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Freetaxusa2012 Publication 541 - Main Content Table of Contents Forming a PartnershipOrganizations Classified as Partnerships Family Partnership Partnership Agreement Terminating a PartnershipIRS e-file (Electronic Filing) Exclusion From Partnership Rules Partnership Return (Form 1065) Partnership DistributionsSubstantially appreciated inventory items. Freetaxusa2012 Partner's Gain or Loss Partner's Basis for Distributed Property Transactions Between Partnership and PartnersGuaranteed Payments Sale or Exchange of Property Contribution of Property Contribution of Services Basis of Partner's InterestAdjusted Basis Effect of Partnership Liabilities Disposition of Partner's InterestSale, Exchange, or Other Transfer Payments for Unrealized Receivables and Inventory Items Liquidation at Partner's Retirement or Death Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)Partnership Item. Freetaxusa2012 Small Partnerships and the Small Partnership Exception Small Partnership TEFRA Election Role of Tax Matters Partner (TMP) in TEFRA Proceedings Statute of Limitations and TEFRA Amended Returns and Administrative Adjustment Requests (AARs) How To Get Tax Help Forming a Partnership The following sections contain general information about partnerships. Freetaxusa2012 Organizations Classified as Partnerships An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. Freetaxusa2012 However, a joint undertaking merely to share expenses is not a partnership. Freetaxusa2012 For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants. Freetaxusa2012 The rules you must use to determine whether an organization is classified as a partnership changed for organizations formed after 1996. Freetaxusa2012 Organizations formed after 1996. Freetaxusa2012   An organization formed after 1996 is classified as a partnership for federal tax purposes if it has two or more members and it is none of the following. Freetaxusa2012 An organization formed under a federal or state law that refers to it as incorporated or as a corporation, body corporate, or body politic. Freetaxusa2012 An organization formed under a state law that refers to it as a joint-stock company or joint-stock association. Freetaxusa2012 An insurance company. Freetaxusa2012 Certain banks. Freetaxusa2012 An organization wholly owned by a state, local, or foreign government. Freetaxusa2012 An organization specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Freetaxusa2012 Certain foreign organizations identified in section 301. Freetaxusa2012 7701-2(b)(8) of the regulations. Freetaxusa2012 A tax-exempt organization. Freetaxusa2012 A real estate investment trust. Freetaxusa2012 An organization classified as a trust under section 301. Freetaxusa2012 7701-4 of the regulations or otherwise subject to special treatment under the Internal Revenue Code. Freetaxusa2012 Any other organization that elects to be classified as a corporation by filing Form 8832. Freetaxusa2012 For more information, see the instructions for Form 8832. Freetaxusa2012 Limited liability company. Freetaxusa2012   A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Freetaxusa2012 Unlike a partnership, none of the members of an LLC are personally liable for its debts. Freetaxusa2012 An LLC may be classified for federal income tax purposes as either a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301. Freetaxusa2012 7701-3. Freetaxusa2012 See Form 8832 and section 301. Freetaxusa2012 7701-3 of the regulations for more details. Freetaxusa2012 A domestic LLC with at least two members that does not file Form 8832 is classified as a partnership for federal income tax purposes. Freetaxusa2012 Organizations formed before 1997. Freetaxusa2012   An organization formed before 1997 and classified as a partnership under the old rules will generally continue to be classified as a partnership as long as the organization has at least two members and does not elect to be classified as a corporation by filing Form 8832. Freetaxusa2012 Community property. Freetaxusa2012    Spouses who own a qualified entity (defined later) can choose to classify the entity as a partnership for federal tax purposes by filing the appropriate partnership tax returns. Freetaxusa2012 They can choose to classify the entity as a sole proprietorship by filing a Schedule C (Form 1040) listing one spouse as the sole proprietor. Freetaxusa2012 A change in reporting position will be treated for federal tax purposes as a conversion of the entity. Freetaxusa2012   A qualified entity is a business entity that meets all the following requirements. Freetaxusa2012 The business entity is wholly owned by spouses as community property under the laws of a state, a foreign country, or a possession of the United States. Freetaxusa2012 No person other than one or both spouses would be considered an owner for federal tax purposes. Freetaxusa2012 The business entity is not treated as a corporation. Freetaxusa2012   For more information about community property, see Publication 555, Community Property. Freetaxusa2012 Publication 555 discusses the community property laws of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Freetaxusa2012 Family Partnership Members of a family can be partners. Freetaxusa2012 However, family members (or any other person) will be recognized as partners only if one of the following requirements is met. Freetaxusa2012 If capital is a material income-producing factor, they acquired their capital interest in a bona fide transaction (even if by gift or purchase from another family member), actually own the partnership interest, and actually control the interest. Freetaxusa2012 If capital is not a material income-producing factor, they joined together in good faith to conduct a business. Freetaxusa2012 They agreed that contributions of each entitle them to a share in the profits, and some capital or service has been (or is) provided by each partner. Freetaxusa2012 Capital is material. Freetaxusa2012   Capital is a material income-producing factor if a substantial part of the gross income of the business comes from the use of capital. Freetaxusa2012 Capital is ordinarily an income-producing factor if the operation of the business requires substantial inventories or investments in plants, machinery, or equipment. Freetaxusa2012 Capital is not material. Freetaxusa2012   In general, capital is not a material income-producing factor if the income of the business consists principally of fees, commissions, or other compensation for personal services performed by members or employees of the partnership. Freetaxusa2012 Capital interest. Freetaxusa2012   A capital interest in a partnership is an interest in its assets that is distributable to the owner of the interest in either of the following situations. Freetaxusa2012 The owner withdraws from the partnership. Freetaxusa2012 The partnership liquidates. Freetaxusa2012   The mere right to share in earnings and profits is not a capital interest in the partnership. Freetaxusa2012 Gift of capital interest. Freetaxusa2012   If a family member (or any other person) receives a gift of a capital interest in a partnership in which capital is a material income-producing factor, the donee's distributive share of partnership income is subject to both of the following restrictions. Freetaxusa2012 It must be figured by reducing the partnership income by reasonable compensation for services the donor renders to the partnership. Freetaxusa2012 The donee's distributive share of partnership income attributable to donated capital must not be proportionately greater than the donor's distributive share attributable to the donor's capital. Freetaxusa2012 Purchase. Freetaxusa2012   For purposes of determining a partner's distributive share, an interest purchased by one family member from another family member is considered a gift from the seller. Freetaxusa2012 The fair market value of the purchased interest is considered donated capital. Freetaxusa2012 For this purpose, members of a family include only spouses, ancestors, and lineal descendants (or a trust for the primary benefit of those persons). Freetaxusa2012 Example. Freetaxusa2012 A father sold 50% of his business to his son. Freetaxusa2012 The resulting partnership had a profit of $60,000. Freetaxusa2012 Capital is a material income-producing factor. Freetaxusa2012 The father performed services worth $24,000, which is reasonable compensation, and the son performed no services. Freetaxusa2012 The $24,000 must be allocated to the father as compensation. Freetaxusa2012 Of the remaining $36,000 of profit due to capital, at least 50%, or $18,000, must be allocated to the father since he owns a 50% capital interest. Freetaxusa2012 The son's share of partnership profit cannot be more than $18,000. Freetaxusa2012 Business owned and operated by spouses. Freetaxusa2012   If spouses carry on a business together and share in the profits and losses, they may be partners whether or not they have a formal partnership agreement. Freetaxusa2012 If so, they should report income or loss from the business on Form 1065. Freetaxusa2012 They should not report the income on a Schedule C (Form 1040) in the name of one spouse as a sole proprietor. Freetaxusa2012 However, the spouses can elect not to treat the joint venture as a partnership by making a Qualified Joint Venture Election. Freetaxusa2012 Qualified Joint Venture Election. Freetaxusa2012   A "qualified joint venture," whose only members are spouses filing a joint return, can elect not to be treated as a partnership for federal tax purposes. Freetaxusa2012 A qualified joint venture conducts a trade or business where: the only members of the joint venture are spouses filing jointly; both spouses elect not to be treated as a partnership; both spouses materially participate in the trade or business (see Passive Activity Limitations in the Instructions for Form 1065 for a definition of material participation); and the business is co-owned by both spouses and is not held in the name of a state law entity such as a partnership or LLC. Freetaxusa2012   Under this election, a qualified joint venture conducted by spouses who file a joint return is not treated as a partnership for federal tax purposes and therefore does not have a Form 1065 filing requirement. Freetaxusa2012 All items of income, gain, deduction, loss, and credit are divided between the spouses based on their respective interests in the venture. Freetaxusa2012 Each spouse takes into account his or her respective share of these items as a sole proprietor. Freetaxusa2012 Each spouse would account for his or her respective share on the appropriate form, such as Schedule C (Form 1040). Freetaxusa2012 For purposes of determining net earnings from self-employment, each spouse's share of income or loss from a qualified joint venture is taken into account just as it is for federal income tax purposes (i. Freetaxusa2012 e. Freetaxusa2012 , based on their respective interests in the venture). Freetaxusa2012   If the spouses do not make the election to treat their respective interests in the joint venture as sole proprietorships, each spouse should carry his or her share of the partnership income or loss from Schedule K-1 (Form 1065) to their joint or separate Form(s) 1040. Freetaxusa2012 Each spouse should include his or her respective share of self-employment income on a separate Schedule SE (Form 1040), Self-Employment Tax. Freetaxusa2012   This generally does not increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based. Freetaxusa2012 However, this may not be true if either spouse exceeds the social security tax limitation. Freetaxusa2012   For more information on qualified joint ventures, go to IRS. Freetaxusa2012 gov, enter “Election for Qualified Joint Ventures” in the search box and select the link reading “Election for Husband and Wife Unincorporated Businesses. Freetaxusa2012 ” Partnership Agreement The partnership agreement includes the original agreement and any modifications. Freetaxusa2012 The modifications must be agreed to by all partners or adopted in any other manner provided by the partnership agreement. Freetaxusa2012 The agreement or modifications can be oral or written. Freetaxusa2012 Partners can modify the partnership agreement for a particular tax year after the close of the year but not later than the date for filing the partnership return for that year. Freetaxusa2012 This filing date does not include any extension of time. Freetaxusa2012 If the partnership agreement or any modification is silent on any matter, the provisions of local law are treated as part of the agreement. Freetaxusa2012 Terminating a Partnership A partnership terminates when one of the following events takes place. Freetaxusa2012 All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership. Freetaxusa2012 At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner. Freetaxusa2012 Unlike other partnerships, an electing large partnership does not terminate on the sale or exchange of 50% or more of the partnership interests within a 12-month period. Freetaxusa2012 See section 1. Freetaxusa2012 708-1(b) of the regulations for more information on the termination of a partnership. Freetaxusa2012 For special rules that apply to a merger, consolidation, or division of a partnership, see sections 1. Freetaxusa2012 708-1(c) and 1. Freetaxusa2012 708-1(d) of the regulations. Freetaxusa2012 Date of