created musical compositions or copyrights you sold or exchanged. Www dfas mil See chapter 4 of Publication 550 for details. Www dfas mil Property held mainly for sale to customers. Www dfas mil   Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business are not capital assets. Www dfas mil Inventories are discussed in Publication 538. Www dfas mil Business assets. Www dfas mil   Real property and depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later under Dispositions of Intangible Property) are not capital assets. Www dfas mil The sale or disposition of business property is discussed in chapter 3. Www dfas mil Letters and memoranda. Www dfas mil   Letters, memoranda, and similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs) are not treated as capital assets (as discussed earlier) if your personal efforts created them or if they were prepared or produced for you. Www dfas mil Nor is this property a capital asset if your basis in it is determined by reference to the person who created it or the person for whom it was prepared. Www dfas mil For this purpose, letters and memoranda addressed to you are considered prepared for you. Www dfas mil If letters or memoranda are prepared by persons under your administrative control, they are considered prepared for you whether or not you review them. Www dfas mil Commodities derivative financial instrument. Www dfas mil   A commodities derivative financial instrument is a commodities contract or other financial instrument for commodities (other than a share of corporate stock, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract) the value or settlement price of which is calculated or determined by reference to a specified index (as defined in section 1221(b) of the Internal Revenue Code). Www dfas mil Commodities derivative dealer. Www dfas mil   A commodities derivative dealer is a person who regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business. Www dfas mil Hedging transaction. Www dfas mil   A hedging transaction is any transaction you enter into in the normal course of your trade or business primarily to manage any of the following. Www dfas mil Risk of price changes or currency fluctuations involving ordinary property you hold or will hold. Www dfas mil Risk of interest rate or price changes or currency fluctuations for borrowings you make or will make, or ordinary obligations you incur or will incur. Www dfas mil Sales and Exchanges Between Related Persons This section discusses the rules that may apply to the sale or exchange of property between related persons. Www dfas mil If these rules apply, gains may be treated as ordinary income and losses may not be deductible. Www dfas mil See Transfers to Spouse in chapter 1 for rules that apply to spouses. Www dfas mil Gain Is Ordinary Income If a gain is recognized on the sale or exchange of property to a related person, the gain may be ordinary income even if the property is a capital asset. Www dfas mil It is ordinary income if the sale or exchange is a depreciable property transaction or a controlled partnership transaction. Www dfas mil Depreciable property transaction. Www dfas mil   Gain on the sale or exchange of property, including a leasehold or a patent application, that is depreciable property in the hands of the person who receives it is ordinary income if the transaction is either directly or indirectly between any of the following pairs of entities. Www dfas mil A person and the person's controlled entity or entities. Www dfas mil A taxpayer and any trust in which the taxpayer (or his or her spouse) is a beneficiary unless the beneficiary's interest in the trust is a remote contingent interest; that is, the value of the interest computed actuarially is 5% or less of the value of the trust property. Www dfas mil An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest (a bequest for a sum of money). Www dfas mil An employer (or any person related to the employer under rules (1), (2), or (3)) and a welfare benefit fund (within the meaning of section 419(e) of the Internal Revenue Code) that is controlled directly or indirectly by the employer (or any person related to the employer). Www dfas mil Controlled entity. Www dfas mil   A person's controlled entity is either of the following. Www dfas mil A corporation in which more than 50% of the value of all outstanding stock, or a partnership in which more than 50% of the capital interest or profits interest, is directly or indirectly owned by or for that person. Www dfas mil An entity whose relationship with that person is one of the following. Www dfas mil A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Www dfas mil Two corporations that are members of the same controlled group as defined in section 1563(a) of the Internal Revenue Code, except that “more than 50%” is substituted for “at least 80%” in that definition. Www dfas mil Two S corporations, if the same persons own more than 50% in value of the outstanding stock of each corporation. Www dfas mil Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Www dfas mil Controlled partnership transaction. Www dfas mil   A gain recognized in a controlled partnership transaction may be ordinary income. Www dfas mil The gain is ordinary income if it results from the sale or exchange of property that, in the hands of the party who receives it, is a noncapital asset such as trade accounts receivable, inventory, stock in trade, or depreciable or real property used in a trade or business. Www dfas mil   A controlled partnership transaction is a transaction directly or indirectly between either of the following pairs of entities. Www dfas mil A partnership and a person who directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Www dfas mil Two partnerships, if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Www dfas mil Determining ownership. Www dfas mil   In the transactions under Depreciable property transaction and Controlled