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2012 Tax Forms 1040ez

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2012 Tax Forms 1040ez

2012 tax forms 1040ez 1. 2012 tax forms 1040ez   Organizations Subject to the Tax Table of Contents The tax on unrelated business income applies to most organizations exempt from tax under section 501(a). 2012 tax forms 1040ez These organizations include charitable, religious, scientific, and other organizations described in section 501(c), as well as employees' trusts forming part of pension, profit-sharing, and stock bonus plans described in section 401(a). 2012 tax forms 1040ez In addition, the following are subject to the tax on unrelated business income. 2012 tax forms 1040ez Individual retirement arrangements (IRAs), including traditional IRAs, Roth IRAs, Coverdell IRAs, simplified employee pensions (SEP-IRAs), and savings incentive match plans for employees (SIMPLE IRAs). 2012 tax forms 1040ez State and municipal colleges and universities. 2012 tax forms 1040ez Qualified state tuition programs. 2012 tax forms 1040ez Medical savings accounts (MSAs) described in section 220(d). 2012 tax forms 1040ez Coverdell savings accounts described in section 530. 2012 tax forms 1040ez U. 2012 tax forms 1040ez S. 2012 tax forms 1040ez instrumentalities. 2012 tax forms 1040ez   A corporation that is a U. 2012 tax forms 1040ez S. 2012 tax forms 1040ez instrumentality described in section 501(c)(1) is not subject to the tax on unrelated business income if the corporation is organized under an Act of Congress and, under the Act, is exempt from federal income taxes. 2012 tax forms 1040ez Colleges and universities. 2012 tax forms 1040ez   Colleges and universities that are agencies or instrumentalities of any government or any political subdivision of a government, or that are owned or operated by a government or political subdivision of a government, are subject to the tax on unrelated business income. 2012 tax forms 1040ez As used here, the word government includes any foreign government (to the extent not contrary to a treaty) and all domestic governments (the United States and any of its possessions, any state, and the District of Columbia). 2012 tax forms 1040ez   The tax is on the unrelated business income of both the universities and colleges themselves and on their wholly owned tax exempt subsidiary organizations. 2012 tax forms 1040ez It is immaterial whether the business is conducted by the university or by a separately incorporated wholly owned subsidiary. 2012 tax forms 1040ez If the business activity is unrelated, the income in both instances will be subject to the tax. 2012 tax forms 1040ez If the primary purpose of a wholly owned subsidiary is to operate or conduct any unrelated trade or business (other than holding title to property and collecting income from it), the subsidiary is not an exempt organization, and this rule does not apply. 2012 tax forms 1040ez Title-holding corporations. 2012 tax forms 1040ez   When an exempt title-holding corporation, described in section 501(c)(2), pays any of its net income to an organization that itself is exempt from tax under section 501(a) (or would pay such an amount except that the expenses of collecting its income exceed the amount collected) and files a consolidated return with that organization, the title-holding corporation is treated, for unrelated business income tax purposes, as organized and operated for the same purposes as the exempt payee organization. 2012 tax forms 1040ez   Thus, a title-holding corporation whose source of income is related to the exempt purposes of the payee organization is not subject to the unrelated business income tax if the holding corporation and the payee organization file a consolidated return. 2012 tax forms 1040ez However, if the source of the income is not so related, the title-holding corporation is subject to unrelated business income tax. 2012 tax forms 1040ez Example. 2012 tax forms 1040ez X, a title-holding corporation, is required to distribute its net income to A, an exempt organization. 2012 tax forms 1040ez During the tax year, X realizes net income of $900,000 from source M, which is related to A's exempt function. 2012 tax forms 1040ez X also receives $100,000 from source N, which is not related to A's exempt function. 2012 tax forms 1040ez X and A file a consolidated return for the tax year. 2012 tax forms 1040ez X has unrelated business income of $100,000. 2012 tax forms 1040ez Prev  Up  Next   Home   More Online Publications
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IRS Bars Appraisers from Valuing Facade Easements for Federal Tax Purposes for Five Years

IR-2014-31, March 19, 2014

WASHINGTON — The Internal Revenue Service today announced its Office of Professional Responsibility (OPR) has entered into a settlement agreement with a group of appraisers from the same firm accused of aiding in the understatement of federal tax liabilities by overvaluing facade easements for charitable donation purposes.

Under the settlement agreement, the appraisers admitted to violating relevant sections of Circular 230 related to due diligence and submitting accurate documents to the government.

The appraisers agreed to a five-year suspension of valuing facade easements and undertaking any appraisal services that could subject them to penalties under the Internal Revenue Code. The appraisers also agreed to abide by all applicable provisions of Circular 230.

“Appraisers need to understand that they are subject to Circular 230, and must exercise due diligence in the preparation of documents relating to federal tax matters,” said Karen L. Hawkins, Director of OPR. “Taxpayers expect advice rendered with competence and diligence that goes beyond the mere mechanical application of a rule of thumb based on conjecture and unsupported conclusions.”

Failure to comply with terms of the settlement would result in the appraiser’s disqualification, which would include a ban from presenting any evidence or testimony in administrative proceedings before the Department of the Treasury, and renders any appraisal given after disqualification without probative effect.

The appraisers prepared reports valuing facade easements donated over several tax years. On behalf of each donating taxpayer, an appraiser completed Part III, Declaration of Appraiser, of Form 8283, Noncash Charitable Contributions, certifying that the appraiser did not fraudulently or falsely overstate the value of such facade easement. In valuing the facade easements, the appraisers applied a flat percentage diminution, generally 15 percent, to the fair market values of the underlying properties prior to the easement’s donation.

Specifically, the appraisers admitted violating Circular 230, Section 10.22(a)(1), for failing to exercise due diligence in the preparation of documents relating to IRS matters, and Section 10.22(a)(2) for failing to determine the correctness of written representations made to the Department of the Treasury.

OPR’s settlement agreement with the appraisers includes a disclosure authorization that allows this press release.

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Page Last Reviewed or Updated: 19-Mar-2014

The 2012 Tax Forms 1040ez

2012 tax forms 1040ez Publication 3402 - Additional Material Prev  Up  Next   Home   More Online Publications