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References in periodicals archive ?
A partnership, S corporation, or PSC that cannot establish a business purpose sufficient for the IRS to approve a tax year other than the required tax year may want to consider a Sec.
Under both the existing and new laws, conversion income is included in the return for the tax year which the funds are transferred or withdrawn from the regular IRA.
The period of mutual indebtedness is from March 15, 1990, the date the liability for the $1 million deficiency on the 1989 tax year first arises, to June 30, 1999, the date the overpayment of $1,000,000 for the 1987 tax year is refunded to the taxpayer.
You and/or your spouse materially participated in the operation of your woodland activity for any five of the 10 tax years immediately preceding the tax year in question.
The new act also seeks to simplify S corp status by treating all members of a family (up to six generations) as one shareholder; increasing the number of shareholders to 100, from 75 for tax years beginning after 2004; allowing IRAs to be shareholders of bank S corp stock; and disregarding unexercised powers of appointment in determining the potential current beneficiaries in an electing small business trust for tax years beginning after 2004.
Maximum yearly contribution: This ceiling is increased from $500 to $2,000, for tax years beginning after 2001 (code section 530(b)(1)(A)(iii)).
For large corporations subject to the IRS's Coordinated Examination Program (CEP), the boundaries of the annual determination of tax liability are further blurred by the IRS's administrative practice in joining multiple tax years into a single examination cycle and, on occasion, the joining of such examination cycles.
If the natural-business-year or business-purpose exceptions do not apply, determine if the LLC can elect a nonconforming tax year under Sec.
This inclusion is generally dependent on the taxpayer being a shareholder of the CFC on the last day of the CFC's tax year.
In contrast, decreases in intercompany lending or outstanding levels of debt in any given tax year fully and immediately limit subsequent future increases because the decrease is reflected without a limitation.