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Turbo Tax 2008

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Turbo Tax 2008

Turbo tax 2008 2. Turbo tax 2008   Ordinary or Capital Gain or Loss Table of Contents IntroductionSection 1231 transactions. Turbo tax 2008 Topics - This chapter discusses: Useful Items - You may want to see: Capital Assets Noncapital AssetsCommodities derivative dealer. Turbo tax 2008 Sales and Exchanges Between Related PersonsGain Is Ordinary Income Nondeductible Loss Other DispositionsSale of a Business Dispositions of Intangible Property Subdivision of Land Timber Precious Metals and Stones, Stamps, and Coins Coal and Iron Ore Conversion Transactions Introduction You must classify your gains and losses as either ordinary or capital (and your capital gains or losses as either short-term or long-term). Turbo tax 2008 You must do this to figure your net capital gain or loss. Turbo tax 2008 For individuals, a net capital gain may be taxed at a different tax rate than ordinary income. Turbo tax 2008 See Capital Gains Tax Rates in chapter 4. Turbo tax 2008 Your deduction for a net capital loss may be limited. Turbo tax 2008 See Treatment of Capital Losses in chapter 4. Turbo tax 2008 Capital gain or loss. Turbo tax 2008   Generally, you will have a capital gain or loss if you sell or exchange a capital asset. Turbo tax 2008 You also may have a capital gain if your section 1231 transactions result in a net gain. Turbo tax 2008 Section 1231 transactions. Turbo tax 2008   Section 1231 transactions are sales and exchanges of property held longer than 1 year and either used in a trade or business or held for the production of rents or royalties. Turbo tax 2008 They also include certain involuntary conversions of business or investment property, including capital assets. Turbo tax 2008 See Section 1231 Gains and Losses in chapter 3 for more information. Turbo tax 2008 Topics - This chapter discusses: Capital assets Noncapital assets Sales and exchanges between  related persons Other dispositions Useful Items - You may want to see: Publication 550 Investment Income and Expenses Form (and Instructions) Schedule D (Form 1040) Capital Gains and Losses 4797 Sales of Business Property 8594 Asset Acquisition Statement Under Section 1060 8949 Sales and Other Dispositions of Capital Assets See chapter 5 for information about getting publications and forms. Turbo tax 2008 Capital Assets Almost everything you own and use for personal purposes, pleasure, or investment is a capital asset. Turbo tax 2008 For exceptions, see Noncapital Assets, later. Turbo tax 2008 The following items are examples of capital assets. Turbo tax 2008 Stocks and bonds. Turbo tax 2008 A home owned and occupied by you and your family. Turbo tax 2008 Timber grown on your home property or investment property, even if you make casual sales of the timber. Turbo tax 2008 Household furnishings. Turbo tax 2008 A car used for pleasure or commuting. Turbo tax 2008 Coin or stamp collections. Turbo tax 2008 Gems and jewelry. Turbo tax 2008 Gold, silver, and other metals. Turbo tax 2008 Personal-use property. Turbo tax 2008   Generally, property held for personal use is a capital asset. Turbo tax 2008 Gain from a sale or exchange of that property is a capital gain. Turbo tax 2008 Loss from the sale or exchange of that property is not deductible. Turbo tax 2008 You can deduct a loss relating to personal-use property only if it results from a casualty or theft. Turbo tax 2008 Investment property. Turbo tax 2008   Investment property (such as stocks and bonds) is a capital asset, and a gain or loss from its sale or exchange is a capital gain or loss. Turbo tax 2008 This treatment does not apply to property used to produce rental income. Turbo tax 2008 See Business assets, later, under Noncapital Assets. Turbo tax 2008 Release of restriction on land. Turbo tax 2008   Amounts you receive for the release of a restrictive covenant in a deed to land are treated as proceeds from the sale of a capital asset. Turbo tax 2008 Noncapital Assets A noncapital asset is property that is not a capital asset. Turbo tax 2008 The following kinds of property are not capital assets. Turbo tax 2008 Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business. Turbo tax 2008 Inventories are discussed in Publication 538, Accounting Periods and Methods. Turbo tax 2008 But, see the Tip below. Turbo tax 2008 Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered or from the sale of any properties described in (1), above. Turbo tax 2008 Depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later), even if the property is fully depreciated (or amortized). Turbo tax 2008 Sales of this type of property are discussed in chapter 3. Turbo tax 2008 Real property used in your trade or business or as rental property, even if the property is fully depreciated. Turbo tax 2008 A copyright; a literary, musical, or artistic composition; a letter; a memorandum; or similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs): Created by your personal efforts, Prepared or produced for you (in the case of a letter, memorandum, or similar property), or Received from a person who created the property or for whom the property was prepared under circumstances (for example, by gift) entitling you to the basis of the person who created the property, or for whom it was prepared or produced. Turbo tax 2008 But, see the Tip below. Turbo tax 2008 U. Turbo tax 2008 S. Turbo tax 2008 Government publications you got from the government for free or for less than the normal sales price or that you acquired under circumstances entitling you to the basis of someone who got the publications for free or for less than the normal sales price. Turbo tax 2008 Any commodities derivative financial instrument (discussed later) held by a commodities derivatives dealer unless it meets both of the following requirements. Turbo tax 2008 It is established to the satisfaction of the IRS that the instrument has no connection to the activities of the dealer as a dealer. Turbo tax 2008 The instrument is clearly identified in the dealer's records as meeting (a) by the end of the day on which it was acquired, originated, or entered into. Turbo tax 2008 Any hedging transaction (defined later) that is clearly identified as a hedging transaction by the end of the day on which it was acquired, originated, or entered into. Turbo tax 2008 Supplies of a type you regularly use or consume in the ordinary course of your trade or business. Turbo tax 2008 You can elect to treat as capital assets certain self-created musical compositions or copyrights you sold or exchanged. Turbo tax 2008 See chapter 4 of Publication 550 for details. Turbo tax 2008 Property held mainly for sale to customers. Turbo tax 2008   Stock in trade, inventory, and other property you hold mainly for sale to customers in your trade or business are not capital assets. Turbo tax 2008 Inventories are discussed in Publication 538. Turbo tax 2008 Business assets. Turbo tax 2008   Real property and depreciable property used in your trade or business or as rental property (including section 197 intangibles defined later under Dispositions of Intangible Property) are not capital assets. Turbo tax 2008 The sale or disposition of business property is discussed in chapter 3. Turbo tax 2008 Letters and memoranda. Turbo tax 2008   Letters, memoranda, and similar property (such as drafts of speeches, recordings, transcripts, manuscripts, drawings, or