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1040 Ez Turbo Tax

1040 ez turbo tax Publication 542 - Main Content Table of Contents Businesses Taxed as CorporationsPersonal services. 1040 ez turbo tax Employee-owners. 1040 ez turbo tax Other rules. 1040 ez turbo tax Other rules. 1040 ez turbo tax Property Exchanged for StockNonqualified preferred stock. 1040 ez turbo tax Liabilities. 1040 ez turbo tax Election to reduce basis. 1040 ez turbo tax Capital Contributions Filing and Paying Income TaxesIncome Tax Return Penalties Estimated Tax U. 1040 ez turbo tax S. 1040 ez turbo tax Real Property Interest Accounting MethodsSection 481(a) adjustment. 1040 ez turbo tax Accounting Periods Recordkeeping Income, Deductions, and Special ProvisionsCosts of Going Into Business Related Persons Income From Qualifying Shipping Activities Election to Expense Qualified Refinery Property Deduction to Comply With EPA Sulfur Regulations Energy-Efficient Commercial Building Property Deduction Corporate Preference Items Dividends-Received Deduction Extraordinary Dividends Below-Market Loans Charitable Contributions Capital Losses Net Operating Losses At-Risk Limits Passive Activity Limits Figuring TaxTax Rate Schedule Alternative Minimum Tax (AMT) Credits Recapture Taxes Accumulated Earnings Tax Distributions to ShareholdersMoney or Property Distributions Distributions of Stock or Stock Rights Constructive Distributions Reporting Dividends and Other Distributions How To Get Tax Help Businesses Taxed as Corporations The rules you must use to determine whether a business is taxed as a corporation changed for businesses formed after 1996. 1040 ez turbo tax Business formed before 1997. 1040 ez turbo tax   A business formed before 1997 and taxed as a corporation under the old rules will generally continue to be taxed as a corporation. 1040 ez turbo tax Business formed after 1996. 1040 ez turbo tax   The following businesses formed after 1996 are taxed as corporations. 1040 ez turbo tax A business formed under a federal or state law that refers to it as a corporation, body corporate, or body politic. 1040 ez turbo tax A business formed under a state law that refers to it as a joint-stock company or joint-stock association. 1040 ez turbo tax An insurance company. 1040 ez turbo tax Certain banks. 1040 ez turbo tax A business wholly owned by a state or local government. 1040 ez turbo tax A business specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). 1040 ez turbo tax Certain foreign businesses. 1040 ez turbo tax Any other business that elects to be taxed as a corporation. 1040 ez turbo tax For example, a limited liability company (LLC) can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election. 1040 ez turbo tax For more information about LLCs, see Publication 3402, Taxation of Limited Liability Companies. 1040 ez turbo tax S corporations. 1040 ez turbo tax   Some corporations may meet the qualifications for electing to be S corporations. 1040 ez turbo tax For information on S corporations, see the instructions for Form 1120S, U. 1040 ez turbo tax S. 1040 ez turbo tax Income Tax Return for an S Corporation. 1040 ez turbo tax Personal service corporations. 1040 ez turbo tax   A corporation is a personal service corporation if it meets all of the following requirements. 1040 ez turbo tax Its principal activity during the “testing period” is performing personal services (defined later). 1040 ez turbo tax Generally, the testing period for any tax year is the prior tax year. 1040 ez turbo tax If the corporation has just been formed, the testing period begins on the first day of its tax year and ends on the earlier of: The last day of its tax year, or The last day of the calendar year in which its tax year begins. 1040 ez turbo tax Its employee-owners substantially perform the services in (1), above. 1040 ez turbo tax This requirement is met if more than 20% of the corporation's compensation cost for its activities of performing personal services during the testing period is for personal services performed by employee-owners. 1040 ez turbo tax Its employee-owners own more than 10% of the fair market value of its outstanding stock on the last day of the testing period. 1040 ez turbo tax Personal services. 1040 ez turbo tax   Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. 1040 ez turbo tax Employee-owners. 1040 ez turbo tax   A person is an employee-owner of a personal service corporation if both of the following apply. 1040 ez turbo tax He or she is an employee of the corporation or performs personal services for, or on behalf of, the corporation (even if he or she is an independent contractor for other purposes) on any day of the testing period. 1040 ez turbo tax He or she owns any stock in the corporation at any time during the testing period. 1040 ez turbo tax Other rules. 1040 ez turbo tax   For other rules that apply to personal service corporations see Accounting Periods, later. 1040 ez turbo tax Closely held corporations. 1040 ez turbo tax   A corporation is closely held if all of the following apply. 1040 ez turbo tax It is not a personal service corporation. 1040 ez turbo tax At any time during the last half of the tax year, more than 50% of the value of its outstanding stock is, directly or indirectly, owned by or for five or fewer individuals. 1040 ez turbo tax “Individual” includes certain trusts and private foundations. 1040 ez turbo tax Other rules. 1040 ez turbo tax   For the at-risk rules that apply to closely held corporations, seeAt-Risk Limits, later. 1040 ez turbo tax Property Exchanged for Stock If you transfer property (or money and property) to a corporation in exchange for stock in that corporation (other than nonqualified preferred stock, described later), and immediately afterward you are in control of the corporation, the exchange is usually not taxable. 1040 ez turbo tax This rule applies both to individuals and to groups who transfer property to a corporation. 1040 ez turbo tax It also applies whether the corporation is being formed or is already operating. 1040 ez turbo tax It does not apply in the following situations. 1040 ez turbo tax The corporation is an investment company. 1040 ez turbo tax You transfer the property in a bankruptcy or similar proceeding in exchange for stock used to pay creditors. 1040 ez turbo tax The stock is received in exchange for the corporation's debt (other than a security) or for interest on the corporation's debt (including a security) that accrued while you held the debt. 1040 ez turbo tax Both the corporation and any person involved in a nontaxable exchange of property for stock must attach to their income tax returns a complete statement of all facts pertinent to the exchange. 1040 ez turbo tax For more information, see section 1. 1040 ez turbo tax 351-3 of the Regulations. 1040 ez turbo tax Control of a corporation. 1040 ez turbo tax   To be in control of a corporation, you or your group of transferors must own, immediately after the exchange, at least 80% of the total combined voting power of all classes of stock entitled to vote and at least 80% of the outstanding shares of each class of nonvoting stock. 1040 ez turbo tax Example 1. 1040 ez turbo tax You and Bill Jones buy property for $100,000. 1040 ez turbo tax You both organize a corporation when the property has a fair market value of $300,000. 1040 ez turbo tax You transfer the property to the corporation for all its authorized capital stock, which has a par value of $300,000. 1040 ez turbo tax No gain is recognized by you, Bill, or the corporation. 1040 ez turbo tax Example 2. 1040 ez turbo tax You and Bill transfer the property with a basis of $100,000 to a corporation in exchange for stock with a fair market value of $300,000. 1040 ez turbo tax This represents only 75% of each class of stock of the corporation. 1040 ez turbo tax The other 25% was already issued to someone else. 1040 ez turbo tax You and Bill recognize a taxable gain of $200,000 on the transaction. 1040 ez turbo tax Services rendered. 1040 ez turbo tax   The term property does not include services rendered or to be rendered to the issuing corporation. 1040 ez turbo tax The value of stock received for services is income to the recipient. 1040 ez turbo tax Example. 1040 ez turbo tax You transfer property worth $35,000 and render services valued at $3,000 to a corporation in exchange for stock valued at $38,000. 1040 ez turbo tax Right after the exchange, you own 85% of the outstanding stock. 1040 ez turbo tax No gain is recognized on the exchange of property. 1040 ez turbo tax However, you recognize ordinary income of $3,000 as payment for services you rendered to the corporation. 1040 ez turbo tax Property of relatively small value. 1040 ez turbo tax   The term property does not include property of a relatively small value when it is compared to the value of stock and securities already owned or to be received for services by the transferor if the main purpose of the transfer is to qualify for the nonrecognition of gain or loss by other transferors. 1040 ez turbo tax   Property transferred will not be considered to be of relatively small value if its fair market value is at least 10% of the fair market value of the stock and securities already owned or to be received for services by the transferor. 1040 ez turbo tax Stock received in disproportion to property transferred. 1040 ez turbo tax   If a group of transferors exchange property for corporate stock, each transferor does not have to receive stock in proportion to his or her interest in the property transferred. 1040 ez turbo tax If a disproportionate transfer takes place, it will be treated for tax purposes in accordance with its true nature. 1040 ez turbo tax It may be treated as if the stock were first received in proportion and then some of it used to make gifts, pay compensation for services, or satisfy the transferor's obligations. 1040 ez turbo tax Money or other property received. 1040 ez turbo tax   If, in an otherwise nontaxable exchange of property for corporate stock, you also receive money or property other than stock, you may have to recognize gain. 1040 ez turbo tax You must recognize gain only up to the amount of money plus the fair market value of the other property you receive. 1040 ez turbo tax The rules for figuring the recognized gain in this situation generally follow those for a partially nontaxable exchange discussed in Publication 544 under Like-Kind Exchanges. 1040 ez turbo tax If the property you give up includes depreciable property, the recognized gain may have to be reported as ordinary income from depreciation. 1040 ez turbo tax See chapter 3 of Publication 544. 1040 ez turbo tax No loss is recognized. 1040 ez turbo tax Nonqualified preferred stock. 1040 ez turbo tax   Nonqualified preferred stock is treated as property other than stock. 1040 ez turbo tax Generally, it is preferred stock with any of the following features. 1040 ez turbo tax The holder has the right to require the issuer or a related person to redeem or buy the stock. 1040 ez turbo tax The issuer or a related person is required to redeem or buy the stock. 1040 ez turbo tax The issuer or a related person has the right to redeem or buy the stock and, on the issue date, it is more likely than not that the right will be exercised. 1040 ez turbo tax The dividend rate on the stock varies with reference to interest rates, commodity prices, or similar indices. 1040 ez turbo tax For a detailed definition of nonqualified preferred stock, see section 351(g)(2) of the Internal Revenue Code. 1040 ez turbo tax Liabilities. 1040 ez turbo tax   If the corporation assumes your liabilities, the exchange generally is not treated as if you received money or other property. 1040 ez turbo tax There are two exceptions to this treatment. 1040 ez turbo tax If the liabilities the corporation assumes are more than your adjusted basis in the property you transfer, gain is recognized up to the difference. 1040 ez turbo tax However, if the liabilities assumed give rise to a deduction when paid, such as a trade account payable or interest, no gain is recognized. 1040 ez turbo tax If there is no good business reason for the corporation to assume your liabilities, or if your main purpose in the exchange is to avoid federal income tax, the assumption is treated as if you received money in the amount of the liabilities. 1040 ez turbo tax For more information on the assumption of liabilities, see section 357(d) of the Internal Revenue Code. 1040 ez turbo tax Example. 1040 ez turbo tax You transfer property to a corporation for stock. 1040 ez turbo tax Immediately after the transfer, you control the corporation. 1040 ez turbo tax You also receive $10,000 in the exchange. 1040 ez turbo tax Your adjusted basis in the transferred property is $20,000. 1040 ez turbo tax The stock you receive has a fair market value (FMV) of $16,000. 1040 ez turbo tax The corporation also assumes a $5,000 mortgage on the property for which you are personally liable. 1040 ez turbo tax Gain is realized as follows. 1040 ez turbo tax FMV of stock received $16,000 Cash received 10,000 Liability assumed by corporation 5,000 Total received $31,000 Minus: Adjusted basis of property transferred 20,000 Realized gain $11,000   The liability assumed is not treated as money or other property. 1040 ez turbo tax The recognized gain is limited to $10,000, the cash received. 1040 ez turbo tax Loss on exchange. 1040 ez turbo tax   If you have a loss from an exchange and own, directly or indirectly, more than 50% of the corporation's stock, you cannot deduct the loss. 1040 ez turbo tax For more information, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. 1040 ez turbo tax Basis of stock or other property received. 1040 ez turbo tax   The basis of the stock you receive is generally the adjusted basis of the property you transfer. 1040 ez turbo tax Increase this amount by any amount treated as a dividend, plus any gain recognized on the exchange. 1040 ez turbo tax Decrease this amount by any cash you received, the fair market value of any other property you received, and any loss recognized on the exchange. 1040 ez turbo tax Also decrease this amount by the amount of any liability the corporation or another party to the exchange assumed from you, unless payment of the liability gives rise to a deduction when paid. 1040 ez turbo tax    Further decreases may be required when the corporation or another party to the exchange assumes from you a liability that gives rise to a deduction when paid, if the basis of the stock would otherwise be higher than its fair market value on the date of the exchange. 1040 ez turbo tax This rule does not apply if the entity assuming the liability acquired either substantially all of the assets or the trade or business with which the liability is associated. 