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How Do I File 2011 Taxes Now

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How Do I File 2011 Taxes Now

How do i file 2011 taxes now 8. How do i file 2011 taxes now   Amortization Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: How To Deduct Amortization Starting a BusinessBusiness Start-Up Costs Costs of Organizing a Corporation Costs of Organizing a Partnership How To Amortize Getting a Lease Section 197 IntangiblesSection 197 Intangibles Defined Assets That Are Not Section 197 Intangibles Safe Harbor for Creative Property Costs Anti-Churning Rules Incorrect Amount of Amortization Deducted Disposition of Section 197 Intangibles Reforestation Costs Geological and Geophysical Costs Pollution Control FacilitiesNew identifiable treatment facility. How do i file 2011 taxes now Research and Experimental Costs Optional Write-off of Certain Tax Preferences Introduction Amortization is a method of recovering (deducting) certain capital costs over a fixed period of time. How do i file 2011 taxes now It is similar to the straight line method of depreciation. How do i file 2011 taxes now The various amortizable costs covered in this chapter are included in the list below. How do i file 2011 taxes now However, this chapter does not discuss amortization of bond premium. How do i file 2011 taxes now For information on that topic, see chapter 3 of Publication 550, Investment Income and Expenses. How do i file 2011 taxes now Topics - This chapter discusses: Deducting amortization Amortizing costs of starting a business Amortizing costs of getting a lease Amortizing costs of section 197 intangibles Amortizing reforestation costs Amortizing costs of geological and geophysical costs Amortizing costs of pollution control facilities Amortizing costs of research and experimentation Amortizing costs of certain tax preferences Useful Items - You may want to see: Publication 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 4626 Alternative Minimum Tax—Corporations 6251 Alternative Minimum Tax—Individuals See chapter 12 for information about getting publications and forms. How do i file 2011 taxes now How To Deduct Amortization To deduct amortization that begins during the current tax year, complete Part VI of Form 4562 and attach it to your income tax return. How do i file 2011 taxes now To report amortization from previous years, in addition to amortization that begins in the current year, list on Form 4562 each item separately. How do i file 2011 taxes now For example, in 2012, you began to amortize a lease. How do i file 2011 taxes now In 2013, you began to amortize a second lease. How do i file 2011 taxes now Report amortization from the new lease on line 42 of your 2013 Form 4562. How do i file 2011 taxes now Report amortization from the 2012 lease on line 43 of your 2013 Form 4562. How do i file 2011 taxes now If you do not have any new amortizable expenses for the current year, you are not required to complete Form 4562 (unless you are claiming depreciation). How do i file 2011 taxes now Report the current year's deduction for amortization that began in a prior year directly on the “Other deduction” or “Other expense line” of your return. How do i file 2011 taxes now Starting a Business When you start a business, treat all eligible costs you incur before you begin operating the business as capital expenditures which are part of your basis in the business. How do i file 2011 taxes now Generally, you recover costs for particular assets through depreciation deductions. How do i file 2011 taxes now However, you generally cannot recover other costs until you sell the business or otherwise go out of business. How do i file 2011 taxes now For a discussion on how to treat these costs, see If your attempt to go into business is unsuccessful under Capital Expenses in chapter 1. How do i file 2011 taxes now For costs paid or incurred after September 8, 2008, you can deduct a limited amount of start-up and organizational costs. How do i file 2011 taxes now The costs that are not deducted currently can be amortized ratably over a 180-month period. How do i file 2011 taxes now The amortization period starts with the month you begin operating your active trade or business. How do i file 2011 taxes now You are not required to attach a statement to make this election. How do i file 2011 taxes now You can choose to forgo this election by affirmatively electing to capitalize your start-up costs on your income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins. How do i file 2011 taxes now Once made, the election to either amortize or capitalize start-up costs is irrevocable and applies to all start-up costs that are related to your trade or business. How do i file 2011 taxes now See Regulations sections 1. How do i file 2011 taxes now 195-1, 1. How do i file 2011 taxes now 248-1, and 1. How do i file 2011 taxes now 709-1. How do i file 2011 taxes now For costs paid or incurred after October 22, 2004, and before September 9, 2008, you can elect to deduct a limited amount of business start-up and organizational costs in the year your active trade or business begins. How do i file 2011 taxes now Any costs not deducted can be amortized ratably over a 180-month period, beginning with the month you begin business. How do i file 2011 taxes now If the election is made, you must attach any statement required by Regulations sections 1. How do i file 2011 taxes now 195-1(b), 1. How do i file 2011 taxes now 248-1(c), and 1. How do i file 2011 taxes now 709-1(c), as in effect before September 9, 2008. How do i file 2011 taxes now Note. How do i file 2011 taxes now You can apply the provisions of Regulations sections 1. How do i file 2011 taxes now 195-1, 1. How do i file 2011 taxes now 248-1, and 1. How do i file 2011 taxes now 709-1 to all business start-up and organizational costs paid or incurred after October 22, 2004, provided the period of limitations on assessment has not expired for the year of the election. How do i file 2011 taxes now Otherwise, the provisions under Regulations sections 1. How do i file 2011 taxes now 195-1(b), 1. How do i file 2011 taxes now 248-1(c), and 1. How do i file 2011 taxes now 709-1(c), as in effect before September 9, 2008, will apply. How do i file 2011 taxes now For costs paid or incurred before October 23, 2004, you can elect to amortize business start-up and organization costs over an amortization period of 60 months or more. How do i file 2011 taxes now See How To Make the Election , later. How do i file 2011 taxes now The cost must qualify as one of the following. How do i file 2011 taxes now A business start-up cost. How do i file 2011 taxes now An organizational cost for a corporation. How do i file 2011 taxes now An organizational cost for a partnership. How do i file 2011 taxes now Business Start-Up Costs Start-up costs are amounts paid or incurred for: (a) creating an active trade or business; or (b) investigating the creation or acquisition of an active trade or business. How do i file 2011 taxes now Start-up costs include amounts paid or incurred in connection with an existing activity engaged in for profit; and for the production of income in anticipation of the activity becoming an active trade or business. How do i file 2011 taxes now Qualifying costs. How do i file 2011 taxes now   A start-up cost is amortizable if it meets both of the following tests. How do i file 2011 taxes now It is a cost you could deduct if you paid or incurred it to operate an existing active trade or business (in the same field as the one you entered into). How do i file 2011 taxes now It is a cost you pay or incur before the day your active trade or business begins. How do i file 2011 taxes now   Start-up costs include amounts paid for the following: An analysis or survey of potential markets, products, labor supply, transportation facilities, etc. How do i file 2011 taxes now Advertisements for the opening of the business. How do i file 2011 taxes now Salaries and wages for employees who are being trained and their instructors. How do i file 2011 taxes now Travel and other necessary costs for securing prospective distributors, suppliers, or customers. How do i file 2011 taxes now Salaries and fees for executives and consultants, or for similar professional services. How do i file 2011 taxes now Nonqualifying costs. How do i file 2011 taxes now   Start-up costs do not include deductible interest, taxes, or research and experimental costs. How do i file 2011 taxes now See Research and Experimental Costs , later. How do i file 2011 taxes now Purchasing an active trade or business. How do i file 2011 taxes now   Amortizable start-up costs for purchasing an active trade or business include only investigative costs incurred in the course of a general search for or