photographs) are not treated as capital assets (as discussed earlier) if your personal efforts created them or if they were prepared or produced for you. Turbo tax 2008 Nor is this property a capital asset if your basis in it is determined by reference to the person who created it or the person for whom it was prepared. Turbo tax 2008 For this purpose, letters and memoranda addressed to you are considered prepared for you. Turbo tax 2008 If letters or memoranda are prepared by persons under your administrative control, they are considered prepared for you whether or not you review them. Turbo tax 2008 Commodities derivative financial instrument. Turbo tax 2008   A commodities derivative financial instrument is a commodities contract or other financial instrument for commodities (other than a share of corporate stock, a beneficial interest in a partnership or trust, a note, bond, debenture, or other evidence of indebtedness, or a section 1256 contract) the value or settlement price of which is calculated or determined by reference to a specified index (as defined in section 1221(b) of the Internal Revenue Code). Turbo tax 2008 Commodities derivative dealer. Turbo tax 2008   A commodities derivative dealer is a person who regularly offers to enter into, assume, offset, assign, or terminate positions in commodities derivative financial instruments with customers in the ordinary course of a trade or business. Turbo tax 2008 Hedging transaction. Turbo tax 2008   A hedging transaction is any transaction you enter into in the normal course of your trade or business primarily to manage any of the following. Turbo tax 2008 Risk of price changes or currency fluctuations involving ordinary property you hold or will hold. Turbo tax 2008 Risk of interest rate or price changes or currency fluctuations for borrowings you make or will make, or ordinary obligations you incur or will incur. Turbo tax 2008 Sales and Exchanges Between Related Persons This section discusses the rules that may apply to the sale or exchange of property between related persons. Turbo tax 2008 If these rules apply, gains may be treated as ordinary income and losses may not be deductible. Turbo tax 2008 See Transfers to Spouse in chapter 1 for rules that apply to spouses. Turbo tax 2008 Gain Is Ordinary Income If a gain is recognized on the sale or exchange of property to a related person, the gain may be ordinary income even if the property is a capital asset. Turbo tax 2008 It is ordinary income if the sale or exchange is a depreciable property transaction or a controlled partnership transaction. Turbo tax 2008 Depreciable property transaction. Turbo tax 2008   Gain on the sale or exchange of property, including a leasehold or a patent application, that is depreciable property in the hands of the person who receives it is ordinary income if the transaction is either directly or indirectly between any of the following pairs of entities. Turbo tax 2008 A person and the person's controlled entity or entities. Turbo tax 2008 A taxpayer and any trust in which the taxpayer (or his or her spouse) is a beneficiary unless the beneficiary's interest in the trust is a remote contingent interest; that is, the value of the interest computed actuarially is 5% or less of the value of the trust property. Turbo tax 2008 An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest (a bequest for a sum of money). Turbo tax 2008 An employer (or any person related to the employer under rules (1), (2), or (3)) and a welfare benefit fund (within the meaning of section 419(e) of the Internal Revenue Code) that is controlled directly or indirectly by the employer (or any person related to the employer). Turbo tax 2008 Controlled entity. Turbo tax 2008   A person's controlled entity is either of the following. Turbo tax 2008 A corporation in which more than 50% of the value of all outstanding stock, or a partnership in which more than 50% of the capital interest or profits interest, is directly or indirectly owned by or for that person. Turbo tax 2008 An entity whose relationship with that person is one of the following. Turbo tax 2008 A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Turbo tax 2008 Two corporations that are members of the same controlled group as defined in section 1563(a) of the Internal Revenue Code, except that “more than 50%” is substituted for “at least 80%” in that definition. Turbo tax 2008 Two S corporations, if the same persons own more than 50% in value of the outstanding stock of each corporation. Turbo tax 2008 Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Turbo tax 2008 Controlled partnership transaction. Turbo tax 2008   A gain recognized in a controlled partnership transaction may be ordinary income. Turbo tax 2008 The gain is ordinary income if it results from the sale or exchange of property that, in the hands of the party who receives it, is a noncapital asset such as trade accounts receivable, inventory, stock in trade, or depreciable or real property used in a trade or business. Turbo tax 2008   A controlled partnership transaction is a transaction directly or indirectly between either of the following pairs of entities. Turbo tax 2008 A partnership and a person who directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Turbo tax 2008 Two partnerships, if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Turbo tax 2008 Determining ownership. Turbo tax 2008   In the transactions under Depreciable property transaction and Controlled partnership transaction, earlier, use the following rules to determine the ownership of stock or a partnership interest. Turbo tax 2008 Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Turbo tax 2008 (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Turbo tax 2008 ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Turbo tax 2008 Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Turbo tax 2008 For purposes of applying (1) or (2), above, stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Turbo tax 2008 But stock or a partnership interest constructively owned by an individual under (2) is not treated as owned by the individual for reapplying (2) to make another person the constructive owner of that stock or partnership interest. Turbo tax 2008 Nondeductible Loss A loss on the sale or exchange of property between related persons is not deductible. Turbo tax 2008 This applies to both direct and indirect transactions, but not to distributions of property from a corporation in a complete liquidation. Turbo tax 2008 For the list of related persons, see Related persons next. Turbo tax 2008 If a sale or exchange is between any of these related persons and involves the lump-sum sale of a number of blocks of stock or pieces of property, the gain or loss must be figured separately for each block of stock or piece of property. Turbo tax 2008 The gain on each item is taxable. Turbo tax 2008 The loss on any item is nondeductible. Turbo tax 2008 Gains from the sales of any of these items may not be offset by losses on the sales of any of the other items. Turbo tax 2008 Related persons. Turbo tax 2008   The following is a list of related persons. Turbo tax 2008 Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Turbo tax 2008 ), and lineal descendants (children, grandchildren, etc. Turbo tax 2008 ). Turbo tax 2008 An individual and a corporation if the individual directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Turbo tax 2008 Two corporations that are members of the same