termination. Freetaxusa2012   The partnership's tax year ends on the date of termination. Freetaxusa2012 For the event described in (1), above, the date of termination is the date the partnership completes the winding up of its affairs. Freetaxusa2012 For the event described in (2), above, the date of termination is the date of the sale or exchange of a partnership interest that, by itself or together with other sales or exchanges in the preceding 12 months, transfers an interest of 50% or more in both capital and profits. Freetaxusa2012 Short period return. Freetaxusa2012   If a partnership is terminated before the end of what would otherwise be its tax year, Form 1065 must be filed for the short period, which is the period from the beginning of the tax year through the date of termination. Freetaxusa2012 The return is due the 15th day of the fourth month following the date of termination. Freetaxusa2012 See Partnership Return (Form 1065), later, for information about filing Form 1065. Freetaxusa2012 Conversion of partnership into limited liability company (LLC). Freetaxusa2012   The conversion of a partnership into an LLC classified as a partnership for federal tax purposes does not terminate the partnership. Freetaxusa2012 The conversion is not a sale, exchange, or liquidation of any partnership interest; the partnership's tax year does not close; and the LLC can continue to use the partnership's taxpayer identification number. Freetaxusa2012   However, the conversion may change some of the partners' bases in their partnership interests if the partnership has recourse liabilities that become nonrecourse liabilities. Freetaxusa2012 Because the partners share recourse and nonrecourse liabilities differently, their bases must be adjusted to reflect the new sharing ratios. Freetaxusa2012 If a decrease in a partner's share of liabilities exceeds the partner's basis, he or she must recognize gain on the excess. Freetaxusa2012 For more information, see Effect of Partnership Liabilities under Basis of Partner's Interest, later. Freetaxusa2012   The same rules apply if an LLC classified as a partnership is converted into a partnership. Freetaxusa2012 IRS e-file (Electronic Filing) Please click here for the text description of the image. Freetaxusa2012 e-file Certain partnerships with more than 100 partners are required to file Form 1065, Schedules K-1, and related forms and schedules electronically (e-file). Freetaxusa2012 Other partnerships generally have the option to file electronically. Freetaxusa2012 For details about IRS e-file, see the Form 1065 instructions. Freetaxusa2012 Exclusion From Partnership Rules Certain partnerships that do not actively conduct a business can choose to be completely or partially excluded from being treated as partnerships for federal income tax purposes. Freetaxusa2012 All the partners must agree to make the choice, and the partners must be able to compute their own taxable income without computing the partnership's income. Freetaxusa2012 However, the partners are not exempt from the rule that limits a partner's distributive share of partnership loss to the adjusted basis of the partner's partnership interest. Freetaxusa2012 Nor are they exempt from the requirement of a business purpose for adopting a tax year for the partnership that differs from its required tax year. Freetaxusa2012 Investing partnership. Freetaxusa2012   An investing partnership can be excluded if the participants in the joint purchase, retention, sale, or exchange of investment property meet all the following requirements. Freetaxusa2012 They own the property as co-owners. Freetaxusa2012 They reserve the right separately to take or dispose of their shares of any property acquired or retained. Freetaxusa2012 They do not actively conduct business or irrevocably authorize some person acting in a representative capacity to purchase, sell, or exchange the investment property. Freetaxusa2012 Each separate participant can delegate authority to purchase, sell, or exchange his or her share of the investment property for the time being for his or her account, but not for a period of more than a year. Freetaxusa2012 Operating agreement partnership. Freetaxusa2012   An operating agreement partnership group can be excluded if the participants in the joint production, extraction, or use of property meet all the following requirements. Freetaxusa2012 They own the property as co-owners, either in fee or under lease or other form of contract granting exclusive operating rights. Freetaxusa2012 They reserve the right separately to take in kind or dispose of their shares of any property produced, extracted, or used. Freetaxusa2012 They do not jointly sell services or the property produced or extracted. Freetaxusa2012 Each separate participant can delegate authority to sell his or her share of the property produced or extracted for the time being for his or her account, but not for a period of time in excess of the minimum needs of the industry, and in no event for more than one year. Freetaxusa2012 However, this exclusion does not apply to an unincorporated organization one of whose principal purposes is cycling, manufacturing, or processing for persons who are not members of the organization. Freetaxusa2012 Electing the exclusion. Freetaxusa2012   An eligible organization that wishes to be excluded from the partnership rules must make the election not later than the time for filing the partnership return for the first tax year for which exclusion is desired. Freetaxusa2012 This filing date includes any extension of time. Freetaxusa2012 See Regulations section 1. Freetaxusa2012 761-2(b) for the procedures to follow. Freetaxusa2012 Partnership Return (Form 1065) Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. Freetaxusa2012 The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. Freetaxusa2012 The return must be signed by a general partner. Freetaxusa2012 If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return. Freetaxusa2012 A partnership is not considered to engage in a trade or business, and is not required to file a Form 1065, for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal income tax purposes. Freetaxusa2012 See the Instructions for Form 1065 for more information about who must file Form 1065. Freetaxusa2012 Partnership Distributions Partnership distributions include the following. Freetaxusa2012 A withdrawal by a partner in anticipation of the current year's earnings. Freetaxusa2012 A distribution of the current year's or prior years' earnings not needed for working capital. Freetaxusa2012 A complete or partial liquidation of a partner's interest. Freetaxusa2012 A distribution to all partners in a complete liquidation of the partnership. Freetaxusa2012 A partnership distribution is not taken into account in determining the partner's distributive share of partnership income or loss. Freetaxusa2012 If any gain or loss from the distribution is recognized by the partner, it must be reported on his or her return for the tax year in which the distribution is received. Freetaxusa2012 Money or property withdrawn by a partner in anticipation of the current year's earnings is treated as a distribution received on the last day of the partnership's tax year. Freetaxusa2012 Effect on partner's basis. Freetaxusa2012   A partner's adjusted basis in his or her partnership interest is decreased (but not below zero) by the money and adjusted basis of property distributed to the partner. Freetaxusa2012 See Adjusted Basis under Basis of Partner's Interest, later. Freetaxusa2012 Effect on partnership. Freetaxusa2012   A partnership generally does not recognize any gain or loss because of distributions it makes to partners. Freetaxusa2012 The partnership may be able to elect to adjust the basis of its undistributed property. Freetaxusa2012 Certain distributions treated as a sale or exchange. Freetaxusa2012   When a partnership distributes the following items, the distribution may be treated as a sale or exchange of property rather than a distribution. Freetaxusa2012 Unrealized receivables or substantially appreciated inventory items distributed in exchange for any part of the partner's interest in other partnership property, including money. Freetaxusa2012 Other property (including money) distributed in exchange for any part of a partner's interest in unrealized receivables or substantially appreciated inventory items. Freetaxusa2012   See Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Freetaxusa2012   This treatment does not apply to the following distributions. Freetaxusa2012 A distribution of property to the partner who contributed the property to the partnership. Freetaxusa2012 Payments made to a retiring partner or successor in interest of a deceased partner that are the partner's distributive share of partnership income or guaranteed payments. Freetaxusa2012 Substantially appreciated inventory items. Freetaxusa2012   Inventory items of the partnership are considered to have appreciated substantially in value if, at the time of the distribution, their total fair market value is more than 120% of the partnership's adjusted basis for the property. Freetaxusa2012 However, if a principal purpose for acquiring inventory property is to avoid ordinary income treatment by reducing the appreciation to less than 120%, that property is excluded. Freetaxusa2012 Partner's Gain or Loss A partner generally recognizes gain on a partnership distribution only to the extent any money (and marketable securities treated as money) included in the distribution exceeds the adjusted basis of the partner's interest in the partnership. Freetaxusa2012 Any gain recognized is generally treated as capital gain from the sale of the partnership interest on the date of the distribution. Freetaxusa2012 If partnership property (other than marketable securities treated as money) is distributed to a partner, he or she generally does not recognize any gain until the sale or other disposition of the property. Freetaxusa2012 For exceptions to these rules, see Distribution of partner's debt and Net precontribution gain, later. Freetaxusa2012 Also, see Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Freetaxusa2012 Example. Freetaxusa2012 The adjusted basis of Jo's partnership interest is $14,000. Freetaxusa2012 She receives a distribution of $8,000 cash and land that has an adjusted basis of $2,000 and a fair market value of $3,000. Freetaxusa2012 Because the cash received does not exceed the basis of her partnership interest, Jo does not recognize any gain on the distribution. Freetaxusa2012 Any gain on the land will be recognized when she sells or otherwise disposes of it. Freetaxusa2012 The distribution decreases the adjusted basis of Jo's partnership interest to $4,000 [$14,000 − ($8,000 + $2,000)]. Freetaxusa2012 Marketable securities treated as money. Freetaxusa2012   Generally, a marketable security distributed to a partner is treated as money in determining whether gain is recognized on the distribution. Freetaxusa2012 This treatment, however, does not generally apply if that partner contributed the security to the partnership or an investment partnership made the distribution to an eligible partner. Freetaxusa2012   The amount treated as money is the security's fair market value when distributed, reduced (but not below zero) by the excess (if any) of: The partner's distributive share of the gain that would be recognized had the partnership sold all its marketable securities at their fair market value immediately before the transaction resulting in the distribution, over The partner's distributive share of the gain that would be recognized had the partnership sold all such securities it still held after the distribution at the fair market value in (1). Freetaxusa2012   For more information, including the definition of marketable securities, see section 731(c) of the Internal Revenue Code. Freetaxusa2012 Loss on distribution. Freetaxusa2012   A partner does not recognize loss on a partnership distribution unless all the following requirements are met. Freetaxusa2012 The adjusted basis of the partner's interest in the partnership exceeds the distribution. Freetaxusa2012 The partner's entire interest in the partnership is liquidated. Freetaxusa2012 The distribution is in money, unrealized receivables, or inventory items. Freetaxusa2012   There are exceptions to these general rules. Freetaxusa2012 See the following discussions. Freetaxusa2012 Also, see Liquidation at Partner's Retirement or Death under Disposition of Partner's Interest, later. Freetaxusa2012 Distribution of partner's debt. Freetaxusa2012   If a partnership acquires a partner's debt and extinguishes the debt by distributing it to the partner, the partner will recognize capital gain or loss to the extent the fair market value of the debt differs from the basis of the debt (determined under the rules discussed in Partner's Basis for Distributed Property, later). Freetaxusa2012   The partner is treated as having satisfied the debt for its fair market value. Freetaxusa2012 If the issue price (adjusted for any premium or discount) of the debt exceeds its fair market value when distributed, the partner may have to include the excess amount in income as canceled debt. Freetaxusa2012   Similarly, a deduction may be available to a corporate partner if the fair market value of the debt at the time of distribution exceeds its adjusted issue price. Freetaxusa2012 