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File state taxes only 4. File state taxes only   Detailed Examples Table of Contents These examples use actual forms to help you prepare your income tax return. File state taxes only However, the information shown on the filled-in forms is not from any actual person or scenario. File state taxes only Example 1—Mortgage loan modification. File state taxes only    In 2007, Nancy Oak bought a main home for $435,000. File state taxes only Nancy took out a $420,000 mortgage loan to buy the home and made a down payment of $15,000. File state taxes only The loan was secured by the home. File state taxes only The mortgage loan was a recourse debt, meaning that Nancy was personally liable for the debt. File state taxes only In 2008, Nancy took out a second mortgage loan (also a recourse debt) in the amount of $30,000 that was used to substantially improve her kitchen. File state taxes only    In 2011, when the outstanding principal of the first and second mortgage loans was $440,000, Nancy refinanced the two recourse loans into one recourse loan in the amount of $475,000. File state taxes only The FMV of Nancy's home at the time of the refinancing was $500,000. File state taxes only Nancy used the additional $35,000 debt ($475,000 new mortgage loan minus $440,000 outstanding principal of Nancy's first and second mortgage loans immediately before the refinancing) to pay off personal credit cards and to pay college tuition for her son. File state taxes only After the refinancing, Nancy has qualified principal residence indebtedness in the amount of $440,000 because the refinanced debt is qualified principal residence indebtedness only to the extent the amount of debt is not more than the old mortgage principal just before the refinancing. File state taxes only   In 2013, Nancy was unable to make her mortgage loan payments. File state taxes only On August 31, 2013, when the outstanding balance of her refinanced mortgage loan was still $475,000 and the FMV of the property was $425,000, Nancy's bank agreed to a loan modification (a “workout”) that resulted in a $40,000 reduction in the principal balance of her loan. File state taxes only Nancy was neither insolvent nor in bankruptcy at the time of the loan modification. File state taxes only   Nancy received a 2013 Form 1099-C from her bank in January 2014 showing canceled debt of $40,000 in box 2. File state taxes only Identifiable event code "F" appears in box 6. File state taxes only This box shows the reason the creditor has filed Form 1099-C. File state taxes only To determine if she must include the canceled debt in her income, Nancy must determine whether she meets any of the exceptions or exclusions that apply to canceled debts. File state taxes only Nancy determines that the only exception or exclusion that applies to her is the qualified principal residence indebtedness exclusion. File state taxes only   Next, Nancy determines the amount, if any, of the $40,000 of canceled debt that was qualified principal residence indebtedness. File state taxes only Although Nancy has $440,000 of qualified principal residence indebtedness, part of her loan ($35,000) was not qualified principal residence indebtedness because it was used to pay off personal credit cards and college tuition for her son. File state taxes only Applying the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent the amount canceled is more than the amount of the debt (immediately before the cancellation) that is not qualified principal residence indebtedness. File state taxes only Thus, Nancy can exclude only $5,000 of the canceled debt as qualified principal residence indebtedness ($40,000 amount canceled minus $35,000 nonqualified debt). File state taxes only   Because Nancy does not meet any other exception or exclusion, she checks only the box on line 1e of Form 982 and enters $5,000 on line 2. File state taxes only Nancy must also enter $5,000 on line 10b and reduce the basis of her main home by the $5,000 she excluded from income, bringing the adjusted basis in her home to $460,000 ($435,000 purchase price plus $30,000 substantial improvement minus $5,000). File state taxes only Nancy must also include the $35,000 nonqualified debt portion in income on Form 1040, line 21. File state taxes only You can see Nancy's Form 1099-C and a portion of her Form 1040 below. File state taxes only Nancy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 1099-C, Cancellation of Debt Nancy's 2013 Form 1040 This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 1040, U. File state taxes only S. File state taxes only Individual Income Tax Nancy's Form 982 This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)              Example 2—Mortgage loan foreclosure. File state taxes only    In 2005, John and Mary Elm bought a main home for $335,000. File state taxes only John and Mary took out a $320,000 mortgage loan to buy the home and made a down payment of $15,000. File state taxes only The loan was secured by the home and is a recourse debt, meaning John and Mary are personally liable for the debt. File state taxes only   John and Mary