controlled group as defined in section 267(f) of the Internal Revenue Code. Turbo tax 2008 A trust fiduciary and a corporation if the trust or the grantor of the trust directly or indirectly owns more than 50% in value of the outstanding stock of the corporation. Turbo tax 2008 A grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Turbo tax 2008 Fiduciaries of two different trusts, and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of both trusts. Turbo tax 2008 A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization, or a member of that person's family. Turbo tax 2008 A corporation and a partnership if the same persons own more than 50% in value of the outstanding stock of the corporation and more than 50% of the capital interest or profits interest in the partnership. Turbo tax 2008 Two S corporations if the same persons own more than 50% in value of the outstanding stock of each corporation. Turbo tax 2008 Two corporations, one of which is an S corporation, if the same persons own more than 50% in value of the outstanding stock of each corporation. Turbo tax 2008 An executor and a beneficiary of an estate unless the sale or exchange is in satisfaction of a pecuniary bequest. Turbo tax 2008 Two partnerships if the same persons directly or indirectly own more than 50% of the capital interests or profits interests in both partnerships. Turbo tax 2008 A person and a partnership if the person directly or indirectly owns more than 50% of the capital interest or profits interest in the partnership. Turbo tax 2008 Partnership interests. Turbo tax 2008   The nondeductible loss rule does not apply to a sale or exchange of an interest in the partnership between the related persons described in (12) or (13) above. Turbo tax 2008 Controlled groups. Turbo tax 2008   Losses on transactions between members of the same controlled group described in (3) earlier are deferred rather than denied. Turbo tax 2008   For more information, see section 267(f) of the Internal Revenue Code. Turbo tax 2008 Ownership of stock or partnership interests. Turbo tax 2008   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation or an interest in a partnership for a loss on a sale or exchange, the following rules apply. Turbo tax 2008 Stock or a partnership interest directly or indirectly owned by or for a corporation, partnership, estate, or trust is considered owned proportionately by or for its shareholders, partners, or beneficiaries. Turbo tax 2008 (However, for a partnership interest owned by or for a C corporation, this applies only to shareholders who directly or indirectly own 5% or more in value of the stock of the corporation. Turbo tax 2008 ) An individual is considered as owning the stock or partnership interest directly or indirectly owned by or for his or her family. Turbo tax 2008 Family includes only brothers, sisters, half-brothers, half-sisters, spouse, ancestors, and lineal descendants. Turbo tax 2008 An individual owning (other than by applying (2)) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. Turbo tax 2008 For purposes of applying (1), (2), or (3), stock or a partnership interest constructively owned by a person under (1) is treated as actually owned by that person. Turbo tax 2008 But stock or a partnership interest constructively owned by an individual under (2) or (3) is not treated as owned by the individual for reapplying either (2) or (3) to make another person the constructive owner of that stock or partnership interest. Turbo tax 2008 Indirect transactions. Turbo tax 2008   You cannot deduct your loss on the sale of stock through your broker if under a prearranged plan a related person or entity buys the same stock you had owned. Turbo tax 2008 This does not apply to a cross-trade between related parties through an exchange that is purely coincidental and is not prearranged. Turbo tax 2008 Property received from a related person. Turbo tax 2008   If, in a purchase or exchange, you received property from a related person who had a loss that was not allowable and you later sell or exchange the property at a gain, you recognize the gain only to the extent it is more than the loss previously disallowed to the related person. Turbo tax 2008 This rule applies only to the original transferee. Turbo tax 2008 Example 1. Turbo tax 2008 Your brother sold stock to you for $7,600. Turbo tax 2008 His cost basis was $10,000. Turbo tax 2008 His loss of $2,400 was not deductible. Turbo tax 2008 You later sell the same stock to an unrelated party for $10,500, realizing a gain of $2,900 ($10,500 − $7,600). Turbo tax 2008 Your recognized gain is only $500, the gain that is more than the $2,400 loss not allowed to your brother. Turbo tax 2008 Example 2. Turbo tax 2008 Assume the same facts as in Example 1, except that you sell the stock for $6,900 instead of $10,500. Turbo tax 2008 Your recognized loss is only $700 ($7,600 − $6,900). Turbo tax 2008 You cannot deduct the loss not allowed to your brother. Turbo tax 2008 Other Dispositions This section discusses rules for determining the treatment of gain or loss from various dispositions of property. Turbo tax 2008 Sale of a Business The sale of a business usually is not a sale of one asset. Turbo tax 2008 Instead, all the assets of the business are sold. Turbo tax 2008 Generally, when this occurs, each asset is treated as being sold separately for determining the treatment of gain or loss. Turbo tax 2008 A business usually has many assets. Turbo tax 2008 When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. Turbo tax 2008 The gain or loss on each asset is figured separately. Turbo tax 2008 The sale of capital assets results in capital gain or loss. Turbo tax 2008 The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction (discussed in chapter 3). Turbo tax 2008 The sale of inventory results in ordinary income or loss. Turbo tax 2008 Partnership interests. Turbo tax 2008   An interest in a partnership or joint venture is treated as a capital asset when sold. Turbo tax 2008 The part of any gain or loss from unrealized receivables or inventory items will be treated as ordinary gain or loss. Turbo tax 2008 For more information, see Disposition of Partner's Interest in Publication 541. Turbo tax 2008 Corporation interests. Turbo tax 2008   Your interest in a corporation is represented by stock certificates. Turbo tax 2008 When you sell these certificates, you usually realize capital gain or loss. Turbo tax 2008 For information on the sale of stock, see chapter 4 in Publication 550. Turbo tax 2008 Corporate liquidations. Turbo tax 2008   Corporate liquidations of property generally are treated as a sale or exchange. Turbo tax 2008 Gain or loss generally is recognized by the corporation on a liquidating sale of its assets. Turbo tax 2008 Gain or loss generally is recognized also on a liquidating distribution of assets as if the corporation sold the assets to the distributee at fair market value. Turbo tax 2008   In certain cases in which the distributee is a corporation in control of the distributing corporation, the distribution may not be taxable. Turbo tax 2008 For more information, see section 332 of the Internal Revenue Code and the related regulations. Turbo tax 2008 Allocation of consideration paid for a business. Turbo tax 2008   The sale of a trade or business for a lump sum is considered a sale of each individual asset rather than of a single asset. Turbo tax 2008 Except for assets exchanged under any nontaxable exchange rules, both