Assuming there are no other credits, their allowable MTC is $31,200--the greater of their AMT refundable
credit amount ($31,200) or the amount of MTC otherwise allowable ($4,000 [$30,000 regular tax-$26,000 tentative minimum tax]).
Applicable Criteria and Related Research: Accounting Change on Refundable
Entrance Fees Not Expected to Affect Ratings
Residents can choose one of three payment plans: The first has a high entrance fee (90% to 100% refundable
when a resident moves out) and low monthly fees.
Since there is no current income tax payable or refundable
, the net deferred tax asset of $233 is the period's income tax benefit.
Obviously, if the initial payment is nonrefundable or only partially refundable
, the individual runs the risk of losing a substantial amount of money and receiving little or no benefit.
The Service held in CCA 200245010 that the membership fees were refundable
deposits not includible in income in the year of receipt.
The cost is $85 to adopt a puppy, including a $30 refundable
spay/neuter deposit, and $100 for a dog already spayed or neutered, given shots and tested for disease.
Previously only a few fare categories -- primarily full-price coach fares -- were refundable
Thus, the fees are assessed on the taxpayer's building construction plans and have to be calculated based on the building's characteristics; because the fees would be generally refundable
if the taxpayer decides not to construct the building as planned, they are allocable to the building.
The cost is $460 per team plus a $25 refundable
6511(b)(2)(A) limits taxes refundable
to amounts paid within three years preceding the filing of a refund claim.
The cost for Church and Coed League is $460 per team plus a $25 refundable