1040 ez turbo tax The basis of any other property you receive is its fair market value on the date of the trade. 1040 ez turbo tax Basis of property transferred. 1040 ez turbo tax   A corporation that receives property from you in exchange for its stock generally has the same basis you had in the property, increased by any gain you recognized on the exchange. 1040 ez turbo tax However, the increase for the gain recognized may be limited. 1040 ez turbo tax For more information, see section 362 of the Internal Revenue Code. 1040 ez turbo tax Election to reduce basis. 1040 ez turbo tax   In a section 351 transaction, if the adjusted basis of the property transferred exceeds the property's fair market value, the transferor and transferee may make an irrevocable election to treat the basis of the stock received by the transferor as having a basis equal to the fair market value of the property transferred. 1040 ez turbo tax The transferor and transferee make this election by attaching a statement to their tax returns filed by the due date (including extensions) for the tax year in which the transaction occurred. 1040 ez turbo tax However, if the transferor makes the election by including the certification provided in Notice 2005-70, 2005-41, I. 1040 ez turbo tax R. 1040 ez turbo tax B. 1040 ez turbo tax 694, on or with its tax return filed by the due date (including extensions), then no election need be made by the transferee. 1040 ez turbo tax    For more information on making this election, see section 362(e)(2)(C) of the Internal Revenue Code, and Notice 2005-70. 1040 ez turbo tax Capital Contributions This section explains the tax treatment of contributions from shareholders and nonshareholders. 1040 ez turbo tax Paid-in capital. 1040 ez turbo tax   Contributions to the capital of a corporation, whether or not by shareholders, are paid-in capital. 1040 ez turbo tax These contributions are not taxable to the corporation. 1040 ez turbo tax Basis. 1040 ez turbo tax   The corporation's basis of property contributed to capital by a shareholder is the same as the basis the shareholder had in the property, increased by any gain the shareholder recognized on the exchange. 1040 ez turbo tax However, the increase for the gain recognized may be limited. 1040 ez turbo tax For more information, see Basis of property transferred, above, and section 362 of the Internal Revenue Code. 1040 ez turbo tax   The basis of property contributed to capital by a person other than a shareholder is zero. 1040 ez turbo tax   If a corporation receives a cash contribution from a person other than a shareholder, the corporation must reduce the basis of any property acquired with the contribution during the 12-month period beginning on the day it received the contribution by the amount of the contribution. 1040 ez turbo tax If the amount contributed is more than the cost of the property acquired, then reduce, but not below zero, the basis of the other properties held by the corporation on the last day of the 12-month period in the following order. 1040 ez turbo tax Depreciable property. 1040 ez turbo tax Amortizable property. 1040 ez turbo tax Property subject to cost depletion but not to percentage depletion. 1040 ez turbo tax All other remaining properties. 1040 ez turbo tax   Reduce the basis of property in each category to zero before going on to the next category. 1040 ez turbo tax   There may be more than one piece of property in each category. 1040 ez turbo tax Base the reduction of the basis of each property on the following ratio:   Basis of each piece of property   Bases of all properties (within that category) If the corporation wishes to make this adjustment in some other way, it must get IRS approval. 1040 ez turbo tax The corporation files a request for approval with its income tax return for the tax year in which it receives the contribution. 1040 ez turbo tax Filing and Paying Income Taxes The federal income tax is a pay-as-you-go tax. 1040 ez turbo tax A corporation generally must make estimated tax payments as it earns or receives income during its tax year. 1040 ez turbo tax After the end of the year, the corporation must file an income tax return. 1040 ez turbo tax This section will help you determine when and how to pay and file corporate income taxes. 1040 ez turbo tax For certain corporations affected by Presidentially declared disasters such as hurricanes, the due dates for filing returns, paying taxes, and performing other time-sensitive acts may be extended. 1040 ez turbo tax The IRS may also forgive the interest and penalties on any underpaid tax for the length of any extension. 1040 ez turbo tax For more information, visit www. 1040 ez turbo tax irs. 1040 ez turbo tax gov/newsroom/article/0,,id=108362. 1040 ez turbo tax 00. 1040 ez turbo tax Income Tax Return This section will help you determine when and how to report a corporation's income tax. 1040 ez turbo tax Who must file. 1040 ez turbo tax   Unless exempt under section 501 of the Internal Revenue Code, all domestic corporations in existence for any part of a tax year (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. 1040 ez turbo tax Which form to file. 1040 ez turbo tax   A corporation generally must file Form 1120, U. 1040 ez turbo tax S. 1040 ez turbo tax Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability. 1040 ez turbo tax Certain organizations and entities must file special returns. 1040 ez turbo tax For more information, see Special Returns for Certain Organizations, in the Instructions for Form 1120. 1040 ez turbo tax Electronic filing. 1040 ez turbo tax   Corporations can generally electronically file (e-file) Form 1120 and certain related forms, schedules, and attachments. 1040 ez turbo tax Certain corporations with total assets of $10 million or more, that file at least 250 returns a year must e-file Form 1120. 1040 ez turbo tax However, in certain instances, these corporations can request a waiver. 1040 ez turbo tax For more information regarding electronic filing, visit www. 1040 ez turbo tax irs. 1040 ez turbo tax gov/efile. 1040 ez turbo tax When to file. 1040 ez turbo tax   Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. 1040 ez turbo tax A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. 1040 ez turbo tax A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. 1040 ez turbo tax Example 1. 1040 ez turbo tax A corporation's tax year ends December 31. 1040 ez turbo tax It must file its income tax return by March 15th. 1040 ez turbo tax Example 2. 1040 ez turbo tax A corporation's tax year ends June 30. 1040 ez turbo tax It must file its income tax return by September 15th. 1040 ez turbo tax   If the due date falls on a Saturday, Sunday, or legal holiday, the due date is extended to the next business day. 1040 ez turbo tax Extension of time to file. 1040 ez turbo tax   File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, to request an extension of time to file a corporation income tax return. 1040 ez turbo tax The IRS will grant the extension if you complete the form properly, file it, and pay any tax due by the original due date for the return. 1040 ez turbo tax   Form 7004 does not extend the time for paying the tax due on the return. 1040 ez turbo tax Interest, and possibly penalties, will be charged on any part of the final tax due not shown as a balance due on Form 7004. 1040 ez turbo tax The interest is figured from the original due date of the return to the date of payment. 1040 ez turbo tax   For more information, see the instructions for Form 7004. 1040 ez turbo tax How to pay your taxes. 1040 ez turbo tax   A corporation must pay its tax due in full no later than the 15th day of the 3rd month after the end of its tax year. 1040 ez turbo tax Electronic Federal Tax Payment System (EFTPS). 1040 ez turbo tax   Corporations generally must use EFTPS to make deposits of all tax liabilities (including social security, Medicare, withheld income, excise, and corporate income taxes). 1040 ez turbo tax For more information on EFTPS and enrollment, visit www. 1040 ez turbo tax eftps. 1040 ez turbo tax gov or call 1-800-555-4477. 1040 ez turbo tax Also see Publication 966, The Secure Way to Pay Your Federal Taxes. 1040 ez turbo tax Note. 1040 ez turbo tax Forms 8109 and 8109-B, Federal Tax Deposit Coupon, can no longer be used to make federal tax deposits. 1040 ez turbo tax Penalties Generally, if the corporation receives a notice about interest and penalties after it files its return, send the IRS an explanation and we will determine if the corporation meets reasonable-cause criteria. 1040 ez turbo tax Do not attach an explanation when the corporation's return is filed. 1040 ez turbo tax See the instructions for your income tax return. 1040 ez turbo tax Late filing of return. 1040 ez turbo tax    A corporation that does not file its tax return by the due date, including extensions, may be penalized 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. 1040 ez turbo tax If the corporation is charged a penalty for late payment of tax (discussed next) for the same period of time, the penalty for late filing is reduced by the amount of the penalty for late payment. 1040 ez turbo tax The minimum penalty for a return that is over 60 days late is the smaller of the tax due or $100. 1040 ez turbo tax The penalty will not be imposed if the corporation can show the failure to file on time was due to a reasonable cause. 1040 ez turbo tax Late payment of tax. 1040 ez turbo tax    A corporation that does not pay the tax when due may be penalized ½ of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. 1040 ez turbo tax The penalty will not be imposed if the corporation can show that the failure to pay on time was due to a reasonable cause. 1040 ez turbo tax Trust fund recovery penalty. 1040 ez turbo tax   If income, social security, and Medicare taxes that a corporation must withhold from employee wages are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. 1040 ez turbo tax The penalty is the full amount of the unpaid trust fund tax. 1040 ez turbo tax This penalty may apply to you if these unpaid taxes cannot be immediately collected from the business. 1040 ez turbo tax   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes, and who acted willfully in not doing so. 1040 ez turbo tax   A responsible person can be an officer or employee of a corporation, an accountant, or a volunteer director/trustee. 1040 ez turbo tax A responsible person also may include one who signs checks for the corporation or otherwise has authority to cause the spending of business funds. 1040 ez turbo tax   Willfully means voluntarily, consciously, and intentionally. 1040 ez turbo tax A responsible person acts willfully if the person knows the required actions are not taking place. 1040 ez turbo tax   For more information on withholding and paying these taxes, see Publication 15 (Circular E), Employer's Tax Guide, and Publication 51, (Circular A), Agricultural Employer's Tax Guide. 1040 ez turbo tax Other penalties. 1040 ez turbo tax   Other penalties can be imposed for negligence, substantial understatement of tax, reportable transaction understatements, and fraud. 1040 ez turbo tax See sections 6662, 6662A, and 6663 of the Internal Revenue Code. 1040 ez turbo tax Estimated Tax Generally, a corporation must make installment payments if it expects its estimated tax for the year to be $500 or more. 1040 ez turbo tax If the corporation does not pay the installments when they are due, it could be subject to an underpayment penalty. 1040 ez turbo tax This section will explain how to avoid this penalty. 1040 ez turbo tax When to pay estimated tax. 1040 ez turbo tax   Installment payments are due by the 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year. 1040 ez turbo tax Example 1. 1040 ez turbo tax Your corporation's tax year ends December 31. 1040 ez turbo tax Installment payments are due on April 15, June 15, September 15, and December 15. 1040 ez turbo tax Example 2. 1040 ez turbo tax Your corporation's tax year ends June 30. 1040 ez turbo tax Installment payments are due on October 15, December 15, March 15, and June 15. 1040 ez turbo tax   If any due date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next business day. 1040 ez turbo tax How to figure each required installment. 1040 ez turbo tax   Use Form 1120-W, Estimated Tax for Corporations, as a worksheet to figure each required installment of estimated tax. 1040 ez turbo tax You will generally use one of the following two methods to figure each required installment. 1040 ez turbo tax You should use the method that yields the smallest installment payments. 1040 ez turbo tax Note. 1040 ez turbo tax In these discussions, “return” generally refers to the corporation's original return. 1040 ez turbo tax However, an amended return is considered the original return if it is filed by the due date (including extensions) of the original return. 1040 ez turbo tax Method 1. 1040 ez turbo tax   Each required installment is 25% of the income tax the corporation will show on its return for the current year. 1040 ez turbo tax Method 2. 1040 ez turbo tax   Each required installment is 25% of the income tax shown on the corporation's return for the previous year. 1040 ez turbo tax   To use Method 2: The corporation must have filed a return for the previous year, The return must have been for a full 12 months, and The return must have shown a positive tax liability (not zero). 1040 ez turbo tax Also, if the corporation is a large corporation, it can use Method 2 to figure the first installment only. 1040 ez turbo tax   See the Instructions for Form 1120-W, for the definition of a large corporation and other special rules for large corporations. 1040 ez turbo tax Other methods. 1040 ez turbo tax   If a corporation's income is expected to vary during the year because, for example, its business is seasonal, it may be able to lower the amount of one or more required installments by using one or both of the following methods. 1040 ez turbo tax The annualized income installment method. 1040 ez turbo tax The adjusted seasonal installment method. 1040 ez turbo tax Use Schedule A of Form 1120-W to determine if using one or both of these methods will lower the amount of any required installments. 1040 ez turbo tax Refiguring required installments. 1040 ez turbo tax   If after the corporation figures and deposits its estimated tax it finds that its tax liability for the year will be more or less than originally estimated, it may have to refigure its required installments to see if an underpayment penalty may apply. 1040 ez turbo tax An immediate catchup payment should be made to reduce any penalty resulting from the underpayment of any earlier installments. 