the buyer and seller of a business must use the residual method (explained later) to allocate the consideration to each business asset transferred. Turbo tax 2008 This method determines gain or loss from the transfer of each asset and how much of the consideration is for goodwill and certain other intangible property. Turbo tax 2008 It also determines the buyer's basis in the business assets. Turbo tax 2008 Consideration. Turbo tax 2008   The buyer's consideration is the cost of the assets acquired. Turbo tax 2008 The seller's consideration is the amount realized (money plus the fair market value of property received) from the sale of assets. Turbo tax 2008 Residual method. Turbo tax 2008   The residual method must be used for any transfer of a group of assets that constitutes a trade or business and for which the buyer's basis is determined only by the amount paid for the assets. Turbo tax 2008 This applies to both direct and indirect transfers, such as the sale of a business or the sale of a partnership interest in which the basis of the buyer's share of the partnership assets is adjusted for the amount paid under section 743(b) of the Internal Revenue Code. Turbo tax 2008 Section 743(b) applies if a partnership has an election in effect under section 754 of the Internal Revenue Code. Turbo tax 2008   A group of assets constitutes a trade or business if either of the following applies. Turbo tax 2008 Goodwill or going concern value could, under any circumstances, attach to them. Turbo tax 2008 The use of the assets would constitute an active trade or business under section 355 of the Internal Revenue Code. Turbo tax 2008   The residual method provides for the consideration to be reduced first by the amount of Class I assets (defined below). Turbo tax 2008 The consideration remaining after this reduction must be allocated among the various business assets in a certain order. Turbo tax 2008 See Classes of assets next for the complete order. Turbo tax 2008 Classes of assets. Turbo tax 2008   The following definitions are the classifications for deemed or actual asset acquisitions. Turbo tax 2008 Allocate the consideration among the assets in the following order. Turbo tax 2008 The amount allocated to an asset, other than a Class VII asset, cannot exceed its fair market value on the purchase date. Turbo tax 2008 The amount you can allocate to an asset also is subject to any applicable limits under the Internal Revenue Code or general principles of tax law. Turbo tax 2008 Class I assets are cash and general deposit accounts (including checking and savings accounts but excluding certificates of deposit). Turbo tax 2008 Class II assets are certificates of deposit, U. Turbo tax 2008 S. Turbo tax 2008 Government securities, foreign currency, and actively traded personal property, including stock and securities. Turbo tax 2008 Class III assets are accounts receivable, other debt instruments, and assets that you mark to market at least annually for federal income tax purposes. Turbo tax 2008 However, see section 1. Turbo tax 2008 338-6(b)(2)(iii) of the regulations for exceptions that apply to debt instruments issued by persons related to a target corporation, contingent debt instruments, and debt instruments convertible into stock or other property. Turbo tax 2008 Class IV assets are property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held by the taxpayer primarily for sale to customers in the ordinary course of business. Turbo tax 2008 Class V assets are all assets other than Class I, II, III, IV, VI, and VII assets. Turbo tax 2008    Note. Turbo tax 2008 Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business are generally Class V assets. Turbo tax 2008 Class VI assets are section 197 intangibles (other than goodwill and going concern value). Turbo tax 2008 Class VII assets are goodwill and going concern value (whether the goodwill or going concern value qualifies as a section 197 intangible). Turbo tax 2008   If an asset described in one of the classifications described above can be included in more than one class, include it in the lower numbered class. Turbo tax 2008 For example, if an asset is described in both Class II and Class IV, choose Class II. Turbo tax 2008 Example. Turbo tax 2008 The total paid in the sale of the assets of Company SKB is $21,000. Turbo tax 2008 No cash or deposit accounts or similar accounts were sold. Turbo tax 2008 The company's U. Turbo tax 2008 S. Turbo tax 2008 Government securities sold had a fair market value of $3,200. Turbo tax 2008 The only other asset transferred (other than goodwill and going concern value) was inventory with a fair market value of $15,000. Turbo tax 2008 Of the $21,000 paid for the assets of Company SKB, $3,200 is allocated to U. Turbo tax 2008 S. Turbo tax 2008 Government securities, $15,000 to inventory assets, and the remaining $2,800 to goodwill and going concern value. Turbo tax 2008 Agreement. Turbo tax 2008   The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value of any of the assets. Turbo tax 2008 This agreement is binding on both parties unless the IRS determines the amounts are not appropriate. Turbo tax 2008 Reporting requirement. Turbo tax 2008   Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Turbo tax 2008 Use Form 8594, Asset Acquisition Statement Under Section 1060, to provide this information. Turbo tax 2008 Generally, the buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred. Turbo tax 2008 See the Instructions for Form 8594. Turbo tax 2008 Dispositions of Intangible Property Intangible property is any personal property that has value but cannot be seen or touched. Turbo tax 2008 It includes such items as patents, copyrights, and the goodwill value of a business. Turbo tax 2008 Gain or loss on the sale or exchange of amortizable or depreciable intangible property held longer than 1 year (other than an amount recaptured as ordinary income) is a section 1231 gain or loss. Turbo tax 2008 The treatment of section 1231 gain or loss and the recapture of amortization and depreciation as ordinary income are explained in chapter 3. Turbo tax 2008 See chapter 8 of Publication 535, Business Expenses, for information on amortizable intangible property and chapter 1 of Publication 946, How To Depreciate Property, for information on intangible property that can and cannot be depreciated. Turbo tax 2008 Gain or loss on dispositions of other intangible property is ordinary or capital depending on whether the property is a capital asset or a noncapital asset. Turbo tax 2008 The following discussions explain special rules that apply to certain dispositions of intangible property. Turbo tax 2008 Section 197 Intangibles Section 197 intangibles are certain intangible assets acquired after August 10, 1993 (after July 25, 1991, if chosen), and held in connection with the conduct of a trade or business or an activity entered into for profit whose costs are amortized over 15 years. Turbo tax 2008 They include the following assets. Turbo tax 2008 Goodwill. Turbo tax 2008 Going concern value. Turbo tax 2008 Workforce in place. Turbo tax 2008 Business books and records, operating systems, and other information bases. Turbo tax 2008 Patents, copyrights, formulas, processes, designs, patterns, know how, formats, and similar items. Turbo tax 2008 Customer-based intangibles. Turbo tax 2008 Supplier-based intangibles. Turbo tax 2008 Licenses, permits, and other rights granted by a governmental unit. Turbo tax 2008 Covenants