became unable to make their mortgage loan payments and on March 1, 2013, when the outstanding balance of the mortgage loan was $315,000 and the FMV of the property was $290,000, the bank foreclosed on the property and simultaneously canceled the remaining mortgage debt. File state taxes only Immediately before the foreclosure, John and Mary's only other assets and liabilities were a checking account with a balance of $6,000, retirement savings of $13,000, and credit card debt of $5,500. File state taxes only   John and Mary received a 2013 Form 1099-C showing canceled debt of $25,000 in box 2 ($315,000 outstanding balance minus $290,000 FMV) and an FMV of $290,000 in box 7. File state taxes only Identifiable event code "D" appears in box 6. File state taxes only This box shows the reason the creditor has filed Form 1099-C. File state taxes only In order to determine if John and Mary must include the canceled debt in income, they must first determine whether they meet any of the exceptions or exclusions that apply to canceled debts. File state taxes only In this example, John and Mary meet both the insolvency and qualified principal residence indebtedness exclusions. File state taxes only Their sample Form 1099-C is shown on this page. File state taxes only   John and Mary complete the insolvency worksheet and determine that they were insolvent immediately before the cancellation because at that time their liabilities exceeded the FMV of their assets by $11,500 ($320,500 total liabilities minus $309,000 FMV of total assets). File state taxes only However, because the entire debt canceled is qualified principal residence indebtedness, the insolvency exclusion only applies if John and Mary elect to apply the insolvency exclusion instead of the qualified principal residence exclusion. File state taxes only   John and Mary do not elect to apply the insolvency exclusion instead of the qualified principal residence exclusion because under the insolvency exclusion their exclusion would be limited to the amount by which they were insolvent ($11,500). File state taxes only Instead, John and Mary check box 1e of Form 982 to exclude the canceled debt under the qualified principal residence exclusion. File state taxes only Under the qualified principal residence exclusion, the amount that John and Mary can exclude is not limited because their qualified principal residence indebtedness is not more than $2 million and no portion of the loan was nonqualified debt. File state taxes only As a result, John and Mary enter the full $25,000 of canceled debt on line 2 of Form 982. File state taxes only Because John and Mary no longer own the home due to the foreclosure, John and Mary have no remaining basis in the home at the time of the debt cancellation. File state taxes only Thus, John and Mary leave line 10b of Form 982 blank. File state taxes only   John and Mary must also determine whether they have a gain or loss from the foreclosure. File state taxes only John and Mary complete Table 1-1 (shown below) and find that they have a $45,000 loss from the foreclosure. File state taxes only Because this loss relates to their home, it is a nondeductible loss. File state taxes only   John and Mary's Form 1099-C, Insolvency Worksheet, and Form 982 follow. File state taxes only John and Mary's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 1099-C, Cancellation of Debt Table 1-1. File state taxes only Worksheet for Foreclosures and Repossessions (for John and Mary Elm) Part 1. File state taxes only Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). File state taxes only Otherwise, go to Part 2. File state taxes only 1. File state taxes only Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $315,000. File state taxes only 00 2. File state taxes only Enter the fair market value of the transferred property $290,000. File state taxes only 00 3. File state taxes only Ordinary income from the cancellation of debt upon foreclosure or repossession. File state taxes only * Subtract line 2 from line 1. File state taxes only If less than zero, enter zero. File state taxes only Next, go to Part 2 $ 25,000. File state taxes only 00 Part 2. File state taxes only Gain or loss from foreclosure or repossession. File state taxes only   4. File state taxes only Enter the smaller of line 1 or line 2. File state taxes only If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property $290,000. File state taxes only 00 5. File state taxes only Enter any proceeds you received from the foreclosure sale   6. File state taxes only Add line 4 and line 5 $290,000. File state taxes only 00 7. File state taxes only Enter the adjusted basis of the transferred property $335,000. File state taxes only 00 8. File state taxes only Gain or loss from foreclosure or repossession. File state taxes only Subtract line 7 from line 6 ($ 45,000. File state taxes only 00) * The income may not be taxable. File state taxes only See chapter 1 for more details. File state taxes only Insolvency Worksheet—John and Mary Elm Date debt was canceled (mm/dd/yy) 03/01/13 Part I. File state taxes only Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. File state