1040 ez turbo tax Underpayment penalty. 1040 ez turbo tax   If the corporation does not pay a required installment of estimated tax by its due date, it may be subject to a penalty. 1040 ez turbo tax The penalty is figured separately for each installment due date. 1040 ez turbo tax The corporation may owe a penalty for an earlier due date, even if it paid enough tax later to make up the underpayment. 1040 ez turbo tax This is true even if the corporation is due a refund when its return is filed. 1040 ez turbo tax Form 2220. 1040 ez turbo tax   Use Form 2220, Underpayment of Estimated Tax by Corporations, to determine if a corporation is subject to the penalty for underpayment of estimated tax and to figure the amount of the penalty. 1040 ez turbo tax   If the corporation is charged a penalty, the amount of the penalty depends on the following three factors. 1040 ez turbo tax The amount of the underpayment. 1040 ez turbo tax The period during which the underpayment was due and unpaid. 1040 ez turbo tax The interest rate for underpayments published quarterly by the IRS in the Internal Revenue Bulletin. 1040 ez turbo tax   A corporation generally does not have to file Form 2220 with its income tax return because the IRS will figure any penalty and bill the corporation. 1040 ez turbo tax However, even if the corporation does not owe a penalty, complete and attach the form to the corporation's tax return if any of the following apply. 1040 ez turbo tax The annualized income installment method was used to figure any required installment. 1040 ez turbo tax The adjusted seasonal installment method was used to figure any required installment. 1040 ez turbo tax The corporation is a large corporation figuring its first required installment based on the prior year's tax. 1040 ez turbo tax How to pay estimated tax. 1040 ez turbo tax   A corporation is generally required to use EFTPS to pay its taxes. 1040 ez turbo tax See Electronic Federal Tax Payment System (EFTPS), earlier. 1040 ez turbo tax Also see the Instructions for Form 1120-W. 1040 ez turbo tax Quick refund of overpayments. 1040 ez turbo tax   A corporation that has overpaid its estimated tax for the tax year may be able to apply for a quick refund. 1040 ez turbo tax Use Form 4466, Corporation Application for Quick Refund of Overpayment of Estimated Tax, to apply for a quick refund of an overpayment of estimated tax. 1040 ez turbo tax A corporation can apply for a quick refund if the overpayment is: At least 10% of its expected tax liability, and At least $500. 1040 ez turbo tax Use Form 4466 to figure the corporation's expected tax liability and the overpayment of estimated tax. 1040 ez turbo tax File Form 4466 before the 16th day of the 3rd month after the end of the tax year, but before the corporation files its income tax return. 1040 ez turbo tax Do not file Form 4466 before the end of the corporation's tax year. 1040 ez turbo tax An extension of time to file the corporation's income tax return will not extend the time for filing Form 4466. 1040 ez turbo tax The IRS will act on the form within 45 days from the date you file it. 1040 ez turbo tax U. 1040 ez turbo tax S. 1040 ez turbo tax Real Property Interest If a domestic corporation acquires a U. 1040 ez turbo tax S. 1040 ez turbo tax real property interest from a foreign person or firm, the corporation may have to withhold tax on the amount it pays for the property. 1040 ez turbo tax The amount paid includes cash, the fair market value of other property, and any assumed liability. 1040 ez turbo tax If a domestic corporation distributes a U. 1040 ez turbo tax S. 1040 ez turbo tax real property interest to a foreign person or firm, it may have to withhold tax on the fair market value of the property. 1040 ez turbo tax A corporation that fails to withhold may be liable for the tax, and any penalties and interest that apply. 1040 ez turbo tax For more information, see section 1445 of the Internal Revenue Code; Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities; Form 8288, U. 1040 ez turbo tax S. 1040 ez turbo tax Withholding Tax Return for Dispositions by Foreign Persons of U. 1040 ez turbo tax S. 1040 ez turbo tax Real Property Interests; and Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U. 1040 ez turbo tax S. 1040 ez turbo tax Real Property Interests. 1040 ez turbo tax Accounting Methods An accounting method is a set of rules used to determine when and how income and expenses are reported. 1040 ez turbo tax Taxable income should be determined using the method of accounting regularly used in keeping the corporation's books and records. 1040 ez turbo tax In all cases, the method used must clearly show taxable income. 1040 ez turbo tax Generally, permissible methods include: Cash, Accrual, or Any other method authorized by the Internal Revenue Code. 1040 ez turbo tax Accrual method. 1040 ez turbo tax   Generally, a corporation (other than a qualified personal service corporation) must use the accrual method of accounting if its average annual gross receipts exceed $5 million. 1040 ez turbo tax A corporation engaged in farming operations also must use the accrual method. 1040 ez turbo tax   If inventories are required, the accrual method generally must be used for sales and purchases of merchandise. 1040 ez turbo tax However, qualifying taxpayers and eligible businesses of qualifying small business taxpayers are excepted from using the accrual method for eligible trades or businesses and may account for inventoriable items as materials and supplies that are not incidental. 1040 ez turbo tax   Under the accrual method, an amount is includable in income when: All the events have occurred that fix the right to receive the income, which is the earliest of the date: The required performance takes place, Payment is due, or Payment is received; and The amount can be determined with reasonable accuracy. 1040 ez turbo tax   Generally, an accrual basis taxpayer can deduct accrued expenses in the tax year when: All events that determine the liability have occurred, The amount of the liability can be figured with reasonable accuracy, and Economic performance takes place with respect to the expense. 1040 ez turbo tax   There are exceptions to the economic performance rule for certain items, including recurring expenses. 1040 ez turbo tax See section 461(h) of the Internal Revenue Code and the related regulations for the rules for determining when economic performance takes place. 1040 ez turbo tax Nonaccrual experience method. 1040 ez turbo tax   Accrual method corporations are not required to maintain accruals for certain amounts from the performance of services that, on the basis of their experience, will not be collected, if: The services are in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting; or The corporation's average annual gross receipts for the 3 prior tax years does not exceed $5 million. 1040 ez turbo tax   This provision does not apply if interest is required to be paid on the amount or if there is any penalty for failure to pay the amount timely. 1040 ez turbo tax Percentage of completion method. 1040 ez turbo tax   Long-term contracts (except for certain real property construction contracts) must generally be accounted for using the percentage of completion method described in section 460 of the Internal Revenue Code. 1040 ez turbo tax Mark-to-market accounting method. 1040 ez turbo tax   Generally, dealers in securities must use the mark-to-market accounting method described in section 475 of the Internal Revenue Code. 1040 ez turbo tax Under this method any security held by a dealer as inventory must be included in inventory at its FMV. 1040 ez turbo tax Any security not held as inventory at the close of the tax year is treated as sold at its FMV on the last business day of the tax year. 1040 ez turbo tax Any gain or loss must be taken into account in determining gross income. 1040 ez turbo tax The gain or loss taken into account is treated as ordinary gain or loss. 1040 ez turbo tax   Dealers in commodities and traders in securities and commodities can elect to use the mark-to-market accounting method. 1040 ez turbo tax Change in accounting method. 1040 ez turbo tax   A corporation can change its method of accounting used to report taxable income (for income as a whole or for the treatment of any material item). 1040 ez turbo tax The corporation must file Form 3115, Application for Change in Accounting Method. 1040 ez turbo tax For more information, see Form 3115 and Publication 538. 1040 ez turbo tax Section 481(a) adjustment. 1040 ez turbo tax   The corporation may have to make an adjustment under section 481(a) of the Internal Revenue Code to prevent amounts of income or expense from being duplicated or omitted. 1040 ez turbo tax The section 481(a) adjustment period is generally 1 year for a net negative adjustment and 4 years for a net positive adjustment. 1040 ez turbo tax However, a corporation can elect to use a 1-year adjustment period if the net section 481(a) adjustment for the change is less than $25,000. 1040 ez turbo tax The corporation must complete the appropriate lines of Form 3115 to make the election. 1040 ez turbo tax See the Instructions for Form 3115. 1040 ez turbo tax Accounting Periods A corporation must figure its taxable income on the basis of a tax year. 1040 ez turbo tax A tax year is the annual accounting period a corporation uses to keep its records and report its income and expenses. 1040 ez turbo tax Generally, corporations can use either a calendar year or a fiscal year as its tax year. 1040 ez turbo tax Unless special rules apply, a corporation generally adopts a tax year by filing its first federal income tax return using that tax year. 1040 ez turbo tax For more information, see Publication 538. 1040 ez turbo tax Personal service corporation. 1040 ez turbo tax   A personal service corporation must use a calendar year as its tax year unless: It elects to use a 52–53 week tax year that ends with reference to the calendar year; It can establish a business purpose for a different tax year and obtains approval of the IRS. 1040 ez turbo tax See Form 1128, Application To Adopt, Change, or Retain a Tax Year, and Publication 538; or It elects under section 444 of the Internal Revenue Code to have a tax year other than a calendar year. 1040 ez turbo tax Use Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, to make the election. 1040 ez turbo tax   If a personal service corporation makes a section 444 election, its deduction for certain amounts paid to employee-owners may be limited. 1040 ez turbo tax See Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC), to figure the maximum deduction. 1040 ez turbo tax Change of tax year. 1040 ez turbo tax   Generally, a corporation must get the consent of the IRS before changing its tax year by filing Form 1128. 1040 ez turbo tax However, under certain conditions, a corporation can change its tax year without getting the consent. 1040 ez turbo tax For more information, see Form 1128 and Publication 538. 1040 ez turbo tax Recordkeeping A corporation should keep its records for as long as they may be needed for the administration of any provision of the Internal Revenue Code. 1040 ez turbo tax Usually records that support items of income, deductions, or credits on the return must be kept for 3 years from the date the return is due or filed, whichever is later. 1040 ez turbo tax Keep records that verify the corporation's basis in property for as long as they are needed to figure the basis of the original or replacement property. 1040 ez turbo tax The corporation should keep copies of all filed returns. 1040 ez turbo tax They help in preparing future and amended returns and in the calculation of earnings and profits. 1040 ez turbo tax Income, Deductions, and Special Provisions Rules on income and deductions that apply to individuals also apply, for the most part, to corporations. 1040 ez turbo tax However, the following special provisions apply only to corporations. 1040 ez turbo tax Costs of Going Into Business When you go into business, treat all costs you incur to get your business started as capital expenses. 1040 ez turbo tax However, a corporation can elect to deduct a limited amount of start-up or organizational costs. 1040 ez turbo tax Any costs not deducted can be amortized. 1040 ez turbo tax Start-up costs are costs for creating an active trade or business or investigating the creation or acquisition of an active trade or business. 1040 ez turbo tax Organizational costs are the direct costs of creating the corporation. 1040 ez turbo tax For more information on deducting or amortizing start-up and organizational costs, see the instructions for your income tax return. 1040 ez turbo tax Also see, Publication 535, chapter 7, Costs You Can Deduct or Capitalize, and chapter 8, Amortization. 1040 ez turbo tax Related Persons A corporation that uses an accrual method of accounting cannot deduct business expenses and interest owed to a related person who uses the cash method of accounting until the corporation makes the payment and the corresponding amount is includible in the related person's gross income. 1040 ez turbo tax Determine the relationship, for this rule, as of the end of the tax year for which the expense or interest would otherwise be deductible. 1040 ez turbo tax If a deduction is denied, the rule will continue to apply even if the corporation's relationship with the person ends before the expense or interest is includible in the gross income of that person. 1040 ez turbo tax These rules also deny the deduction of losses on the sale or exchange of property between related persons. 1040 ez turbo tax Related persons. 1040 ez turbo tax   For purposes of this rule, the following persons are related to a corporation. 1040 ez turbo tax Another corporation, that is a member of the same controlled group (as defined in section 267(f) of the Internal Revenue Code). 1040 ez turbo tax An individual who owns, directly or indirectly, more than 50% of the value of the outstanding stock of the corporation. 1040 ez turbo tax A trust fiduciary, when the trust or the grantor of the trust owns, directly or indirectly, more than 50% in value of the outstanding stock of the corporation. 1040 ez turbo tax An S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. 1040 ez turbo tax A partnership, if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital or profits interest in the partnership. 1040 ez turbo tax Any employee-owner, if the corporation is a personal service corporation (see Personal service corporation, earlier), regardless of the amount of stock owned by the employee-owner. 1040 ez turbo tax Ownership of stock. 1040 ez turbo tax   To determine whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following apply. 