Net precontribution gain. Freetaxusa2012   A partner generally must recognize gain on the distribution of property (other than money) if the partner contributed appreciated property to the partnership during the 7-year period before the distribution. Freetaxusa2012   The gain recognized is the lesser of the following amounts. Freetaxusa2012 The excess of: The fair market value of the property received in the distribution, over The adjusted basis of the partner's interest in the partnership immediately before the distribution, reduced (but not below zero) by any money received in the distribution. Freetaxusa2012 The “net precontribution gain” of the partner. Freetaxusa2012 This is the net gain the partner would recognize if all the property contributed by the partner within 7 years of the distribution, and held by the partnership immediately before the distribution, were distributed to another partner, other than a partner who owns more than 50% of the partnership. Freetaxusa2012 For information about the distribution of contributed property to another partner, see Contribution of Property , under Transactions Between Partnership and Partners, later. Freetaxusa2012   The character of the gain is determined by reference to the character of the net precontribution gain. Freetaxusa2012 This gain is in addition to any gain the partner must recognize if the money distributed is more than his or her basis in the partnership. Freetaxusa2012 For these rules, the term “money” includes marketable securities treated as money, as discussed earlier. Freetaxusa2012 Effect on basis. Freetaxusa2012   The adjusted basis of the partner's interest in the partnership is increased by any net precontribution gain recognized by the partner. Freetaxusa2012 Other than for purposes of determining the gain, the increase is treated as occurring immediately before the distribution. Freetaxusa2012 See Basis of Partner's Interest , later. Freetaxusa2012   The partnership must adjust its basis in any property the partner contributed within 7 years of the distribution to reflect any gain that partner recognizes under this rule. Freetaxusa2012 Exceptions. Freetaxusa2012   Any part of a distribution that is property the partner previously contributed to the partnership is not taken into account in determining the amount of the excess distribution or the partner's net precontribution gain. Freetaxusa2012 For this purpose, the partner's previously contributed property does not include a contributed interest in an entity to the extent its value is due to property contributed to the entity after the interest was contributed to the partnership. Freetaxusa2012   Recognition of gain under this rule also does not apply to a distribution of unrealized receivables or substantially appreciated inventory items if the distribution is treated as a sale or exchange, as discussed earlier. Freetaxusa2012 Partner's Basis for Distributed Property Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed to the partner by a partnership is its adjusted basis to the partnership immediately before the distribution. Freetaxusa2012 However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Freetaxusa2012 Example 1. Freetaxusa2012 The adjusted basis of Emily's partnership interest is $30,000. Freetaxusa2012 She receives a distribution of property that has an adjusted basis of $20,000 to the partnership and $4,000 in cash. Freetaxusa2012 Her basis for the property is $20,000. Freetaxusa2012 Example 2. Freetaxusa2012 The adjusted basis of Steve's partnership interest is $10,000. Freetaxusa2012 He receives a distribution of $4,000 cash and property that has an adjusted basis to the partnership of $8,000. Freetaxusa2012 His basis for the distributed property is limited to $6,000 ($10,000 − $4,000, the cash he receives). Freetaxusa2012 Complete liquidation of partner's interest. Freetaxusa2012   The basis of property received in complete liquidation of a partner's interest is the adjusted basis of the partner's interest in the partnership reduced by any money distributed to the partner in the same transaction. Freetaxusa2012 Partner's holding period. Freetaxusa2012   A partner's holding period for property distributed to the partner includes the period the property was held by the partnership. Freetaxusa2012 If the property was contributed to the partnership by a partner, then the period it was held by that partner is also included. Freetaxusa2012 Basis divided among properties. Freetaxusa2012   If the basis of property received is the adjusted basis of the partner's interest in the partnership (reduced by money received in the same transaction), it must be divided among the properties distributed to the partner. Freetaxusa2012 For property distributed after August 5, 1997, allocate the basis using the following rules. Freetaxusa2012 Allocate the basis first to unrealized receivables and inventory items included in the distribution by assigning a basis to each item equal to the partnership's adjusted basis in the item immediately before the distribution. Freetaxusa2012 If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Freetaxusa2012 Allocate any remaining basis to properties other than unrealized receivables and inventory items by assigning a basis to each property equal to the partnership's adjusted basis in the property immediately before the distribution. Freetaxusa2012 If the allocable basis exceeds the total of these assigned bases, increase the assigned bases by the amount of the excess. Freetaxusa2012 If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Freetaxusa2012 Allocating a basis increase. Freetaxusa2012   Allocate any basis increase required in rule (2), above, first to properties with unrealized appreciation to the extent of the unrealized appreciation. Freetaxusa2012 If the basis increase is less than the total unrealized appreciation, allocate it among those properties in proportion to their respective amounts of unrealized appreciation. Freetaxusa2012 Allocate any remaining basis increase among all the properties in proportion to their respective fair market values. Freetaxusa2012 Example. Freetaxusa2012 Eun's basis in her partnership interest is $55,000. Freetaxusa2012 In a distribution in liquidation of her entire interest, she receives properties A and B, neither of which is inventory or unrealized receivables. Freetaxusa2012 Property A has an adjusted basis to the partnership of $5,000 and a fair market value of $40,000. Freetaxusa2012 Property B has an adjusted basis to the partnership of $10,000 and a fair market value of $10,000. Freetaxusa2012 To figure her basis in each property, Eun first assigns bases of $5,000 to property A and $10,000 to property B (their adjusted bases to the partnership). Freetaxusa2012 This leaves a $40,000 basis increase (the $55,000 allocable basis minus the $15,000 total of the assigned bases). Freetaxusa2012 She first allocates $35,000 to property A (its unrealized appreciation). Freetaxusa2012 The remaining $5,000 is allocated between the properties based on their fair market values. Freetaxusa2012 $4,000 ($40,000/$50,000) is allocated to property A and $1,000 ($10,000/$50,000) is allocated to property B. Freetaxusa2012 Eun's basis in property A is $44,000 ($5,000 + $35,000 + $4,000) and her basis in property B is $11,000 ($10,000 + $1,000). Freetaxusa2012 Allocating a basis decrease. Freetaxusa2012   Use the following rules to allocate any basis decrease required in rule (1) or rule (2), earlier. Freetaxusa2012 Allocate the basis decrease first to items with unrealized depreciation to the extent of the unrealized depreciation. Freetaxusa2012 If the basis decrease is less than the total unrealized depreciation, allocate it among those items in proportion to their respective amounts of unrealized depreciation. Freetaxusa2012 Allocate any remaining basis decrease among all the items in proportion to their respective assigned basis amounts (as decreased in (1)). Freetaxusa2012 Example. Freetaxusa2012 Armando's basis in his partnership interest is $20,000. Freetaxusa2012 In a distribution in liquidation of his entire interest, he receives properties C and D, neither of which is inventory or unrealized receivables. Freetaxusa2012 Property C has an adjusted basis to the partnership of $15,000 and a fair market value of $15,000. Freetaxusa2012 Property D has an adjusted basis to the partnership of $15,000 and a fair market value of $5,000. Freetaxusa2012 To figure his basis in each property, Armando first assigns bases of $15,000 to property C and $15,000 to property D (their adjusted bases to the partnership). Freetaxusa2012 This leaves a $10,000 basis decrease (the $30,000 total of the assigned bases minus the $20,000 allocable basis). Freetaxusa2012 He allocates the entire $10,000 to property D (its unrealized depreciation). Freetaxusa2012 Armando's basis in property C is $15,000 and his basis in property D is $5,000 ($15,000 − $10,000). Freetaxusa2012 Distributions before August 6, 1997. Freetaxusa2012   For property distributed before August 6, 1997, allocate the basis using the following rules. Freetaxusa2012 Allocate the basis first to unrealized receivables and inventory items included in the distribution to the extent of the partnership's adjusted basis in those items. Freetaxusa2012 If the partnership's adjusted basis in those items exceeded the allocable basis, allocate the basis among the items in proportion to their adjusted bases to the partnership. Freetaxusa2012 Allocate any remaining basis to other distributed properties in proportion to their adjusted bases to the partnership. Freetaxusa2012 Partner's interest more than partnership basis. Freetaxusa2012   If the basis of a partner's interest to be divided in a complete liquidation of the partner's interest is more than the partnership's adjusted basis for the unrealized receivables and inventory items distributed, and if no other property is distributed to which the partner can apply the remaining basis, the partner has a capital loss to the extent of the remaining basis of the partnership interest. Freetaxusa2012 Special adjustment to basis. Freetaxusa2012   A partner who acquired any part of his or her partnership interest in a sale or exchange or upon the death of another partner may be able to choose a special basis adjustment for property distributed by the partnership. Freetaxusa2012 To choose the special adjustment, the partner must have received the distribution within 2 years after acquiring the partnership interest. Freetaxusa2012 Also, the partnership must not have chosen the optional adjustment to basis when the partner acquired the partnership interest. Freetaxusa2012   If a partner chooses this special basis adjustment, the partner's basis for the property distributed is the same as it would have been if the partnership had chosen the optional adjustment to basis. Freetaxusa2012 However, this assigned basis is not reduced by any depletion or depreciation that would have been allowed or allowable if the partnership had previously chosen the optional adjustment. Freetaxusa2012   The choice must be made with the partner's tax return for the year of the distribution if the distribution includes any property subject to depreciation, depletion, or amortization. Freetaxusa2012 If the choice does not have to be made for the distribution year, it must be made with the return for the first year in which the basis of the distributed property is pertinent in determining the partner's income tax. Freetaxusa2012   A partner choosing this special basis adjustment must attach a statement to his or her tax return that the partner chooses under section 732(d) of the Internal Revenue Code to adjust the basis of property received in a distribution. Freetaxusa2012 The statement must show the computation of the special basis adjustment for the property distributed and list the properties to which the adjustment has been allocated. Freetaxusa2012 Example. Freetaxusa2012 Chin Ho purchased a 25% interest in X partnership for $17,000 cash. Freetaxusa2012 At the time of the purchase, the partnership owned inventory having a basis to the partnership of $14,000 and a fair market value of $16,000. Freetaxusa2012 Thus, $4,000 of the $17,000 he paid was attributable to his share of inventory with a basis to the partnership of $3,500. Freetaxusa2012 Within 2 years after acquiring his interest, Chin Ho withdrew from the partnership and for his entire interest received cash of $1,500, inventory with a basis to the partnership of $3,500, and other property with a basis of $6,000. Freetaxusa2012 The value of the inventory received was 25% of the value of all partnership inventory. Freetaxusa2012 (It is immaterial whether the inventory he received was on hand when he acquired his interest. Freetaxusa2012 ) Since the partnership from which Chin Ho withdrew did not make the optional adjustment to basis, he chose to adjust the basis of the inventory received. Freetaxusa2012 His share of the partnership's basis for the inventory is increased by $500 (25% of the $2,000 difference between the $16,000 fair market value of the inventory and its $14,000 basis to the partnership at the time he acquired his interest). Freetaxusa2012 The adjustment applies only for purposes of determining his new basis in the inventory, and not for purposes of partnership gain or loss on disposition. Freetaxusa2012 The total to be allocated among the properties