preliminary investigation of the business. How do i file 2011 taxes now These are costs that help you decide whether to purchase a business. How do i file 2011 taxes now Costs you incur in an attempt to purchase a specific business are capital expenses that you cannot amortize. How do i file 2011 taxes now Example. How do i file 2011 taxes now On June 1st, you hired an accounting firm and a law firm to assist you in the potential purchase of XYZ, Inc. How do i file 2011 taxes now They researched XYZ's industry and analyzed the financial projections of XYZ, Inc. How do i file 2011 taxes now In September, the law firm prepared and submitted a letter of intent to XYZ, Inc. How do i file 2011 taxes now The letter stated that a binding commitment would result only after a purchase agreement was signed. How do i file 2011 taxes now The law firm and accounting firm continued to provide services including a review of XYZ's books and records and the preparation of a purchase agreement. How do i file 2011 taxes now On October 22nd, you signed a purchase agreement with XYZ, Inc. How do i file 2011 taxes now All amounts paid or incurred to investigate the business before October 22nd are amortizable investigative costs. How do i file 2011 taxes now Amounts paid on or after that date relate to the attempt to purchase the business and therefore must be capitalized. How do i file 2011 taxes now Disposition of business. How do i file 2011 taxes now   If you completely dispose of your business before the end of the amortization period, you can deduct any remaining deferred start-up costs. How do i file 2011 taxes now However, you can deduct these deferred start-up costs only to the extent they qualify as a loss from a business. How do i file 2011 taxes now Costs of Organizing a Corporation Amounts paid to organize a corporation are the direct costs of creating the corporation. How do i file 2011 taxes now Qualifying costs. How do i file 2011 taxes now   To qualify as an organizational cost, it must be: For the creation of the corporation, Chargeable to a capital account (see chapter 1), Amortized over the life of the corporation if the corporation had a fixed life, and Incurred before the end of the first tax year in which the corporation is in business. How do i file 2011 taxes now   A corporation using the cash method of accounting can amortize organizational costs incurred within the first tax year, even if it does not pay them in that year. How do i file 2011 taxes now   Examples of organizational costs include: The cost of temporary directors. How do i file 2011 taxes now The cost of organizational meetings. How do i file 2011 taxes now State incorporation fees. How do i file 2011 taxes now The cost of legal services. How do i file 2011 taxes now Nonqualifying costs. How do i file 2011 taxes now   The following items are capital expenses that cannot be amortized: Costs for issuing and selling stock or securities, such as commissions, professional fees, and printing costs. How do i file 2011 taxes now Costs associated with the transfer of assets to the corporation. How do i file 2011 taxes now Costs of Organizing a Partnership The costs to organize a partnership are the direct costs of creating the partnership. How do i file 2011 taxes now Qualifying costs. How do i file 2011 taxes now   A partnership can amortize an organizational cost only if it meets all the following tests. How do i file 2011 taxes now It is for the creation of the partnership and not for starting or operating the partnership trade or business. How do i file 2011 taxes now It is chargeable to a capital account (see chapter 1). How do i file 2011 taxes now It could be amortized over the life of the partnership if the partnership had a fixed life. How do i file 2011 taxes now It is incurred by the due date of the partnership return (excluding extensions) for the first tax year in which the partnership is in business. How do i file 2011 taxes now However, if the partnership uses the cash method of accounting and pays the cost after the end of its first tax year, see Cash method partnership under How To Amortize, later. How do i file 2011 taxes now It is for a type of item normally expected to benefit the partnership throughout its entire life. How do i file 2011 taxes now   Organizational costs include the following fees. How do i file 2011 taxes now Legal fees for services incident to the organization of the partnership, such as negotiation and preparation of the partnership agreement. How do i file 2011 taxes now Accounting fees for services incident to the organization of the partnership. How do i file 2011 taxes now Filing fees. How do i file 2011 taxes now Nonqualifying costs. How do i file 2011 taxes now   The following costs cannot be amortized. How do i file 2011 taxes now The cost of acquiring assets for the partnership or transferring assets to the partnership. How do i file 2011 taxes now The cost of admitting or removing partners, other than at the time the partnership is first organized. How do i file 2011 taxes now The cost of making a contract concerning the operation of the partnership trade or business including a contract between a partner and the partnership. How do i file 2011 taxes now The costs for issuing and marketing interests in the partnership such as brokerage, registration, and legal fees and printing costs. How do i file 2011 taxes now These “syndication fees” are capital expenses that cannot be depreciated or amortized. How do i file 2011 taxes now Liquidation of partnership. How do i file 2011 taxes now   If a partnership is liquidated before the end of the amortization period, the unamortized amount of qualifying organizational costs can be deducted in the partnership's final tax year. How do i file 2011 taxes now However, these costs can be deducted only to the extent they qualify as a loss from a business. How do i file 2011 taxes now How To Amortize Deduct start-up and organizational costs in equal amounts over the applicable amortization period (discussed earlier). How do i file 2011 taxes now You can choose an amortization period for start-up costs that is different from the period you choose for organizational costs, as long as both are not less than the applicable amortization period. How do i file 2011 taxes now Once you choose an amortization period, you cannot change it. How do i file 2011 taxes now To figure your deduction, divide your total start-up or organizational costs by the months in the amortization period. How do i file 2011 taxes now The result is the amount you can deduct for each month. How do i file 2011 taxes now Cash method partnership. How do i file 2011 taxes now   A partnership using the cash method of accounting can deduct an organizational cost only if it has been paid by the end of the tax year. How do i file 2011 taxes now However, any cost the partnership could have deducted as an organizational cost in an earlier tax year (if it had been paid that year) can be deducted in the tax year of payment. How do i file 2011 taxes now How To Make the Election To elect to amortize start-up or organizational costs, you must complete and attach Form 4562 to your return for the first tax year you are in business. How do i file 2011 taxes now You may also be required to attach an accompanying statement (described later) to your return. How do i file 2011 taxes now For start-up or organizational costs paid or incurred after September 8, 2008, an accompanying statement is not required. How do i file 2011 taxes now Generally, for start-up or organizational costs paid or incurred before September 9, 2008, and after October 22, 2004, unless you choose to apply Regulations sections 1. How do i file 2011 taxes now 195-1, 1. How do i file 2011 taxes now 248-1, and 1. How do i file 2011 taxes now 709-1, you must also attach an accompanying statement to elect to amortize the costs. How do i file 2011 taxes now If you have both start-up and organizational costs, attach a separate statement (if required) to your return for each type of cost. How do i file 2011 taxes now See Starting a Business , earlier, for more information. How do i file 2011 taxes now Generally, you must file the return by the due date (including any extensions). How do i file 2011 taxes now However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How do i file 2011 taxes now For more information, see the instructions for Part VI of Form 4562. How do i file 2011 taxes now You can choose to forgo the election to amortize by affirmatively electing to capitalize your start-up or organizational costs on your income tax return filed by the due date (including extensions) for the tax year in which the active trade or business begins. How do i file 2011 taxes now Note. How do i file 2011 taxes now The election to either amortize or capitalize start-up or