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Efile 1040ez Publication 557 - Introductory Material Table of Contents What's New Reminders Introduction What's New Proposed regulations on “good faith determinations”. Efile 1040ez Proposed regulations modify standards for making a good faith determination that a foreign organization is a charitable organization, grants to which may be qualifying distributions and not taxable expenditures. Efile 1040ez The proposed regulations identify a broader class of tax practitioners upon whose written advice a private foundation may base a “good faith determination. Efile 1040ez ” See, Proposed Regulations: Reliance Standards for Making Good Faith Determinations, REG-134974-12, 2012-47 I. Efile 1040ez R. Efile 1040ez B. Efile 1040ez 553. Efile 1040ez Prop. Efile 1040ez Regs. Efile 1040ez on Good Faith Determinations. Efile 1040ez New Requirements for section 501(c)(3) Hospitals Under the Affordable Care Act. Efile 1040ez The Affordable Care Act (ACA), enacted March 23, 2010, added new requirements that hospital organizations must satisfy in order to be described in section 501(c)(3), as well as new reporting requirements and excise taxes. Efile 1040ez On June 22, 2012, the Service issued a notice of proposed rulemaking that addresses the new requirements enacted by the ACA applicable to section 501(c)(3) hospital organizations. Efile 1040ez See, Proposed Regulations: Additional Requirements for Charitable Hospitals, REG-13026-11, 77 Fed. Efile 1040ez Reg. Efile 1040ez 38148. Efile 1040ez On April 3, 2013, the Service issued proposed regulations on the ACA's community health needs assessment (CHNA) requirements. Efile 1040ez The proposed regulations also discuss the related reporting and excise tax requirements for charitable hospitals and the consequences for failure to satisfy the section 501(r) requirements. Efile 1040ez See, Proposed Regulations: Community Health Needs Assessments for Charitable Hospitals, REG-106499-12, 78 Fed. Efile 1040ez Reg. Efile 1040ez 20,523. Efile 1040ez Timing of when an Organization is exempt for Federal Tax Purposes. Efile 1040ez As noted in section 2. Efile 1040ez 03(4) of Revenue Procedure 2013-9, 2013-2 I. Efile 1040ez R. Efile 1040ez B. Efile 1040ez 267, the provisions in section 11. Efile 1040ez 01 regarding the effect of determination letters or rulings recognizing exempt status of organizations described in section 501(c), other than sections 501(c)(3), (9), (17), and (29), have been revised. Efile 1040ez Prior to this year, and back to 1962, when such organizations applied for recognition, the IRS would usually recognize the organizations as tax exempt from the date of formation, no matter how long the interval between the date of formation and the date of application. Efile 1040ez In addition to the practical difficulties of ascertaining an organization's purposes and activities for this period, such recognition is now potentially inconsistent with the provisions of section 6033(j), which automatically revokes the exempt status of an organization that fails to file required Form 990 series returns or notices for three consecutive years. Efile 1040ez The new procedure adopts a practice similar to the rule for section 501(c)(3) organizations for these organizations, generally permitting recognition from the date of formation if the organization has: always met the requirements for exemption, has applied within 27 months from the end of the month in which it was organized, and has not failed to file required Form 990 series returns or notices for three consecutive years. Efile 1040ez Section 11. Efile 1040ez 01(3) notes: an organization that otherwise meets the requirements for tax-exempt status and the issuance of a determination letter or ruling that does not meet the requirements for recognition from date of formation will generally be recognized from the postmark date of its application. Efile 1040ez Exempt Organizations Select Check. Efile 1040ez The IRS has developed an on-line search tool, Exempt Organizations Select Check, that allows users to select an exempt organization and check certain information about its federal tax status and filings. Efile 1040ez It consolidates three former search sites into one, providing expanded search capability and a more efficient way to search for organizations that: Are eligible to receive tax-deductible charitable contributions (Publication 78 data). Efile 1040ez Users may rely on this list in determining deductibility of contributions, just as they did when Publication 78 was a separate electronic publication rather than part of Select Check. Efile 1040ez Have had their tax-exempt status automatically revoked under the law because they have not filed Form 990 series returns or notices annually as required for three consecutive years (Auto-Revocation List). Efile 1040ez Have filed a Form 990-N (e-Postcard) annual electronic notice. Efile 1040ez In addition to searching for a particular organization, users may download a complete list of each of the three types of organizations through Exempt Organizations Select Check. Efile 1040ez See also Revenue Procedure 2011-33, 2011-25 I. Efile 1040ez