Chin Ho received in the distribution is $15,500 ($17,000 basis of his interest − $1,500 cash received). Freetaxusa2012 His basis in the inventory items is $4,000 ($3,500 partnership basis + $500 special adjustment). Freetaxusa2012 The remaining $11,500 is allocated to his new basis for the other property he received. Freetaxusa2012 Mandatory adjustment. Freetaxusa2012   A partner does not always have a choice of making this special adjustment to basis. Freetaxusa2012 The special adjustment to basis must be made for a distribution of property (whether or not within 2 years after the partnership interest was acquired) if all the following conditions existed when the partner received the partnership interest. Freetaxusa2012 The fair market value of all partnership property (other than money) was more than 110% of its adjusted basis to the partnership. Freetaxusa2012 If there had been a liquidation of the partner's interest immediately after it was acquired, an allocation of the basis of that interest under the general rules (discussed earlier under Basis divided among properties) would have decreased the basis of property that could not be depreciated, depleted, or amortized and increased the basis of property that could be. Freetaxusa2012 The optional basis adjustment, if it had been chosen by the partnership, would have changed the partner's basis for the property actually distributed. Freetaxusa2012 Required statement. Freetaxusa2012   Generally, if a partner chooses a special basis adjustment and notifies the partnership, or if the partnership makes a distribution for which the special basis adjustment is mandatory, the partnership must provide a statement to the partner. Freetaxusa2012 The statement must provide information necessary for the partner to compute the special basis adjustment. Freetaxusa2012 Marketable securities. Freetaxusa2012   A partner's basis in marketable securities received in a partnership distribution, as determined in the preceding discussions, is increased by any gain recognized by treating the securities as money. Freetaxusa2012 See Marketable securities treated as money under Partner's Gain or Loss, earlier. Freetaxusa2012 The basis increase is allocated among the securities in proportion to their respective amounts of unrealized appreciation before the basis increase. Freetaxusa2012 Transactions Between Partnership and Partners For certain transactions between a partner and his or her partnership, the partner is treated as not being a member of the partnership. Freetaxusa2012 These transactions include the following. Freetaxusa2012 Performing services for, or transferring property to, a partnership if: There is a related allocation and distribution to a partner, and The entire transaction, when viewed together, is properly characterized as occurring between the partnership and a partner not acting in the capacity of a partner. Freetaxusa2012 Transferring money or other property to a partnership if: There is a related transfer of money or other property by the partnership to the contributing partner or another partner, and The transfers together are properly characterized as a sale or exchange of property. Freetaxusa2012 Payments by accrual basis partnership to cash basis partner. Freetaxusa2012   A partnership that uses an accrual method of accounting cannot deduct any business expense owed to a cash basis partner until the amount is paid. Freetaxusa2012 However, this rule does not apply to guaranteed payments made to a partner, which are generally deductible when accrued. Freetaxusa2012 Guaranteed Payments Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. Freetaxusa2012 A partnership treats guaranteed payments for services, or for the use of capital, as if they were made to a person who is not a partner. Freetaxusa2012 This treatment is for purposes of determining gross income and deductible business expenses only. Freetaxusa2012 For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income. Freetaxusa2012 Guaranteed payments are not subject to income tax withholding. Freetaxusa2012 The partnership generally deducts guaranteed payments on line 10 of Form 1065 as a business expense. Freetaxusa2012 They are also listed on Schedules K and K-1 of the partnership return. Freetaxusa2012 The individual partner reports guaranteed payments on Schedule E (Form 1040) as ordinary income, along with his or her distributive share of the partnership's other ordinary income. Freetaxusa2012 Guaranteed payments made to partners for organizing the partnership or syndicating interests in the partnership are capital expenses. Freetaxusa2012 Generally, organizational and syndication expenses are not deductible by the partnership. Freetaxusa2012 However, a partnership can elect to deduct a portion of its organizational expenses and amortize the remaining expenses (see Business start-up and organizational costs in the Instructions for Form 1065). Freetaxusa2012 Organizational expenses (if the election is not made) and syndication expenses paid to partners must be reported on the partners' Schedule K-1 as guaranteed payments. Freetaxusa2012 Minimum payment. Freetaxusa2012   If a partner is to receive a minimum payment from the partnership, the guaranteed payment is the amount by which the minimum payment is more than the partner's distributive share of the partnership income before taking into account the guaranteed payment. Freetaxusa2012 Example. Freetaxusa2012 Under a partnership agreement, Divya is to receive 30% of the partnership income, but not less than $8,000. Freetaxusa2012 The partnership has net income of $20,000. Freetaxusa2012 Divya's share, without regard to the minimum guarantee, is $6,000 (30% × $20,000). Freetaxusa2012 The guaranteed payment that can be deducted by the partnership is $2,000 ($8,000 − $6,000). Freetaxusa2012 Divya's income from the partnership is $8,000, and the remaining $12,000 of partnership income will be reported by the other partners in proportion to their shares under the partnership agreement. Freetaxusa2012 If the partnership net income had been $30,000, there would have been no guaranteed payment since her share, without regard to the guarantee, would have been greater than the guarantee. Freetaxusa2012 Self-employed health insurance premiums. Freetaxusa2012   Premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments. Freetaxusa2012 The partnership can deduct the payments as a business expense, and the partner must include them in gross income. Freetaxusa2012 However, if the partnership accounts for insurance paid for a partner as a reduction in distributions to the partner, the partnership cannot deduct the premiums. Freetaxusa2012   A partner who qualifies can deduct 100% of the health insurance premiums paid by the partnership on his or her behalf as an adjustment to income. Freetaxusa2012 The partner cannot deduct the premiums for any calendar month, or part of a month, in which the partner is eligible to participate in any subsidized health plan maintained by any employer of the partner, the partner's spouse, the partner's dependents, or any children under age 27 who are not dependents. Freetaxusa2012 For more information on the self-employed health insurance deduction, see chapter 6 in Publication 535. Freetaxusa2012 Including payments in partner's income. Freetaxusa2012   Guaranteed payments are included in income in the partner's tax year in which the partnership's tax year ends. Freetaxusa2012 Example 1. Freetaxusa2012 Under the terms of a partnership agreement, Erica is entitled to a fixed annual payment of $10,000 without regard to the income of the partnership. Freetaxusa2012 Her distributive share of the partnership income is 10%. Freetaxusa2012 The partnership has $50,000 of ordinary income after deducting the guaranteed payment. Freetaxusa2012 She must include ordinary income of $15,000 ($10,000 guaranteed payment + $5,000 ($50,000 × 10%) distributive share) on her individual income tax return for her tax year in which the partnership's tax year ends. Freetaxusa2012 Example 2. Freetaxusa2012 Lamont is a calendar year taxpayer who is a partner in a partnership. Freetaxusa2012 The partnership uses a fiscal year that ended January 31, 2013. Freetaxusa2012 Lamont received guaranteed payments from the partnership from February 1, 2012, until December 31, 2012. Freetaxusa2012 He must include these guaranteed payments in income for 2013 and report them on his 2013 income tax return. Freetaxusa2012 Payments resulting in loss. Freetaxusa2012   If guaranteed payments to a partner result in a partnership loss in which the partner shares, the partner must report the full amount of the guaranteed payments as ordinary income. Freetaxusa2012 The partner separately takes into account his or her distributive share of the partnership loss, to the extent of the adjusted basis of the partner's partnership interest. Freetaxusa2012 Sale or Exchange of Property Special rules apply to a sale or exchange of property between a partnership and certain persons. Freetaxusa2012 Losses. Freetaxusa2012   Losses will not be allowed from a sale or exchange of property (other than an interest in the partnership) directly or indirectly between a partnership and a person whose direct or indirect interest in the capital or profits of the partnership is more than 50%. Freetaxusa2012   If the sale or exchange is between two partnerships in which the same persons directly or indirectly own more than 50% of the capital or profits interests in each partnership, no deduction of a loss is allowed. Freetaxusa2012   The basis of each partner's interest in the partnership is decreased (but not below zero) by the partner's share of the disallowed loss. Freetaxusa2012   If the purchaser later sells the property, only the gain realized that is greater than the loss not allowed will be taxable. Freetaxusa2012 If any gain from the sale of the property is not recognized because of this rule, the basis of each partner's interest in the partnership is increased by the partner's share of that gain. Freetaxusa2012 Gains. Freetaxusa2012   Gains are treated as ordinary income in a sale or exchange of property directly or indirectly between a person and a partnership, or between two partnerships, if both of the following tests are met. Freetaxusa2012 More than 50% of the capital or profits interest in the partnership(s) is directly or indirectly owned by the same person(s). Freetaxusa2012 The property in the hands of the transferee immediately after the transfer is not a capital asset. Freetaxusa2012 Property that is not a capital asset includes accounts receivable, inventory, stock-in-trade, and depreciable or real property used in a trade or business. Freetaxusa2012 More than 50% ownership. Freetaxusa2012   To determine if there is more than 50% ownership in partnership capital or profits, the following rules apply. Freetaxusa2012 An interest directly or indirectly owned by, or for, a corporation, partnership, estate, or trust is considered to be owned proportionately by, or for, its shareholders, partners, or beneficiaries. Freetaxusa2012 An individual is considered to own the interest directly or indirectly owned by, or for, the individual's family. Freetaxusa2012 For this rule, “family” includes only brothers, sisters, half-brothers, half-sisters, spouses, ancestors, and lineal descendants. Freetaxusa2012 If a person is considered to own an interest using rule (1), that person (the “constructive owner”) is treated as if actually owning that interest when rules (1) and (2) are applied. Freetaxusa2012 However, if a person is considered to own an interest using rule (2), that person is not treated as actually owning that interest in reapplying rule (2) to make another person the constructive owner. Freetaxusa2012 Example. Freetaxusa2012 Individuals A and B and Trust T are equal partners in Partnership ABT. Freetaxusa2012 A's husband, AH, is the sole beneficiary of Trust T. Freetaxusa2012 Trust T's partnership interest will be attributed to AH only for the purpose of further attributing the interest to A. Freetaxusa2012 As a result, A is a more-than-50% partner. Freetaxusa2012 This means that any deduction for losses on transactions between her and ABT will not be allowed, and gain from property that in the hands of the transferee is not a capital asset is treated as ordinary, rather than capital, gain. Freetaxusa2012 More information. Freetaxusa2012   For more information on these special rules, see Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Freetaxusa2012 Contribution of Property Usually, neither the partner nor the partnership recognizes a gain or loss when property is contributed to the partnership in exchange for a partnership interest. Freetaxusa2012 This applies whether a partnership is being formed or is already operating. Freetaxusa2012 The partnership's holding period for the property includes the partner's holding period. Freetaxusa2012 The contribution of limited partnership interests in one partnership for limited partnership interests in another partnership qualifies as a tax-free contribution of property to the second partnership if the transaction is made for business purposes. Freetaxusa2012 The exchange is not subject to the rules explained later under Disposition of Partner's Interest. Freetaxusa2012 Disguised sales. Freetaxusa2012   A contribution of money or other property to the partnership followed by a distribution of different