organizational costs is irrevocable and applies to all start-up and organizational costs that are related to the trade or business. How do i file 2011 taxes now If your business is organized as a corporation or partnership, only the corporation or partnership can elect to amortize its start-up or organizational costs. How do i file 2011 taxes now A shareholder or partner cannot make this election. How do i file 2011 taxes now You, as a shareholder or partner, cannot amortize any costs you incur in setting up your corporation or partnership. How do i file 2011 taxes now Only the corporation or partnership can amortize these costs. How do i file 2011 taxes now However, you, as an individual, can elect to amortize costs you incur to investigate an interest in an existing partnership. How do i file 2011 taxes now These costs qualify as business start-up costs if you acquire the partnership interest. How do i file 2011 taxes now Start-up costs election statement. How do i file 2011 taxes now   If you elect to amortize your start-up costs, attach a separate statement (if required) that contains the following information. How do i file 2011 taxes now A description of the business to which the start-up costs relate. How do i file 2011 taxes now A description of each start-up cost incurred. How do i file 2011 taxes now The month your active business began (or was acquired). How do i file 2011 taxes now The number of months in your amortization period (which is generally 180 months). How do i file 2011 taxes now Filing the statement early. How do i file 2011 taxes now   You can elect to amortize your start-up costs by filing the statement with a return for any tax year before the year your active business begins. How do i file 2011 taxes now If you file the statement early, the election becomes effective in the month of the tax year your active business begins. How do i file 2011 taxes now Revised statement. How do i file 2011 taxes now   You can file a revised statement to include any start-up costs not included in your original statement. How do i file 2011 taxes now However, you cannot include on the revised statement any cost you previously treated on your return as a cost other than a start-up cost. How do i file 2011 taxes now You can file the revised statement with a return filed after the return on which you elected to amortize your start-up costs. How do i file 2011 taxes now Organizational costs election statement. How do i file 2011 taxes now   If you elect to amortize your corporation's or partnership's organizational costs, attach a separate statement (if required) that contains the following information. How do i file 2011 taxes now A description of each cost. How do i file 2011 taxes now The amount of each cost. How do i file 2011 taxes now The date each cost was incurred. How do i file 2011 taxes now The month your corporation or partnership began active business (or acquired the business). How do i file 2011 taxes now The number of months in your amortization period (which is generally 180 months). How do i file 2011 taxes now Partnerships. How do i file 2011 taxes now   The statement prepared for a cash basis partnership must also indicate the amount paid before the end of the year for each cost. How do i file 2011 taxes now   You do not need to separately list any partnership organizational cost that is less than $10. How do i file 2011 taxes now Instead, you can list the total amount of these costs with the dates the first and last costs were incurred. How do i file 2011 taxes now   After a partnership makes the election to amortize organizational costs, it can later file an amended return to include additional organizational costs not included in the partnership's original return and statement. How do i file 2011 taxes now Getting a Lease If you get a lease for business property, you may recover the cost of acquiring the lease by amortizing it over the term of the lease. How do i file 2011 taxes now The term of the lease for amortization purposes generally includes all renewal options (and any other period for which you and the lessor reasonably expect the lease to be renewed). How do i file 2011 taxes now However, renewal periods are not included if 75% or more of the cost of acquiring the lease is for the term of the lease remaining on the acquisition date (not including any period for which you may choose to renew, extend, or continue the lease). How do i file 2011 taxes now For more information on the costs of getting a lease, see Cost of Getting a Lease in  chapter 3. How do i file 2011 taxes now How to amortize. How do i file 2011 taxes now   Enter your deduction in Part VI of Form 4562 if you are deducting amortization that begins during the current year, or on the appropriate line of your tax return if you are not otherwise required to file Form 4562. How do i file 2011 taxes now Section 197 Intangibles Generally, you may amortize the capitalized costs of “section 197 intangibles” (defined later) ratably over a 15-year period. How do i file 2011 taxes now You must amortize these costs if you hold the section 197 intangibles in connection with your trade or business or in an activity engaged in for the production of income. How do i file 2011 taxes now You may not be able to amortize section 197 intangibles acquired in a transaction that did not result in a significant change in ownership or use. How do i file 2011 taxes now See Anti-Churning Rules, later. How do i file 2011 taxes now Your amortization deduction each year is the applicable part of the intangible's adjusted basis (for purposes of determining gain), figured by amortizing it ratably over 15 years (180 months). How do i file 2011 taxes now The 15-year period begins with the later of: The month the intangible is acquired, or The month the trade or business or activity engaged in for the production of income begins. How do i file 2011 taxes now You cannot deduct amortization for the month you dispose of the intangible. How do i file 2011 taxes now If you pay or incur an amount that increases the basis of an amortizable section 197 intangible after the 15-year period begins, amortize it over the remainder of the 15-year period beginning with the month the basis increase occurs. How do i file 2011 taxes now You are not allowed any other depreciation or amortization deduction for an amortizable section 197 intangible. How do i file 2011 taxes now Tax-exempt use property subject to a lease. How do i file 2011 taxes now   The amortization period for any section 197 intangible leased under a lease agreement entered into after March 12, 2004, to a tax-exempt organization, governmental unit, or foreign person or entity (other than a partnership), shall not be less than 125 percent of the lease term. How do i file 2011 taxes now Cost attributable to other property. How do i file 2011 taxes now   The rules for section 197 intangibles do not apply to any amount that is included in determining the cost of property that is not a section 197 intangible. How do i file 2011 taxes now For example, if the cost of computer software is not separately stated from the cost of hardware or other tangible property and you consistently treat it as part of the cost of the hardware or other tangible property, these rules do not apply. How do i file 2011 taxes now Similarly, none of the cost of acquiring real property held for the production of rental income is considered the cost of goodwill, going concern value, or any other section 197 intangible. How do i file 2011 taxes now Section 197 Intangibles Defined The following assets are section 197 intangibles and must be amortized over 180 months: Goodwill; Going concern value; Workforce in place; Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers; A patent, copyright, formula, process, design, pattern, know-how, format, or similar item; A customer-based intangible; A supplier-based intangible; Any item similar to items (3) through (7); A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals); A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business; Any franchise, trademark, or trade name; and A contract for the use of, or a term interest in, any item in this list. How do i file 2011 taxes now You cannot amortize any of the intangibles listed in items (1) through (8) that you created rather than acquired unless you created them in acquiring assets that make up a trade or business or a substantial part of a trade or business. How do i file 2011 taxes now Goodwill. How do i file 2011 taxes now   This is the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor. How do i file 2011 taxes now Going concern value. How do i file 2011 taxes now   This is the additional value of a trade or business that attaches to property because the property is an integral part of an ongoing business activity. How do i file 2011 