R. Efile 1040ez B. Efile 1040ez 887. Efile 1040ez Future developments. Efile 1040ez . Efile 1040ez The IRS has created a page on IRS. Efile 1040ez gov for information about Publication 557, at www. Efile 1040ez irs. Efile 1040ez gov/pub557. Efile 1040ez Information about any future developments affecting Publication 557 (such as legislation enacted after we release it) will be posted on that page. Efile 1040ez Reminders The Patient Protection and Affordable Care Act (ACA). Efile 1040ez The ACA added several new laws. Efile 1040ez This includes a new excise tax on indoor tanning services, a small business health care tax credit, additional requirements for tax-exempt hospitals, and the section 501(c)(29) CO-OP program. Efile 1040ez For more information, go to IRS. Efile 1040ez gov and select Affordable Care Act Tax Provisions. Efile 1040ez Electronic filing requirement for large organizations. Efile 1040ez For tax years ending on or after December 31, 2006, only organizations that file 250 returns during the calendar year and that have total assets of $10 million or more are required to file Form 990 electronically. Efile 1040ez For more information, go to e-file for Charities and Non-Profits. Efile 1040ez Section 501(c)(15) gross receipts. Efile 1040ez The definition of gross receipts for purposes of determining whether small insurance companies qualify as tax-exempt under section 501(c)(15) has changed. Efile 1040ez See Notice 2006-42, 2006-19 I. Efile 1040ez R. Efile 1040ez B. Efile 1040ez 878, Notice 2006-42. Efile 1040ez Prohibited tax shelter transactions. Efile 1040ez New excise taxes are imposed under section 4965 on certain tax-exempt organizations entering into prohibited tax shelter transactions. Efile 1040ez See T. Efile 1040ez D. Efile 1040ez 9492, Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirements, 2010-33 I. Efile 1040ez R. Efile 1040ez B. Efile 1040ez 242. Efile 1040ez See IRS Issues Final Regulations Regarding Excise Taxes on Prohibited Tax Shelter Transactions and Related Disclosure Requirement. Efile 1040ez Pension Protection Act of 2006 tax changes. Efile 1040ez The Pension Protection Act of 2006 made numerous changes to the tax law provisions affecting tax-exempt organizations. Efile 1040ez Unless otherwise noted, most of the changes became effective on August 17, 2006. Efile 1040ez For key provisions, go to The Pension Protection Act of 2006. Efile 1040ez Section 501(c)(3) organizations must make their Form 990-T, Exempt Organization Business Tax Return (and proxy tax under section 6033(e)), open for public inspection for a period of 3 years from the date the Form 990-T is required to be filed (determined with regard to any extension of time for filing) or is actually filed, whichever is later. Efile 1040ez There is an increase in excise taxes relating to public charities, social welfare organizations, and private foundations. Efile 1040ez There are additional standards for credit counseling organizations. Efile 1040ez The definition of convention or association of churches has been modified. Efile 1040ez Entities that are not required to file Form 990 or 990-EZ must file new Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. Efile 1040ez The requirements of disclosure to state officials relating to exempt organizations has been modified. Efile 1040ez There are excise taxes imposed on excess benefit transactions involving donor advised funds and sponsoring organizations. Efile 1040ez There are new excise taxes on prohibited tax shelter transactions. Efile 1040ez There is a modification of recordkeeping requirements for certain charitable contributions. Efile 1040ez Introduction This publication discusses the rules and procedures for organizations that seek recognition of exemption from federal income tax under section 501(a) of the Internal Revenue Code (the Code). Efile 1040ez It explains the procedures you must follow to obtain an appropriate ruling or determination letter recognizing your organization's exemption, as well as certain other information that applies generally to all exempt organizations. Efile 1040ez To qualify for exemption under the Code, your organization must be organized for one or more of the purposes specifically designated in the Code. Efile 1040ez Organizations that are exempt under section 501(a) include those organizations described in section 501(c). Efile 1040ez Section 501(c) organizations are covered in this publication. Efile 1040ez Chapter 1, Application, Approval, and Appeal Procedures, provides general information about the procedures for obtaining recognition of tax-exempt status. Efile 1040ez Chapter 2, Filing Requirements and Required Disclosures, contains information about annual filing requirements and other matters that may affect your organization's tax-exempt status. Efile 1040ez Chapter 3, Section 501(c)(3) Organizations, contains detailed information on various matters affecting section 501(c)(3) organizations, including a section on the determination of private foundation status. Efile 1040ez Chapter 4, Other Section 501(c) Organizations, includes separate sections for specific types of organizations described in section 501(c). Efile 