partnership transaction, earlier, use the following rules to determine the ownership of stock or a partnership interest. Www dfas mil Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Www dfas mil (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Www dfas mil ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Www dfas mil Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Www dfas mil For purposes of applying (1) or (2), above, stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Www dfas mil But stock or a partnership interest constructively owned by an individual under (2) is not treated as owned by the individual for reapplying (2) to make another person the constructive owner of that stock or partnership interest. Www dfas mil Nondeductible Loss A loss on the sale or exchange of property between related persons is not deductible. Www dfas mil This applies to both direct and indirect transactions, but not to distributions of property from a corporation in a complete liquidation. Www dfas mil For the list of related persons, see Related persons next. Www dfas mil If a sale or exchange is between any of these related persons and involves the lump-sum sale of a number of blocks of stock or pieces of property, the gain or loss must be figured separately for each block of stock or piece of property. Www dfas mil The gain on each item is taxable. Www dfas mil The loss on any item is nondeductible. Www dfas mil Gains from the sales of any of these items may not be offset by losses on the sales of any of the other items. Www dfas mil Related persons. Www dfas mil   The following is a list of related persons. Www dfas mil Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Www dfas mil ), and lineal descendants (children, grandchildren, etc. Www dfas mil ). Www dfas mil An individual and a corporation if the individual directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Www dfas mil Two corporations that are members of the same controlled group as defined in section 267(f) of the Internal Revenue Code. Www dfas mil A trust fiduciary and a corporation if the trust or the grantor of the trust directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Www dfas mil A grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Www dfas mil Fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Www dfas mil A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization, or a member of that person's family. Www dfas mil A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Www dfas mil Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Www dfas mil Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Www dfas mil An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest. Www dfas mil Two partnerships if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Www dfas mil A person and a partnership if the person directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Www dfas mil Partnership interests. Www dfas mil   The nondeductible loss rule does not apply to a sale or exchange of an interest in the partnership between the related persons described in (12) or (13) above. Www dfas mil Controlled groups. Www dfas mil   Losses on transactions between members of the same controlled group described in (3) earlier are deferred rather than denied. Www dfas mil   For more information, see section 267(f) of the Internal Revenue Code. Www dfas mil Ownership of stock or partnership interests. Www dfas mil   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership for a loss on a sale or exchange, the following rules apply. Www dfas mil Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Www dfas mil (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Www dfas mil ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Www dfas mil Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Www dfas mil An individual owning (other than by applying (2)) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Www dfas mil For purposes of applying (1), (2), or (3), stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Www dfas mil But stock or a partnership interest constructively owned by an individual under (2) or (3) is not treated as owned by the individual for reapplying either (2) or (3) to make another person the constructive owner of that stock or partnership interest. Www dfas mil Indirect transactions. Www dfas mil   You cannot deduct your loss on the sale of stock through your broker if under a prearranged plan a related person or entity buys the same stock you had owned. Www dfas mil This does not apply to a cross-trade between related parties through an exchange that is purely coincidental and is not prearranged. Www dfas mil Property received from a related person. Www dfas mil   If, in a purchase or exchange, you received property from a related person who had a loss that was not allowable and you later sell or exchange the property at a gain, you recognize the gain only to the extent it is more than the loss previously disallowed to the related person. Www dfas mil This rule applies only to the original transferee. Www dfas mil Example 1. Www dfas mil Your brother sold stock to you for $7,600. Www dfas mil His cost basis was $10,000. Www dfas mil His loss of $2,400 was not deductible. Www dfas mil You later sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900 ($10,500 − $7,600). Www dfas mil Your recognized gain is only $500, the gain that is more than the $2,400 loss not allowed to your brother. Www dfas mil Example 2. Www dfas mil Assume the same facts as in Example 1, except that you sell the stock for $6,900 instead of $10,500. Www dfas mil Your recognized loss is only $700 ($7,600 − $6,900). Www dfas mil You cannot deduct the loss not allowed to your brother. Www dfas mil Other Dispositions This section discusses rules for determining the treatment of gain or loss from various dispositions of property. Www dfas mil Sale of a Business The sale of a business