1040 ez turbo tax Stock owned, directly or indirectly, by or for a corporation, partnership, estate, or trust, is treated as being owned proportionately by or for its shareholders, partners, or beneficiaries. 1040 ez turbo tax An individual is treated as owning the stock owned, directly or indirectly, by or for the individual's family. 1040 ez turbo tax Family includes only brothers and sisters (including half brothers and half sisters), a spouse, ancestors, and lineal descendants. 1040 ez turbo tax Any individual owning (other than by applying (2), above) stock in a corporation, is treated as also owning the stock owned directly or indirectly by that individual's partner. 1040 ez turbo tax To apply (1), (2), or (3), above, stock constructively owned by a person under (1) is treated as actually owned by that person. 1040 ez turbo tax But stock constructively owned by an individual under (2) or (3) is not treated as actually owned by the individual for applying either (2) or (3) to make another person the constructive owner of that stock. 1040 ez turbo tax Reallocation of income and deductions. 1040 ez turbo tax   Where it is necessary to clearly show income or prevent tax evasion, the IRS can reallocate gross income, deductions, credits, or allowances between two or more organizations, trades, or businesses owned or controlled directly, or indirectly, by the same interests. 1040 ez turbo tax Complete liquidations. 1040 ez turbo tax   The disallowance of losses from the sale or exchange of property between related persons does not apply to liquidating distributions. 1040 ez turbo tax More information. 1040 ez turbo tax   For more information about the related person rules, see Publication 544. 1040 ez turbo tax Income From Qualifying Shipping Activities A corporation may make an election to be taxed on its notional shipping income at the highest corporate tax rate. 1040 ez turbo tax If a corporation makes this election it may exclude income from qualifying shipping activities from gross income. 1040 ez turbo tax Also if the election is made, the corporation generally may not claim any loss, deduction, or credit with respect to qualifying shipping activities. 1040 ez turbo tax A corporation making this election may also elect to defer gain on the disposition of a qualifying vessel. 1040 ez turbo tax A corporation uses Form 8902, Alternative Tax on Qualifying Shipping Activities, to make the election and figure the alternative tax. 1040 ez turbo tax For more information regarding the election, see Form 8902. 1040 ez turbo tax Election to Expense Qualified Refinery Property A corporation can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct 50% of the cost of qualified refinery property (defined in section 179C(c) of the Internal Revenue Code), placed in service before January 1, 2014. 1040 ez turbo tax The deduction is allowed for the year in which the property is placed in service. 1040 ez turbo tax A subchapter T cooperative can make an irrevocable election on its return by the due date (including extensions) to allocate this deduction to its owners based on their ownership interest. 1040 ez turbo tax For more information, see section 179C of the Internal Revenue Code and the related Regulations. 1040 ez turbo tax Deduction to Comply With EPA Sulfur Regulations A small business refiner can make an irrevocable election on its tax return filed by the due date (including extensions) to deduct up to 75% of qualified costs paid or incurred to comply with the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency (EPA). 1040 ez turbo tax A subchapter T cooperative can make an irrevocable election on its return filed by the due date (including extensions) to allocate the deduction to its owners based on their ownership interest. 1040 ez turbo tax For more information, see sections 45H and 179B of the Internal Revenue Code and the related Regulations. 1040 ez turbo tax Energy-Efficient Commercial Building Property Deduction A corporation can claim a deduction for costs associated with energy-efficient commercial building property, placed in service before January 1, 2014. 1040 ez turbo tax In order to qualify for the deduction: The costs must be associated with depreciable or amortizable property in a Standard 90. 1040 ez turbo tax 1-2001 domestic building; The property must be either a part of the interior lighting system, the heating, cooling, ventilation and hot water system, or the building envelope (defined in section 179D(c)(1)(C) of the Internal Revenue Code); and The property must be installed as part of a plan to reduce the total annual energy and power costs of the building by 50% or more. 1040 ez turbo tax The deduction is limited to $1. 1040 ez turbo tax 80 per square foot of the building less the total amount of deductions taken for this property in prior tax years. 1040 ez turbo tax Other rules and limitations apply. 1040 ez turbo tax The corporation must reduce the basis of any property by any deduction taken. 1040 ez turbo tax The deduction is subject to recapture if the corporation fails to fully implement an energy savings plan. 1040 ez turbo tax For more information, see section 179D of the Internal Revenue Code. 1040 ez turbo tax Also see Notice 2006-52, 2006-26 I. 1040 ez turbo tax R. 1040 ez turbo tax B. 1040 ez turbo tax 1175, clarified and amplified by Notice 2008-40, 2008-14 I. 1040 ez turbo tax R. 1040 ez turbo tax B. 1040 ez turbo tax 725, and any successor. 1040 ez turbo tax Corporate Preference Items A corporation must make special adjustments to certain items before it takes them into account in determining its taxable income. 1040 ez turbo tax These items are known as corporate preference items and they include the following. 1040 ez turbo tax Gain on the disposition of section 1250 property. 1040 ez turbo tax For more information, see section 1250 Property under Depreciation Recapture in chapter 3 of Publication 544. 1040 ez turbo tax Percentage depletion for iron ore and coal (including lignite). 1040 ez turbo tax For more information, see Mines and Geothermal Deposits under Mineral Property in chapter 9 of Publication 535. 1040 ez turbo tax Amortization of pollution control facilities. 1040 ez turbo tax For more information, see Pollution Control Facilities in chapter 8 of Publication 535 and section 291(a)(5) of the Internal Revenue Code. 1040 ez turbo tax Mineral exploration and development costs. 1040 ez turbo tax For more information, see Exploration Costs and Development Costs in chapter 7 of Publication 535. 1040 ez turbo tax For more information on corporate preference items, see section 291 of the Internal Revenue Code. 1040 ez turbo tax Dividends-Received Deduction A corporation can deduct a percentage of certain dividends received during its tax year. 1040 ez turbo tax This section discusses the general rules that apply. 1040 ez turbo tax The deduction is figured on Form 1120, Schedule C, or the applicable schedule of your income tax return. 1040 ez turbo tax For more information, see the Instructions for Form 1120, or the instructions for your applicable income tax return. 1040 ez turbo tax Dividends from domestic corporations. 1040 ez turbo tax   A corporation can deduct, within certain limits, 70% of the dividends received if the corporation receiving the dividend owns less than 20% of the corporation distributing the dividend. 1040 ez turbo tax If the corporation owns 20% or more of the distributing corporation's stock, it can, subject to certain limits, deduct 80% of the dividends received. 1040 ez turbo tax Ownership. 1040 ez turbo tax   Determine ownership, for these rules, by the amount of voting power and value of the paying corporation's stock (other than certain preferred stock) the receiving corporation owns. 1040 ez turbo tax Small business investment companies. 1040 ez turbo tax   Small business investment companies can deduct 100% of the dividends received from taxable domestic corporations. 1040 ez turbo tax Dividends from regulated investment companies. 1040 ez turbo tax   Regulated investment company dividends received are subject to certain limits. 1040 ez turbo tax Capital gain dividends received from a regulated investment company do not qualify for the deduction. 1040 ez turbo tax For more information, see section 854 of the Internal Revenue Code. 1040 ez turbo tax No deduction allowed for certain dividends. 1040 ez turbo tax   Corporations cannot take a deduction for dividends received from the following entities. 1040 ez turbo tax A real estate investment trust (REIT). 1040 ez turbo tax A corporation exempt from tax under section 501 or 521 of the Internal Revenue Code either for the tax year of the distribution or the preceding tax year. 1040 ez turbo tax A corporation whose stock was held less than 46 days during the 91-day period beginning 45 days before the stock became ex-dividend with respect to the dividend. 1040 ez turbo tax Ex-dividend means the holder has no rights to the dividend. 1040 ez turbo tax A corporation whose preferred stock was held less than 91 days during the 181-day period beginning 90 days before the stock became ex-dividend with respect to the dividend if the dividends received are for a period or periods totaling more than 366 days. 1040 ez turbo tax Any corporation, if your corporation is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. 1040 ez turbo tax Dividends on deposits. 1040 ez turbo tax   Dividends on deposits or withdrawable accounts in domestic building and loan associations, mutual savings banks, cooperative banks, and similar organizations are interest, not dividends. 1040 ez turbo tax They do not qualify for this deduction. 1040 ez turbo tax Limit on deduction for dividends. 1040 ez turbo tax   The total deduction for dividends received or accrued is generally limited (in the following order) to: 80% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from 20%-owned corporations, then 70% of the difference between taxable income and the 100% deduction allowed for dividends received from affiliated corporations, or by a small business investment company, for dividends received or accrued from less-than-20%-owned corporations (reducing taxable income by the total dividends received from 20%-owned corporations). 1040 ez turbo tax Figuring the limit. 1040 ez turbo tax   In figuring the limit, determine taxable income without the following items. 1040 ez turbo tax The net operating loss deduction. 1040 ez turbo tax The domestic production activities deduction. 1040 ez turbo tax The deduction for dividends received. 1040 ez turbo tax Any adjustment due to the nontaxable part of an extraordinary dividend (see Extraordinary Dividends, below). 1040 ez turbo tax Any capital loss carryback to the tax year. 1040 ez turbo tax Effect of net operating loss. 1040 ez turbo tax   If a corporation has a net operating loss (NOL) for a tax year, the limit of 80% (or 70%) of taxable income does not apply. 1040 ez turbo tax To determine whether a corporation has an NOL, figure the dividends-received deduction without the 80% (or 70%) of taxable income limit. 1040 ez turbo tax Example 1. 1040 ez turbo tax A corporation loses $25,000 from operations. 1040 ez turbo tax It receives $100,000 in dividends from a 20%-owned corporation. 1040 ez turbo tax Its taxable income is $75,000 ($100,000 – $25,000) before the deduction for dividends received. 1040 ez turbo tax If it claims the full dividends-received deduction of $80,000 ($100,000 × 80%) and combines it with an operations loss of $25,000, it will have an NOL of ($5,000). 1040 ez turbo tax Therefore, the 80% of taxable income limit does not apply. 1040 ez turbo tax The corporation can deduct the full $80,000. 1040 ez turbo tax Example 2. 1040 ez turbo tax Assume the same facts as in Example 1, except that the corporation only loses $15,000 from operations. 1040 ez turbo tax Its taxable income is $85,000 before the deduction for dividends received. 1040 ez turbo tax After claiming the dividends-received deduction of $80,000 ($100,000 × 80%), its taxable income is $5,000. 1040 ez turbo tax Because the corporation will not have an NOL after applying a full dividends-received deduction, its allowable dividends-received deduction is limited to 80% of its taxable income, or $68,000 ($85,000 × 80%). 1040 ez turbo tax Extraordinary Dividends If a corporation receives an extraordinary dividend on stock held 2 years or less before the dividend announcement date, it generally must reduce its basis in the stock by the nontaxed part of the dividend. 1040 ez turbo tax The nontaxed part is any dividends-received deduction allowable for the dividends. 1040 ez turbo tax Extraordinary dividend. 1040 ez turbo tax   An extraordinary dividend is any dividend on stock that equals or exceeds a certain percentage of the corporation's adjusted basis in the stock. 1040 ez turbo tax The percentages are: 5% for stock preferred as to dividends, or 10% for other stock. 1040 ez turbo tax Treat all dividends received that have ex-dividend dates within an 85-consecutive-day period as one dividend. 1040 ez turbo tax Treat all dividends received that have ex-dividend dates within a 365-consecutive-day period as extraordinary dividends if the total of the dividends exceeds 20% of the corporation's adjusted basis in the stock. 1040 ez turbo tax Disqualified preferred stock. 1040 ez turbo tax   Any dividend on disqualified preferred stock is treated as an extraordinary dividend regardless of the period of time the corporation held the stock. 1040 ez turbo tax   Disqualified preferred stock is any stock preferred as to dividends if any of the following apply. 1040 ez turbo tax The stock when issued has a dividend rate that declines (or can reasonably be expected to decline) in the future. 1040 ez turbo tax The issue price of the stock exceeds its liquidation rights or stated redemption price. 1040 ez turbo tax The stock is otherwise structured to avoid the rules for extraordinary dividends and to enable corporate shareholders to reduce tax through a combination of dividends-received deductions and loss on the disposition of the stock. 1040 ez turbo tax   These rules apply to stock issued after July 10, 1989, unless it was issued under a written binding contract in effect on that date, and thereafter, before the issuance of the stock. 1040 ez turbo tax More information. 1040 ez turbo tax   For more information on extraordinary dividends, see section 1059 of the Internal Revenue Code. 1040 ez turbo tax Below-Market Loans If a corporation receives a below-market loan and uses the proceeds for its trade or business, it may be able to deduct the forgone interest. 