taxes now It includes value based on the ability of a business to continue to function and generate income even though there is a change in ownership (but does not include any other section 197 intangible). How do i file 2011 taxes now It also includes value based on the immediate use or availability of an acquired trade or business, such as the use of earnings during any period in which the business would not otherwise be available or operational. How do i file 2011 taxes now Workforce in place, etc. How do i file 2011 taxes now   This includes the composition of a workforce (for example, its experience, education, or training). How do i file 2011 taxes now It also includes the terms and conditions of employment, whether contractual or otherwise, and any other value placed on employees or any of their attributes. How do i file 2011 taxes now   For example, you must amortize the part of the purchase price of a business that is for the existence of a highly skilled workforce. How do i file 2011 taxes now Also, you must amortize the cost of acquiring an existing employment contract or relationship with employees or consultants. How do i file 2011 taxes now Business books and records, etc. How do i file 2011 taxes now   This includes the intangible value of technical manuals, training manuals or programs, data files, and accounting or inventory control systems. How do i file 2011 taxes now It also includes the cost of customer lists, subscription lists, insurance expirations, patient or client files, and lists of newspaper, magazine, radio, and television advertisers. How do i file 2011 taxes now Patents, copyrights, etc. How do i file 2011 taxes now   This includes package design, computer software, and any interest in a film, sound recording, videotape, book, or other similar property, except as discussed later under Assets That Are Not Section 197 Intangibles . How do i file 2011 taxes now Customer-based intangible. How do i file 2011 taxes now   This is the composition of market, market share, and any other value resulting from the future provision of goods or services because of relationships with customers in the ordinary course of business. How do i file 2011 taxes now For example, you must amortize the part of the purchase price of a business that is for the existence of the following intangibles. How do i file 2011 taxes now A customer base. How do i file 2011 taxes now A circulation base. How do i file 2011 taxes now An undeveloped market or market growth. How do i file 2011 taxes now Insurance in force. How do i file 2011 taxes now A mortgage servicing contract. How do i file 2011 taxes now An investment management contract. How do i file 2011 taxes now Any other relationship with customers involving the future provision of goods or services. How do i file 2011 taxes now   Accounts receivable or other similar rights to income for goods or services provided to customers before the acquisition of a trade or business are not section 197 intangibles. How do i file 2011 taxes now Supplier-based intangible. How do i file 2011 taxes now   A supplier-based intangible is the value resulting from the future acquisitions, (through contract or other relationships with suppliers in the ordinary course of business) of goods or services that you will sell or use. How do i file 2011 taxes now The amount you pay or incur for supplier-based intangibles includes, for example, any portion of the purchase price of an acquired trade or business that is attributable to the existence of a favorable relationship with persons providing distribution services (such as a favorable shelf or display space or a retail outlet), or the existence of favorable supply contracts. How do i file 2011 taxes now Do not include any amount required to be paid for the goods or services to honor the terms of the agreement or other relationship. How do i file 2011 taxes now Also, see Assets That Are Not Section 197 Intangibles below. How do i file 2011 taxes now Government-granted license, permit, etc. How do i file 2011 taxes now   This is any right granted by a governmental unit or an agency or instrumentality of a governmental unit. How do i file 2011 taxes now For example, you must amortize the capitalized costs of acquiring (including issuing or renewing) a liquor license, a taxicab medallion or license, or a television or radio broadcasting license. How do i file 2011 taxes now Covenant not to compete. How do i file 2011 taxes now   Section 197 intangibles include a covenant not to compete (or similar arrangement) entered into in connection with the acquisition of an interest in a trade or business, or a substantial portion of a trade or business. How do i file 2011 taxes now An interest in a trade or business includes an interest in a partnership or a corporation engaged in a trade or business. How do i file 2011 taxes now   An arrangement that requires the former owner to perform services (or to provide property or the use of property) is not similar to a covenant not to compete to the extent the amount paid under the arrangement represents reasonable compensation for those services or for that property or its use. How do i file 2011 taxes now Franchise, trademark, or trade name. How do i file 2011 taxes now   A franchise, trademark, or trade name is a section 197 intangible. How do i file 2011 taxes now You must amortize its purchase or renewal costs, other than certain contingent payments that you can deduct currently. How do i file 2011 taxes now For information on currently deductible contingent payments, see chapter 11. How do i file 2011 taxes now Professional sports franchise. How do i file 2011 taxes now   A franchise engaged in professional sports and any intangible assets acquired in connection with acquiring the franchise (including player contracts) is a section 197 intangible amortizable over a 15-year period. How do i file 2011 taxes now Contract for the use of, or a term interest in, a section 197 intangible. How do i file 2011 taxes now   Section 197 intangibles include any right under a license, contract, or other arrangement providing for the use of any section 197 intangible. How do i file 2011 taxes now It also includes any term interest in any section 197 intangible, whether the interest is outright or in trust. How do i file 2011 taxes now Assets That Are Not Section 197 Intangibles The following assets are not section 197 intangibles. How do i file 2011 taxes now Any interest in a corporation, partnership, trust, or estate. How do i file 2011 taxes now Any interest under an existing futures contract, foreign currency contract, notional principal contract, interest rate swap, or similar financial contract. How do i file 2011 taxes now Any interest in land. How do i file 2011 taxes now Most computer software. How do i file 2011 taxes now (See Computer software , later. How do i file 2011 taxes now ) Any of the following assets not acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. How do i file 2011 taxes now An interest in a film, sound recording, video tape, book, or similar property. How do i file 2011 taxes now A right to receive tangible property or services under a contract or from a governmental agency. How do i file 2011 taxes now An interest in a patent or copyright. How do i file 2011 taxes now Certain rights that have a fixed duration or amount. How do i file 2011 taxes now (See Rights of fixed duration or amount , later. How do i file 2011 taxes now ) An interest under either of the following. How do i file 2011 taxes now An existing lease or sublease of tangible property. How do i file 2011 taxes now A debt that was in existence when the interest was acquired. How do i file 2011 taxes now A right to service residential mortgages unless the right is acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. How do i file 2011 taxes now Certain transaction costs incurred by parties to a corporate organization or reorganization in which any part of a gain or loss is not recognized. How do i file 2011 taxes now Intangible property that is not amortizable under the rules for section 197 intangibles can be depreciated if it meets certain requirements. How do i file 2011 taxes now You generally must use the straight line method over its useful life. How do i file 2011 taxes now For certain intangibles, the depreciation period is specified in the law and regulations. How do i file 2011 taxes now For example, the depreciation period for computer software that is not a section 197 intangible is generally 36 months. How do i file 2011 taxes now For more information on depreciating intangible property, see Intangible Property under What Method Can You Use To Depreciate Your Property? in chapter 1 of Publication 946. How do i file 2011 taxes now Computer software. How do i file 2011 taxes now   Section 197 intangibles do not