not to compete entered into in connection with the acquisition of a business. Turbo tax 2008 Franchises, trademarks, and trade names. Turbo tax 2008 See chapter 8 of Publication 535 for a description of each intangible. Turbo tax 2008 Dispositions. Turbo tax 2008   You cannot deduct a loss from the disposition or worthlessness of a section 197 intangible you acquired in the same transaction (or series of related transactions) as another section 197 intangible you still hold. Turbo tax 2008 Instead, you must increase the adjusted basis of your retained section 197 intangible by the nondeductible loss. Turbo tax 2008 If you retain more than one section 197 intangible, increase each intangible's adjusted basis. Turbo tax 2008 Figure the increase by multiplying the nondeductible loss by a fraction, the numerator (top number) of which is the retained intangible's adjusted basis on the date of the loss and the denominator (bottom number) of which is the total adjusted basis of all retained intangibles on the date of the loss. Turbo tax 2008   In applying this rule, members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity. Turbo tax 2008 For example, a corporation cannot deduct a loss on the sale of a section 197 intangible if, after the sale, a member of the same controlled group retains other section 197 intangibles acquired in the same transaction as the intangible sold. Turbo tax 2008 Covenant not to compete. Turbo tax 2008   A covenant not to compete (or similar arrangement) that is a section 197 intangible cannot be treated as disposed of or worthless before you have disposed of your entire interest in the trade or business for which the covenant was entered into. Turbo tax 2008 Members of the same controlled group of corporations and commonly controlled businesses are treated as a single entity in determining whether a member has disposed of its entire interest in a trade or business. Turbo tax 2008 Anti-churning rules. Turbo tax 2008   Anti-churning rules prevent a taxpayer from converting section 197 intangibles that do not qualify for amortization into property that would qualify for amortization. Turbo tax 2008 However, these rules do not apply to part of the basis of property acquired by certain related persons if the transferor elects to do both the following. Turbo tax 2008 Recognize gain on the transfer of the property. Turbo tax 2008 Pay income tax on the gain at the highest tax rate. Turbo tax 2008   If the transferor is a partnership or S corporation, the partnership or S corporation (not the partners or shareholders) can make the election. Turbo tax 2008 But each partner or shareholder must pay the tax on his or her share of gain. Turbo tax 2008   To make the election, you, as the transferor, must attach a statement containing certain information to your income tax return for the year of the transfer. Turbo tax 2008 You must file the tax return by the due date (including extensions). Turbo tax 2008 You must also notify the transferee of the election in writing by the due date of the return. Turbo tax 2008   If you timely filed your return without making the election, you can make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). Turbo tax 2008 Attach the statement to the amended return and write “Filed pursuant to section 301. Turbo tax 2008 9100-2” at the top of the statement. Turbo tax 2008 File the amended return at the same address the original return was filed. Turbo tax 2008 For more information about making the election, see Regulations section 1. Turbo tax 2008 197-2(h)(9). Turbo tax 2008 For information about reporting the tax on your income tax return, see the Instructions for Form 4797. Turbo tax 2008 Patents The transfer of a patent by an individual is treated as a sale or exchange of a capital asset held longer than 1 year. Turbo tax 2008 This applies even if the payments for the patent are made periodically during the transferee's use or are contingent on the productivity, use, or disposition of the patent. Turbo tax 2008 For information on the treatment of gain or loss on the transfer of capital assets, see chapter 4. Turbo tax 2008 This treatment applies to your transfer of a patent if you meet all the following conditions. Turbo tax 2008 You are the holder of the patent. Turbo tax 2008 You transfer the patent other than by gift, inheritance, or devise. Turbo tax 2008 You transfer all substantial rights to the patent or an undivided interest in all such rights. Turbo tax 2008 You do not transfer the patent to a related person. Turbo tax 2008 Holder. Turbo tax 2008   You are the holder of a patent if you are either of the following. Turbo tax 2008 The individual whose effort created the patent property and who qualifies as the original and first inventor. Turbo tax 2008 The individual who bought an interest in the patent from the inventor before the invention was tested and operated successfully under operating conditions and who is neither related to, nor the employer of, the inventor. Turbo tax 2008 All substantial rights. Turbo tax 2008   All substantial rights to patent property are all rights that have value when they are transferred. Turbo tax 2008 A security interest (such as a lien), or a reservation calling for forfeiture for nonperformance, is not treated as a substantial right for these rules and may be kept by you as the holder of the patent. Turbo tax 2008   All substantial rights to a patent are not transferred if any of the following apply to the transfer. Turbo tax 2008 The rights are limited geographically within a country. Turbo tax 2008 The rights are limited to a period less than the remaining life of the patent. Turbo tax 2008 The rights are limited to fields of use within trades or industries and are less than all the rights that exist and have value at the time of the transfer. Turbo tax 2008 The rights are less than all the claims or inventions covered by the patent that exist and have value at the time of the transfer. Turbo tax 2008 Related persons. Turbo tax 2008   This tax treatment does not apply if the transfer is directly or indirectly between you and a related person as defined earlier in the list under Nondeductible Loss, with the following changes. Turbo tax 2008 Members of your family include your spouse, ancestors, and lineal descendants, but not your brothers, sisters, half-brothers, or half-sisters. Turbo tax 2008 Substitute “25% or more” ownership for “more than 50%. Turbo tax 2008 ”   If you fit within the definition of a related person independent of family status, the brother-sister exception in (1), earlier, does not apply. Turbo tax 2008 For example, a transfer between a brother and a sister as beneficiary and fiduciary of the same trust is a transfer between related persons. Turbo tax 2008 The brother-sister exception does not apply because the trust relationship is independent of family status. Turbo tax 2008 Franchise, Trademark, or Trade Name If you transfer or renew a franchise, trademark, or trade name for a price contingent on its productivity, use, or disposition, the amount you receive generally is treated as an amount realized from the sale of a noncapital asset. Turbo tax 2008 A franchise includes an agreement that gives one of the parties the right to distribute, sell, or provide goods, services, or facilities within a specified area. Turbo tax 2008 Significant power, right, or continuing interest. Turbo tax 2008   If you keep any significant power, right, or continuing interest in the subject matter of