taxes only Credit card debt $ 5,500 2. File state taxes only Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 315,000 3. File state taxes only Car and other vehicle loans $ 4. File state taxes only Medical bills owed $ 5. File state taxes only Student loans $ 6. File state taxes only Accrued or past-due mortgage interest $ 7. File state taxes only Accrued or past-due real estate taxes $ 8. File state taxes only Accrued or past-due utilities (water, gas, electric) $ 9. File state taxes only Accrued or past-due child care costs $ 10. File state taxes only Federal or state income taxes remaining due (for prior tax years) $ 11. File state taxes only Judgments $ 12. File state taxes only Business debts (including those owed as a sole proprietor or partner) $ 13. File state taxes only Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. File state taxes only Other liabilities (debts) not included above $ 15. File state taxes only Total liabilities immediately before the cancellation. File state taxes only Add lines 1 through 14. File state taxes only $ 320,500 Part II. File state taxes only Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. File state taxes only Cash and bank account balances $ 6,000 17. File state taxes only Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 290,000 18. File state taxes only Cars and other vehicles $ 19. File state taxes only Computers $ 20. File state taxes only Household goods and furnishings (for example, appliances, electronics, furniture, etc. File state taxes only ) $ 21. File state taxes only Tools $ 22. File state taxes only Jewelry $ 23. File state taxes only Clothing $ 24. File state taxes only Books $ 25. File state taxes only Stocks and bonds $ 26. File state taxes only Investments in coins, stamps, paintings, or other collectibles $ 27. File state taxes only Firearms, sports, photographic, and other hobby equipment $ 28. File state taxes only Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 13,000 29. File state taxes only Interest in a pension plan $ 30. File state taxes only Interest in education accounts $ 31. File state taxes only Cash value of life insurance $ 32. File state taxes only Security deposits with landlords, utilities, and others $ 33. File state taxes only Interests in partnerships $ 34. File state taxes only Value of investment in a business $ 35. File state taxes only Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. File state taxes only Other assets not included above $ 37. File state taxes only FMV of total assets immediately before the cancellation. File state taxes only Add lines 16 through 36. File state taxes only $ 309,000 Part III. File state taxes only Insolvency 38. File state taxes only Amount of Insolvency. File state taxes only Subtract line 37 from line 15. File state taxes only If zero or less, you are not insolvent. File state taxes only $ 11,500 John and Mary's Form 982 This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)          Example 3—Mortgage loan foreclosure with debt exceeding $2 million limit. File state taxes only    In 2011, Kathy and Frank Willow got married and entered into a contract with Hive Construction Corporation to build a house for $3,000,000 to be used as their main home. File state taxes only Kathy and Frank made a $400,000 down payment and took out a $2,600,000 mortgage to finance the remaining cost of the house. File state taxes only Kathy and Frank are personally liable for the mortgage loan, which is secured by the home. File state taxes only   In November 2013, when the outstanding principal balance on the mortgage loan was $2,500,000, the FMV of the property fell to $1,750,000 and Kathy and Frank abandoned the property by permanently moving out. File state taxes only The lender foreclosed on the property and, on December 5, 2013, sold the property to another buyer for $1,750,000. File state taxes only On December 26, 2013, the lender canceled the remaining debt. File state taxes only Kathy and Frank have no tax attributes other than basis of personal-use property. File state taxes only   The lender issued a 2013 Form 1099-C to Kathy and Frank showing canceled debt of $750,000 in box 2 (the remaining balance on the $2,500,000 mortgage debt after application of the foreclosure sale proceeds) and $1,750,000 in box 7 (FMV of the property). File state taxes only Identifiable event code "D" appears in box 6. File state taxes only This box shows the reason the creditor has filed Form 1099-C. File state taxes only Although Kathy and Frank abandoned the property, the lender did not need to also file a Form 1099-A because the lender canceled the debt in connection with the foreclosure in the same calendar year. File state taxes only Kathy and Frank are filing a joint return for 2013. File state taxes only   Because the foreclosure occurred prior to the debt cancellation, Kathy and Frank first calculate their gain or loss from the foreclosure using Table 1-1. File state taxes only Because Kathy and Frank remained personally liable for the $750,000 debt remaining after the foreclosure ($2,500,000 outstanding debt immediately before the foreclosure minus $1,750,000 satisfied