1040 ez turbo tax A below-market loan is a loan on which no interest is charged or on which interest is charged at a rate below the applicable federal rate. 1040 ez turbo tax A below-market loan generally is treated as an arm's-length transaction in which the borrower is considered as having received both the following: A loan in exchange for a note that requires payment of interest at the applicable federal rate, and An additional payment in an amount equal to the forgone interest. 1040 ez turbo tax Treat the additional payment as a gift, dividend, contribution to capital, payment of compensation, or other payment, depending on the substance of the transaction. 1040 ez turbo tax Foregone interest. 1040 ez turbo tax   For any period, forgone interest is equal to: The interest that would be payable for that period if interest accrued on the loan at the applicable federal rate and was payable annually on December 31, minus Any interest actually payable on the loan for the period. 1040 ez turbo tax See Below-market loans, in chapter 4 of Publication 535 for more information. 1040 ez turbo tax Charitable Contributions A corporation can claim a limited deduction for charitable contributions made in cash or other property. 1040 ez turbo tax The contribution is deductible if made to, or for the use of, a qualified organization. 1040 ez turbo tax For more information on qualified organizations, see Publication 526, Charitable Contributions. 1040 ez turbo tax Also see, Exempt Organizations Select Check (EO Select Check) at www. 1040 ez turbo tax irs. 1040 ez turbo tax gov/charities, the on-line search tool for finding information on organizations eligible to receive tax-deductible contributions. 1040 ez turbo tax Note. 1040 ez turbo tax You cannot take a deduction if any of the net earnings of an organization receiving contributions benefit any private shareholder or individual. 1040 ez turbo tax Cash method corporation. 1040 ez turbo tax   A corporation using the cash method of accounting deducts contributions in the tax year paid. 1040 ez turbo tax Accrual method corporation. 1040 ez turbo tax   A corporation using an accrual method of accounting can choose to deduct unpaid contributions for the tax year the board of directors authorizes them if it pays them by the 15th day of the 3rd month after the close of that tax year. 1040 ez turbo tax Make the choice by reporting the contribution on the corporation's return for the tax year. 1040 ez turbo tax A declaration stating that the board of directors adopted the resolution during the tax year must accompany the return. 1040 ez turbo tax The declaration must include the date the resolution was adopted. 1040 ez turbo tax Limitations on deduction. 1040 ez turbo tax   A corporation cannot deduct charitable contributions that exceed 10% of its taxable income for the tax year. 1040 ez turbo tax Figure taxable income for this purpose without the following. 1040 ez turbo tax The deduction for charitable contributions. 1040 ez turbo tax The dividends-received deduction. 1040 ez turbo tax The deduction allowed under section 249 of the Internal Revenue Code. 1040 ez turbo tax The domestic production activities deduction. 1040 ez turbo tax Any net operating loss carryback to the tax year. 1040 ez turbo tax Any capital loss carryback to the tax year. 1040 ez turbo tax Farmers and ranchers. 1040 ez turbo tax    Corporations that are farmers and ranchers should see section 170(b)(2) of the Internal Revenue Code for special rules that may affect the deduction limit. 1040 ez turbo tax Carryover of excess contributions. 1040 ez turbo tax   You can carry over, within certain limits, to each of the subsequent 5 years any charitable contributions made during the current year that exceed the 10% limit. 1040 ez turbo tax You lose any excess not used within that period. 1040 ez turbo tax For example, if a corporation has a carryover of excess contributions paid in 2010 and it does not use all the excess on its return for 2011, it can carry any excess over to 2012, 2013, 2014, and 2015, if applicable. 1040 ez turbo tax Any excess not used in 2015 is lost. 1040 ez turbo tax Do not deduct a carryover of excess contributions in the carryover year until after you deduct contributions made in that year (subject to the 10% limit). 1040 ez turbo tax You cannot deduct a carryover of excess contributions to the extent it increases a net operating loss carryover. 1040 ez turbo tax Cash contributions. 1040 ez turbo tax   A corporation must maintain a record of any contribution of cash, check, or other monetary contribution, regardless of the amount. 1040 ez turbo tax The record can be a bank record, receipt, letter, or other written communication from the donee indicating the name of the organization, the date of the contribution, and the amount of the contribution. 1040 ez turbo tax Keep the record of the contribution with the other corporate records. 1040 ez turbo tax Do not attach the records to the corporation's return. 1040 ez turbo tax For more information on cash contributions, see Publication 526. 1040 ez turbo tax Gifts of $250 or more. 1040 ez turbo tax   Generally, no deduction is allowed for any contribution of $250 or more unless the corporation gets a written acknowledgement from the donee organization. 1040 ez turbo tax The acknowledgement should show the amount of cash contributed, a description of the property contributed, and either gives a description and a good faith estimate of the value of any goods or services provided in return for the contribution or states that no goods or services were provided in return for the contribution. 1040 ez turbo tax The acknowledgement should be received by the due date (including extensions) of the return, or, if earlier, the date the return was filed. 1040 ez turbo tax Keep the acknowledgement with other corporate records. 1040 ez turbo tax Do not attach the acknowledgement to the return. 1040 ez turbo tax Contributions of property other than cash. 1040 ez turbo tax   If a corporation (other than a closely-held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return. 1040 ez turbo tax In addition the corporation should keep a record of: The approximate date and manner of acquisition of the donated property and The cost or other basis of the donated property held by the donor for less than 12 months prior to contribution. 1040 ez turbo tax   Closely held and personal service corporations must complete and attach Form 8283, Noncash Charitable Contributions, to their returns if they claim a deduction of more than $500 for non-cash contributions. 1040 ez turbo tax For all other corporations, if the deduction claimed for donated property exceeds $5,000, complete Form 8283 and attach it to the corporation's return. 1040 ez turbo tax   A corporation must obtain a qualified appraisal for all deductions of property claimed in excess of $5,000. 1040 ez turbo tax A qualified appraisal is not required for the donation of cash, publicly traded securities, inventory, and any qualified vehicles sold by a donee organization without any significant intervening use or material improvement. 1040 ez turbo tax The appraisal should be maintained with other corporate records and only attached to the corporation's return when the deduction claimed exceeds $500,000; $20,000 for donated art work. 1040 ez turbo tax   See Form 8283 for more information. 1040 ez turbo tax Qualified conservation contributions. 1040 ez turbo tax   If a corporation makes a qualified conservation contribution, the corporation must provide information regarding the legal interest being donated, the fair market value of the underlying property before and after the donation, and a description of the conservation purpose for which the property will be used. 1040 ez turbo tax For more information, see section 170(h) of the Internal Revenue Code. 1040 ez turbo tax Contributions of used vehicles. 1040 ez turbo tax   A corporation is allowed a deduction for the contribution of used motor vehicles, boats, and airplanes. 1040 ez turbo tax The deduction is limited, and other special rules apply. 1040 ez turbo tax For more information, see Publication 526. 1040 ez turbo tax Reduction for contributions of certain property. 1040 ez turbo tax   For a charitable contribution of property, the corporation must reduce the contribution by the sum of: The ordinary income and short-term capital gain that would have resulted if the property were sold at its FMV and For certain contributions, the long-term capital gain that would have resulted if the property were sold at its FMV. 1040 ez turbo tax   The reduction for the long-term capital gain applies to: Contributions of tangible personal property for use by an exempt organization for a purpose or function unrelated to the basis for its exemption; Contributions of any property to or for the use of certain private foundations except for stock for which market quotations are readily available; and Contributions of any patent, certain copyrights, trademark, trade name, trade secret, know-how, software (that is a section 197 intangible), or similar property, or applications or registrations of such property. 1040 ez turbo tax Larger deduction. 1040 ez turbo tax   A corporation (other than an S corporation) may be able to claim a deduction equal to the lesser of (a) the basis of the donated inventory or property plus one-half of the inventory or property's appreciation (gain if the donated inventory or property was sold at fair market value on the date of the donation), or (b) two times basis of the donated inventory or property. 1040 ez turbo tax This deduction may be allowed for certain contributions of: Certain inventory and other property made to a donee organization and used solely for the care of the ill, the needy, and infants. 1040 ez turbo tax Scientific property constructed by the corporation (other than an S corporation, personal holding company, or personal service corporation) and donated no later than 2 years after substantial completion of the construction. 1040 ez turbo tax The property must be donated to a qualified organization and its original use must be by the donee for research, experimentation, or research training within the United States in the area of physical or biological science. 1040 ez turbo tax Computer technology and equipment acquired or constructed and donated no later than 3 years after either acquisition or substantial completion of construction to an educational organization for educational purposes within the United States. 1040 ez turbo tax Contributions to organizations conducting lobbying activities. 1040 ez turbo tax   Contributions made to an organization that conducts lobbying activities are not deductible if: The lobbying activities relate to matters of direct financial interest to the donor's trade or business and The principal purpose of the contribution was to avoid federal income tax by obtaining a deduction for activities that would have been nondeductible under the lobbying expense rules if conducted directly by the donor. 1040 ez turbo tax More information. 1040 ez turbo tax   For more information on charitable contributions, including substantiation and recordkeeping requirements, see section 170 of the Internal Revenue Code, the related regulations, and Publication 526. 1040 ez turbo tax Capital Losses A corporation can deduct capital losses only up to the amount of its capital gains. 1040 ez turbo tax In other words, if a corporation has an excess capital loss, it cannot deduct the loss in the current tax year. 1040 ez turbo tax Instead, it carries the loss to other tax years and deducts it from any net capital gains that occur in those years. 1040 ez turbo tax A capital loss is carried to other years in the following order. 1040 ez turbo tax 3 years prior to the loss year. 1040 ez turbo tax 2 years prior to the loss year. 1040 ez turbo tax 1 year prior to the loss year. 1040 ez turbo tax Any loss remaining is carried forward for 5 years. 1040 ez turbo tax When you carry a net capital loss to another tax year, treat it as a short-term loss. 1040 ez turbo tax It does not retain its original identity as long term or short term. 1040 ez turbo tax Example. 1040 ez turbo tax A calendar year corporation has a net short-term capital gain of $3,000 and a net long-term capital loss of $9,000. 1040 ez turbo tax The short-term gain offsets some of the long-term loss, leaving a net capital loss of $6,000. 1040 ez turbo tax The corporation treats this $6,000 as a short-term loss when carried back or forward. 1040 ez turbo tax The corporation carries the $6,000 short-term loss back 3 years. 1040 ez turbo tax In year 1, the corporation had a net short-term capital gain of $8,000 and a net long-term capital gain of $5,000. 1040 ez turbo tax It subtracts the $6,000 short-term loss first from the net short-term gain. 1040 ez turbo tax This results in a net capital gain for year 1 of $7,000. 1040 ez turbo tax This consists of a net short-term capital gain of $2,000 ($8,000 − $6,000) and a net long-term capital gain of $5,000. 1040 ez turbo tax S corporation status. 1040 ez turbo tax   A corporation may not carry a capital loss from, or to, a year for which it is an S corporation. 1040 ez turbo tax Rules for carryover and carryback. 1040 ez turbo tax   When carrying a capital loss from one year to another, the following rules apply. 1040 ez turbo tax When figuring the current year's net capital loss, you cannot combine it with a capital loss carried from another year. 1040 ez turbo tax In other words, you can carry capital losses only to years that would otherwise have a total net capital gain. 1040 ez turbo tax If you carry capital losses from 2 or more years to the same year, deduct the loss from the earliest year first. 1040 ez turbo tax You cannot use a capital loss carried from another year to produce or increase a net operating loss in the year to which you carry it back. 1040 ez turbo tax Refunds. 1040 ez turbo tax   When you carry back a capital loss to an earlier tax year, refigure your tax for that year. 1040 ez turbo tax If your corrected tax is less than the tax you originally owed, use either Form 1139, Corporate Application for Tentative Refund, or Form 1120X, Amended U. 1040 ez turbo tax S. 1040 ez turbo tax Corporation Income Tax Return, to apply for a refund. 1040 ez turbo tax Form 1139. 1040 ez turbo tax    A corporation can get a refund faster by using Form 1139. 1040 ez turbo tax It cannot file Form 1139 before filing the return for the corporation's capital loss year, but it must file Form 1139 no later than 1 year after the year it sustains the capital loss. 1040 ez turbo tax Form 1120X. 1040 ez turbo tax   If the corporation does not file Form 1139, it must file Form 1120X to apply for a refund. 1040 ez turbo tax The corporation must file the Form 1120X within 3 years of the due date, includin
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About the API