property from the partnership to the partner is treated not as a contribution and distribution, but as a sale of property, if both of the following tests are met. Freetaxusa2012 The distribution would not have been made but for the contribution. Freetaxusa2012 The partner's right to the distribution does not depend on the success of partnership operations. Freetaxusa2012   All facts and circumstances are considered in determining if the contribution and distribution are more properly characterized as a sale. Freetaxusa2012 However, if the contribution and distribution occur within 2 years of each other, the transfers are presumed to be a sale unless the facts clearly indicate that the transfers are not a sale. Freetaxusa2012 If the contribution and distribution occur more than 2 years apart, the transfers are presumed not to be a sale unless the facts clearly indicate that the transfers are a sale. Freetaxusa2012 Form 8275 required. Freetaxusa2012   A partner must attach Form 8275, Disclosure Statement, (or other statement) to his or her return if the partner contributes property to a partnership and, within 2 years (before or after the contribution), the partnership transfers money or other consideration to the partner. Freetaxusa2012 For exceptions to this requirement, see section 1. Freetaxusa2012 707-3(c)(2) of the regulations. Freetaxusa2012   A partnership must attach Form 8275 (or other statement) to its return if it distributes property to a partner, and, within 2 years (before or after the distribution), the partner transfers money or other consideration to the partnership. Freetaxusa2012   Form 8275 must include the following information. Freetaxusa2012 A caption identifying the statement as a disclosure under section 707 of the Internal Revenue Code. Freetaxusa2012 A description of the transferred property or money, including its value. Freetaxusa2012 A description of any relevant facts in determining if the transfers are properly viewed as a disguised sale. Freetaxusa2012 See section 1. Freetaxusa2012 707-3(b)(2) of the regulations for a description of the facts and circumstances considered in determining if the transfers are a disguised sale. Freetaxusa2012 Contribution to partnership treated as investment company. Freetaxusa2012   Gain is recognized when property is contributed (in exchange for an interest in the partnership) to a partnership that would be treated as an investment company if it were incorporated. Freetaxusa2012   A partnership is generally treated as an investment company if over 80% of the value of its assets is held for investment and consists of certain readily marketable items. Freetaxusa2012 These items include money, stocks and other equity interests in a corporation, and interests in regulated investment companies and real estate investment trusts. Freetaxusa2012 For more information, see section 351(e)(1) of the Internal Revenue Code and the related regulations. Freetaxusa2012 Whether a partnership is treated as an investment company under this test is ordinarily determined immediately after the transfer of property. Freetaxusa2012   This rule applies to limited partnerships and general partnerships, regardless of whether they are privately formed or publicly syndicated. Freetaxusa2012 Contribution to foreign partnership. Freetaxusa2012   A domestic partnership that contributed property after August 5, 1997, to a foreign partnership in exchange for a partnership interest may have to file Form 8865 if either of the following apply. Freetaxusa2012 Immediately after the contribution, the partnership owned, directly or indirectly, at least a 10% interest in the foreign partnership. Freetaxusa2012 The fair market value of the property contributed to the foreign partnership, when added to other contributions of property made to the partnership during the preceding 12-month period, is greater than $100,000. Freetaxusa2012   The partnership may also have to file Form 8865, even if no contributions are made during the tax year, if it owns a 10% or more interest in a foreign partnership at any time during the year. Freetaxusa2012 See the form instructions for more information. Freetaxusa2012 Basis of contributed property. Freetaxusa2012   If a partner contributes property to a partnership, the partnership's basis for determining depreciation, depletion, gain, or loss for the property is the same as the partner's adjusted basis for the property when it was contributed, increased by any gain recognized by the partner at the time of contribution. Freetaxusa2012 Allocations to account for built-in gain or loss. Freetaxusa2012   The fair market value of property at the time it is contributed may be different from the partner's adjusted basis. Freetaxusa2012 The partnership must allocate among the partners any income, deduction, gain, or loss on the property in a manner that will account for the difference. Freetaxusa2012 This rule also applies to contributions of accounts payable and other accrued but unpaid items of a cash basis partner. Freetaxusa2012   The partnership can use different allocation methods for different items of contributed property. Freetaxusa2012 A single reasonable method must be consistently applied to each item, and the overall method or combination of methods must be reasonable. Freetaxusa2012 See section 1. Freetaxusa2012 704-3 of the regulations for allocation methods generally considered reasonable. Freetaxusa2012   If the partnership sells contributed property and recognizes gain or loss, built-in gain or loss is allocated to the contributing partner. Freetaxusa2012 If contributed property is subject to depreciation or other cost recovery, the allocation of deductions for these items takes into account built-in gain or loss on the property. Freetaxusa2012 However, the total depreciation, depletion, gain, or loss allocated to partners cannot be more than the depreciation or depletion allowable to the partnership or the gain or loss realized by the partnership. Freetaxusa2012 Example. Freetaxusa2012 Areta and Sofia formed an equal partnership. Freetaxusa2012 Areta contributed $10,000 in cash to the partnership and Sofia contributed depreciable property with a fair market value of $10,000 and an adjusted basis of $4,000. Freetaxusa2012 The partnership's basis for depreciation is limited to the adjusted basis of the property in Sofia's hands, $4,000. Freetaxusa2012 In effect, Areta purchased an undivided one-half interest in the depreciable property with her contribution of $10,000. Freetaxusa2012 Assuming that the depreciation rate is 10% a year under the General Depreciation System (GDS), she would have been entitled to a depreciation deduction of $500 per year, based on her interest in the partnership, if the adjusted basis of the property equaled its fair market value when contributed. Freetaxusa2012 To simplify this example, the depreciation deductions are determined without regard to any first-year depreciation conventions. Freetaxusa2012 However, since the partnership is allowed only $400 per year of depreciation (10% of $4,000), no more than $400 can be allocated between the partners. Freetaxusa2012 The entire $400 must be allocated to Areta. Freetaxusa2012 Distribution of contributed property to another partner. Freetaxusa2012   If a partner contributes property to a partnership and the partnership distributes the property to another partner within 7 years of the contribution, the contributing partner must recognize gain or loss on the distribution. Freetaxusa2012   The recognized gain or loss is the amount the contributing partner would have recognized if the property had been sold for its fair market value when it was distributed. Freetaxusa2012 This amount is the difference between the property's basis and its fair market value at the time of contribution. Freetaxusa2012 The character of the gain or loss will be the same as the character of the gain or loss that would have resulted if the partnership had sold the property to the distributee partner. Freetaxusa2012 Appropriate adjustments must be made to the adjusted basis of the contributing partner's partnership interest and to the adjusted basis of the property distributed to reflect the recognized gain or loss. Freetaxusa2012 Disposition of certain contributed property. Freetaxusa2012   The following rules determine the character of the partnership's gain or loss on a disposition of certain types of contributed property. Freetaxusa2012 Unrealized receivables. Freetaxusa2012 If the property was an unrealized receivable in the hands of the contributing partner, any gain or loss on its disposition by the partnership is ordinary income or loss. Freetaxusa2012 Unrealized receivables are defined later under Payments for Unrealized Receivables and Inventory Items. Freetaxusa2012 When reading the definition, substitute “partner” for “partnership. Freetaxusa2012 ” Inventory items. Freetaxusa2012 If the property was an inventory item in the hands of the contributing partner, any gain or loss on its disposition by the partnership within 5 years after the contribution is ordinary income or loss. Freetaxusa2012 Inventory items are defined later in Payments for Unrealized Receivables and Inventory Items. Freetaxusa2012 Capital loss property. Freetaxusa2012 If the property was a capital asset in the contributing partner's hands, any loss on its disposition by the partnership within 5 years after the contribution is a capital loss. Freetaxusa2012 The capital loss is limited to the amount by which the partner's adjusted basis for the property exceeded the property's fair market value immediately before the contribution. Freetaxusa2012 Substituted basis property. Freetaxusa2012 If the disposition of any of the property listed in (1), (2), or (3) is a nonrecognition transaction, these rules apply when the recipient of the property disposes of any substituted basis property (other than certain corporate stock) resulting from the transaction. Freetaxusa2012 Contribution of Services A partner can acquire an interest in partnership capital or profits as compensation for services performed or to be performed. Freetaxusa2012 Capital interest. Freetaxusa2012   A capital interest is an interest that would give the holder a share of the proceeds if the partnership's assets were sold at fair market value and the proceeds were distributed in a complete liquidation of the partnership. Freetaxusa2012 This determination generally is made at the time of receipt of the partnership interest. Freetaxusa2012 The fair market value of such an interest received by a partner as compensation for services must generally be included in the partner's gross income in the first tax year in which the partner can transfer the interest or the interest is not subject to a substantial risk of forfeiture. Freetaxusa2012 The capital interest transferred as compensation for services is subject to the rules for restricted property discussed in Publication 525 under Employee Compensation. Freetaxusa2012   The fair market value of an interest in partnership capital transferred to a partner as payment for services to the partnership is a guaranteed payment, discussed earlier. Freetaxusa2012 Profits interest. Freetaxusa2012   A profits interest is a partnership interest other than a capital interest. Freetaxusa2012 If a person receives a profits interest for providing services to, or for the benefit of, a partnership in a partner capacity or in anticipation of being a partner, the receipt of such an interest is not a taxable event for the partner or the partnership. Freetaxusa2012 However, this does not apply in the following situations. Freetaxusa2012 The profits interest relates to a substantially certain and predictable stream of income from partnership assets, such as income from high-quality debt securities or a high-quality net lease. Freetaxusa2012 Within 2 years of receipt, the partner disposes of the profits interest. Freetaxusa2012 The profits interest is a limited partnership interest in a publicly traded partnership. Freetaxusa2012   A profits interest transferred as compensation for services is not subject to the rules for restricted property that apply to capital interests. Freetaxusa2012 Basis of Partner's Interest The basis of a partnership interest is the money plus the adjusted basis of any property the partner contributed. Freetaxusa2012 If the partner must recognize gain as a result of the contribution, this gain is included in the basis of his or her interest. Freetaxusa2012 Any increase in a partner's individual liabilities because of an assumption of partnership liabilities is considered a contribution of money to the partnership by the partner. Freetaxusa2012 Interest acquired by gift, etc. Freetaxusa2012   If a partner acquires an interest in a partnership by gift, inheritance, or under any circumstance other than by a contribution of money or property to the partnership, the partner's basis must be determined using the basis rules described in Publication 551. Freetaxusa2012 Adjusted Basis There is a worksheet for adjusting the basis of a partner's interest in the partnership in the Partner's Instructions for Schedule K-1 (Form 1065). Freetaxusa2012 The basis of an interest in a partnership is increased or decreased by certain items. Freetaxusa2012 Increases. Freetaxusa2012   A partner's basis is increased by the following items. Freetaxusa2012 The partner's additional contributions to the