through the sale of the home), Kathy and Frank enter $1,750,000 on line 1 of Table 1-1 ($2,500,000 outstanding debt immediately before the foreclosure minus the $750,000 for which they remained liable). File state taxes only Completing Table 1-1, Kathy and Frank find that they have no ordinary income from the cancellation of debt upon foreclosure and that they have a $1,250,000 loss. File state taxes only Because this loss relates to their home, it is a nondeductible loss. File state taxes only   Because the lender later canceled the remaining amount of the debt, Kathy and Frank must also determine whether that canceled debt is taxable. File state taxes only Immediately before the cancellation, Kathy and Frank had $15,000 in a savings account, household furnishings with an FMV of $17,000, a car with an FMV of $10,000, and $18,000 in credit card debt. File state taxes only Kathy and Frank also had the $750,000 remaining balance on the mortgage loan at that time. File state taxes only The household furnishings originally cost $30,000. File state taxes only The car had been fully paid off (so there was no related outstanding debt) and was originally purchased for $16,000. File state taxes only Kathy and Frank had no adjustments to the cost basis of the car. File state taxes only Kathy and Frank had no other assets or liabilities at the time of the cancellation. File state taxes only Kathy and Frank complete the insolvency worksheet to calculate that they were insolvent to the extent of $726,000 immediately before the cancellation ($768,000 of total liabilities minus $42,000 FMV of total assets). File state taxes only   At the beginning of 2014, Kathy and Frank had $9,000 in their savings account and $15,000 in credit card debt. File state taxes only Kathy and Frank also owned the same car at that time (still with an FMV of $10,000 and basis of $16,000) and the same household furnishings (still with an FMV of $17,000 and a basis of $30,000). File state taxes only Kathy and Frank had no other assets or liabilities at that time. File state taxes only Kathy and Frank no longer own the home because the lender foreclosed on it in 2013. File state taxes only   Because the canceled debt is qualified principal residence indebtedness, the insolvency exclusion does not apply unless Kathy and Frank elect to apply the insolvency exclusion instead of the qualified principal residence indebtedness exclusion. File state taxes only The maximum amount that Kathy and Frank can treat as qualified principal residence indebtedness is $2,000,000. File state taxes only The remaining $500,000 ($2,500,000 outstanding mortgage loan minus $2,000,000 limit on qualified principal residence indebtedness) is not qualified principal residence indebtedness. File state taxes only Because only a part of the loan is qualified principal residence indebtedness, Kathy and Frank must apply the ordering rule to the canceled debt. File state taxes only Under the ordering rule, the qualified principal residence indebtedness exclusion applies only to the extent that the amount canceled ($750,000) exceeds the amount of the loan (immediately before the cancellation) that is not qualified principal residence indebtedness ($500,000). File state taxes only This means that Kathy and Frank can only exclude $250,000 ($750,000 amount canceled minus $500,000 nonqualified debt) under the qualified principal residence indebtedness exclusion. File state taxes only   Kathy and Frank do not elect to have the insolvency exclusion apply instead of the qualified principal residence exclusion. File state taxes only Nonetheless, they can still apply the insolvency exclusion to the $500,000 nonqualified debt because it is not qualified principal residence indebtedness. File state taxes only Kathy and Frank can exclude the remaining $500,000 canceled debt under the insolvency exclusion because they were insolvent immediately before the cancellation to the extent of $726,000. File state taxes only Thus, Kathy and Frank check the boxes on lines 1b and 1e of Form 982 and enter $750,000 on line 2 ($250,000 excluded under the qualified principal residence indebtedness exclusion plus $500,000 excluded under the insolvency exclusion). File state taxes only   Next, Kathy and Frank reduce their tax attributes using Part II of Form 982. File state taxes only Because Kathy and Frank no longer own the home due to the foreclosure, Kathy and Frank have no remaining basis in the home at the time of the debt cancellation. File state taxes only Thus, Kathy and Frank leave line 10b of Form 982 blank. File state taxes only However, Kathy and Frank are also excluding nonqualified debt under the insolvency exclusion. File state taxes only As a result, Kathy and Frank must reduce the basis of property they own based on the amount of canceled debt they are excluding from income under the insolvency rules. File state taxes only Because Kathy and Frank have no tax attributes other than basis of personal-use property to reduce, Kathy and Frank figure the amount they must include on line 10a of Form 982 by taking the smallest of: The $46,000 bases of their personal-use property held at