We make the content you see in our directory of federal agencies available in both English and Spanish via a REST API. The API programmatically returns all of the information contained in the directory, or you can query the API to return just a subset of the available information.

If you are using the Federal Agency Directory API and have feedback or want to tell us about your product, please e-mail us.

Changes to the API

On December 28, 2012, we launched version 2.0 of the API and made the following changes:

  • Launched new methods to return directory records in a hierarchical fashion.
  • Results can now be returned using XML and JSONP, as well as straight JSON.
  • The Interface method was removed.

About the Data

The data in the Federal Agency Directory API is based on the English and Spanish federal agency directories. We gather this data from the agency information listed in the U.S. Government Manual, and independent research by our staff.

There is no schedule for data updates; we update data continually, and as needed. Early versions of the API may have incomplete and inconsistent data. We are working to continually develop the data in our directory records.

If you have suggestions about what types of data you would like to see in the Federal Agency Directory API, please e-mail us.

About the Spanish Data

GobiernoUSA.gov and the North American Academy of the Spanish Language (ANLE, per its Spanish acronym) worked together to review federal agencies Spanish translations to ensure language accuracy and consistency throughout the government. ANLE, the highest authority on Spanish language in the United States, and GobiernoUSA.gov have the joined mission of improving and standardizing the use of Spanish language in government communications.

This collaboration, possible through a signed agreement between the two institutions, resulted in a list of official Spanish language translations of federal agencies, available through this API.

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Accessing the API

Our Federal Agency Directory API is accessible via HTTP GET requests and does not require a login or API key to use.

The base URL for the API is http://www.usa.gov/api/USAGovAPI/contacts.{format}/. Append the API call you’d like to make to this URL.

