... 1 Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. 2 Business name/disregarded entity name, if different from above 3 Check appropriate box for federal tax classification; check only one of the following seven boxes: C Corporation S Corporation Partnership Trust/estate Individual/sole proprietor or single-member LLC Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership) ▶ Note. For a single-member LLC that is disregarded, do not check LLC; check the appropriate box in the line above for the tax classification of the single-member owner. 4 Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3): Exempt payee code (if any) Exemption from FATCA reporting code (if any) (Applies to accounts maintained outside the U.S.) Other (see instructions) ▶ 5 Address (number, street, and apt. or suite no.) Requester’s name and address (optional) 6 City, state, and ZIP code 7 List account number(s) here (optional) Part I Taxpayer Identification Number (TIN) Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is your employer identification...
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...Form (Rev. December 2011) Department of the Treasury Internal Revenue Service W-9 Request for Taxpayer Identification Number and Certification Give Form to the requester. Do not send to the IRS. Name (as shown on your income tax return) Business name/disregarded entity name, if different from above Print or type See Specific Instructions on page 2. Check appropriate box for federal tax classification: Individual/sole proprietor C Corporation S Corporation Partnership Trust/estate Exempt payee Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership) ▶ Other (see instructions) ▶ Address (number, street, and apt. or suite no.) City, state, and ZIP code List account number(s) here (optional) Requester’s name and address (optional) Part I Taxpayer Identification Number (TIN) Social security number Enter your TIN in the appropriate box. The TIN provided must match the name given on the “Name” line to avoid backup withholding. For individuals, this is your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3. Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose number to enter. – – Employer identification number – Part II Certification ...
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...CHAPTER 20--INCOME TAXATION OF TRUSTS AND ESTATESCHAPTER 20--INCOME TAXATION OF TRUSTS AND ESTATES Student: ___________________________________________________________________________ 1. Tax planning motivations usually are secondary to other objectives in deciding whether to create a trust. True False 2. A trust might be used by one running for a political office. True False 3. Like a corporation, the fiduciary reports and pays its own Federal income tax liability. True False 4. An estate’s income beneficiary generally must wait until the entity is terminated by the executor to receive any distribution of income. True False 5. With respect to a trust, the terms creator, donor, and grantor are synonyms. True False 6. Corpus, principal, and assets of the trust are synonyms. True False 7. If provided for in the controlling agreement, a trust might terminate when the income beneficiary reaches age 35. True False 8. The decedent’s estate must terminate within four years of the date of death. True False 9. Trusts can select any fiscal Federal income tax year. True False 10. A complex trust pays tax on the income that it retains and adds to corpus. True False 11. A complex trust automatically is exempt from the Federal AMT. True False 12. The first step in computing an estate’s taxable income is the determination of its gross income for the year. True False 13. Generally, capital...
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...Accounting for Partnerships Rose Mossman ACC407: Advanced Accounting Professor Emily King June 11, 2012 Accounting for Partnerships There are different types of businesses sole proprietorships, partnerships, limited partnerships, limited liability partnerships, and corporations to name the most common. Along with the different types of partnerships there are also different kinds of accounting procedures that go along with the different types of businesses. Along with the different types of accounting procedures there are also different tax consequences. Partnerships are one of the more sought out type of businesses because of the tax breaks and depending on which type of partnership is formed the liability perks. A partnership begins when two or more people co-own a business and share both the profits and losses. The main contribution that each partner gives to the business is money but there are instances when there are other types of contributions such as ideas, equipment or property. The amount of personal liability that will be distributed to each partner depends on the type of partnership and the stipulations that are stated in the partnership agreement. The first type of a partnership is the general partnership which is as the name states general. The partners in this type of partnership share equal rights and responsibilities within the business. Liabilities are...
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...Questions 1. A church is one of the types of exempt organizations. True False 2. While the major objective of the Federal income tax law is to raise revenue, social considerations and economic objectives also affect the tax law. True False 3. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3). True False 4. An exempt entity in no circumstance is subject to Federal income tax. True False 5. An entity satisfies the “not-for-profit” requirement for exempt status if its total expenses for the year exceed its gross income. True False 6. If an organization qualifies for exempt status for Federal income tax purposes, it is exempt from all Federal income taxes. True False 7. Engaging in a prohibited transaction can result in an exempt organization being subject to Federal income tax, but cannot cause it to lose its exempt status unless the exempt organization repeats the prohibited transaction. True False 8. The League of Women Voters is a § 501(c)(3) organization. True False 9. George is running for mayor of Culpepper. The members of Third Church adamantly oppose his candidacy. They would like to run a political advertisement in the local newspaper opposing his candidacy. The newspaper ad would have no effect on Third Church’s exempt status because the ad opposes George; it does not support his opponent. True False 10. An exempt organization that is eligible to elect under...