usually is not a sale of one asset. Www dfas mil Instead, all the assets of the business are sold. Www dfas mil Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Www dfas mil A business usually has many assets. Www dfas mil When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. Www dfas mil The gain or loss on each asset is figured separately. Www dfas mil The sale of capital assets results in capital gain or loss. Www dfas mil The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction (discussed in chapter 3). Www dfas mil The sale of inventory results in ordinary income or loss. Www dfas mil Partnership interests. Www dfas mil   An interest in a partnership or joint venture is treated as a capital asset when sold. Www dfas mil The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary gain or loss. Www dfas mil For more information, see Disposition of Partner's Interest in Publication 541. Www dfas mil Corporation interests. Www dfas mil   Your interest in a corporation is represented by stock certificates. Www dfas mil When you sell these certificates, you usually realize capital gain or loss. Www dfas mil For information on the sale of stock, see chapter 4 in Publication 550. Www dfas mil Corporate liquidations. Www dfas mil   Corporate liquidations of property generally are treated as a sale or exchange. Www dfas mil Gain or loss generally is recognized by the corporation on a liquidating sale of its assets. Www dfas mil Gain or loss generally is recognized also on a liquidating distribution of assets as if the corporation sold the assets to the distributee at fair market value. Www dfas mil   In certain cases in which the distributee is a corporation in control of the distributing corporation, the distribution may not be taxable. Www dfas mil For more information, see section 332 of the Internal Revenue Code and the related regulations. Www dfas mil Allocation of consideration paid for a business. Www dfas mil   The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. Www dfas mil Except for assets exchanged under any nontaxable exchange rules, both the buyer and seller of a business must use the residual method (explained later) to allocate the consideration to each business asset transferred. Www dfas mil This method determines gain or loss from the transfer of each asset and how much of the consideration is for goodwill and certain other intangible property. Www dfas mil It also determines the buyer's basis in the business assets. Www dfas mil Consideration. Www dfas mil   The buyer's consideration is the cost of the assets acquired. Www dfas mil The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets. Www dfas mil Residual method. Www dfas mil   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Www dfas mil This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b) of the Internal Revenue Code. Www dfas mil Section 743(b) applies if a partnership has an election in effect under section 754 of the Internal Revenue Code. Www dfas mil   A group of assets constitutes a trade or business if either of the following applies. Www dfas mil Goodwill or going concern value could, under any circumstances, attach to them. Www dfas mil The use of the assets would constitute an active trade or business under section 355 of the Internal Revenue Code. Www dfas mil   The residual method provides for the consideration to be reduced first by the amount of Class I assets (defined below). Www dfas mil The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Www dfas mil See Classes of assets next for the complete order. Www dfas mil Classes of assets. Www dfas mil   The following definitions are the classifications for deemed or actual asset acquisitions. Www dfas mil Allocate the consideration among the assets in the following order. Www dfas mil The amount allocated to an asset, other than a Class VII asset, cannot exceed its fair market value on the purchase date. Www dfas mil The amount you can allocate to an asset also is subject to any applicable limits under the Internal Revenue Code or general principles of tax law. Www dfas mil Class I assets are cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Www dfas mil Class II assets are certificates of deposit, U. Www dfas mil S. Www dfas mil Government securities, foreign currency, and actively traded personal property, including stock and securities. Www dfas mil Class III assets are accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Www dfas mil However, see section 1. Www dfas mil 338-6(b)(2)(iii) of the regulations for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Www dfas mil Class IV assets are property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Www dfas mil Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Www dfas mil    Note. Www dfas mil Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business are generally Class V assets. Www dfas mil Class VI assets are section 197 intangibles (other than goodwill and going concern value). Www dfas mil Class VII assets are goodwill and going concern value (whether the goodwill or going concern value qualifies as a section 197 intangible). Www dfas mil   If an asset described in one of the classifications described above can be included in more than one class, include it in the lower numbered class. Www dfas mil For example, if an asset is described in both Class II and Class IV, choose Class II. Www dfas mil Example. Www dfas mil The total paid in the sale of the assets of Company SKB is $21,000. Www dfas mil No cash or deposit accounts or similar accounts were sold. Www dfas mil The company's U. Www dfas mil S. Www dfas mil Government securities sold had a fair market value of $3,200. Www dfas mil The only other asset transferred (other than goodwill and going concern value) was inventory with a fair market value of $15,000. Www dfas mil Of the $21,000 paid for the assets of Company SKB, $3,200 is allocated to U. Www dfas mil S. Www dfas