a franchise, trademark, or trade name that you transfer or renew, the amount you receive is ordinary royalty income rather than an amount realized from a sale or exchange. Turbo tax 2008   A significant power, right, or continuing interest in a franchise, trademark, or trade name includes, but is not limited to, the following rights in the transferred interest. Turbo tax 2008 A right to disapprove any assignment of the interest, or any part of it. Turbo tax 2008 A right to end the agreement at will. Turbo tax 2008 A right to set standards of quality for products used or sold, or for services provided, and for the equipment and facilities used to promote such products or services. Turbo tax 2008 A right to make the recipient sell or advertise only your products or services. Turbo tax 2008 A right to make the recipient buy most supplies and equipment from you. Turbo tax 2008 A right to receive payments based on the productivity, use, or disposition of the transferred item of interest if those payments are a substantial part of the transfer agreement. Turbo tax 2008 Subdivision of Land If you own a tract of land and, to sell or exchange it, you subdivide it into individual lots or parcels, the gain normally is ordinary income. Turbo tax 2008 However, you may receive capital gain treatment on at least part of the proceeds provided you meet certain requirements. Turbo tax 2008 See section 1237 of the Internal Revenue Code. Turbo tax 2008 Timber Standing timber held as investment property is a capital asset. Turbo tax 2008 Gain or loss from its sale is reported as a capital gain or loss on Form 8949, and Schedule D (Form 1040), as applicable. Turbo tax 2008 If you held the timber primarily for sale to customers, it is not a capital asset. Turbo tax 2008 Gain or loss on its sale is ordinary business income or loss. Turbo tax 2008 It is reported in the gross receipts or sales and cost of goods sold items of your return. Turbo tax 2008 Farmers who cut timber on their land and sell it as logs, firewood, or pulpwood usually have no cost or other basis for that timber. Turbo tax 2008 These sales constitute a very minor part of their farm businesses. Turbo tax 2008 In these cases, amounts realized from such sales, and the expenses of cutting, hauling, etc. Turbo tax 2008 , are ordinary farm income and expenses reported on Schedule F (Form 1040), Profit or Loss From Farming. Turbo tax 2008 Different rules apply if you owned the timber longer than 1 year and elect to either: Treat timber cutting as a sale or exchange, or Enter into a cutting contract. Turbo tax 2008 Timber is considered cut on the date when, in the ordinary course of business, the quantity of felled timber is first definitely determined. Turbo tax 2008 This is true whether the timber is cut under contract or whether you cut it yourself. Turbo tax 2008 Under the rules discussed below, disposition of the timber is treated as a section 1231 transaction. Turbo tax 2008 See chapter 3. Turbo tax 2008 Gain or loss is reported on Form 4797. Turbo tax 2008 Christmas trees. Turbo tax 2008   Evergreen trees, such as Christmas trees, that are more than 6 years old when severed from their roots and sold for ornamental purposes are included in the term timber. Turbo tax 2008 They qualify for both rules discussed below. Turbo tax 2008 Election to treat cutting as a sale or exchange. Turbo tax 2008   Under the general rule, the cutting of timber results in no gain or loss. Turbo tax 2008 It is not until a sale or exchange occurs that gain or loss is realized. Turbo tax 2008 But if you owned or had a contractual right to cut timber, you can elect to treat the cutting of timber as a section 1231 transaction in the year the timber is cut. Turbo tax 2008 Even though the cut timber is not actually sold or exchanged, you report your gain or loss on the cutting for the year the timber is cut. Turbo tax 2008 Any later sale results in ordinary business income or loss. Turbo tax 2008 See Example, later. Turbo tax 2008   To elect this treatment, you must: Own or hold a contractual right to cut the timber for a period of more than 1 year before it is cut, and Cut the timber for sale or for use in your trade or business. Turbo tax 2008 Making the election. Turbo tax 2008   You make the election on your return for the year the cutting takes place by including in income the gain or loss on the cutting and including a computation of the gain or loss. Turbo tax 2008 You do not have to make the election in the first year you cut timber. Turbo tax 2008 You can make it in any year to which the election would apply. Turbo tax 2008 If the timber is partnership property, the election is made on the partnership return. Turbo tax 2008 This election cannot be made on an amended return. Turbo tax 2008   Once you have made the election, it remains in effect for all later years unless you cancel it. Turbo tax 2008   If you previously elected to treat the cutting of timber as a sale or exchange, you may revoke this election without the consent of the IRS. Turbo tax 2008 The prior election (and revocation) is disregarded for purposes of making a subsequent election. Turbo tax 2008 See Form T (Timber), Forest Activities Schedule, for more information. Turbo tax 2008 Gain or loss. Turbo tax 2008   Your gain or loss on the cutting of standing timber is the difference between its adjusted basis for depletion and its fair market value on the first day of your tax year in which it is cut. Turbo tax 2008   Your adjusted basis for depletion of cut timber is based on the number of units (feet board measure, log scale, or other units) of timber cut during the tax year and considered to be sold or exchanged. Turbo tax 2008 Your adjusted basis for depletion is also based on the depletion unit of timber in the account used for the cut timber, and should be figured in the same manner as shown in section 611 of the Internal Revenue Code and the related regulations. Turbo tax 2008   Timber depletion is discussed in chapter 9 of Publication 535. Turbo tax 2008 Example. Turbo tax 2008 In April 2013, you had owned 4,000 MBF (1,000 board feet) of standing timber longer than 1 year. Turbo tax 2008 It had an adjusted basis for depletion of $40 per MBF. Turbo tax 2008 You are a calendar year taxpayer. Turbo tax 2008 On January 1, 2013, the timber had a fair market value (FMV) of $350 per MBF. Turbo tax 2008 It was cut in April for sale. Turbo tax 2008 On your 2013 tax return, you elect to treat the cutting of the timber as a sale or exchange. Turbo tax 2008 You report the difference between the fair market value and your adjusted basis for depletion as a gain. Turbo tax 2008 This amount is reported on Form 4797 along with your other section 1231 gains and losses to figure whether it is treated as capital gain or as ordinary gain. Turbo tax 2008 You figure your gain as follows. Turbo tax 2008 FMV of timber January 1, 2013 $1,400,000 Minus: Adjusted basis for depletion 160,000 Section 1231 gain $1,240,000 The fair market value becomes your basis in the cut timber and a later sale of the cut timber including any by-product or tree tops will result in ordinary business income or loss. Turbo tax 2008 Outright sales of timber. Turbo tax 2008   Outright sales of timber by landowners qualify for capital gains treatment using rules similar to the rules for certain disposal of timber under a contract with retained economic interest (defined below). Turbo tax 2008 However, for outright sales, the date of disposal is not