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...Questions 1. A church is one of the types of exempt organizations. True False 2. While the major objective of the Federal income tax law is to raise revenue, social considerations and economic objectives also affect the tax law. True False 3. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3). True False 4. An exempt entity in no circumstance is subject to Federal income tax. True False 5. An entity satisfies the “not-for-profit” requirement for exempt status if its total expenses for the year exceed its gross income. True False 6. If an organization qualifies for exempt status for Federal income tax purposes, it is exempt from all Federal income taxes. True False 7. Engaging in a prohibited transaction can result in an exempt organization being subject to Federal income tax, but cannot cause it to lose its exempt status unless the exempt organization repeats the prohibited transaction. True False 8. The League of Women Voters is a § 501(c)(3) organization. True False 9. George is running for mayor of Culpepper. The members of Third Church adamantly oppose his candidacy. They would like to run a political advertisement in the local newspaper opposing his candidacy. The newspaper ad would have no effect on Third Church’s exempt status because the ad opposes George; it does not support his opponent. True False 10. An exempt organization that is eligible to elect under...
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...Corporate income tax December 1, 2013 1. Because the Church is a not for profit entity, It serves some Common good, Net earnings do not benefit the members of the organization and the organization does not exert political influence. Because of these factors The church is not subject to taxation. Eggshell however is a C corporation and will be subject to double taxation. 5. 1. The Organization serves some type of common good 2. The organization is not a for-profit entity 3, Net earnings do not benefit the members of the organization 4. The organization does not exert political influence. 14. A Private Foundation us an exempt organization subject to additional statutory restrictions on its activities and on contributions made to it. This Classification does carry disadvantage. The first one is that the classification may have an adverse impact on the contributions received by the donee exempt organization. Contributions may decline because the tax consequences for donors may not be as favorable as if the entity were not a private foundation. Second, The classification may result in taxation at the exempt organization level. Also since a private foundation is usually not a broadly, publicly supported organization, it may be subject to taxes such as Tax based on investment income, Tax on self- dealing, Tax on failure to distribute income, Tax on excess business holdings, Tax on investments that jeopardize charitable purposes and tax on taxable expenditures...
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...____ 1. Tax planning motivations usually are secondary to other objectives in deciding whether to create a trust. ____ 2. A trust might be used by the parties to an impending divorce. ____ 3. Like a limited liability company, the fiduciary is a tax-reporting, but not a separate tax-paying entity. ____ 4. An estate’s income beneficiary generally must wait until the entity is terminated by the executor to receive any distribution of income. ____ 5. With respect to a trust, the terms creator, donor, and grantor are synonyms. ____ 6. Corpus, principal, and assets of the trust are synonyms. ____ 7. If provided for in the controlling agreement, a trust might terminate when the income beneficiary graduates with a law degree. ____ 8. The decedent’s estate must terminate within four years of the date of death. ____ 9. Trusts usually are required to use a calendar tax year ____ 10. A complex trust pays tax on the income that it retains and adds to corpus. ____ 11. A complex trust may incur a liability for the AMT. ____ 12. The first step in computing an estate’s taxable income is the determination of its gross income for the year. ____ 13. Generally, capital gains are allocated to fiduciary income, because they relate to investment assets. ____ 14. Gain or loss is recognized by a trust when it distributes a non-cash asset. ____ 15. Income in respect of a decedent can be subject to both income and estate tax at the Federal...