mil Government securities, $15,000 to inventory assets, and the remaining $2,800 to goodwill and going concern value. Www dfas mil Agreement. Www dfas mil   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Www dfas mil This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Www dfas mil Reporting requirement. Www dfas mil   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Www dfas mil Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Www dfas mil Generally, the buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Www dfas mil See the Instructions for Form 8594. Www dfas mil Dispositions of Intangible Property Intangible property is any personal property that has value but cannot be seen or touched. Www dfas mil It includes such items as patents, copyrights, and the goodwill value of a business. Www dfas mil Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Www dfas mil The treatment of section 1231 gain or loss and the recapture of amortization and depreciation as ordinary income are explained in chapter 3. Www dfas mil See chapter 8 of Publication 535, Business Expenses, for information on amortizable intangible property and chapter 1 of Publication 946, How To Depreciate Property, for information on intangible property that can and cannot be depreciated. Www dfas mil Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset. Www dfas mil The following discussions explain special rules that apply to certain dispositions of intangible property. Www dfas mil Section 197 Intangibles Section 197 intangibles are certain intangible assets acquired after August 10, 1993 (after July 25, 1991, if chosen), and held in connection with the conduct of a trade or business or an activity entered into for profit whose costs are amortized over 15 years. Www dfas mil They include the following assets. Www dfas mil Goodwill. Www dfas mil Going concern value. Www dfas mil Workforce in place. Www dfas mil Business books and records, operating systems, and other information bases. Www dfas mil Patents, copyrights, formulas, processes, designs, patterns, know how, formats, and similar items. Www dfas mil Customer-based intangibles. Www dfas mil Supplier-based intangibles. Www dfas mil Licenses, permits, and other rights granted by a governmental unit. Www dfas mil Covenants not to compete entered into in connection with the acquisition of a business. Www dfas mil Franchises, trademarks, and trade names. Www dfas mil See chapter 8 of Publication 535 for a description of each intangible. Www dfas mil Dispositions. Www dfas mil   You cannot deduct a loss from the disposition or worthlessness of a section 197 intangible you acquired in the same transaction (or series of related transactions) as another section 197 intangible you still hold. Www dfas mil Instead, you must increase the adjusted basis of your retained section 197 intangible by the nondeductible loss. Www dfas mil If you retain more than one section 197 intangible, increase each intangible's adjusted basis. Www dfas mil Figure the increase by multiplying the nondeductible loss by a fraction, the numerator (top number) of which is the retained intangible's adjusted basis on the date of the loss and the denominator (bottom number) of which is the total adjusted basis of all retained intangibles on the date of the loss. Www dfas mil   In applying this rule, members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity. Www dfas mil For example, a corporation cannot deduct a loss on the sale of a section 197 intangible if, after the sale, a member of the same controlled group retains other section 197 intangibles acquired in the same transaction as the intangible sold. Www dfas mil Covenant not to compete. Www dfas mil   A covenant not to compete (or similar arrangement) that is a section 197 intangible cannot be treated as disposed of or worthless before you have disposed of your entire interest in the trade or business for which the covenant was entered into. Www dfas mil Members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity in determining whether a member has disposed of its entire interest in a trade or business. Www dfas mil Anti-churning rules. Www dfas mil   Anti-churning rules prevent a taxpayer from converting section 197 intangibles that do not qualify for amortization into property that would qualify for amortization. Www dfas mil However, these rules do not apply to part of the basis of property acquired by certain related persons if the transferor elects to do both the following. Www dfas mil Recognize gain on the transfer of the property. Www dfas mil Pay income tax on the gain at the highest tax rate. Www dfas mil   If the transferor is a partnership or S corporation, the partnership or S corporation (not the partners or shareholders) can make the election. Www dfas mil But each partner or shareholder must pay the tax on his or her share of gain. Www dfas mil   To make the election, you, as the transferor, must attach a statement containing certain information to your income tax return for the year of the transfer. Www dfas mil You must file the tax return by the due date (including extensions). Www dfas mil You must also notify the transferee of the election in writing by the due date of the return. Www dfas mil   If you timely filed your return without making the election, you can make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Www dfas mil Attach the statement to the amended return and write “Filed pursuant to section 301. Www dfas mil 9100-2” at the top of the statement. Www dfas mil File the amended return at the same address the original return was filed. Www dfas mil For more information about making the election, see Regulations section 1. Www dfas mil 197-2(h)(9). Www dfas mil For information about reporting the tax on your income tax return, see the Instructions for Form 4797. Www dfas mil Patents The transfer of a patent by an individual is treated as a sale or exchange of a