partnership, including an increased share of, or assumption of, partnership liabilities. Freetaxusa2012 The partner's distributive share of taxable and nontaxable partnership income. Freetaxusa2012 The partner's distributive share of the excess of the deductions for depletion over the basis of the depletable property, unless the property is oil or gas wells whose basis has been allocated to partners. Freetaxusa2012 Decreases. Freetaxusa2012   The partner's basis is decreased (but never below zero) by the following items. Freetaxusa2012 The money (including a decreased share of partnership liabilities or an assumption of the partner's individual liabilities by the partnership) and adjusted basis of property distributed to the partner by the partnership. Freetaxusa2012 The partner's distributive share of the partnership losses (including capital losses). Freetaxusa2012 The partner's distributive share of nondeductible partnership expenses that are not capital expenditures. Freetaxusa2012 This includes the partner's share of any section 179 expenses, even if the partner cannot deduct the entire amount on his or her individual income tax return. Freetaxusa2012 The partner's deduction for depletion for any partnership oil and gas wells, up to the proportionate share of the adjusted basis of the wells allocated to the partner. Freetaxusa2012 Partner's liabilities assumed by partnership. Freetaxusa2012   If contributed property is subject to a debt or if a partner's liabilities are assumed by the partnership, the basis of that partner's interest is reduced (but not below zero) by the liability assumed by the other partners. Freetaxusa2012 This partner must reduce his or her basis because the assumption of the liability is treated as a distribution of money to that partner. Freetaxusa2012 The other partners' assumption of the liability is treated as a contribution by them of money to the partnership. Freetaxusa2012 See Effect of Partnership Liabilities , later. Freetaxusa2012 Example 1. Freetaxusa2012 Ivan acquired a 20% interest in a partnership by contributing property that had an adjusted basis to him of $8,000 and a $4,000 mortgage. Freetaxusa2012 The partnership assumed payment of the mortgage. Freetaxusa2012 The basis of Ivan's interest is: Adjusted basis of contributed property $8,000 Minus: Part of mortgage assumed by other partners (80% × $4,000) 3,200 Basis of Ivan's partnership interest $4,800 Example 2. Freetaxusa2012 If, in Example 1, the contributed property had a $12,000 mortgage, the basis of Ivan's partnership interest would be zero. Freetaxusa2012 The $1,600 difference between the mortgage assumed by the other partners, $9,600 (80% × $12,000), and his basis of $8,000 would be treated as capital gain from the sale or exchange of a partnership interest. Freetaxusa2012 However, this gain would not increase the basis of his partnership interest. Freetaxusa2012 Book value of partner's interest. Freetaxusa2012   The adjusted basis of a partner's interest is determined without considering any amount shown in the partnership books as a capital, equity, or similar account. Freetaxusa2012 Example. Freetaxusa2012 Enzo contributes to his partnership property that has an adjusted basis of $400 and a fair market value of $1,000. Freetaxusa2012 His partner contributes $1,000 cash. Freetaxusa2012 While each partner has increased his capital account by $1,000, which will be re
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Freetaxusa2012 Publication 179 - Introductory Material Table of Contents Acontecimientos futuros Qué hay de nuevo Recordatorios Calendario Introduction Acontecimientos futuros Si desea obtener la información más reciente sobre todo acontecimiento relacionado con la Publicación 179, tal como legislación promulgada después de que ésta fue publicada, acceda a www. Freetaxusa2012 irs. Freetaxusa2012 gov/pub179. Freetaxusa2012 Qué hay de nuevo Contribuciones al Seguro Social y al Medicare para el 2014. Freetaxusa2012  La tasa de contribución para el Seguro Social permanece en 6. Freetaxusa2012 2% tanto para el empleado como para el patrono. Freetaxusa2012 La base límite de salario para el Seguro Social es $117,000. Freetaxusa2012 La tasa de la contribución al Medicare es 1. Freetaxusa2012 45% tanto para la parte del empleado como la del patrono, la misma tasa que correspondió para el año 2013. Freetaxusa2012 No hay límite sobre la cantidad de salarios sujetos a la contribución al Medicare. Freetaxusa2012 Las contribuciones al Seguro Social y al Medicare se aplican a los salarios de empleados domésticos a quienes usted les paga $1,900 o más en efectivo o de una forma equivalente de remuneración. Freetaxusa2012 Las contribuciones al Seguro Social y al Medicare se aplican a los trabajadores electorales a quienes se les paga $1,600 o más en efectivo o una remuneración equivalente. Freetaxusa2012 Cambio de parte responsable. Freetaxusa2012  Comenzando el 1 de enero del 2014, toda entidad jurídica que tiene asignado un número patronal tiene que presentar el Formulario 8822-B Change of Address or Responsible Party—Business (Cambio de dirección o Parte Responsable— de negocios), en inglés, para informar si ha cambiado la parte responsable del negocio. Freetaxusa2012 El Formulario 8822-B tiene que presentarse dentro de los 60 días que cambió la parte responsable. Freetaxusa2012 Si el cambio de la parte responsable ocurrió antes del año 2014 y no se ha notificado el cambio anteriormente al IRS presente el Formulario 8822-B antes del 1 de marzo del 2014 e informe solamente el cambio más reciente. Freetaxusa2012 Para la definición de “parte reponsable” vea las Instrucciones del Formulario SS-4PR Solicitud de Número de Identificación Patronal (EIN). Freetaxusa2012 Matrimonio entre personas del mismo sexo. Freetaxusa2012 . Freetaxusa2012  Para propósitos de las contribuciones federales, las personas del mismo sexo se consideran casados legalmente ​​si se casaron en un estado (o país extranjero) cuyas leyes autorizan el matrimonio de personas del mismo sexo, aunque el estado (o país extranjero) en el que ahora viven no reconozca el matrimonio entre personas del mismo sexo. Freetaxusa2012 Para obtener más información, consulte el Revenue Ruling 2013-17 (Reglamento de Rentas Internas 2013–17) disponible en www. Freetaxusa2012 irs. Freetaxusa2012 gov/irb/2013-38_IRB/ar07. Freetaxusa2012 html. Freetaxusa2012 El Notice 2013-61 (Aviso 2013-61) establece los procedimientos administrativos especiales para los patronos hacer reclamaciones para el reembolso o los ajustes de los pagos en exceso al Seguro Social y al Medicare con respecto a ciertos beneficios entre cónyuges del mismo sexo antes de la expiración del periodo de prescripción. Freetaxusa2012 El Aviso 2013-61 que aparece en la página 432 del Internal Revenue Bulletin (Boletín de Rentas Internas 2013-44), en inglés, está disponible en www. Freetaxusa2012 irs. Freetaxusa2012 gov/irb/2013-44_IRB/ar10. Freetaxusa2012 html. Freetaxusa2012 Recordatorios Retención de la Contribución Adicional al Medicare. Freetaxusa2012  Además de la retención de la contribución Medicare de 1. Freetaxusa2012 45%, usted tiene que retener la Contribución Adicional al Medicare de 0. Freetaxusa2012 9% de los salarios en exceso de $200,000 que le paga a un empleado en un año natural. Freetaxusa2012 Se le requiere a usted que comience a retener la Contribución Adicional al Medicare en el período de paga en el cual usted le paga salarios en exceso de $200,000 a un empleado. Freetaxusa2012 Continúe reteniendo esta Contribución Adicional al Medicare en todo período de paga hasta que finalice el año natural. Freetaxusa2012 La Contribución Adicional al Medicare sólo se le impone al empleado. Freetaxusa2012 No hay una porción correspondiente al patrono de la Contribución Adicional al Medicare. Freetaxusa2012 Todos los salarios que están sujetos a la contribución Medicare, están sujetos a la retención de la Contribución Adicional al Medicare si éstos exceden el límite de $200,000. Freetaxusa2012 Si desea más información sobre cuáles salarios están sujetos a la Contribución Adicional al Medicare, vea la tabla Reglas especiales para varias clases de servicios y de pagos , en el apartado 15 de esta publicación. Freetaxusa2012 Para más información, sobre la Contribución Adicional al Medicare visite IRS. Freetaxusa2012 gov y escriba “ Additional Medicare Tax ” en inglés, en la casilla Search (Buscar). Freetaxusa2012 La información está disponible en inglés. Freetaxusa2012 El crédito contributivo por oportunidad de trabajo para organizaciones calificadas exentas de contribución que contratan a veteranos calificados ha sido extendido. Freetaxusa2012 . Freetaxusa2012  El crédito contributivo por oportunidad de trabajo está disponible para veteranos desempleados que reúnan los requisitos que comiencen a trabajar antes del 1 de enero de 2014. Freetaxusa2012 Anteriormente, el crédito estaba disponible para veteranos desempleados quienes comenzaron a trabajar a partir del 22 de noviembre de 2011, y antes del 1 de enero de 2013. Freetaxusa2012 Las organizaciones exentas de contribuciones calificadas que contratan veteranos desempleados que reúnan los requisitos pueden reclamar el crédito contributivo por oportunidad de trabajo contra su contribución sobre la nómina utilizando el Formulario 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans (Crédito por oportunidad de trabajo para organizaciones exentas de contribuciones calificadas que contratan a veteranos calificados), en inglés. Freetaxusa2012 Si desea más información, visite IRS. Freetaxusa2012 gov y escriba “work opportunity tax credit” (crédito contributivo por oportunidad de trabajo), en inglés, en la casilla Search (Buscar). Freetaxusa2012 La información está disponible en inglés. Freetaxusa2012 Externalización de las obligaciones de la nómina. Freetaxusa2012 . Freetaxusa2012  Los patronos son responsables de asegurar que las planillas de contribución se radiquen y que los depósitos y pagos se hagan, aun si el patrono contrata los servicios de un tercero para hacerlo. Freetaxusa2012 El patrono sigue siendo el responsable aun si el tercero no cumple con la acción requerida. Freetaxusa2012 Si opta por externalizar cualquier parte de su nómina y las obligaciones relacionadas con las contribuciones (es decir, retención, declarar y pagar las contribuciones al Seguro Social, al Medicare y FUTA) a un tercero pagador, tal como un proveedor de servicios de nómina o agente de reportación, visite el sitio web IRS. Freetaxusa2012 gov y escriba “outsourcing payroll duties” (externalización de las obligaciones de nómina) en la casilla “Search” (Buscar), para información útil sobre este tema. Freetaxusa2012 Dicha información está disponible en inglés. Freetaxusa2012 El crédito de asistencia para las primas COBRA. Freetaxusa2012  El crédito por asistencia en los pagos de las primas COBRA se aplica a las primas pagadas por un máximo de 15 meses para los empleados que fueron despedidos entre el 1 de septiembre de 2008 y el 31 de mayo de 2010. Freetaxusa2012 Vea COBRA premium assistance credit (Crédito de asistencia para las primas COBRA) en inglés, en la Publicación 15. Freetaxusa2012 Vea la sección Crédito de asistencia para las primas de COBRA para detalles sobre el crédito. Freetaxusa2012 El Formulario 944-PR está descontinuado. Freetaxusa2012  El Formulario 944-PR, Planilla para la Declaración Federal ANUAL del Patrono, ya no estará disponible después de 2011. Freetaxusa2012 A partir del año contributivo 2012, los patronos que anteriormente presentaban el Formulario 944-PR presentarán anualmente el Formulario 944(SP), Declaración Federal ANUAL de Impuestos del Patrono o Empleador. Freetaxusa2012 Por otra parte, los contribuyentes pueden solicitar que se les permita la radicación trimestral con el Formulario 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono, en vez del Formulario 944(SP) (o el Formulario 944, en inglés). Freetaxusa2012 Para más información, consulte las Instrucciones para el Formulario 944(SP). Freetaxusa2012 Para solicitar que se le permita radicar los formularios trimestrales 941-PR para informar sus contribuciones al Seguro Social y Medicare del año 2014, debe llamar al IRS al 1-800-829-4933 o al 267-941-1000 (llamada con cargos) a más tardar el 1 de abril de 2014. Freetaxusa2012 O, puede enviar una solicitud por escrito (el matasellos debe estar fechado en o antes del 15 de marzo de 2014). Freetaxusa2012 Después de comunicarse con el IRS, el IRS le enviará una notificación por escrito indicándole que su requisito de presentación ha cambiado. Freetaxusa2012 Si usted no recibe este aviso, debe presentar el Formulario 944(SP) para el año natural 2014. Freetaxusa2012 Para más información, consulte ¿Qué ocurre si quiere presentar Formularios 941, 941-SS o 941-PR en lugar del Formulario 944 (en inglés) o 944(SP)?, en las Instrucciones para el Formulario 944(SP) de 2013. Freetaxusa2012 Usted tiene que recibir un aviso escrito del IRS para poder radicar el Formulario 944(SP). Freetaxusa2012  Si usted ha estado radicando los Formularios 941-PR y cree que sus contribuciones sobre la nómina para el año natural serán $1,000 o menos y desea radicar el Formulario 944(SP) (o el Formulario 944, en inglés) en vez de los Formularios 941-PR, tiene que comunicarse con el IRS para solicitar el permiso para poder radicar el Formulario 944(SP). Freetaxusa2012 Antes de que pueda radicar este formulario, tiene que recibir un aviso escrito de parte del IRS que le otorgue el permiso para poder radicar el Formulario 944(SP) en vez de los Formularios 941-PR. Freetaxusa2012 Si desea más información sobre cómo solicitar el permiso para radicar el Formulario 944(SP) o el Formulario 944, en vez de los Formularios 941-PR, vea el tema titulado ¿Qué ocurre si quiere presentar Formularios 941, 941-SS o 941-PR en lugar del Formulario 944 (en inglés) o 944(SP)?, en las Instrucciones para el Formulario 944(SP). Freetaxusa2012 Cambio de dirección. Freetaxusa2012 . Freetaxusa2012  Utilice el Formulario 8822-B, Change of Address or Responsible Party-Business (Cambio de dirección— o Parte Responsable— de negocios), en inglés, para notificarle al IRS sobre un cambio a su dirección. Freetaxusa2012 No envíe el Formulario 8822-B junto con su planilla de contribuciones sobre la nómina. Freetaxusa2012 Los depósitos de las contribuciones federales tienen que llevarse a cabo mediante transferencia electrónica de fondos. Freetaxusa2012  Usted tiene que depositar toda contribución mediante transferencia electrónica de fondos. Freetaxusa2012 Generalmente, la transferencia electrónica de fondos se lleva a cabo usando el Electronic Federal Tax Payment System (Sistema electrónico de pagos de la contribución federal o EFTPS, por sus siglas en inglés). Freetaxusa2012 Si no desea utilizar el EFTPS, puede hacer los arreglos para que su preparador, institución financiera, servicio de nómina u otro tercero de su confianza efectúe depósitos electrónicos en nombre suyo. Freetaxusa2012 El EFTPS es un servicio gratuito provisto por el Departamento del Tesoro. Freetaxusa2012 Los servicios provistos por su preparador profesional, institución financiera, servicio de nómina u otro tercero podría conllevar en un cargo. Freetaxusa2012 Si desea más información sobre cómo efectuar depósitos de la contribución federal, vea Cómo hacer los depósitos , en el apartado 11. Freetaxusa2012 Si desea más información sobre EFTPS o si desea inscribirse, visite el sitio web de EFTPS en www. Freetaxusa2012 eftps. Freetaxusa2012 gov o llame al 1-800-244-4829 (1-800-733-4829, si es usuario de equipo TDD). Freetaxusa2012 Puede encontrar información adicional sobre EFTPS en la Publicación 966 (SP), Sistema de Pago Electrónico del Impuesto Federal: La Manera Segura de pagar los Impuestos Federales. Freetaxusa2012 Radicación y pago por medios electrónicos. Freetaxusa2012  El uso de las opciones electrónicas puede hacer más fácil la radicación de una planilla y el pago de la contribución federal. Freetaxusa2012 Utilice el EFTPS para efectuar depósitos o pagar la contribución en su totalidad, independientemente de si utiliza a un preparador o si prepara sus propias planillas. Freetaxusa2012 Puede usar el sistema electrónico e-file del IRS para radicar ciertas planillas. Freetaxusa2012 Si hay una suma por pagar en la planilla, puede radicarla con el sistema e-file y pagar electrónicamente (e-pay) en un solo paso al autorizar un retiro electrónico de fondos de su cuenta bancaria mientras está radicando electrónicamente. Freetaxusa2012 No utilice el retiro electrónico de fondos para pagar contribuciones que se requiere que se depositen. Freetaxusa2012 Visite el sitio web del IRS www. Freetaxusa2012 irs. Freetaxusa2012 gov/efile , en inglés, para más información sobre cómo radicar una planilla electrónicamente. Freetaxusa2012 Si desea más información sobre cómo pagar sus contribuciones utilizando el retiro electrónico de fondos, visite la página del IRS en www. Freetaxusa2012 irs. Freetaxusa2012 gov/e-pay. Freetaxusa2012 Se le podría cobrar un cargo por radicar electrónicamente. Freetaxusa2012 Para EFTPS, visite www. Freetaxusa2012 eftps. Freetaxusa2012 gov o llame a la línea de servicio al cliente de EFTPS al 1-800-244-4829 o 1-800-733-4829, si es usuario de equipo TDD. Freetaxusa2012 Para la radicación electrónica de los Formularios 499R-2/W-2PR y 499R-2/W-2cPR ante la Administración del Seguro Social, visite la página web www. Freetaxusa2012 hacienda. Freetaxusa2012 gobierno. Freetaxusa2012 pr. Freetaxusa2012 Si usted está radicando su planilla de contribuciones o si está pagando sus contribuciones federales electrónicamente, se necesita que provea un EIN válido. Freetaxusa2012 Si no provee un EIN válido, la planilla o pago no se tramitará. Freetaxusa2012 Esto podría resultarle en multas y demoras en la tramitación de su planilla o pago. Freetaxusa2012 Pagos con tarjeta de crédito o débito. Freetaxusa2012  Para mayor información sobre cómo se pagan las contribuciones con tarjetas de crédito o débito, visite el sitio web del IRS, www. Freetaxusa2012 irs. Freetaxusa2012 gov/e-pay. Freetaxusa2012 No obstante, no use una tarjeta de crédito o débito para pagar contribuciones que deben ser depositadas. Freetaxusa2012 Contratación de empleados nuevos. Freetaxusa2012  Mantenga un registro con el nombre y número de cada uno de sus empleados nuevos según aparece en su tarjeta de Seguro Social. Freetaxusa2012 Todo empleado que no tenga una tarjeta de Seguro Social deberá solicitarla usando el Formulario SS-5-SP, Solicitud para una Tarjeta de Seguro Social, en español. Freetaxusa2012 Vea el apartado 4 . Freetaxusa2012 Cómo informar las discrepancias entre los Formularios 941-PR (o 944(SP)) y los Formularios 499R-2/W-2PR. Freetaxusa2012 . Freetaxusa2012  Utilice el Anexo D (Formulario 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations (Informe de discrepancias causadas por adquisiciones, fusiones o consolidaciones), en inglés. Freetaxusa2012 En este anexo se explicarán las discrepancias en los salarios, contribuciones y pagos que han surgido entre los Formularios 941-PR (o el Formulario 944(SP)) debido a adquisiciones, fusiones o consolidaciones. Freetaxusa2012 Si desea más información, vea las Instrucciones para el Anexo D (Formulario 941), disponibles en inglés. Freetaxusa2012 Solicitud de un número de identificación patronal en línea (EIN). Freetaxusa2012  Usted puede solicitar un número de identificación patronal (EIN, por sus siglas en inglés) en línea al visitar el sitio web IRS. Freetaxusa2012 gov, en inglés, y pulsar sobre el enlace “Apply for an EIN Online” (Solicitud de un número de identificación patronal en línea (EIN)), que se encuentra bajo Tools (Herramientas). Freetaxusa2012 La información está provista en inglés. Freetaxusa2012 Pagos rechazados. Freetaxusa2012  Cualquier forma de pago que ha sido rechazado y es devuelto por la institución financiera está sujeto a una penalidad. Freetaxusa2012 Esta penalidad es $25 o el 2% de la cantidad del pago, lo mayor entre ambos. Freetaxusa2012 Sin embargo, la penalidad en pagos rechazados de $24. Freetaxusa2012 99 o menos es igual a la cantidad del pago. Freetaxusa2012 Por ejemplo, un pago por $18 que fue rechazado, la penalidad es $18 (la cantidad rechazada). Freetaxusa2012 Remuneración pagada a trabajadores agrícolas con visa H-2A. Freetaxusa2012  La remuneración que le paga a trabajadores agrícolas por trabajo realizado con una visa H-2A no está sujeta a las contribuciones al Seguro Social, al Medicare o la Contribución Adicional al Medicare. Freetaxusa2012 Por lo tanto, no debe informarla como remuneración sujeta a dichas contribuciones. Freetaxusa2012 Verifique con las agencias del gobierno de Puerto Rico para verificar si tiene algún requisito estatal. Freetaxusa2012 Servicios de entrega privados. Freetaxusa2012  Puede usar ciertos servicios de entrega privados designados por el IRS para enviar sus planillas o pagos de la contribución. Freetaxusa2012 La lista incluye sólo los servicios siguientes: DHL Express (DHL): DHL Same Day Service. Freetaxusa2012 Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority y FedEx International First. Freetaxusa2012 United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Freetaxusa2012 M. Freetaxusa2012 , UPS Worldwide Express Plus y UPS Worldwide Express. Freetaxusa2012 Si desea obtener la dirección a dónde enviar la planilla o pago si utilizara un servicio de entrega privado, acceda a IRS. Freetaxusa2012 gov y escriba “private delivery service” en la casilla Search (Buscar). Freetaxusa2012 La información está disponible en inglés. Freetaxusa2012 El proveedor de servicio de entrega privado que escoja puede informarle de cómo se obtiene verificación por escrito de la fecha de envío. Freetaxusa2012 Los servicios de entrega privados no pueden entregar artículos de correo a los apartados postales. Freetaxusa2012 Usted tiene que utilizar el Servicio Postal de los EE. Freetaxusa2012 UU. Freetaxusa2012 para enviar todo artículo de correo a una dirección que incluya un apartado postal del IRS. Freetaxusa2012 Mantenimiento de récords. Freetaxusa2012  Conserve todos los récords de sus contribuciones sobre la nómina durante 4 años. Freetaxusa2012 Los mismos deben estar disponibles para ser inspeccionados por funcionarios del IRS. Freetaxusa2012 No se ha establecido ninguna manera especial de llevar estos récords. Freetaxusa2012 Sin embargo, los mismos deberán incluir su EIN, las cantidades y fechas de todos los pagos de salarios (incluyendo beneficios marginales) y las propinas declaradas, así como los nombres, direcciones y ocupaciones de todos los empleados que reciban tales pagos, las fechas de empleo, además de los números de Seguro Social y los duplicados de las planillas de contribución radicadas anteriormente, incluyendo las fechas y cantidades de depósitos hechos según se explica en el apartado 11 . Freetaxusa2012 Todo patrono agrícola tiene que llevar un registro en el cual consten el nombre, dirección permanente y el EIN de cada líder de cuadrilla. Freetaxusa2012 Vea Líder de cuadrilla, en el apartado 1 . Freetaxusa2012 Comentarios y sugerencias. Freetaxusa2012  Le agradecemos sus comentarios sobre esta publicación y sugerencias para ediciones futuras de la misma. Freetaxusa2012 Puede escribirnos a la siguiente dirección: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Freetaxusa2012 NW, IR-6526 Washington, DC 20224 Nosotros contestamos muchas cartas a través de llamadas telefónicas. Freetaxusa2012 Por lo tanto, sería de ayuda si en su correspondencia incluye su número telefónico, junto con el código de área telefónico, en donde nos podamos comunicar con usted durante el día. Freetaxusa2012 También, puede enviarnos comentarios a través de la página www. Freetaxusa2012 irs. Freetaxusa2012 gov/formspubs. Freetaxusa2012 Pulse sobre el enlace titulado More Information (Más información) y luego pulse sobre el enlace titulado “Give us Feedback” (Proveer comentarios), en inglés. Freetaxusa2012 Aunque no podemos contestar a cada comentario que recibimos, sí agradecemos sus sugerencias y las consideraremos al revisar nuestros productos contributivos. Freetaxusa2012 Fotografías de niños desaparecidos. Freetaxusa2012  El Servicio de Rentas Internas siente orgullo en colaborar con el National Center for Missing and Exploited Children (Centro Nacional de Niños Desaparecidos y Explotados). Freetaxusa2012 Las fotografías de niños desaparecidos que han sido seleccionadas por el Centro pueden aparecer en esta publicación en páginas que de otra manera estarían en blanco. Freetaxusa2012 Usted puede ayudar a que estos niños regresen a sus hogares si al mirar sus fotografías los puede identificar y entonces llama libre de cargos al 1-800-THE-LOST (1-800-843-5678). Freetaxusa2012 Calendario   Si alguna fecha indicada a continuación es un sábado, domingo o día festivo oficial, la fecha de vencimiento para radicar la planilla, presentar un formulario o depositar su contribución es el próximo día laborable. Freetaxusa2012 Un día festivo oficial en Puerto Rico o en un estado posterga una fecha de vencimiento únicamente si la oficina del IRS donde usted tiene que radicar su planilla de contribución está localizada en tal estado o territorio. Freetaxusa2012 Para propósitos de la fecha de vencimiento, se cumplen los requisitos para radicar la planilla si la misma se encuentra en un sobre que esté dirigido apropiadamente, que tenga suficiente franqueo y que el matasellos esté fechado a más tardar en la fecha de vencimiento. Freetaxusa2012 Si se envía mediante un servicio de entrega privado aprobado por el IRS, la misma se tiene que enviar a más tardar en la fecha de vencimiento. Freetaxusa2012 Vea el tema Servicios de entrega privados en Recordatorios. Freetaxusa2012 A continuación encontrará una lista de las fechas y responsabilidades más importantes para usted. Freetaxusa2012 Además, vea la Publicación 509, Tax Calendars (Calendarios contributivos), en inglés, para más información. Freetaxusa2012 Para el 31 de enero:  Entregue a los empleados sus comprobantes de retención. Freetaxusa2012 Entréguele a cada empleado un Formulario 499R-2/W-2PR, Comprobante de Retención, debidamente completado. Freetaxusa2012 Vea el apartado 13 . Freetaxusa2012 Radique el Formulario 943-PR, Planilla para la Declaración ANUAL de la Contribución Federal del Patrono de Empleados Agrícolas, ante el IRS. Freetaxusa2012 Si depositó a tiempo la contribución correspondiente al Formulario 943-PR en su totalidad, tendrá hasta 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar su Formulario 943-PR. Freetaxusa2012 Radique el Formulario 940-PR, Planilla para la Declaración Federal ANUAL del Patrono de la Contribución Federal para el Desempleo (FUTA), ante el IRS. Freetaxusa2012 Pague o deposite todo saldo adeudado (si es más de $500). Freetaxusa2012 Si depositó el total de las contribuciones adeudadas a su debido