Currently, three output formats are available:

  1. JSON (such as http://www.usa.gov/api/USAGovAPI/contacts.json/contacts)
  2. XML (such as http://www.usa.gov/api/USAGovAPI/contacts.xml/contacts)
  3. JSONP (such as http://www.usa.gov/api/USAGovAPI/contacts.jsonp/contacts?callback=callmemaybe). When requesting JSONP, you should include a callback parameter with the name of the callback function you would like called.

For the purposes of this documentation, only JSON sample calls and results will be shown.

API Result Formats

The Federal Agency Directory API returns results in json, with an optional callback parameter to enable jsonp support.

Interactive Documentation for the API

If you're interested in trying out the Federal Agency Directory API, we have an interactive test page. On this page, you can try different parameters and see the results.

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API Data Model

The following fields are associated with directory records. Please note that not every record has data in every field, and the API will only return completed fields.

  • Id - A unique identifier for each directory record
  • Name – The name of the agency.
  • Description – A brief description of the agency.
  • Language – Whether the record is in English or Spanish.
  • Subdivision – Used for mailing items to the agency.
  • Street1 – A first line of address information (such as the street address) for the agency’s main office.
  • Street2 – A second line of address information for the agency’s main office.
  • City – The city of the agency’s main office.
  • StateTer – The state of the agency’s main office.
  • Zip – The postal zip code of the agency’s main office.
  • Email – The e-mail address for the agency’s main office.
  • Phone – The phone number of the agency’s main office (may contain more than one).
  • TTY – The TTY number of the agency’s main office (may contain more than one).
  • Tollfree – The toll-free number to contact the agency (may contain more than one).
  • SMS – Any services offered via text messaging by the agency.
  • Synonym – Alternative names used commonly to refer to the agency (may contain more than one).
  • URI – The URL to access the agency’s complete directory record via the API.
  • Source_Url – The USA.gov or GobiernoUSA.gov URL that contains the record.

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URLs

The directory API returns several types of URLs that can be used to link to the agency.

  • Web_Url – Main URLs for the agency (may contain more than one).
  • Contact_Url – URLs for the public to contact the agency (may contain more than one).
  • In_Person_Url – URLs for the public to find out how to interact with the agney in person (may contain more than one).
  • Form_Url – URLs for the agency to find forms from the agency (may contain more than one).

For each of these URLs, the following sub-data elements are returned:

  • Url – The URL to the web page.
  • Description – A description of the URL.
  • Language – Whether the web page located at the URL is in English (en) or Spanish (es).

Agency Relationships

Additionally, the directory API returns information on the hierarchical relationship between federal agencies.

  • Parent – The parent of the agency. such as the Department of the Treasury for the Internal Revenue Service.
  • Child – Any children departments or agencies for the agency. such as the Census Bureau for the Department of Commerce (may contain more than one of these).
  • Alt_Language – The record for the agency in Spanish, if the record is in English, and vice versa.

For each of these relationships, the following sub-data elements are returned for the related agency:

  • Id – A unique identifier for each directory record
  • Name – The name of the agency.
  • URI – The URL to access the agency’s complete directory record via the API.
  • For Alt_Language only, Language – Whether the alternate language record is in English (en) or Spanish (es).

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API Methods

As of version 2.0, the methods of the Federal Agency Directory API are broken down into two categories. The first category simply returns a list of agency records. The second category returns a hierarchical structure of the agency records, making it easy to form a tree. The tree can show that the Food and Drug Administration is part of the Department of Health and Human Services. This is just one example.

API Methods That Return A List of Agency Records

Contacts

Contacts is a general purpose call that, by default, will return all of the agency directory records. However, you can pass parameters into contacts that allow you to filter the records returned by the API in powerful ways.

Parameters

query_filter – Return only agency directory records that meet the criteria you enter into this parameter. In general, the filter takes the form of {field_name}::{value}[|{field_name}::{value}]*. Additionally, for names, you can perform substring searches by surrounding {value} with asterixis.

For example, if you want to return all agencies that have the word “commission” in their title, you can use a query_filter of name::*commission*. Likewise, if you want to find all commissions who have their main address in Virginia, you can use a query_filter of: name::*commission*|state::VA

See the data model above for a list of field names that you can query on.

result_filter – Return only the fields listed here (separated by |) as opposed to every field in each directory record. For example, use a result_filter of name|phone to return only names and phone numbers.

See the data model above for a list of field names that you can specify be returned.

sort – Allows you to specify the sort order of the returned agency directory records. For example, use a sort of name to sort the results by the agency’s name. You can also cause the sort to go in descending order by prepending the field name with a -, such as -name.

See the data model above for a list of field names that you can sort the results on.

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/contacts/tree/independent

The independent method will return every agency record that has no parent and no child, such as the National Railroad Passenger Corporation.

/contacts/tree

The tree method returns every agency record, and, optionally, includes sub-agencies as part of their parent agency’s record.

Paramaters

include_descendants - Set to true if you want the API to return the descendents directly as part of their parent agency’s record.

/contacts/tree/dependent

The dependent method returns every agency record that has sub-agencies, and, optionally, includes sub-agencies as part of their parent agency’s record.

Parameters

include_descendants - Set to true if you want the API to return the descendents directly as part of their parent agency’s record.

/contact/{identifier}/tree/sibling

The sibling method will return all of the agency records that are siblings to the agency represented by the id specified in the REST URL. It will also return the record for the id specified as well.  

The only difference between the result format of the sibling method and the more generic contacts method is that the siblings method does not return the child and parent data elements as part of it’s results.

For example, if you request the sibling agencies for the U.S. Botanic Garden (id 49108), the API will return records for both the U.S. Botanic Garden and the U.S. Capitol Visitor Center, as both of these agencies are part of the Architect of the Capitol.

If you desired the results in JSON format, the API call for this query would look like the following:
http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49108/tree/sibling

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Sample Results For These Methods

For API methods that return a list of directory records, the API will return an array of objects, such as:

The API will return an array of objects, such as:

{
   "Contact":[
      {
         "Id":"52663",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/52663",
         "Language":"en",
         "Name":"U.S. Access Board",
         "Source_Url":"http://www.usa.gov/directory/federal/us-access-board.shtml",
         "Street1":"1331 F Street, NW",
         "Street2":"Suite 1000",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20004-1111",
         "Synonym":[
            "Access Board"
         ],
         "Phone":[
            "202-272-0080"
         ],
         "Tollfree":[
            "800-872-2253"
         ],
         "TTY":[
            "202-272-0082",
            "800-993-2822"
         ],
         "Email":"info@access-board.gov",
         "Contact_Url":[
            {
               "Url":"http://www.access-board.gov/contact.htm",
               "Description":"Contact the U.S. Access Board ",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/contact.htm#email",
               "Description":"E-mail Directory",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/contact.htm#Phone",
               "Description":"Phone Directory",
               "Language":"en"
            },
            {
               "Url":"http://www.access-board.gov/enforcement/filing.htm",
               "Description":"File an Accessibility Complaint",
               "Language":"en"
            }
         ],
         "Web_Url":[
            {
               "Url":"http://www.access-board.gov/",
               "Description":"U.S. Access Board ",
               "Language":"en"
            }
         ],
         "In_Person_Url":[
            {
               "Url":"http://www.access-board.gov/contact.htm#Location",
               "Description":"Map and Directions",
               "Language":"en"
            }
         ],
         "Description":"The Access Board is an independent federal agency devoted to accessibility for people with disabilities. The Board develops and maintains design criteria for the built environment, transit vehicles, telecommunications equipment, and for electronic and information technology. ",
         "Alt_Language":[
            {
               "Id":"50175",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50175",
               "Name":"Consejo de Acceso de Estados Unidos",
               "Language":"es"
            }
         ]
      },
      {
         "Id":"61787",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/61787",
         "Language":"en",
         "Name":"Medicaid and CHIP Payment and Access Commission",
         "Source_Url":"http://www.usa.gov/directory/federal/medicaid-chip-payment-access-commission.shtml",
         "Street1":"1800 M Street, NW",
         "Street2":"Suite 350N",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20036",
         "Phone":[
            "202-273-2460"
         ],
         "Email":"webmaster@macpac.gov",
         "Web_Url":[
            {
               "Url":"http://www.macpac.gov",
               "Description":"Medicaid and CHIP Payment and Access Commission ",
               "Language":"en"
            }
         ]
      }
   ]
}

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If you set include_descendents to true in the tree or descendants methods, parent agencies will include an array called "Contact" with their child agency records, such as in this snippet:

{
   "Contact":[
      {
         "Id":"49015",
         "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49015",
         "Language":"en",
         "Name":"U.S. Department of Agriculture (USDA)",
         "Source_Url":"http://www.usa.gov/directory/federal/department-of-agriculture.shtml",
         "Street1":"1400 Independence Ave., S.W.",
         "City":"Washington",
         "StateTer":"DC",
         "Zip":"20250",
         "Synonym":[
            "Agriculture Department",
            "Department of Agriculture"
         ],
         "Phone":[
            "202-720-2791"
         ],
         "Contact_Url":[
            {
               "Url":"http://usda.gov/wps/portal/usda/usdahome?navid=CONTACT_US",
               "Description":"Contact the U.S. Department of Agriculture (USDA) ",
               "Language":"en"
            },
            {
               "Url":"http://www.fns.usda.gov/cnd/Contacts/StateDirectory.htm",
               "Description":"Child Nutrition Programs",
               "Language":"en"
            },
            {
               "Url":"http://www.fns.usda.gov/snap/contact_info/default.htm",
               "Description":"Food Stamps",
               "Language":"en"
            },
            {
               "Url":"http://www.fsis.usda.gov/Food_Safety_Education/USDA_Meat_&_Poultry_Hotline/index.asp",
               "Description":"Meat and Poultry Hotline",
               "Language":"en"
            },
            {
               "Url":"http://offices.sc.egov.usda.gov/employeeDirectory/app",
               "Description":"Employee Directory",
               "Language":"en"
            }
         ],
         "Web_Url":[
            {
               "Url":"http://www.usda.gov/wps/portal/usda/usdahome",
               "Description":"U.S. Department of Agriculture (USDA) ",
               "Language":"en"
            }
         ],
         "In_Person_Url":[
            {
               "Url":"http://www.rurdev.usda.gov/recd_map.html",
               "Description":"Rural Development Office Locator",
               "Language":"en"
            },
            {
               "Url":"http://apps.ams.usda.gov/FarmersMarkets/",
               "Description":"Farmers Markets Near You",
               "Language":"en"
            },
            {
               "Url":"http://offices.sc.egov.usda.gov/locator/app",
               "Description":"Find a Service Center Near You",
               "Language":"en"
            }
         ],
         "Description":"The Department of Agriculture provides leadership on food, agriculture, natural resources, and related issues.",
         "Alt_Language":[
            {
               "Id":"50072",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50072",
               "Name":"Departamento de Agricultura",
               "Language":"es"
            }
         ],
         "Contact":[
            {
               "Id":"48012",
               "URI":"http://www.usa.gov/api/USAGovAPI/contacts.json/contact/48012",
               "Language":"en",
               "Name":"Center for Nutrition Policy and Promotion (CNPP)",
               "Source_Url":"http://www.usa.gov/directory/federal/center-for-nutrition-policy-and-promotion.shtml",
               "Street1":"3101 Park Center Dr., 10th Floor",
               "City":"Alexandria",
               "StateTer":"VA",
               "Zip":"22302-1594",
               "Phone":[
                  "703-305-7600"
               ],
               "Contact_Url":[
                  {
                     "Url":"http://www.cnpp.usda.gov/contacts.htm",
                     "Description":"Contact the Center for Nutrition Policy and Promotion (CNPP) ",
                     "Language":"en"
                  }
               ],
               "Web_Url":[
                  {
                     "Url":"http://www.cnpp.usda.gov/",
                     "Description":"Center for Nutrition Policy and Promotion (CNPP) ",
                     "Language":"en"
                  },
                  {
                     "Url":"http://www.choosemyplate.gov/",
                     "Description":"",
                     "Language":"en"
                  }
               ],
               "Description":"The USDA Center for Nutrition Policy and Promotion (CNPP) works to improve the health and well-being of Americans by developing and promoting dietary guidance that links scientific research to the nutrition needs of consumers."
            }
         ]
      }
   ]
}

For a complete list of fields returned in the json, see the data model description above. Please note that any field that contains more than one item in it (such as synonyms), is returned as an array and noted in the data model description.