capital asset held longer than 1 year. Www dfas mil This applies even if the payments for the patent are made periodically during the transferee's use or are contingent on the productivity, use, or disposition of the patent. Www dfas mil For information on the treatment of gain or loss on the transfer of capital assets, see chapter 4. Www dfas mil This treatment applies to your transfer of a patent if you meet all the following conditions. Www dfas mil You are the holder of the patent. Www dfas mil You transfer the patent other than by gift, inheritance, or devise. Www dfas mil You transfer all substantial rights to the patent or an undivided interest in all such rights. Www dfas mil You do not transfer the patent to a related person. Www dfas mil Holder. Www dfas mil   You are the holder of a patent if you are either of the following. Www dfas mil The individual whose effort created the patent property and who qualifies as the original and first inventor. Www dfas mil The individual who bought an interest in the patent from the inventor before the invention was tested and operated successfully under operating conditions and who is neither related to, nor the employer of, the inventor. Www dfas mil All substantial rights. Www dfas mil   All substantial rights to patent property are all rights that have value when they are transferred. Www dfas mil A security interest (such as a lien), or a reservation calling for forfeiture for nonperformance, is not treated as a substantial right for these rules and may be kept by you as the holder of the patent. Www dfas mil   All substantial rights to a patent are not transferred if any of the following apply to the transfer. Www dfas mil The rights are limited geographically within a country. Www dfas mil The rights are limited to a period less than the remaining life of the patent. Www dfas mil The rights are limited to fields of use within trades or industries and are less than all the rights that exist and have value at the time of the transfer. Www dfas mil The rights are less than all the claims or inventions covered by the patent that exist and have value at the time of the transfer. Www dfas mil Related persons. Www dfas mil   This tax treatment does not apply if the transfer is directly or indirectly between you and a related person as defined earlier in the list under Nondeductible Loss, with the following changes. Www dfas mil Members of your family include your spouse, ancestors, and lineal descendants, but not your brothers, sisters, half-brothers, or half-sisters. Www dfas mil Substitute “25% or more” ownership for “more than 50%. Www dfas mil ”   If you fit within the definition of a related person independent of family status, the brother-sister exception in (1), earlier, does not apply. Www dfas mil For example, a transfer between a brother and a sister as beneficiary and fiduciary of the same trust is a transfer between related persons. Www dfas mil The brother-sister exception does not apply because the trust relationship is independent of family status. Www dfas mil Franchise, Trademark, or Trade Name If you transfer or renew a franchise, trademark, or trade name for a price contingent on its productivity, use, or disposition, the amount you receive generally is treated as an amount realized from the sale of a noncapital asset. Www dfas mil A franchise includes an agreement that gives one of the parties the right to distribute, sell, or provide goods, services, or facilities within a specified area. Www dfas mil Significant power, right, or continuing interest. Www dfas mil   If you keep any significant power, right, or continuing interest in the subject matter of a franchise, trademark, or trade name that you transfer or renew, the amount you receive is ordinary royalty income rather than an amount realized from a sale or exchange. Www dfas mil   A significant power, right, or continuing interest in a franchise, trademark, or trade name includes, but is not limited to, the following rights in the transferred interest. Www dfas mil A right to disapprove any assignment of the interest, or any part of it. Www dfas mil A right to end the agreement at will. Www dfas mil A right to set standards of quality for products used or sold, or for services provided, and for the equipment and facilities used to promote such products or services. Www dfas mil A right to make the recipient sell or advertise only your products or services. Www dfas mil A right to make the recipient buy most supplies and equipment from you. Www dfas mil A right to receive payments based on the productivity, use, or disposition of the transferred item of interest if those payments are a substantial part of the transfer agreement. Www dfas mil Subdivision of Land If you own a tract of land and, to sell or exchange it, you subdivide it into individual lots or parcels, the gain normally is ordinary income. Www dfas mil However, you may receive capital gain treatment on at least part of the proceeds provided you meet certain requirements. Www dfas mil See section 1237 of the Internal Revenue Code. Www dfas mil Timber Standing timber held as investment property is a capital asset. Www dfas mil Gain or loss from its sale is reported as a capital gain or loss on Form 8949, and Schedule D (Form 1040), as applicable. Www dfas mil If you held the timber primarily for sale to customers, it is not a capital asset. Www dfas mil Gain or loss on its sale is ordinary business income or loss. Www dfas mil It is reported in the gross receipts or sales and cost of goods sold items of your return. Www dfas mil Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Www dfas mil These sales constitute a very minor part of their farm businesses. Www dfas mil In these cases, amounts realized from such sales, and the expenses of cutting, hauling, etc. Www dfas mil , are ordinary farm income and expenses reported on Schedule F (Form 1040), Profit or Loss From Farming. Www