the beginning of 2014 ($16,000 basis in the car plus $30,000 basis in household furnishings), The $500,000 of the nonbusiness debt (other than qualified principal residence indebtedness) that they are excluding from income on line 2 of Form 982, or The $43,000 excess of the total bases of the property and the amount of money they held immediately after the cancellation over their total liabilities immediately after the cancellation ($15,000 in savings account plus $30,000 basis in household furnishings plus $16,000 adjusted basis in car minus $18,000 credit card debt). File state taxes only Kathy and Frank enter $43,000 on Form 982, line 10a and reduce their bases in the car and the household furnishings in proportion to the total adjusted bases in all their property. File state taxes only Kathy and Frank reduce the basis in the car by $14,956. File state taxes only 52 ($43,000 x $16,000/$46,000). File state taxes only And they reduce the basis in the household furnishings by $28,043. File state taxes only 48 ($43,000 x $30,000/$46,000). File state taxes only   Following are Kathy and Frank's sample forms and worksheets. File state taxes only Frank and Kathy's 2013 Form 1099-C, Cancellation of Debt This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 1099-C, Cancellation of Debt Table 1-1. File state taxes only Worksheet for Foreclosures and Repossessions (for Frank and Kathy Willow) Part 1. File state taxes only Complete Part 1 only if you were personally liable for the debt (even if none of the debt was canceled). File state taxes only Otherwise, go to Part 2. File state taxes only 1. File state taxes only Enter the amount of outstanding debt immediately before the transfer of property reduced by any amount for which you remain personally liable immediately after the transfer of property $1,750,000. File state taxes only 00 2. File state taxes only Enter the fair market value of the transferred property $1,750,000. File state taxes only 00 3. File state taxes only Ordinary income from the cancellation of debt upon foreclosure or repossession. File state taxes only * Subtract line 2 from line 1. File state taxes only If less than zero, enter zero. File state taxes only Next, go to Part 2 $0. File state taxes only 00 Part 2. File state taxes only Gain or loss from foreclosure or repossession. File state taxes only   4. File state taxes only Enter the smaller of line 1 or line 2. File state taxes only If you did not complete Part 1 (because you were not personally liable for the debt), enter the amount of outstanding debt immediately before the transfer of property. File state taxes only $1,750,000. File state taxes only 00 5. File state taxes only Enter any proceeds you received from the foreclosure sale   6. File state taxes only Add line 4 and line 5 $1,750,000. File state taxes only 00 7. File state taxes only Enter the adjusted basis of the transferred property $3,000,000. File state taxes only 00 8. File state taxes only Gain or loss from foreclosure or repossession. File state taxes only Subtract line 7 from line 6 ($1,250,000. File state taxes only 00) * The income may not be taxable. File state taxes only See chapter 1 for more details. File state taxes only    Insolvency Worksheet—Frank and Kathy Willow Date debt was canceled (mm/dd/yy) 12/26/13 Part I. File state taxes only Total liabilities immediately before the cancellation (do not include the same liability in more than one category) Liabilities (debts) Amount Owed Immediately Before the Cancellation 1. File state taxes only Credit card debt $ 18,000 2. File state taxes only Mortgage(s) on real property (including first and second mortgages and home equity loans) (mortgage(s) can be on personal residence, any additional residence, or property held for investment or used in a trade or business) $ 750,000 3. File state taxes only Car and other vehicle loans $ 4. File state taxes only Medical bills owed $ 5. File state taxes only Student loans $ 6. File state taxes only Accrued or past-due mortgage interest $ 7. File state taxes only Accrued or past-due real estate taxes $ 8. File state taxes only Accrued or past-due utilities (water, gas, electric) $ 9. File state taxes only Accrued or past-due child care costs $ 10. File state taxes only Federal or state income taxes remaining due (for prior tax years) $ 11. File state taxes only Judgments $ 12. File state taxes only Business debts (including those owed as a sole proprietor or partner) $ 13. File state taxes only Margin debt on stocks and other debt to purchase or secured by investment assets other than real property $ 14. File state taxes only Other liabilities (debts) not included above $ 15. File state taxes only Total liabilities immediately before the cancellation. File state taxes only Add lines 1 through 14. File state taxes only $ 768,000 Part II. File state taxes only Fair market value (FMV) of assets owned immediately before the cancellation (do not include the FMV of the same asset in more than one category) Assets FMV Immediately Before  the Cancellation 16. File state taxes only Cash and bank account balances $ 15,000 17. File state taxes only Real property, including