1040ez Chapter 5, Excise Taxes, provides information on when excise taxes may be imposed. Efile 1040ez Organizations not discussed in this publication. Efile 1040ez Certain organizations that may qualify for exemption are not discussed in this publication, although they are included in the Organization Reference Chart. Efile 1040ez These organizations (and the Code sections that apply to them) are as follows. Efile 1040ez Corporations organized under Acts of Congress 501(c)(1) Teachers' retirement fund associations 501(c)(11) Mutual insurance companies 501(c)(15) Corporations organized to finance crop operations 501(c)(16) Employee funded pension trusts (created before June 25, 1959) 501(c)(18) Withdrawal liability payment fund 501(c)(22) Veterans' organizations (created before 1880) 501(c)(23) National Railroad Retirement Investment Trust 501(c)(28) Religious and apostolic associations 501(d) Cooperative hospital service organizations 501(e) Cooperative service organizations of operating educational organizations 501(f) Section 501(c)(24) organizations (section 4049 ERISA trusts) are neither discussed in the text nor listed in the Organization Reference Chart. Efile 1040ez Similarly, farmers' cooperative associations that qualify for exemption under section 521, qualified state tuition programs described in section 529, and pension, profit-sharing, and stock bonus plans described in section 401(a) are not discussed in this publication. Efile 1040ez If you think your organization falls within one of these categories, contact the IRS for any additional information you need. Efile 1040ez For telephone assistance, call 1-877-829-5500. Efile 1040ez Check the Table of Contents at the beginning of this publication to determine whether your organization is described in this publication. Efile 1040ez If it is, read the chapter (or section) that applies to your type of organization for the specific information you must give when applying for recognition of exemption. Efile 1040ez Organization Reference Chart. Efile 1040ez The Organization Reference Chart enables you to locate at a glance the section of the Code under which your organization might qualify for exemption. Efile 1040ez It also shows the required application form and, if your organization meets the exemption requirements, the annual return to be filed (if any), and whether or not a contribution to your organization will be deductible by a donor. Efile 1040ez It also describes each type of qualifying organization and the general nature of its activities. Efile 1040ez You may use the Organization Reference Chart to determine the Code section that you think applies to your organization. Efile 1040ez Any correspondence with the IRS (in requesting forms or otherwise) will be expedited if you indicate in your correspondence the appropriate Code section. Efile 1040ez Check the IRS website, IRS. Efile 1040ez gov, for the latest updates, Tax Information for Charities & Other Non-Profits, www. Efile 1040ez irs. Efile 1040ez gov/charities/index. Efile 1040ez html. Efile 1040ez Comments and suggestions. Efile 1040ez We welcome your comments about this publication and your suggestions for future editions. Efile 1040ez You can e-mail us while visiting our website at IRS. Efile 1040ez gov. Efile 1040ez You can send your comments to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Efile 1040ez NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Efile 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Efile 1040ez If you wish telephone assistance, please call 1-877-829-5500. Efile 1040ez This toll-free telephone service is available Monday through Friday. Efile 1040ez Prev Up Next Home More Online Publications
Published Volume Cap Limit for Tribal Economic Development Bonds
The Published Volume Cap Limit for the period commencing February 1, 2014 is $269,406,942 (20% of the amount of available volume cap of $1,347,034,705 determined as described in the Notice 2012-48).
In Notice 2012-48, 2012-31 I.R.B. 102 (July 30, 2012), the Treasury Department and the IRS provided guidance regarding applications for allocations of the available amount of national bond volume limitation authority (volume cap) for tribal economic development bonds. The Notice provides that, except as otherwise provided in the Notice, for applications filed with the IRS that meet the requirements detailed in the Notice, the IRS will allocate an amount of available volume cap equal to the amount requested in the application on a first-come, first-served basis by order of submission date (as defined in the Notice).
The Notice also provides that no Indian tribal government will receive an allocation of volume cap that would cause the aggregate amount of volume cap allocated to that Indian tribal government pursuant to the Notice (not including certain amounts forfeited as described in the notice) to exceed the Published Volume Cap Limit in effect for the period that includes the submission date. The Published Volume Cap Limit for any period is the greater of (1) 20% of the amount of available volume cap as of the first day of such period (determined as described in the Notice); or (2) $100 million.