dfas mil Different rules apply if you owned the timber longer than 1 year and elect to either: Treat timber cutting as a sale or exchange, or Enter into a cutting contract. Www dfas mil Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Www dfas mil This is true whether the timber is cut under contract or whether you cut it yourself. Www dfas mil Under the rules discussed below, disposition of the timber is treated as a section 1231 transaction. Www dfas mil See chapter 3. Www dfas mil Gain or loss is reported on Form 4797. Www dfas mil Christmas trees. Www dfas mil   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Www dfas mil They qualify for both rules discussed below. Www dfas mil Election to treat cutting as a sale or exchange. Www dfas mil   Under the general rule, the cutting of timber results in no gain or loss. Www dfas mil It is not until a sale or exchange occurs that gain or loss is realized. Www dfas mil But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year the timber is cut. Www dfas mil Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Www dfas mil Any later sale results in ordinary business income or loss. Www dfas mil See Example, later. Www dfas mil   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or for use in your trade or business. Www dfas mil Making the election. Www dfas mil   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of the gain or loss. Www dfas mil You do not have to make the election in the first year you cut timber. Www dfas mil You can make it in any year to which the election would apply. Www dfas mil If the timber is partnership property, the election is made on the partnership return. Www dfas mil This election cannot be made on an amended return. Www dfas mil   Once you have made the election, it remains in effect for all later years unless you cancel it. Www dfas mil   If you previously elected to treat the cutting of timber as a sale or exchange, you may revoke this election without the consent of the IRS. Www dfas mil The prior election (and revocation) is disregarded for purposes of making a subsequent election. Www dfas mil See Form T (Timber), Forest Activities Schedule, for more information. Www dfas mil Gain or loss. Www dfas mil   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its fair market value on the first day of your tax year in which it is cut. Www dfas mil   Your adjusted basis for depletion of cut timber is based on the number of units (feet board measure, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Www dfas mil Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 of the Internal Revenue Code and the related regulations. Www dfas mil   Timber depletion is discussed in chapter 9 of Publication 535. Www dfas mil Example. Www dfas mil In April 2013, you had owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Www dfas mil It had an adjusted basis for depletion of $40 per MBF. Www dfas mil You are a calendar year taxpayer. Www dfas mil On January 1, 2013, the timber had a fair market value (FMV) of $350 per MBF. Www dfas mil It was cut in April for sale. Www dfas mil On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Www dfas mil You report the difference between the fair market value and your adjusted basis for depletion as a gain. Www dfas mil This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as capital gain or as ordinary gain. Www dfas mil You figure your gain as follows. Www dfas mil FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000 The fair market value becomes your basis in the cut timber and a later sale of the cut timber including any by-product or tree tops will result in ordinary business income or loss. Www dfas mil Outright sales of timber. Www dfas mil   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined below). Www dfas mil However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see below). Www dfas mil Cutting contract. Www dfas mil   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Www dfas mil You are the owner of the timber. Www dfas mil You held the timber longer than 1 year before its disposal. Www dfas mil You kept an economic interest in the timber. Www dfas mil   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Www dfas mil   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Www dfas mil Include this amount on Form 4797 along with your other section 1231 gains or losses to figure whether it is treated as capital or ordinary gain or loss. Www dfas mil Date of disposal. Www dfas mil   The date of disposal is the date the timber is cut. Www dfas mil However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Www dfas mil   This election applies only to figure the holding period of the timber. Www dfas mil It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Www dfas mil   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Www dfas mil The statement must identify the advance payments subject to the election and the contract under which they were made. Www dfas mil   If you timely filed your return for the year you received payment without making the election, you still can make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Www dfas mil Attach the statement to the amended return and write “Filed pursuant to section 301. Www dfas mil 9100-2” at the top of the statement. Www dfas mil File the amended return at the same address the original return was filed. Www dfas mil Owner. Www dfas mil   The owner of timber is any person who owns an interest in it, including a sublessor and the holder of a contract to cut the timber. Www dfas mil You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Www dfas mil Tree stumps. Www dfas mil   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Www dfas mil Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Www dfas mil However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Www dfas mil Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Www dfas mil   