include the following types of computer software. How do i file 2011 taxes now Software that meets all the following requirements. How do i file 2011 taxes now It is, or has been, readily available for purchase by the general public. How do i file 2011 taxes now It is subject to a nonexclusive license. How do i file 2011 taxes now It has not been substantially modified. How do i file 2011 taxes now This requirement is considered met if the cost of all modifications is not more than the greater of 25% of the price of the publicly available unmodified software or $2,000. How do i file 2011 taxes now Software that is not acquired in connection with the acquisition of a trade or business or a substantial part of a trade or business. How do i file 2011 taxes now Computer software defined. How do i file 2011 taxes now   Computer software includes all programs designed to cause a computer to perform a desired function. How do i file 2011 taxes now It also includes any database or similar item that is in the public domain and is incidental to the operation of qualifying software. How do i file 2011 taxes now Rights of fixed duration or amount. How do i file 2011 taxes now   Section 197 intangibles do not include any right under a contract or from a governmental agency if the right is acquired in the ordinary course of a trade or business (or in an activity engaged in for the production of income) but not as part of a purchase of a trade or business and either: Has a fixed life of less than 15 years, or Is of a fixed amount that, except for the rules for section 197 intangibles, would be recovered under a method similar to the unit-of-production method of cost recovery. How do i file 2011 taxes now However, this does not apply to the following intangibles. How do i file 2011 taxes now Goodwill. How do i file 2011 taxes now Going concern value. How do i file 2011 taxes now A covenant not to compete. How do i file 2011 taxes now A franchise, trademark, or trade name. How do i file 2011 taxes now A customer-related information base, customer-based intangible, or similar item. How do i file 2011 taxes now Safe Harbor for Creative Property Costs If you are engaged in the trade or business of film production, you may be able to amortize the creative property costs for properties not set for production within 3 years of the first capitalized transaction. How do i file 2011 taxes now You may amortize these costs ratably over a 15-year period beginning on the first day of the second half of the tax year in which you properly write off the costs for financial accounting purposes. How do i file 2011 taxes now If, during the 15-year period, you dispose of the creative property rights, you must continue to amortize the costs over the remainder of the 15-year period. How do i file 2011 taxes now Creative property costs include costs paid or incurred to acquire and develop screenplays, scripts, story outlines, motion picture production rights to books and plays, and other similar properties for purposes of potential future film development, production, and exploitation. How do i file 2011 taxes now Amortize these costs using the rules of Revenue Procedure 2004-36. How do i file 2011 taxes now For more information, see Revenue Procedure 2004-36, 2004-24 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 1063, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2004-24_IRB/ar16. How do i file 2011 taxes now html. How do i file 2011 taxes now A change in the treatment of creative property costs is a change in method of accounting. How do i file 2011 taxes now Anti-Churning Rules Anti-churning rules prevent you from amortizing most section 197 intangibles if the transaction in which you acquired them did not result in a significant change in ownership or use. How do i file 2011 taxes now These rules apply to goodwill and going concern value, and to any other section 197 intangible that is not otherwise depreciable or amortizable. How do i file 2011 taxes now Under the anti-churning rules, you cannot use 15-year amortization for the intangible if any of the following conditions apply. How do i file 2011 taxes now You or a related person (defined later) held or used the intangible at any time from July 25, 1991, through August 10, 1993. How do i file 2011 taxes now You acquired the intangible from a person who held it at any time during the period in (1) and, as part of the transaction, the user did not change. How do i file 2011 taxes now You granted the right to use the intangible to a person (or a person related to that person) who held or used it at any time during the period in (1). How do i file 2011 taxes now This applies only if the transaction in which you granted the right and the transaction in which you acquired the intangible are part of a series of related transactions. How do i file 2011 taxes now See Related person , later, for more information. How do i file 2011 taxes now Exceptions. How do i file 2011 taxes now   The anti-churning rules do not apply in the following situations. How do i file 2011 taxes now You acquired the intangible from a decedent and its basis was stepped up to its fair market value. How do i file 2011 taxes now The intangible was amortizable as a section 197 intangible by the seller or transferor you acquired it from. How do i file 2011 taxes now This exception does not apply if the transaction in which you acquired the intangible and the transaction in which the seller or transferor acquired it are part of a series of related transactions. How do i file 2011 taxes now The gain-recognition exception, discussed later, applies. How do i file 2011 taxes now Related person. How do i file 2011 taxes now   For purposes of the anti-churning rules, the following are related persons. How do i file 2011 taxes now An individual and his or her brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. How do i file 2011 taxes now ), and lineal descendants (children, grandchildren, etc. How do i file 2011 taxes now ). How do i file 2011 taxes now A corporation and an individual who owns, directly or indirectly, more than 20% of the value of the corporation's outstanding stock. How do i file 2011 taxes now 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 20%” is substituted for “at least 80%” in that definition and the determination is made without regard to subsections (a)(4) and (e)(3)(C) of section 1563. How do i file 2011 taxes now (For an exception, see section 1. How do i file 2011 taxes now 197-2(h)(6)(iv) of the regulations. How do i file 2011 taxes now ) A trust fiduciary and a corporation if more than 20% of the value of the corporation's outstanding stock is owned, directly or indirectly, by or for the trust or grantor of the trust. How do i file 2011 taxes now The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. How do i file 2011 taxes now The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. How do i file 2011 taxes now The executor and beneficiary of an estate. How do i file 2011 taxes now A tax-exempt educational or charitable organization and a person who directly or indirectly controls the organization (or whose family members control it). How do i file 2011 taxes now A corporation and a partnership if the same persons own more than 20% of the value of the outstanding stock of the corporation and more than 20% of the capital or profits interest in the partnership. How do i file 2011 taxes now Two S corporations, and an S corporation and a regular corporation, if the same persons own more than 20% of the value of the outstanding stock of each corporation. How do i file 2011 taxes now Two partnerships if the same persons own, directly or indirectly, more than 20% of the capital or profits interests in both partnerships. How do i file 2011 taxes now A partnership and a person who owns, directly or indirectly, more than 20% of the capital or profits interests in the partnership. How do i file 2011 taxes now Two persons who are engaged in trades or businesses under common control (as described in section 41(f)(1) of the Internal Revenue Code). How do i file 2011 taxes now When to determine relationship. How do i file 2011 taxes now   Persons are treated as related if the relationship existed at the following time. How do i file 2011 taxes now In the case of a single transaction, immediately before or immediately after the transaction in which the intangible was acquired. How do i file 2011 taxes now In the case of a series of related transactions (or a series of transactions that comprise a qualified stock purchase under section 338(d)(3) of the Internal Revenue Code), immediately before the earliest transaction or immediately after the last transaction. How do i file 2011 taxes now Ownership of stock. How do i file 2011 taxes now   In determining whether an individual directly or indirectly