We encourage you to try out the interactive documentation to learn more.

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API Methods That Return Agency Records in a Tree Form

These methods return agency records in a hierarchical data structure. In this way, you do not have to manually recreate the hierarchy yourself using the contacts method.

/contact/{identifier}/tree/parent

The parent method returns the record of the parent agency specified in the REST URL and will continue up the agency hierarchy until the root agency is returned. Additionally, the record for the id specified will also be returned.

For example, if you request the parent tree for the Administration for Native Americans (agency id 49064) , the API will return a tree structure whose head is the U.S.  Department of Health and Human Services, with a child record for the Administration for Children and Families, which will then have a child record for the Administration of Native Americans.

With JSON-formatted results, this call would be made with this URL:  http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49064/tree/parent

Likewise, if you request the parent tree for the Administration for Children and Families (agency id 47994), the API will return a tree structure whose head is the U.S. Department of Health and Human Services, with a child record for the Administration for Children and Families.  However, the structure will end at that point instead of continuing down the agency hierarchy.

With JSON-formatted results, this call would be made with this URL:  http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994/tree/parent

/contact/{identifier}/tree/descendant

The descendant method will return a tree with the agency specified in the REST URL at it’s head. It will include all of the agency's sub-agencies as children. The tree will then continue in this fashion until the agencies with no children are returned.

For example, if you request the descendant tree of the Administration for Children and Families (agency id 47994), the API will return a tree structure with the record for the Administration for Children and Families at it’s head. There would then be child record for the Administration of Native Americans, since that agency is a subagency of the Administration for Children and Families.

With JSON-formatted results, this call would be made with this URL: http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994/tree/descendant

Likewise, if you request the descendant tree of the U.S. Department of Health and Human Services (agency id 49021), the API will return a tree structure with the U.S. Department of Health and Human Services record at it’s head, and have 15 child records for each of the sub-agencies.  The tree will continue in this manner until the entire U.S. Department of Health and Human Services hierarchy of agencies is exposed.

With JSON-formatted results, this call would be made with this URL: http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49021/tree/descendant

/contact/{identifier}/tree/branch

The branch method returns a tree that is the combination of the trees returned by the parent method and the descendant method for the id specified in the REST URL. With this one method, the API will return every parent and every descendant of a particular agency.

/contact/{identifier}

The contact/{identifier} method will return the single directory record represented by the id specified in the REST URL. There are no children records returned when using this method.

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Sample Results For These Methods

For API methods that return a tree of directory records, the API will return an array of objects, such as:

{
  "Id": "49021",
  "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49021",
  "Language": "en",
  "Name": "U.S. Department of Health and Human Services (HHS)",
  "Source_Url": "http://www.usa.gov/directory/federal/department-of-health-and-human-services.shtml",
  "Street1": "200 Independence Avenue, S.W.",
  "City": "Washington",
  "StateTer": "DC",
  "Zip": "20201",
  "Synonym": [
    "Health and Human Services Department",
    "Department of Health and Human Services"
  ],
  "Contact_Url": [
    {
      "Url": "http://www.hhs.gov/contactus.html",
      "Description": "Contact the U.S. Department of Health and Human Services (HHS) ",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/acf_contact_us.html#state",
      "Description": "Child Support",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/programs/ofa/help",
      "Description": "Temporary Assistance for Needy Families (Welfare)",
      "Language": "en"
    },
    {
      "Url": "http://www.medicare.gov/ContactUs.asp",
      "Description": "Medicare",
      "Language": "en"
    },
    {
      "Url": "http://www.acf.hhs.gov/programs/ocs/liheap/about/contact_us.html",
      "Description": "Low Income Home Energy Assistance Program (LIHEAP)",
      "Language": "en"
    },
    {
      "Url": "https://cfo.gov/cfo-members/",
      "Description": "Employee Directory",
      "Language": "en"
    }
  ],
  "Web_Url": [
    {
      "Url": "http://www.hhs.gov/",
      "Description": "U.S. Department of Health and Human Services (HHS) ",
      "Language": "en"
    }
  ],
  "In_Person_Url": [
    {
      "Url": "http://eclkc.ohs.acf.hhs.gov/hslc/HeadStartOffices",
      "Description": "Head Start Program Locator",
      "Language": "en"
    }
  ],
  "Description": "The Department of Health and Human Services protects the health of all Americans and provides essential human services.",
  "Alt_Language": [
    {
      "Id": "50081",
      "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50081",
      "Name": "Departamento de Salud y Servicios Sociales – HHS",
      "Language": "es"
    }
  ],
  "Contact": [
    {
      "Id": "47994",
      "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/47994",
      "Language": "en",
      "Name": "Administration for Children and Families (ACF)",
      "Source_Url": "http://www.usa.gov/directory/federal/administration-for-children--families.shtml",
      "Street1": "370 L'nfant Promenade, SW",
      "City": "Washington",
      "StateTer": "DC",
      "Zip": "20447",
      "Tollfree": [
        "1-888-289-8442 (Fraud Alert Hotline)"
      ],
      "Contact_Url": [
        {
          "Url": "http://www.acf.hhs.gov/programs/ana/about",
          "Description": "Contact the Administration for Children and Families (ACF) ",
          "Language": "en"
        },
        {
          "Url": "https://cfo.gov/cfo-members/",
          "Description": "Employee Directory",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/acf_contact_us.html#state",
          "Description": "Child Support",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/ofa/help",
          "Description": "Temporary Assistance for Needy Families (Welfare)",
          "Language": "en"
        },
        {
          "Url": "http://www.childwelfare.gov/pubs/reslist/rl_dsp.cfm?rs_id=5&rate_chno=11-11172",
          "Description": "Report Child Abuse and Neglect",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/ocs/liheap/about/contact_us.html",
          "Description": "Low Income Home Energy Assistance Program (LIHEAP)",
          "Language": "en"
        }
      ],
      "Web_Url": [
        {
          "Url": "http://www.acf.hhs.gov/",
          "Description": "Administration for Children and Families (ACF) ",
          "Language": "en"
        }
      ],
      "In_Person_Url": [
        {
          "Url": "http://eclkc.ohs.acf.hhs.gov/hslc/HeadStartOffices",
          "Description": "Head Start Program Locator",
          "Language": "en"
        },
        {
          "Url": "http://www.acf.hhs.gov/programs/cse/extinf.html",
          "Description": "Child Support Enforcement in Your State",
          "Language": "en"
        }
      ],
      "Description": "The ACF funds state, territory, local, and tribal organizations to provide family assistance (welfare), child support, child care, Head Start, child welfare, and other programs relating to children and families.",
      "Alt_Language": [
        {
          "Id": "50101",
          "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50101",
          "Name": "Administración de Asuntos de Niños y Familias",
          "Language": "es"
        }
      ],
      "Contact": [
        {
          "Id": "49064",
          "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/49064",
          "Language": "en",
          "Name": "Administration for Native Americans",
          "Source_Url": "http://www.usa.gov/directory/federal/administration-for-native-americans.shtml",
          "Street1": "2nd Floor, West Aerospace Center",
          "Street2": "370 L'Enfant Promenade, SW",
          "City": "Washington",
          "StateTer": "DC",
          "Zip": "20447-0002",
          "Tollfree": [
            "877-922-9262"
          ],
          "Email": "anacomments@acf.hhs.gov",
          "Contact_Url": [
            {
              "Url": "http://www.acf.hhs.gov/programs/ana/about",
              "Description": "Contact the Administration for Native Americans ",
              "Language": "en"
            }
          ],
          "Web_Url": [
            {
              "Url": "http://www.acf.hhs.gov/programs/ana/",
              "Description": "Administration for Native Americans ",
              "Language": "en"
            }
          ],
          "Description": "The Administration for Native Americans promotes self-sufficiency and cultural preservation for Native Americans by providing social and economic development opportunities through financial assistance, training, and technical assistance.",
          "Alt_Language": [
            {
              "Id": "50125",
              "URI": "http://www.usa.gov/api/USAGovAPI/contacts.json/contact/50125",
              "Name": "Oficina de Asuntos Nativo Americanos",
              "Language": "es"
            }
          ]
        }
      ]
    }
  ]
}

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The 1040 Ez Turbo Tax

1040 ez turbo tax 9. 1040 ez turbo tax   Obligations Not in Registered Form Tax is imposed on any person who issues a registration-required obligation not in registered form. 1040 ez turbo tax The tax is: 1% of the principal of the obligation, multiplied by The number of calendar years (or portions of calendar years) during the period starting on the date the obligation was issued and ending on the date it matures. 1040 ez turbo tax A registration-required obligation is any obligation other than one that meets any of the following conditions. 1040 ez turbo tax It is issued by a natural person. 1040 ez turbo tax It is not of a type offered to the public. 1040 ez turbo tax It has a maturity (at issue) of not more than 1 year. 1040 ez turbo tax It can only be issued to a foreign person. 1040 ez turbo tax For item (4), if the obligation is not in registered form, the interest on the obligation must be payable only outside the United States and its possessions. 1040 ez turbo tax Also, the obligation must state on its face that any U. 1040 ez turbo tax S. 1040 ez turbo tax person who holds it shall be subject to limits under the U. 1040 ez turbo tax S. 1040 ez turbo tax income tax laws. 1040 ez turbo tax Prev  Up  Next   Home   More Online Publications