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...Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 *21 22 *23 24 *25 *26 27 28 29 *30 31 32 Learning Objective LO 1 LO 1 LO 1 LO 1 LO 1 LO 1 LO 1 LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 LO 3 LO 2, 3, 5 LO 4 LO 4 LO 1, 4 LO 5 LO 5 LO 1 LO 1 LO 1 LO 2 LO 2 LO 1, 2, 3 LO 2 LO 2 LO 2 LO 2, 3 LO 2, 3 LO 3 Topic Creating a trust Parties to a fiduciary entity Fiduciary tax terminology Fiduciary tax terminology Pass-through entities: incidence of tax Fiduciaries and the AMT Simple versus complex trust; personal exemptions Determining taxable income: five-step approach Distributions of appreciated property Disallowance of § 212 deductions Cost recovery deductions of a fiduciary Charitable contributions of a fiduciary Functions of DNI Computing DNI Terminating a fiduciary entity Fiduciaries and education planning Grantor trust rules Fiduciary tax compliance Fiduciary tax planning Fiduciary tax planning Attributes of simple and complex trusts Fiduciary tax formula Fiduciary AMT computations Entity accounting income Computing entity accounting income Attributes of trusts and estates Income in respect of a decedent Charitable contributions Entity cost recovery Computing DNI, taxable income Computing DNI, taxable income Separate share rule 20-1 Status: Present Edition Unchanged Modified Unchanged Modified Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Modified Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Modified Unchanged Unchanged Modified Modified...
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...US Foreign Account Tax Compliance Act Intergovernmental Agreement Frequently Asked Questions This document aims to provide background information regarding the intergovernmental agreement (“IGA”) to be signed between Hong Kong and the US for implementation of the US Foreign Account Tax Compliance Act (“FATCA”). This document is not and should not be regarded as tax advice for financial institutions and their clients. If in doubt, individual institutions or clients should seek professional advice from their own tax or legal advisers. Information provided in this document will be updated according to the development regarding the signing of the IGA. Q 1: What is FATCA? Does this US tax legislation have any implication for Hong Kong? A 1: FATCA was enacted by the US in March 2010 aiming to combat tax evasion by US taxpayers. In brief, under FATCA, foreign financial institutions (“FFIs”) are required to sign agreements with the US Internal Revenue Service (“IRS”) to identify and disclose detail regarding their US account holders. These financial institutions will be required to withhold tax for relevant US account-holders who do not give consent to such disclosures, or to close such accounts. An FFI which does not sign or is not otherwise exempt will face a punitive 30% withholding tax on all “withholdable payments” derived from US sources, initially including dividends, interest and certain derivative payments. In addition, starting from 2017, gross...
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...portion of any input tax which cannot be directly attributed to either the taxable, O-rated or exempt activity 2 Who can claim input taxes? 1. Only VAT-Registered persons can claim input taxes (whether subject to 12% or 0% VAT) 2. Some kinds of input taxes may not be claimed by all VAT-registered persons (e.g. transitional and presumptive IT) 3. Input taxes paid on purchases may not be claimed as such if the input taxes are attributable to transactions of the VAT-exempt transactions of the VAT-registered purchaser e.g. - Input tax on gasoline purchased, to be used for the transport of passengers by land 3 Who cannot claim input taxes? 1. Persons who are not VAT-Registered are never allowed to claim input taxes Persons who are not subject to VAT Persons who may be subject to VAT but are not properly registered* Persons who are not VAT-Registered but issued VAT receipts* *however, they are subject to output tax 2. VAT-registered taxpayers on their input tax from purchases related to their VAT-exempt transactions (as previously discussed) 4 How are allowable input tax treated? Input tax claimed by a taxpayer may be: 1. Deducted against output tax to get VAT due 2. If there is excess under #1, the excess input tax may be: a. Carried over to the next period, or; b. Claimed as a tax refund, or;* c. Used to apply for a tax credit certificate* * Generally applies only to input tax from zero-rated sales, input taxes pertaining to sales to private entities at 12% may only be...
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...within 3) Overseas contract worker – income within 4) Alien – income within 5) Domestic Corporation – within & without 6) Foreign Corporation – within x------------------------------------x 2. IMPORTANT BASIC TERMS IN GENERAL (NIRC §22) 2.1 Taxable Year ( Calendar year 2.2 Fiscal Year ( Accounting period of 12 months ending on the last day of any month other than December 2.3 Securities ( Proof of what Corporation owes, i.e. shares of stock, etc. 2.4 Ordinary Income ( Any gain from sale or exchange of property, not a capital asset or property 2.5 Gross Income - §27(A) & (E)(4) ( Domestic Corporations shall be imposed an income tax of 35% 2.6 Ordinary Loss ( Any loss from the sale or exchange of property which is not a capital asset ( Ordinary losses may only be charged against ordinary gains 2.7 Capital Assets - §39(A)(1) ( That which is NOT an ordinary asset ( Ordinary assets: 1) Stock in trade or inventory for sale 2) Depreciable items 3) Real property used in trade or business 4) Goods or property for the employee’s convenience ( Capital losses may only be charged against capital gains 2.8 Taxable Income - §31...