owns any of the outstanding stock of a corporation, the following rules apply. How do i file 2011 taxes now Rule 1. How do i file 2011 taxes now   Stock 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. How do i file 2011 taxes now Rule 2. How do i file 2011 taxes now   An individual is considered to own the stock directly or indirectly owned by or for his or her family. How do i file 2011 taxes now Family includes only brothers and sisters, half-brothers and half-sisters, spouse, ancestors, and lineal descendants. How do i file 2011 taxes now Rule 3. How do i file 2011 taxes now   An individual owning (other than by applying Rule 2) any stock in a corporation is considered to own the stock directly or indirectly owned by or for his or her partner. How do i file 2011 taxes now Rule 4. How do i file 2011 taxes now   For purposes of applying Rule 1, 2, or 3, treat stock constructively owned by a person under Rule 1 as actually owned by that person. How do i file 2011 taxes now Do not treat stock constructively owned by an individual under Rule 2 or 3 as owned by the individual for reapplying Rule 2 or 3 to make another person the constructive owner of the stock. How do i file 2011 taxes now Gain-recognition exception. How do i file 2011 taxes now   This exception to the anti-churning rules applies if the person you acquired the intangible from (the transferor) meets both of the following requirements. How do i file 2011 taxes now That person would not be related to you (as described under Related person , earlier) if the 20% test for ownership of stock and partnership interests were replaced by a 50% test. How do i file 2011 taxes now That person chose to recognize gain on the disposition of the intangible and pay income tax on the gain at the highest tax rate. How do i file 2011 taxes now See chapter 2 in Publication 544 for information on making this choice. How do i file 2011 taxes now   If this exception applies, the anti-churning rules apply only to the amount of your adjusted basis in the intangible that is more than the gain recognized by the transferor. How do i file 2011 taxes now Notification. How do i file 2011 taxes now   If the person you acquired the intangible from chooses to recognize gain under the rules for this exception, that person must notify you in writing by the due date of the return on which the choice is made. How do i file 2011 taxes now Anti-abuse rule. How do i file 2011 taxes now   You cannot amortize any section 197 intangible acquired in a transaction for which the principal purpose was either of the following. How do i file 2011 taxes now To avoid the requirement that the intangible be acquired after August 10, 1993. How do i file 2011 taxes now To avoid any of the anti-churning rules. How do i file 2011 taxes now More information. How do i file 2011 taxes now   For more information about the anti-churning rules, including additional rules for partnerships, see Regulations section 1. How do i file 2011 taxes now 197-2(h). How do i file 2011 taxes now Incorrect Amount of Amortization Deducted If you later discover that you deducted an incorrect amount for amortization for a section 197 intangible in any year, you may be able to make a correction for that year by filing an amended return. How do i file 2011 taxes now See Amended Return , next. How do i file 2011 taxes now If you are not allowed to make the correction on an amended return, you can change your accounting method to claim the correct amortization. How do i file 2011 taxes now See Changing Your Accounting Method , later. How do i file 2011 taxes now Amended Return If you deducted an incorrect amount for amortization, you can file an amended return to correct the following. How do i file 2011 taxes now A mathematical error made in any year. How do i file 2011 taxes now A posting error made in any year. How do i file 2011 taxes now An amortization deduction for a section 197 intangible for which you have not adopted a method of accounting. How do i file 2011 taxes now When to file. How do i file 2011 taxes now   If an amended return is allowed, you must file it by the later of the following dates. How do i file 2011 taxes now 3 years from the date you filed your original return for the year in which you did not deduct the correct amount. How do i file 2011 taxes now (A return filed early is considered filed on the due date. How do i file 2011 taxes now ) 2 years from the time you paid your tax for that year. How do i file 2011 taxes now Changing Your Accounting Method Generally, you must get IRS approval to change your method of accounting. How do i file 2011 taxes now File Form 3115, Application for Change in Accounting Method, to request a change to a permissible method of accounting for amortization. How do i file 2011 taxes now The following are examples of a change in method of accounting for amortization. How do i file 2011 taxes now A change in the amortization method, period of recovery, or convention of an amortizable asset. How do i file 2011 taxes now A change in the accounting for amortizable assets from a single asset account to a multiple asset account (pooling), or vice versa. How do i file 2011 taxes now A change in the accounting for amortizable assets from one type of multiple asset account to a different type of multiple asset account. How do i file 2011 taxes now Changes in amortization that are not a change in method of accounting include the following: A change in computing amortization in the tax year in which your use of the asset changes. How do i file 2011 taxes now An adjustment in the useful life of an amortizable asset. How do i file 2011 taxes now Generally, the making of a late amortization election or the revocation of a timely valid amortization election. How do i file 2011 taxes now Any change in the placed-in-service date of an amortizable asset. How do i file 2011 taxes now See Regulations section 1. How do i file 2011 taxes now 446-1(e)(2)(ii)(a) for more information and examples. How do i file 2011 taxes now Automatic approval. How do i file 2011 taxes now   In some instances, you may be able to get automatic approval from the IRS to change your method of accounting for amortization. How do i file 2011 taxes now For a list of automatic accounting method changes, see the Instructions for Form 3115. How do i file 2011 taxes now Also see the Instructions for Form 3115 for more information on getting approval, automatic approval procedures, and a list of exceptions to the automatic approval process. How do i file 2011 taxes now For more information, see Revenue Procedure 2006-12, as modified by Revenue Procedure 2006-37, and Revenue Procedure 2008-52, as amplified, clarified, and modified by Revenue Procedure 2009-39, as clarified and modified by Revenue Procedure 2011-14, as modified and amplified by Revenue Procedure 2011-22, as modified by Revenue Procedure 2012-39, or any successor. How do i file 2011 taxes now See Revenue Procedure 2006-12, 2006-3 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 310, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2006-03_IRB/ar14. How do i file 2011 taxes now html. How do i file 2011 taxes now  See Revenue Procedure 2006-37, 2006-38 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 499, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2006-38_IRB/ar10. How do i file 2011 taxes now html. How do i file 2011 taxes now  See Revenue Procedure 2008-52, 2008-36 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 587, available at www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2008-36_IRB/ar09. How do i file 2011 taxes now html. How do i file 2011 taxes now  See Revenue Procedure 2009-39, 2009-38 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 371, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2009-38_IRB/ar08. How do i file 2011 taxes now html. How do i file 2011 taxes now  See Revenue Procedure 2011-14, 2011-4 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 330, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2011-04_IRB/ar08. How do i file 2011 taxes now html. How do i file 2011 taxes now  See Revenue Procedure 2011-22, 2011-18 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 737, available at  www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2011-18_IRB/ar08. How do i file 2011 taxes now html. How do i file 2011 taxes now Also, see Revenue Procedure 2012-39, 2012-41 I. How do i file 2011 taxes now R. How do i file 2011 taxes now B. How do i file 2011 taxes now 470 available at www. How do i file 2011 taxes now irs. How do i file 2011 taxes now gov/irb/2012-41_IRB/index. How do i file 2011 taxes now html. How do i file 2011 taxes now Disposition of Section 197 Intangibles A section 197 intangible is treated as depreciable property used in your trade or business. How do i file 2011 taxes now If you