For purposes of this limitation, an Indian tribal government includes the Indian tribal government, together with any political subdivisions of the Indian tribal government, and any entities controlled by the Indian tribal government. An application that requests an allocation of volume cap in an amount that would cause the Published Volume Cap Limit in effect on the date of submission to be exceeded will be treated as incomplete until the day the applicant supplements the application in a manner that complies with the requirements of the notice and does not cause such limit to be exceeded.
In accordance with the Notice, the IRS plans to publish updated Published Volume Cap Limits on the IRS website at Information for Tax Exempt Bonds.
Page Last Reviewed or Updated: 01-Feb-2014
The Efile 1040ez
Efile 1040ez 3. Efile 1040ez Dispositions of Business Property Table of Contents Introduction Useful Items - You may want to see: What Is a Disposition of Property?Like-kind exchanges. Efile 1040ez How Do I Figure a Gain or Loss?Is My Gain or Loss Ordinary or Capital? Is My Capital Gain or Loss Short Term or Long Term? Where Do I Report Gains and Losses? Introduction If you dispose of business property, you may have a gain or loss that you report on Form 1040. Efile 1040ez However, in some cases you may have a gain that is not taxable or a loss that is not deductible. Efile 1040ez This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss. Efile 1040ez Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets Form (and Instructions) 4797 Sales of Business Property Sch D (Form 1040) Capital Gains and Losses See chapter 12 for information about getting publications and forms. Efile 1040ez What Is a Disposition of Property? A disposition of property includes the following transactions. Efile 1040ez You sell property for cash or other property. Efile 1040ez You exchange property for other property. Efile 1040ez You receive money as a tenant for the cancellation of a lease. Efile 1040ez You receive money for granting the exclusive use of a copyright throughout its life in a particular medium. Efile 1040ez You transfer property to satisfy a debt. Efile 1040ez You abandon property. Efile 1040ez Your bank or other financial institution forecloses on your mortgage or repossesses your property. Efile 1040ez Your property is damaged, destroyed, or stolen, and you receive property or money in payment. Efile 1040ez Your property is condemned, or disposed of under the threat of condemnation, and you receive property or money in payment. Efile 1040ez For details about damaged, destroyed, or stolen property, see Publication 547, Casualties, Disasters, and Thefts. Efile 1040ez For details about other dispositions, see chapter 1 in Publication 544. Efile 1040ez Nontaxable exchanges. Efile 1040ez Certain exchanges of property are not taxable. Efile 1040ez This means any gain from the exchange is not recognized and you cannot deduct any loss. Efile 1040ez Your gain or loss will not be recognized until you sell or otherwise dispose of the property you receive. Efile 1040ez Like-kind exchanges. Efile 1040ez A like-kind exchange is the exchange of property for the same kind of property. Efile 1040ez It is the most common type of nontaxable exchange. Efile 1040ez To be a like-kind exchange, the property traded and the property received must be both of the following. Efile 1040ez Business or investment property. Efile 1040ez Like property. Efile 1040ez Report the exchange of like-kind property on Form 8824, Like-Kind Exchanges. Efile 1040ez For more information about like-kind exchanges, see chapter 1 in Publication 544. Efile 1040ez Installment sales. Efile 1040ez An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Efile 1040ez If you finance the buyer's purchase of your property, instead of having the buyer get a loan or mortgage from a third party, you probably have an installment sale. Efile 1040ez For more information about installment sales, see Publication 537, Installment Sales. Efile 1040ez Sale of a business. Efile 1040ez The sale of a business usually is not a sale of one asset. Efile 1040ez Instead, all the assets of the business are sold. Efile 1040ez Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Efile 1040ez Both the buyer and seller involved in the sale of a business must report to the IRS the allocation of the sales price among the business assets. Efile 1040ez Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Efile 1040ez The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Efile 1040ez For more information about the sale of a business, see chapter 2 of Publication 544. Efile 1040ez How Do I Figure a Gain or Loss? Table 3-1. Efile 1040ez How To Figure a Gain or Loss IF your. Efile 1040ez . Efile 1040ez . Efile 1040ez THEN you have a. Efile 1040ez . Efile 1040ez . Efile 1040ez Adjusted basis is