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Www dfas mil Precious Metals and Stones, Stamps, and Coins Gold, silver, gems, stamps, coins, etc. Www dfas mil , are capital assets except when they are held for sale by a dealer. Www dfas mil Any gain or loss from their sale or exchange generally is a capital gain or loss. Www dfas mil If you are a dealer, the amount received from the sale is ordinary business income. Www dfas mil Coal and Iron Ore You must treat the disposal of coal (including lignite) or iron ore mined in the United States as a section 1231 transaction if both the following apply to you. Www dfas mil You owned the coal or iron ore longer than 1 year before its disposal. Www dfas mil You kept an economic interest in the coal or iron ore. Www dfas mil For this rule, the date the coal or iron ore is mined is considered the date of its disposal. Www dfas mil Your gain or loss is the difference between the amount realized from disposal of the coal or iron ore and the adjusted basis you use to figure cost depletion (increased by certain expenses not allowed as deductions for the tax year). Www dfas mil This amount is included on Form 4797 along with your other section 1231 gains and losses. Www dfas mil You are considered an owner if you own or sublet an economic interest in the coal or iron ore in place. Www dfas mil If you own only an option to buy the coal in place, you do not qualify as an owner. Www dfas mil In addition, this gain or loss treatment does not apply to income realized by an owner who is a co-adventurer, partner, or principal in the mining of coal or iron ore. Www dfas mil The expenses of making and administering the contract under which the coal or iron ore was disposed of and the expenses of preserving the economic interest kept under the contract are not allowed as deductions in figuring taxable income. Www dfas mil Rather, their total, along with the adjusted depletion basis, is deducted from the amount received to determine gain. Www dfas mil If the total of these expenses plus the adjusted depletion basis is more than the amount received, the result is a loss. Www dfas mil Special rule. Www dfas mil   The above treatment does not apply if you directly or indirectly dispose of the iron ore or coal to any of the following persons. Www dfas mil A related person whose relationship to you would result in the disallowance of a loss (see Nondeductible Loss under Sales and Exchanges Between Related Persons, earlier). Www dfas mil An individual, trust, estate, partnership, association, company, or corporation owned or controlled directly or indirectly by the same interests that own or control your business. Www dfas mil Conversion Transactions Recognized gain on the disposition or termination of any position held as part of certain conversion transactions is treated as ordinary income. Www dfas mil This applies if substantially all your expected return is attributable to the time value of your net investment (like interest on a loan) and the transaction is any of the following. Www dfas mil An applicable straddle (generally, any set of offsetting positions with respect to personal property, including stock). Www dfas mil A transaction in which you acquire property and, at or about the same time, you contract to sell the same or substantially identical property at a specified price. Www dfas mil Any other transaction that is marketed and sold as producing capital gain from a transaction in which substantially all of your expected return is due to the time value of your net investment. Www dfas mil For more information, see chapter 4 of Publication 550. Www dfas mil Prev  Up  Next   Home   More Online Publications
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The Www Dfas Mil

Www dfas mil Index A Acquisition indebtedness, Average acquisition indebtedness. Www dfas mil Annuity obligations, Annuity obligation. Www dfas mil By gift or bequest of mortgaged property, Exception for property acquired by gift, bequest, or devise. Www dfas mil Change in property use, Change in use of property. Www dfas mil Continued debt, Continued debt. Www dfas mil Debt modifying existing, Modifying existing debt. Www dfas mil Federal financing, Certain federal financing. Www dfas mil For performing exempt purpose, Debt incurred in performing exempt purpose. Www dfas mil Obligation to return collateral, Securities loans. Www dfas mil Property subject to mortgage or lien, Property acquired subject to mortgage or lien. Www dfas mil Real property, Real property debts of qualified organizations. Www dfas mil Advertising income, Exploitation of Exempt Activity—Advertising Sales Agricultural organization dues, Dues of Agricultural Organizations and Business Leagues Assistance (see Tax help) B Business league dues, Dues of Agricultural Organizations and Business Leagues C Churches, Churches. Www dfas mil Contributions deduction, Charitable contributions deduction. Www dfas mil Convention or trade show activity, Convention or trade show activity. Www dfas mil D Debt-financed property, Income From Debt-Financed Property Acquired in liquidation, Basis for debt-financed property acquired in corporate liquidation. Www dfas mil Dues, agricultural organizations and business leagues, Dues of Agricultural Organizations and Business Leagues E Exchange or rental of member lists, Exchange or rental of member lists. Www dfas mil Excluded trade or business activities, Excluded Trade or Business Activities Exclusions, Volunteer workforce. Www dfas mil Sponsorship, Qualified sponsorship activities. Www dfas mil Exempt function income, Exempt function income. Www dfas mil Exploitation of exempt activity Advertising income, Exploitation of Exempt Activity—Advertising Sales Exploitation of exempt functions, Exploitation of exempt functions. Www dfas mil F Form 990-T, Returns and Filing Requirements Free tax services, How to Get Tax Help H Help (see Tax help) I Income from research, Income from