held the intangible for more than 1 year, any gain on its disposition, up to the amount of allowable amortization, is ordinary income (section 1245 gain). How do i file 2011 taxes now If multiple section 197 intangibles are disposed of in a single transaction or a series of related transactions, treat all of the section 197 intangibles as if they were a single asset for purposes of determining the amount of gain that is ordinary income. How do i file 2011 taxes now Any remaining gain, or any loss, is a section 1231 gain or loss. How do i file 2011 taxes now If you held the intangible 1 year or less, any gain or loss on its disposition is an ordinary gain or loss. How do i file 2011 taxes now For more information on ordinary or capital gain or loss on business property, see chapter 3 in Publication 544. How do i file 2011 taxes now Nondeductible loss. How do i file 2011 taxes now   You cannot deduct any loss on the disposition or worthlessness of a section 197 intangible that you acquired in the same transaction (or series of related transactions) as other section 197 intangibles you still have. How do i file 2011 taxes now Instead, increase the adjusted basis of each remaining amortizable section 197 intangible by a proportionate part of the nondeductible loss. How do i file 2011 taxes now Figure the increase by multiplying the nondeductible loss on the disposition of the intangible by the following fraction. How do i file 2011 taxes now The numerator is the adjusted basis of each remaining intangible on the date of the disposition. How do i file 2011 taxes now The denominator is the total adjusted bases of all remaining amortizable section 197 intangibles on the date of the disposition. How do i file 2011 taxes now Covenant not to compete. How do i file 2011 taxes now   A covenant not to compete, or similar arrangement, is not considered disposed of or worthless before you dispose of your entire interest in the trade or business for which you entered into the covenant. How do i file 2011 taxes now Nonrecognition transfers. How do i file 2011 taxes now   If you acquire a section 197 intangible in a nonrecognition transfer, you are treated as the transferor with respect to the part of your adjusted basis in the intangible that is not more than the transferor's adjusted basis. How do i file 2011 taxes now You amortize this part of the adjusted basis over the intangible's remaining amortization period in the hands of the transferor. How do i file 2011 taxes now Nonrecognition transfers include transfers to a corporation, partnership contributions and distributions, like-kind exchanges, and involuntary conversions. How do i file 2011 taxes now   In a like-kind exchange or involuntary conversion of a section 197 intangible, you must continue to amortize the part of your adjusted basis in the acquired intangible that is not more than your adjusted basis in the exchanged or converted intangible over the remaining amortization period of the exchanged or converted intangible. How do i file 2011 taxes now Amortize over a new 15-year period the part of your adjusted basis in the acquired intangible that is more than your adjusted basis in the exchanged or converted intangible. How do i file 2011 taxes now Example. How do i file 2011 taxes now You own a section 197 intangible you have amortized for 4 full years. How do i file 2011 taxes now It has a remaining unamortized basis of $30,000. How do i file 2011 taxes now You exchange the asset plus $10,000 for a like-kind section 197 intangible. How do i file 2011 taxes now The nonrecognition provisions of like-kind exchanges apply. How do i file 2011 taxes now You amortize $30,000 of the $40,000 adjusted basis of the acquired intangible over the 11 years remaining in the original 15-year amortization period for the transferred asset. How do i file 2011 taxes now You amortize the other $10,000 of adjusted basis over a new 15-year period. How do i file 2011 taxes now For more information, see Regulations section 1. How do i file 2011 taxes now 197-2(g). How do i file 2011 taxes now Reforestation Costs You can elect to deduct a limited amount of reforestation costs paid or incurred during the tax year. How do i file 2011 taxes now See Reforestation Costs in chapter 7. How do i file 2011 taxes now You can elect to amortize the qualifying costs that are not deducted currently over an 84-month period. How do i file 2011 taxes now There is no limit on the amount of your amortization deduction for reforestation costs paid or incurred during the tax year. How do i file 2011 taxes now The election to amortize reforestation costs incurred by a partnership, S corporation, or estate must be made by the partnership, corporation, or estate. How do i file 2011 taxes now A partner, shareholder, or beneficiary cannot make that election. How do i file 2011 taxes now A partner's or shareholder's share of amortizable costs is figured under the general rules for allocating items of income, loss, deduction, etc. How do i file 2011 taxes now , of a partnership or S corporation. How do i file 2011 taxes now The amortizable costs of an estate are divided between the estate and the income beneficiary based on the income of the estate allocable to each. How do i file 2011 taxes now Qualifying costs. How do i file 2011 taxes now   Reforestation costs are the direct costs of planting or seeding for forestation or reforestation. How do i file 2011 taxes now Qualifying costs include only those costs you must capitalize and include in the adjusted basis of the property. How do i file 2011 taxes now They include costs for the following items. How do i file 2011 taxes now Site preparation. How do i file 2011 taxes now Seeds or seedlings. How do i file 2011 taxes now Labor. How do i file 2011 taxes now Tools. How do i file 2011 taxes now Depreciation on equipment used in planting and seeding. How do i file 2011 taxes now Qualifying costs do not include costs for which the government reimburses you under a cost-sharing program, unless you include the reimbursement in your income. How do i file 2011 taxes now Qualified timber property. How do i file 2011 taxes now   Qualified timber property is property that contains trees in significant commercial quantities. How do i file 2011 taxes now It can be a woodlot or other site that you own or lease. How do i file 2011 taxes now The property qualifies only if it meets all of the following requirements. How do i file 2011 taxes now It is located in the United States. How do i file 2011 taxes now It is held for the growing and cutting of timber you will either use in, or sell for use in, the commercial production of timber products. How do i file 2011 taxes now It consists of at least one acre planted with tree seedlings in the manner normally used in forestation or reforestation. How do i file 2011 taxes now Qualified timber property does not include property on which you have planted shelter belts or ornamental trees, such as Christmas trees. How do i file 2011 taxes now Amortization period. How do i file 2011 taxes now   The 84-month amortization period starts on the first day of the first month of the second half of the tax year you incur the costs (July 1 for a calendar year taxpayer), regardless of the month you actually incur the costs. How do i file 2011 taxes now You can claim amortization deductions for no more than 6 months of the first and last (eighth) tax years of the period. How do i file 2011 taxes now Life tenant and remainderman. How do i file 2011 taxes now   If one person holds the property for life with the remainder going to another person, the life tenant is entitled to the full amortization for qualifying reforestation costs incurred by the life tenant. How do i file 2011 taxes now Any remainder interest in the property is ignored for amortization purposes. How do i file 2011 taxes now Recapture. How do i file 2011 taxes now   If you dispose of qualified timber property within 10 years after the tax year you incur qualifying reforestation expenses, report any gain as ordinary income up to the amortization you took. How do i file 2011 taxes now See chapter 3 of Publication 544 for more information. How do i file 2011 taxes now How to make the election. How do i file 2011 taxes now   To elect to amortize qualifying reforestation costs, complete Part VI of Form 4562 and attach a statement that contains the following information. How do i file 2011 taxes now A description of the costs and the dates you incurred them. How do i file 2011 taxes now A description of the type of timber being grown and the purpose for which it is grown. How do i file 2011 taxes now Attach a separate statement for each property for which you amortize reforestation costs. How do i file 2011 taxes now   Generally, you must make the election on a timely filed return (including extensions) for