deemed to be the date the timber is cut because the landowner can elect to treat the payment date as the date of disposal (see below). Turbo tax 2008 Cutting contract. Turbo tax 2008   You must treat the disposal of standing timber under a cutting contract as a section 1231 transaction if all the following apply to you. Turbo tax 2008 You are the owner of the timber. Turbo tax 2008 You held the timber longer than 1 year before its disposal. Turbo tax 2008 You kept an economic interest in the timber. Turbo tax 2008   You have kept an economic interest in standing timber if, under the cutting contract, the expected return on your investment is conditioned on the cutting of the timber. Turbo tax 2008   The difference between the amount realized from the disposal of the timber and its adjusted basis for depletion is treated as gain or loss on its sale. Turbo tax 2008 Include this amount on Form 4797 along with your other section 1231 gains or losses to figure whether it is treated as capital or ordinary gain or loss. Turbo tax 2008 Date of disposal. Turbo tax 2008   The date of disposal is the date the timber is cut. Turbo tax 2008 However, for outright sales by landowners or if you receive payment under the contract before the timber is cut, you can elect to treat the date of payment as the date of disposal. Turbo tax 2008   This election applies only to figure the holding period of the timber. Turbo tax 2008 It has no effect on the time for reporting gain or loss (generally when the timber is sold or exchanged). Turbo tax 2008   To make this election, attach a statement to the tax return filed by the due date (including extensions) for the year payment is received. Turbo tax 2008 The statement must identify the advance payments subject to the election and the contract under which they were made. Turbo tax 2008   If you timely filed your return for the year you received payment without making the election, you still can make the election by filing an amended return within 6 months after the due date for that year's return (excluding extensions). Turbo tax 2008 Attach the statement to the amended return and write “Filed pursuant to section 301. Turbo tax 2008 9100-2” at the top of the statement. Turbo tax 2008 File the amended return at the same address the original return was filed. Turbo tax 2008 Owner. Turbo tax 2008   The owner of timber is any person who owns an interest in it, including a sublessor and the holder of a contract to cut the timber. Turbo tax 2008 You own an interest in timber if you have the right to cut it for sale on your own account or for use in your business. Turbo tax 2008 Tree stumps. Turbo tax 2008   Tree stumps are a capital asset if they are on land held by an investor who is not in the timber or stump business as a buyer, seller, or processor. Turbo tax 2008 Gain from the sale of stumps sold in one lot by such a holder is taxed as a capital gain. Turbo tax 2008 However, tree stumps held by timber operators after the saleable standing timber was cut and removed from the land are considered by-products. Turbo tax 2008 Gain from the sale of stumps in lots or tonnage by such operators is taxed as ordinary income. Turbo tax 2008   See Form T (Timber) and its separate instructions for more information about dispositions of timber. Turbo tax 2008 Precious Metals and Stones, Stamps, and Coins Gold, silver, gems, stamps, coins, etc. Turbo tax 2008 , are capital assets except when they are held for sale by a dealer. Turbo tax 2008 Any gain or loss from their sale or exchange generally is a capital gain or loss. Turbo tax 2008 If you are a dealer, the amount received from the sale is ordinary business income. Turbo tax 2008 Coal and Iron Ore You must treat the disposal of coal (including lignite) or iron ore mined in the United States as a section 1231 transaction if both the following apply to you. Turbo tax 2008 You owned the coal or iron ore longer than 1 year before its disposal. Turbo tax 2008 You kept an economic interest in the coal or iron ore. Turbo tax 2008 For this rule, the date the coal or iron ore is mined is considered the date of its disposal. Turbo tax 2008 Your gain or loss is the difference between the amount realized from disposal of the coal or iron ore and the adjusted basis you use to figure cost depletion (increased by certain expenses not allowed as deductions for the tax year). Turbo tax 2008 This amount is included on Form 4797 along with your other section 1231 gains and losses. Turbo tax 2008 You are considered an owner if you own or sublet an economic interest in the coal or iron ore in place. Turbo tax 2008 If you own only an option to buy the coal in place, you do not qualify as an owner. Turbo tax 2008 In addition, this gain or loss treatment does not apply to income realized by an owner who is a co-adventurer, partner, or principal in the mining of coal or iron ore. Turbo tax 2008 The expenses of making and administering the contract under which the coal or iron ore was disposed of and the expenses of preserving the economic interest kept under the contract are not allowed as deductions in figuring taxable income. Turbo tax 2008 Rather, their total, along with the adjusted depletion basis, is deducted from the amount received to determine gain. Turbo tax 2008 If the total of these expenses plus the adjusted depletion basis is more than the amount received, the result is a loss. Turbo tax 2008 Special rule. Turbo tax 2008   The above treatment does not apply if you directly or indirectly dispose of the iron ore or coal to any of the following persons. Turbo tax 2008 A related person whose relationship to you would result in the disallowance of a loss (see Nondeductible Loss under Sales and Exchanges Between Related Persons, earlier). Turbo tax 2008 An individual, trust, estate, partnership, association, company, or corporation owned or controlled directly or indirectly by the same interests that own or control your business. Turbo tax 2008 Conversion Transactions Recognized gain on the disposition or termination of any position held as part of certain conversion transactions is treated as ordinary income. Turbo tax 2008 This applies if substantially all your expected return is attributable to the time value of your net investment (like interest on a loan) and the transaction is any of the following. Turbo tax 2008 An applicable straddle (generally, any set of offsetting positions with respect to personal property, including stock). Turbo tax 2008 A transaction in which you acquire property and, at or about the same time, you contract to sell the same or substantially identical property at a specified price. Turbo tax 2008 Any other transaction that is marketed and sold as producing capital gain from a transaction in which substantially all of your expected return is due to the time value of your net investment. Turbo tax 2008 For more information, see chapter 4 of Publication 550. Turbo tax 2008 Prev  Up  Next   Home   More Online Publications
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IRS - Taxpayer Compliance Research

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Taxpayer Compliance Research

This section contains research papers, publications, and other documents dealing with taxpayer compliance. You can learn about the tax gap, specific compliance analysis issues, and studies of the causes of compliance behavior. Below are links to the topics within this section, as well as some examples of what you can find within each topic.