research. Www dfas mil L Limits, Limits. Www dfas mil M More information (see Tax help) N Net operating loss deduction, Modifications Nonrecognition of gain, Nonrecognition of gain. Www dfas mil P Publications (see Tax help) R Rents, Rents. Www dfas mil Return, Returns and Filing Requirements Royalties, Royalties. Www dfas mil S Specific deduction, Specific deduction. Www dfas mil T Tax, Organizations Subject to the Tax Alternative minimum, Alternative minimum tax. Www dfas mil Colleges and universities, Colleges and universities. Www dfas mil Deposits, Federal Tax Deposits Must be Made by Electronic Funds Transfer Estimated, Payment of Tax Organizations affected, Organizations Subject to the Tax Payment, Public Inspection Requirements of Section 501(c)(3) Organizations. Www dfas mil Rates, The Tax and Filing Requirements Return, Returns and Filing Requirements Title-holding corporations, Title-holding corporations. Www dfas mil U. Www dfas mil S. Www dfas mil instrumentalities, U. Www dfas mil S. Www dfas mil instrumentalities. Www dfas mil Tax help, How to Get Tax Help Taxpayer Advocate, Contacting your Taxpayer Advocate. Www dfas mil Title-holding corporations, Title-holding corporations. Www dfas mil TTY/TDD information, How to Get Tax Help U Unrelated business Hospital laboratory, Nonpatient laboratory testing. Www dfas mil Unrelated business income, Unrelated Business Taxable Income, Income Advertising income, Exploitation of Exempt Activity—Advertising Sales Certain trusts, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Controlled organizations, Income From Controlled Organizations Debt-financed property, Income From Debt-Financed Property Deductions, Deductions Employees beneficiary associations, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Exclusions, Exclusions Foreign organizations, Special Rules for Foreign Organizations Income from gambling activities, Legal definition. Www dfas mil Income from lending securities, Income from lending securities. Www dfas mil Modifications, Modifications Partnership income or loss, Partnership Income or Loss Products of exempt functions, Selling of products of exempt functions. Www dfas mil S corporation income, S Corporation Income or Loss S corporation income or loss, S Corporation Income or Loss Social clubs, Special Rules for Social Clubs, VEBAs, SUBs, and GLSOs Veterans organizations, Special Rules for Veterans' Organizations Unrelated debt-financed income, Certain federal financing. Www dfas mil Average acquisition indebtedness, Average acquisition indebtedness. Www dfas mil Average adjusted basis, Average adjusted basis. Www dfas mil Computation, Computation of Debt-Financed Income Debt/basis percentage, Computation of debt/basis percentage. Www dfas mil Deductions, Deductions for Debt-Financed Property Gains from dispositions, Gain or loss from sale or other disposition of property. Www dfas mil Indeterminate property price, Indeterminate price. Www dfas mil Unrelated trade or business, Unrelated Trade or Business Artists facilities, Artists' facilities. Www dfas mil Book publishing, Book publishing. Www dfas mil Broadcasting rights, Broadcasting rights. Www dfas mil Business league's parking and bus services, Business league's parking and bus services. Www dfas mil Convenience of members, Convenience of members. Www dfas mil Convention or trade show, Convention or trade show activity. Www dfas mil Directory of members, Directory of members. Www dfas mil Distribution of low cost articles, Distribution of low cost articles. Www dfas mil Dual use facilities, etc. Www dfas mil , Dual use of assets or facilities. Www dfas mil Employees association sales, Employee association sales. Www dfas mil Exclusions, Excluded Trade or Business Activities Exploitation of exempt functions, Exploitation of exempt functions. Www dfas mil Gambling activities other than bingo, Gambling activities other than bingo. Www dfas mil Halfway house, Halfway house workshop. Www dfas mil Health club program, Health club program. Www dfas mil Hearing aid sales, Sales of hearing aids. Www dfas mil Hospital facilities, Hospital facilities. Www dfas mil Hospital services, Hospital services. Www dfas mil Insurance programs, Insurance programs. Www dfas mil Magazine publishing, Magazine publishing. Www dfas mil Member lists rentals, etc. Www dfas mil , Exchange or rental of member lists. Www dfas mil Membership list sales, Membership list sales. Www dfas mil Miniature golf course, Miniature golf course. Www dfas mil Museum eating facilities, Museum eating facilities. Www dfas mil Museum greeting card sales, Museum greeting card sales. Www dfas mil Pet boarding and grooming services, Pet boarding and grooming services. Www dfas mil Pole rentals, Pole rentals. Www dfas mil Public entertainment activity, Public entertainment activity. Www dfas mil Publishing legal notices, Publishing legal notices. Www dfas mil Regularly conducted, Regularly conducted. Www dfas mil Sales commissions, Sales commissions. Www dfas mil Sales of advertising space, Sales of advertising space. Www dfas mil School facilities, School facilities. Www dfas mil School handicraft shop, School handicraft shop. Www dfas mil Selling donated merchandise, Selling donated merchandise. Www dfas mil Selling endorsements, Selling endorsements. Www dfas mil Sponsoring entertainment events, Sponsoring entertainment events. Www dfas mil Substantially related, Not substantially related. Www dfas mil Trade or business defined, Trade or business. Www dfas mil Travel tour programs, Travel tour programs. Www dfas mil Volunteer workforce, Volunteer workforce. Www dfas mil Yearbook advertising, Yearbook advertising. Www dfas mil Youth residence, Youth residence. Www dfas mil Unstated trade or business Bingo games, Bingo games. Www dfas mil V Volunteer fire company, Excluded Trade or Business Activities W When to file, When to file. Www dfas mil Prev  Up     Home   More Online Publications