the tax year in which you incurred the costs. How do i file 2011 taxes now However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How do i file 2011 taxes now Attach Form 4562 and the statement to the amended return and write “Filed pursuant to section 301. How do i file 2011 taxes now 9100-2” on Form 4562. How do i file 2011 taxes now File the amended return at the same address you filed the original return. How do i file 2011 taxes now Revoking the election. How do i file 2011 taxes now   You must get IRS approval to revoke your election to amortize qualifying reforestation costs. How do i file 2011 taxes now Your application to revoke the election must include your name, address, the years for which your election was in effect, and your reason for revoking it. How do i file 2011 taxes now Please provide your daytime telephone number (optional), in case we need to contact you. How do i file 2011 taxes now You, or your duly authorized representative, must sign the application and file it at least 90 days before the due date (without extensions) for filing your income tax return for the first tax year for which your election is to end. How do i file 2011 taxes now    Send the application to: Internal Revenue Service Associate Chief Counsel Passthroughs and Special Industries CC:PSI:6 1111 Constitution Ave. How do i file 2011 taxes now NW, IR-5300 Washington, DC 20224 Geological and Geophysical Costs You can amortize the cost of geological and geophysical expenses paid or incurred in connection with oil and gas exploration or development within the United States. How do i file 2011 taxes now These costs can be amortized ratably over a 24-month period beginning on the mid-point of the tax year in which the expenses were paid or incurred. How do i file 2011 taxes now For major integrated oil companies (as defined in section 167(h)(5)), these costs must be amortized ratably over a 5-year period for costs paid or incurred after May 17, 2006 (a 7-year period for costs paid or incurred after December 19, 2007). How do i file 2011 taxes now If you retire or abandon the property during the amortization period, no amortization deduction is allowed in the year of retirement or abandonment. How do i file 2011 taxes now Pollution Control Facilities You can elect to amortize the cost of a certified pollution control facility over 60 months. How do i file 2011 taxes now However, see Atmospheric pollution control facilities for an exception. How do i file 2011 taxes now The cost of a pollution control facility that is not eligible for amortization can be depreciated under the regular rules for depreciation. How do i file 2011 taxes now Also, you can claim a special depreciation allowance on a certified pollution control facility that is qualified property even if you elect to amortize its cost. How do i file 2011 taxes now You must reduce its cost (amortizable basis) by the amount of any special allowance you claim. How do i file 2011 taxes now See chapter 3 of Publication 946. How do i file 2011 taxes now A certified pollution control facility is a new identifiable treatment facility used in connection with a plant or other property in operation before 1976, to reduce or control water or atmospheric pollution or contamination. How do i file 2011 taxes now The facility must do so by removing, changing, disposing, storing, or preventing the creation or emission of pollutants, contaminants, wastes, or heat. How do i file 2011 taxes now The facility must be certified by state and federal certifying authorities. How do i file 2011 taxes now The facility must not significantly increase the output or capacity, extend the useful life, or reduce the total operating costs of the plant or other property. How do i file 2011 taxes now Also, it must not significantly change the nature of the manufacturing or production process or facility. How do i file 2011 taxes now The federal certifying authority will not certify your property to the extent it appears you will recover (over the property's useful life) all or part of its cost from the profit based on its operation (such as through sales of recovered wastes). How do i file 2011 taxes now The federal certifying authority will describe the nature of the potential cost recovery. How do i file 2011 taxes now You must then reduce the amortizable basis of the facility by this potential recovery. How do i file 2011 taxes now New identifiable treatment facility. How do i file 2011 taxes now   A new identifiable treatment facility is tangible depreciable property that is identifiable as a treatment facility. How do i file 2011 taxes now It does not include a building and its structural components unless the building is exclusively a treatment facility. How do i file 2011 taxes now Atmospheric pollution control facilities. How do i file 2011 taxes now   Certain atmospheric pollution control facilities can be amortized over 84 months. How do i file 2011 taxes now To qualify, the following must apply. How do i file 2011 taxes now The facility must be acquired and placed in service after April 11, 2005. How do i file 2011 taxes now If acquired, the original use must begin with you after April 11, 2005. How do i file 2011 taxes now The facility must be used in connection with an electric generation plant or other property placed in operation after December 31, 1975, that is primarily coal fired. How do i file 2011 taxes now If you construct, reconstruct, or erect the facility, only the basis attributable to the construction, reconstruction, or erection completed after April 11, 2005, qualifies. How do i file 2011 taxes now Basis reduction for corporations. How do i file 2011 taxes now   A corporation must reduce the amortizable basis of a pollution control facility by 20% before figuring the amortization deduction. How do i file 2011 taxes now More information. How do i file 2011 taxes now   For more information on the amortization of pollution control facilities, see Code sections 169 and 291(c) and the related regulations. How do i file 2011 taxes now Research and Experimental Costs You can elect to amortize your research and experimental costs, deduct them as current business expenses, or write them off over a 10-year period (see Optional write-off method below). How do i file 2011 taxes now If you elect to amortize these costs, deduct them in equal amounts over 60 months or more. How do i file 2011 taxes now The amortization period begins the month you first receive an economic benefit from the costs. How do i file 2011 taxes now For a definition of “research and experimental costs” and information on deducting them as current business expenses, see chapter 7. How do i file 2011 taxes now Optional write-off method. How do i file 2011 taxes now   Rather than amortize these costs or deduct them as a current expense, you have the option of deducting (writing off) research and experimental costs ratably over a 10-year period beginning with the tax year in which you incurred the costs. How do i file 2011 taxes now For more information, see Optional Write-off of Certain Tax Preferences , later, and section 59(e) of the Internal Revenue Code. How do i file 2011 taxes now Costs you can amortize. How do i file 2011 taxes now   You can amortize costs chargeable to a capital account (see chapter 1) if you meet both of the following requirements. How do i file 2011 taxes now You paid or incurred the costs in your trade or business. How do i file 2011 taxes now You are not deducting the costs currently. How do i file 2011 taxes now How to make the election. How do i file 2011 taxes now   To elect to amortize research and experimental costs, complete Part VI of Form 4562 and attach it to your income tax return. How do i file 2011 taxes now Generally, you must file the return by the due date (including extensions). How do i file 2011 taxes now However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How do i file 2011 taxes now Attach Form 4562 to the amended return and write “Filed pursuant to section 301. How do i file 2011 taxes now 9100-2” on Form 4562. How do i file 2011 taxes now File the amended return at the same address you filed the original return. How do i file 2011 taxes now   Your election is binding for the year it is made and for all later years unless you obtain approval from the IRS to change to a different method. How do i file 2011 taxes now Optional Write-off of Certain Tax Preferences You can elect to amortize certain tax preference items over an optional period beginning in the tax year in which you incurred the costs. How do i file 2011 taxes now If you make this election, there is no AMT adjustment. How do i file 2011 taxes now The applicable costs and the optional recovery periods are as follows: Circulation costs — 3 years, Intangible drilling and development costs — 60 months, