2006-46) to change its tax year
. Certain corporations that have required tax years
, such as a CFC and a REIT, can only use this procedure for changing to a required tax year
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
. They are:
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
. The court confirmed, however, that the IRS has discretion to credit overpayments against underpayments.
The statute of limitations for issuing assessments for tax years
ending before Dec.
In determining quarterly payments, taxpayers are permitted to estimate income for the remainder of the tax year
based on income earned through the date of the estimate.
group's debt-to-asset ratio during the base period tax years
. The average of the five years of debt-to-asset ratios is referred to as the "U.S.