Tax Gap

The tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment gap.

This section contains:

  • IRS reports and presentations on the size of the tax gap for various tax years
  • Related charts and tables
  • Reports on reducing the tax gap
Compliance Analysis

This section contains a wide variety of papers related to taxpayer compliance, including:

  • Overviews of National Research Program (NRP) data
  • Analyses of NRP data
  • Estimates of noncompliance other than the tax gap
Understanding Taxpayer Compliance Behavior

While the tax gap reflects the extent of taxpayer noncompliance, it is also important to understand why taxpayers are compliant or noncompliant. This section contains papers that seek to provide insights into taxpayer behavior through:

  • Econometric analyses
  • Lab experiments
  • Field or natural experiments
  • Other modeling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Page Last Reviewed or Updated: 21-Mar-2013

The Turbo Tax 2008

Turbo tax 2008 Index A Accrual period, Accrual period. Turbo tax 2008 Acquisition premium, Acquisition premium. Turbo tax 2008 Adjusted issue price, Adjusted issue price. Turbo tax 2008 Assistance (see Tax help) B Backup withholding, Backup Withholding Bearer bonds and coupons, Bearer Bonds and Coupons Brokers (see Information for brokers and other middlemen) C Certificates of deposit, Certificates of Deposit Comments and suggestions, Comments and suggestions. Turbo tax 2008 Contingent payment debt instruments, Contingent Payment Debt Instruments D Debt instrument, Debt instrument. Turbo tax 2008 Debt instruments Long-term, Long-Term Debt Instruments Short-term, Short-Term Obligations Redeemed at Maturity Debt instruments and coupons purchased after 1984, Debt Instruments and Coupons Purchased After 1984 Debt instruments and coupons purchased after July 1, 1982, and before 1985, Debt Instruments and Coupons Purchased After July 1, 1982, and Before 1985 Debt instruments issued after 1954, corporate, Corporate Debt Instruments Issued After 1954 and Before May 28, 1969, and Government Debt Instruments Issued After 1954 and Before July 2, 1982 Debt instruments issued after 1984, Debt Instruments Issued After 1984 Debt instruments issued after July 1, 1982, Debt Instruments Issued After July 1, 1982, and Before 1985 Debt instruments issued after May 27, 1969, corporate, Corporate Debt Instruments Issued After May 27, 1969, and Before July 2, 1982 Debt instruments not on the OID list, Debt Instruments Not on the OID List Debt Instruments on the OID list, Debt Instruments on the OID List Definitions, Definitions Accrual period, Accrual period. Turbo tax 2008 Acquisition premium, Acquisition premium. Turbo tax 2008 Adjusted issue price, Adjusted issue price. Turbo tax 2008 Debt instrument, Debt instrument. Turbo tax 2008 Issue price, Issue price. Turbo tax 2008 Market discount, Market discount. Turbo tax 2008 Original issue discount (OID), Original issue discount (OID). Turbo tax 2008 Premium, Premium. Turbo tax 2008 Qualified stated interest, Qualified stated interest. Turbo tax 2008 Stated redemption price at maturity, Stated redemption price at maturity. Turbo tax 2008 Yield to maturity, Yield to maturity (YTM). Turbo tax 2008 E Electronic payee statements, Electronic payee statements. Turbo tax 2008 F Form 1099-OID, Form 1099-OID. Turbo tax 2008 Free tax services, Free help with your tax return. Turbo tax 2008 H Help (see Tax help) I Inflation-indexed debt instruments, Inflation-Indexed Debt Instruments Information for brokers and other middlemen, Information for Brokers and Other Middlemen Information for owners of OID debt instruments, Information for Owners of OID Debt Instruments Issue price, Issue price. Turbo tax 2008 Issuers of OID debt instruments, Instructions for, Instructions for issuers of OID debt instruments. Turbo tax 2008 L Long-term debt instruments, Long-Term Debt Instruments M Market discount, Market discount. Turbo tax 2008 O OID list, Debt Instruments on, Debt Instruments on the OID List OID on long-term debt instruments, figuring, Figuring OID on Long-Term Debt Instruments OID on stripped bonds and coupons, figuring, Figuring OID on Stripped Bonds and Coupons OID, figuring, Figuring OID. Turbo tax 2008 Using section I, Using Section I. Turbo tax 2008 Using the income tax regulations, Using the income tax regulations. Turbo tax 2008 Original issue discount (OID), Original issue discount (OID). Turbo tax 2008 Owners of OID debt instruments, information for, Information for Owners of OID Debt Instruments P Premium, Premium. Turbo tax 2008 Publications (see Tax help) Q Qualified stated interest, Qualified stated interest. Turbo tax 2008 R REMIC and CDO information reporting requirements, REMIC and CDO information reporting requirements. Turbo tax 2008 S Section I, Section I. Turbo tax 2008 Section II, Section II. Turbo tax 2008 Section III, Section III. Turbo tax 2008 Short-term obligations redeemed at maturity, Short-Term Obligations Redeemed at Maturity Stated redemption price at maturity, Stated redemption price at maturity. Turbo tax 2008 Stripped bonds and coupons, figuring OID, Figuring OID on Stripped Bonds and Coupons Suggestions, Comments and, Comments and suggestions. Turbo tax 2008 T Tax help, How To Get Tax Help Y Yield to maturity, Yield to maturity (YTM). Turbo tax 2008 , Yield to maturity (YTM). Turbo tax 2008 Prev  Up     Home   More Online Publications