more than the amount realized Loss. Efile 1040ez Amount realized is more than the adjusted basis Gain. Efile 1040ez Basis, adjusted basis, amount realized, fair market value, and amount recognized are defined next. Efile 1040ez You need to know these definitions to figure your gain or loss. Efile 1040ez Basis. Efile 1040ez The cost or purchase price of property is usually its basis for figuring the gain or loss from its sale or other disposition. Efile 1040ez However, if you acquired the property by gift, inheritance, or in some way other than buying it, you must use a basis other than its cost. Efile 1040ez For more information about basis, see Publication 551, Basis of Assets. Efile 1040ez Adjusted basis. Efile 1040ez The adjusted basis of property is your original cost or other basis plus certain additions, and minus certain deductions such as depreciation and casualty losses. Efile 1040ez In determining gain or loss, the costs of transferring property to a new owner, such as selling expenses, are added to the adjusted basis of the property. Efile 1040ez Amount realized. Efile 1040ez The amount you realize from a disposition is the total of all money you receive plus the fair market value of all property or services you receive. Efile 1040ez The amount you realize also includes any of your liabilities that were assumed by the buyer and any liabilities to which the property you transferred is subject, such as real estate taxes or a mortgage. Efile 1040ez Fair market value. Efile 1040ez Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts. Efile 1040ez Amount recognized. Efile 1040ez Your gain or loss realized from a disposition of property is usually a recognized gain or loss for tax purposes. Efile 1040ez Recognized gains must be included in gross income. Efile 1040ez Recognized losses are deductible from gross income. Efile 1040ez However, a gain or loss realized from certain exchanges of property is not recognized. Efile 1040ez See Nontaxable exchanges, earlier. Efile 1040ez Also, you cannot deduct a loss from the disposition of property held for personal use. Efile 1040ez Is My Gain or Loss Ordinary or Capital? You must classify your gains and losses as either ordinary or capital gains or losses. Efile 1040ez You must do this to figure your net capital gain or loss. Efile 1040ez Generally, you will have a capital gain or loss if you dispose of a capital asset. Efile 1040ez For the most part, everything you own and use for personal purposes or investment is a capital asset. Efile 1040ez Certain property you use in your business is not a capital asset. Efile 1040ez A gain or loss from a disposition of this property is an ordinary gain or loss. Efile 1040ez However, if you held the property longer than 1 year, you may be able to treat the gain or loss as a capital gain or loss. Efile 1040ez These gains and losses are called section 1231 gains and losses. Efile 1040ez For more information about ordinary and capital gains and losses, see chapters 2 and 3 in Publication 544. Efile 1040ez Is My Capital Gain or Loss Short Term or Long Term? If you have a capital gain or loss, you must determine whether it is long term or short term. Efile 1040ez Whether a gain or loss is long or short term depends on how long you own the property before you dispose of it. Efile 1040ez The time you own property before disposing of it is called the holding period. Efile 1040ez Table 3-2. Efile 1040ez Do I Have a Short-Term or Long-Term Gain or Loss? IF you hold the property. Efile 1040ez . Efile 1040ez . Efile 1040ez THEN you have a. Efile 1040ez . Efile 1040ez . Efile 1040ez 1 year or less Short-term capital gain or loss. Efile 1040ez More than 1 year Long-term capital gain or loss. Efile 1040ez For more information about short-term and long-term capital gains and losses, see chapter 4 of Publication 544. Efile 1040ez Where Do I Report Gains and Losses? Report gains and losses from the following dispositions on the forms indicated. Efile 1040ez The instructions for the forms explain how to fill them out. Efile 1040ez Dispositions of business property and depreciable property. Efile 1040ez Use Form 4797. Efile 1040ez If you have taxable gain, you may also have to use Schedule D (Form 1040). Efile 1040ez Like-kind exchanges. Efile 1040ez Use Form 8824, Like-Kind Exchanges. Efile 1040ez You may also have to use Form 4797 and Schedule D (Form 1040). Efile 1040ez Installment sales. Efile 1040ez Use Form 6252, Installment Sale Income. Efile 1040ez You may also have to use Form 4797 and Schedule D (Form 1040). Efile 1040ez Casualties and thefts. Efile 1040ez Use Form 4684, Casualties and Thefts. Efile 1040ez You may also have to use Form 4797. Efile 1040ez Condemned property. Efile 1040ez Use Form 4797. Efile 1040ez You may also have to use Schedule D (Form 1040). Efile 1040ez Prev Up Next Home More Online Publications