Some types of entities have required years: The tax year
of a partnership is determined by reference to the tax years
of its partners; the tax year
of a controlled foreign corporation (CFC) is determined by reference to the tax year
(s) of its U.
The new law extends for two years, through tax years
beginning before 2011, these lower rates on adjusted net capital gains.
IRC section 451 provides that an item of gross income is reported in the tax year
in which a taxpayer receives it.
3) Global interest netting should apply only to tax years
that are not barred by statute.
A forest owner will be considered to be materially participating in his woodland activity if any one of the six applicable tests are satisfied during a particular tax year
If an LLC's gross receipts for the short period ending with the requested year end and the three preceding tax years
indicate that it has a peak and nonpeak period of business, the LLC's natural business year is deemed to end at, or soon after, the close of the highest peak period of business.
The size of the 15 percent tax rate bracket for joint returns is twice the size of the corresponding tax rate bracket for single returns for tax years
CPAs should advise clients that, under the act's section 401(h), the new provisions apply to tax years
beginning after 2001.
Hence, a taxpayer may not compel the IRS to apply the same, higher interest rate to contemporaneously extant overpayments and underpayments from different tax years
An LLC TAXED AS A C CORPORATION CAN choose any year end as the tax year
end (an LLC classified as an S corporation generally must use a calendar year end).
The statute of limitations for issuing assessments for tax years
ending before Dec.