tiempo, tendrá hasta 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar el Formulario 940-PR. Freetaxusa2012 Si antes radicaba el Formulario 944-PR, radique ahora el Formulario 944(SP), Declaración Federal ANUAL de Impuestos del Patrono o Empleador (o el Formulario 944, en inglés), ante el IRS si el mismo le notificó que debe radicar el Formulario 944(SP) en lugar de los Formularios 941-PR trimestrales. Freetaxusa2012 Si depositó la cantidad total de contribuciones conforme a la fecha de vencimiento de éstas, tendrá 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar el Formulario 944(SP). Freetaxusa2012 Para el 28 de febrero. Freetaxusa2012   Radique los comprobantes de retención ante la Administración del Seguro Social (SSA, por sus siglas en inglés). Freetaxusa2012 Radique el Original del Formulario 499R-2/W-2PR, junto con el Formulario W-3PR, Informe de Comprobantes de Retención, ante la SSA. Freetaxusa2012 Para las planillas radicadas por vías electrónicas, vea el siguiente tema. Freetaxusa2012 Para el 31 de marzo. Freetaxusa2012  Radique el Formulario 499R-2/W-2PR por vías electrónicas (y no por medios magnéticos o en papel) ante la SSA. Freetaxusa2012 Sin embargo, puede transmitir un archivo electrónico por medio de Internet. Freetaxusa2012 Vea Employer W-2 Filing Instructions & Information (Instrucciones e información para patronos sobre la radicación de Formularios W-2), en inglés, en el sitio web www. Freetaxusa2012 socialsecurity. Freetaxusa2012 gov/employer de la SSA para más información. Freetaxusa2012 Para el 30 de abril, 31 de julio, 31 de octubre y 31 de enero. Freetaxusa2012  Radique el Formulario 941-PR trimestralmente ante el IRS. Freetaxusa2012 Si depositó el total de las contribuciones adeudadas a su debido tiempo, tendrá hasta 10 días naturales adicionales a partir de las fechas de vencimiento indicadas anteriormente para radicar el Formulario 941-PR. Freetaxusa2012 No radique los Formularios 941-PR para dichos trimestres si el IRS le ha informado que debe radicar el Formulario 944(SP). Freetaxusa2012 Deposite la contribución FUTA para el trimestre (incluyendo toda cantidad trasladada de un trimestre anterior) si la cantidad adeudada es más de $500. Freetaxusa2012 Si es de $500 o menos, traspásela al trimestre siguiente. Freetaxusa2012 Vea el apartado 10 , para más información. Freetaxusa2012 Introduction Esta publicación deberá ser usada por patronos cuyo negocio principal está ubicado en Puerto Rico o que tienen empleados cuyos ingresos están sujetos a retención de la contribución estatal sobre los ingresos de Puerto Rico. Freetaxusa2012 Generalmente, tanto los patronos como los empleados en Puerto Rico están sujetos a las contribuciones al Seguro Social y al seguro Medicare, conforme a la Federal Insurance Contributions Act (Ley de Contribuciones Federales al Seguro Social o FICA, por sus siglas en inglés). Freetaxusa2012 Esta publicación resume las responsabilidades que tiene el patrono en cuanto al cobro, pago y declaración de dichas contribuciones. Freetaxusa2012 Dondequiera que en esta publicación se use el término “Estados Unidos”, el mismo incluye a Puerto Rico, las Islas Vírgenes y los territorios autónomos y territorios no autónomos de los Estados Unidos. Freetaxusa2012 Las secciones a las cuales se hace referencia en esta publicación corresponden al Código Federal de Rentas Internas, a menos que se indique lo contrario. Freetaxusa2012 Esta publicación también proporciona a dichos patronos un resumen de sus responsabilidades en relación con las contribuciones bajo la Federal Unemployment Tax Act (Ley Federal de Contribución para el Desempleo o FUTA, por sus siglas en inglés). Freetaxusa2012 Vea los apartados 9 y 10 . Freetaxusa2012 Excepto por lo indicado en las tablas que se hallan en el apartado 15 , esas contribuciones corresponden a todo patrono que pague salarios tributables a empleados o que tenga empleados que declaran propinas. Freetaxusa2012 En esta publicación no se incluye información relacionada con las contribuciones del trabajo por cuenta propia (Seguro Social y Medicare para personas que trabajan por cuenta propia). Freetaxusa2012 Si necesita información sobre estas contribuciones, comuníquese con la oficina del IRS en Guaynabo o vea la Publicación 570, Tax Guide for Individuals With Income From U. Freetaxusa2012 S. Freetaxusa2012 Possessions (Guía tributaria para individuos con ingresos de fuentes en los territorios estadounidenses), en inglés. Freetaxusa2012 Contribuciones sobre los ingresos de Puerto Rico. Freetaxusa2012   Esta publicación no incluye información relacionada con la retención de contribuciones federales sobre los ingresos. Freetaxusa2012 Ésta sólo trata las contribuciones sobre la nómina para patronos que están en Puerto Rico. Freetaxusa2012   Si desea obtener información acerca de la contribución sobre ingresos de Puerto Rico, consulte con el Departamento de Hacienda de Puerto Rico. Freetaxusa2012 Las personas que trabajan amparadas bajo el programa del Seguro Social elijen un plan de protección para sus familias y para sí mismas. Freetaxusa2012 Entidades no consideradas como separadas de sus dueños y compañías subsidarias calificadas conforme al subcapítulo S (QSubs). Freetaxusa2012   Las entidades no consideradas como separadas de sus dueños (disregarded entities) que tienen un solo dueño y que cumplen los requisitos y las compañías subsidiarias calificadas conforme al subcapítulo S (QSubs, por sus siglas en inglés), son tratadas como si fueran entidades separadas de su dueño para propósitos de las contribuciones sobre la nómina. Freetaxusa2012 Las entidades no consideradas como separadas de sus dueños que tienen un solo dueño y que cumplen los requisitos y no han optado por ser tratadas como corporación, tiene que declarar y pagar la contribución sobre la nómina correspondiente a los salarios de los empleados utilizando el nombre y EIN de dicha entidad. Freetaxusa2012 Vea la sección 1. Freetaxusa2012 1361-4(a)(7) y la sección 301. Freetaxusa2012 7701-2(c)(2)(iv) de los Reglamentos, en inglés. Freetaxusa2012 Crédito de asistencia para las primas de COBRA. Freetaxusa2012   La Consolidated Omnibus Budget Reconciliation Act of 1985 (Ley de Conciliación de Asignaciones del Presupuesto de 1985 o COBRA, por sus siglas en inglés) les provee a ciertos ex empleados, jubilados, cónyuges, ex cónyuges e hijos dependientes el derecho a recibir temporalmente cobertura de salud a tarifas especiales para grupos. Freetaxusa2012 La ley COBRA, por lo general, cubre los planes de salud que incluyen a múltiples patronos y planes de salud que son mantenidos por patronos de la empresa privada (que no son iglesias) que tengan 20 o más empleados a tiempo completo o parcial. Freetaxusa2012 A dichos planes les corresponden ciertos requisitos conforme a la Employee Retirement Income Security Act of 1974 (Ley para la Protección de los Ingresos de Jubilación para los Empleados de 1974 o ERISA, por sus siglas en inglés). Freetaxusa2012 Conforme a la Public Health Service Act (Ley sobre el Servicio de Salud Pública), los requisitos del programa COBRA también le corresponden a los planes de salud que cubren a los empleados gubernamentales estatales y municipales. Freetaxusa2012 Requisitos similares corresponden conforme al Federal Employees Health Benefits Program (Programa de Seguro Médico para los Empleados Federales (FEHBP, por sus siglas en inglés)) y ciertas leyes estatales. Freetaxusa2012 Para tratar a la asistencia (o subsidio) para las primas de COBRA que se explican a continuación, a todos estos requisitos se les refiere como “requisitos de COBRA ”. Freetaxusa2012   La ley American Recovery and Reinvestment Act of 2009 (Ley de Recuperación y Reinversión Económica Estadounidense de 2009 o ARRA, por sus siglas en inglés) permite un crédito contra las contribuciones sobre la paga (dichas contribuciones se denominan “contribuciones sobre la nómina” en esta publicación), para proveer asistencia para las primas de COBRA a individuos que cumplen con los requisitos para recibir dicha asistencia. Freetaxusa2012 Para los períodos de continuidad de cobertura COBRA que comienzan después del 16 de febrero de 2009, un plan de salud colectivo tiene que tratar a un individuo que reúne los requisitos para la asistencia como si hubiese pagado la prima de COBRA para la continuidad de cobertura requerida si el individuo optó por la cobertura COBRA y paga el 35% de la cantidad de la prima. Freetaxusa2012   Un individuo que reúne los requisitos para la asistencia es un beneficiario calificado que cumple con los requisitos para la continuidad de la cobertura COBRA durante el período que comienza el 1 de septiembre de 2008, y que termina el 31 de mayo de 2010, debido al cese involuntario de empleo de un empleado amparado por la cobertura durante el período y que opta por la continuidad de la cobertura de COBRA. Freetaxusa2012 La asistencia para mantener la cobertura puede durar hasta 15 meses. Freetaxusa2012   Los empleados que fueron despedidos durante el período que comienza el 1 septiembre de 2008 y que termina el 31 de mayo de 2010, y recibieron ofertas de indemnización que retrasaron el inicio de la continuación de cobertura COBRA, pueden ser elegibles para recibir asistencia con las primas para la continuación de cobertura COBRA. Freetaxusa2012 Para más información, vea Notice 2009-27 (Avisio 2009-27) que aparece en la página 838 del Internal Revenue Bulletin (Boletín de Rentas Internas 2009-16), en inglés, disponible en www. Freetaxusa2012 irs. Freetaxusa2012 gov/irb/2009-16_irb/ar09. Freetaxusa2012 html. Freetaxusa2012   Los administradores de planes de salud colectivos (u otras entidades) que proveen o administran la continuación de la cobertura COBRA, tienen que notificarle a los individuos que cumplen con los requisitos para la asistencia de las primas de COBRA de que tienen derecho a dicha cobertura. Freetaxusa2012   El 65% de la prima que no es pagada por las personas que reúnen los requisitos para la asistencia se le reembolsa a los patronos que mantienen el plan de salud colectivo. Freetaxusa2012 El reembolso se hace por medio de un crédito que se le aplica a las obligaciones de las contribuciones sobre la nómina del patrono. Freetaxusa2012 Para obtener información sobre cómo reclamar el crédito, vea las Instrucciones para el Formulario 941-PR o las Instrucciones para el Formulario 944(SP). Freetaxusa2012 El crédito se le trata como un depósito hecho en el primer día del período de la planilla (trimestre o año). Freetaxusa2012 En el caso de un plan que cubre a múltiples patronos, el crédito es reclamado por el plan, en vez del patrono. Freetaxusa2012 En el caso de un plan asegurado que está sujeto a los requisitos estatales para la continuidad de cobertura, el crédito es reclamado por la compañía de seguros, en vez del patrono. Freetaxusa2012   Todo individuo o entidad que reclama el crédito por los pagos para la asistencia COBRA tiene que conservar la siguiente información para comprobar su reclamación: Información sobre el recibo, incluyendo fechas y cantidades, de la parte del 35% de la prima que le corresponde a la persona que reúne los requisitos para la asistencia. Freetaxusa2012 En el caso de un plan de seguro, una copia de la factura u otro documento comprobante emitido por la compañía aseguradora y prueba del pago a tiempo de la prima completa hecho a la compañía aseguradora que se requiere conforme los requisitos para la cobertura COBRA. Freetaxusa2012 En el caso de un plan autoasegurado, documentos que comprueban la cantidad de la prima y la cobertura provista a las personas que reúnen los requisitos para la asistencia. Freetaxusa2012 Atestiguación del cese involuntario, incluyendo la fecha de cesación (despido) involuntario para cada empleado amparado por la cobertura cuyo despido involuntario es la base para el derecho al subsidio. Freetaxusa2012 Prueba de que cada persona reúne los requisitos para la asistencia de la cobertura COBRA y de que ha optado por dicha cobertura. Freetaxusa2012 Un registro que tenga los números de Seguro Social de todos los empleados con cobertura, la cantidad del subsidio reembolsado con respecto a cada empleado con cobertura y que indique si el subsidio se debe a una persona o a dos o más personas. Freetaxusa2012   Para más información, visite IRS. Freetaxusa2012 gov y escriba “COBRA” en la casilla Search (Buscar). Freetaxusa2012 La información está disponible en inglés. Freetaxusa2012 Ayuda para radicar documentos ante la SSA. Freetaxusa2012   Si necesita ayuda en español para radicar sus formularios contributivos ante la SSA (esto incluye la solicitud de un número de identificación personal (PIN, por sus siglas en inglés)), llame a la SSA al 1-800-772-6270. Freetaxusa2012 Elegibilidad para empleo. Freetaxusa2012   Usted tiene que verificar que cada empleado nuevo tenga derecho a trabajar legalmente en los Estados Unidos. Freetaxusa2012 Esto incluye completar el Formulario I-9, Employment Eligibility Verification (Verificación de elegibilidad para empleo), disponible en español, del Servicio de Ciudadanía e Inmigración de Estados Unidos (USCIS, por sus siglas en inglés). Freetaxusa2012 Puede obtener el formulario llamando al USCIS al 1-800-870-3676. Freetaxusa2012 Si desea más información, comuníquese con el USCIS al 1-800-375-5283 o visite la página web de USCIS en www. Freetaxusa2012 uscis. Freetaxusa2012 gov/espanol. Freetaxusa2012 Prev  Up  Next   Home   More Online Publications