the value of land (can be main home, any additional home, or property held for investment or used in a trade or business) $ 18. File state taxes only Cars and other vehicles $ 10,000 19. File state taxes only Computers $ 20. File state taxes only Household goods and furnishings (for example, appliances, electronics, furniture, etc. File state taxes only ) $ 17,000 21. File state taxes only Tools $ 22. File state taxes only Jewelry $ 23. File state taxes only Clothing $ 24. File state taxes only Books $ 25. File state taxes only Stocks and bonds $ 26. File state taxes only Investments in coins, stamps, paintings, or other collectibles $ 27. File state taxes only Firearms, sports, photographic, and other hobby equipment $ 28. File state taxes only Interest in retirement accounts (IRA accounts, 401(k) accounts, and other retirement accounts) $ 29. File state taxes only Interest in a pension plan $ 30. File state taxes only Interest in education accounts $ 31. File state taxes only Cash value of life insurance $ 32. File state taxes only Security deposits with landlords, utilities, and others $ 33. File state taxes only Interests in partnerships $ 34. File state taxes only Value of investment in a business $ 35. File state taxes only Other investments (for example, annuity contracts, guaranteed investment contracts, mutual funds, commodity accounts, interests in hedge funds, and options) $ 36. File state taxes only Other assets not included above $ 37. File state taxes only FMV of total assets immediately before the cancellation. File state taxes only Add lines 16 through 36. File state taxes only $ 42,000 Part III. File state taxes only Insolvency 38. File state taxes only Amount of Insolvency. File state taxes only Subtract line 37 from line 15. File state taxes only If zero or less, you are not insolvent. File state taxes only $ 726,000    Frank and Kathy's Form 982 This image is too large to be displayed in the current screen. File state taxes only Please click the link to view the image. File state taxes only Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Prev  Up  Next   Home   More Online Publications
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File state taxes only Publication 3402 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. File state taxes only Tax questions. File state taxes only Useful Items - You may want to see: Reminder Photographs of missing children. File state taxes only  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. File state taxes only Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. File state taxes only You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. File state taxes only Introduction This publication provides federal income, employment, and excise tax information for limited liability companies. File state taxes only This publication does not address state law governing the formation, operation, or termination of limited liability companies. File state taxes only This publication does not address any state taxes. File state taxes only Comments and suggestions. File state taxes only   We welcome your comments about this publication and your suggestions for future editions. File state taxes only   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. File state taxes only NW, IR–6526 Washington, DC 20224   We respond to many letters by telephone. File state taxes only Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. File state taxes only   You can email us at *taxforms@irs. File state taxes only gov. File state taxes only (The asterisk must be included in the address. File state taxes only ) Please put “Publications Comment” on the subject line. File state taxes only Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. File state taxes only Ordering forms and publications. File state taxes only   Visit www. File state taxes only irs. File state taxes only gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. File state taxes only Internal Revenue Service1201 N. File state taxes only Mitsubishi MotorwayBloomington, IL 61705-6613 Tax questions. File state taxes only   If you have a tax question, check the information available on www. File state taxes only irs. File state taxes only gov or call 1-800-829-1040. File state taxes only We cannot answer tax questions sent to either of the above addresses. File state taxes only Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 505 Tax Withholding and Estimated Tax 535 Business Expenses 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 583 Starting a Business and Keeping Records 925 Passive Activity and At-Risk Rules Form (and Instructions) 1065 U. File state taxes only S. File state taxes only Return of Partnership Income 1120 U. File state taxes only S. File state taxes only Corporation Income Tax Return 1120S U. File state taxes only S. File state taxes only Income Tax Return for an S Corporation 2553 Election by a Small Business Corporation 8832 Entity Classification Election See How To Get More Information near the end of this publication for information about getting publications and forms. File state taxes only Prev  Up  Next   Home   More Online Publications