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...Checkpoint Contents Federal Library Federal Source Materials Federal Tax Decisions American Federal Tax Reports American Federal Tax Reports (Prior Years) 2002 AFTR 2d Vol. 89 89 AFTR 2d 2002-966 (240 B.R. 216) - 89 AFTR 2d 2002-783 SKLAR v. COMM., 89 AFTR 2d 2002-808 (282 F.3d 610), Code Sec(s) 170; 6103; 6104; 6651, (CA9), 02/27/2002 Notes Top of Form [pic][pic][pic][pic][pic]Saturday Feb. 09, 2013 2:32 PM CST Folder: My Folder sklar Bottom of Form American Federal Tax Reports SKLAR v. COMM., Cite as 89 AFTR 2d 2002-808 (282 F.3d 610), 02/27/2002 , Code Sec(s) 170; 6651 Michael SKLAR; Marla SKLAR, PETITIONERS-APPELLANTS v. COMMISSIONER of Internal Revenue, RESPONDENT-APPELLEE. Case Information: |Code Sec(s): |170; 6651[pg. 2002-808] | |Court Name: |U.S. Court of Appeals, Ninth Circuit, | |Docket No.: |Docket No. 00-70753, | |Date Decided: |02/27/2002. | |Prior History: |Tax Court, (2000) [pic]TC Memo 2000-118,[pic] RIA TC Memo ¶2000-118, [pic]79 CCH TCM 1815 (opinion by | | ...
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...Form Department of the Treasury Internal Revenue Service A Principal business activity B Principal product or service 1065 U.S. Return of Partnership Income For calendar year 2011, or tax year beginning ▶ OMB No. 1545-0099 , 20 . , 2011, ending See separate instructions. 2011 35-4545454 01-15-2008 Name of partnership D Employer identification number ZLW GP C Business code number Print or type. Number, street, and room or suite no. If a P.O. box, see the instructions. City or town, state, and ZIP code E Date business started Miami, FL 33146 F Total assets (see the instructions) $ 3301467 Amended return G H I J (1) (2) (3) Initial return Final return Name change (4) Address change (6) Technical termination - also check (1) or (2) Other (specify) ▶ Check accounting method: (1) Cash (2) Accrual (3) Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ▶ 2 Check applicable boxes: Check if Schedules C and M-3 are attached . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information. Merchant card and third-party payments (including amounts 1a reported on Form(s) 1099-K). For 2011, enter -0- . . . . 4173585 b Gross receipts or sales not reported on line 1a (see instructions) 1b 4173585 c Total. Add lines 1a and 1b . . . . ...
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...Acctg Theory & Prac II (3) A515/A328 Federal Income Taxes (1.5) A551 Tax research (concurrent with A515) (3) A514/A424 Auditing Theory & Practice (3) A523 Business Information Systems (3) A539 Adv. Tax – Entity Issues (3) L503 Advanced Business Law ______ ____________________________ 21 hours required or to be replaced: Replacement Courses for required courses above (3) (3) (3) (3) (3) Electives (3) (3) (3) (30) TOTAL REQUIRED HOURS Required Core (21 hrs) A500 Prof. & Ethical Resp. in Acctg.* A511/A312 Fin Acctg Theory & Prac II A514/A424 Auditing Theory & Prac A515/A328 Federal Income Taxes A551/A302 Tax Research* A523 Business Information Systems† A539 Adv. Tax – Entity Issues L503 Advanced Business Law LIPE (Elective) A529 LIPE (internship/work) † counted as a business course for the CPA exam * 1.5 credit hour course Accounting Electives A508 Accounting for Non-Profit Org A516 Estate and Gift Tax A517 Financial Statement Analysis A520 Corporate Financial Reporting A522 Partnership Taxation A528 State and Local Taxation A538 Corporate Taxation A554 Tax of Estates & Trusts* A555 Taxation of S Corporations A556 Tax Acctg Periods & Methods A558 Tax of Tax Exempt Orgs* A560 Auditing Information Technology A562 Adv Financial Acctg A566 Advanced Auditing A567 Tax of Tax Exempt Orgs II* A575 Auditing & Corp Governance Nonaccounting Business ...
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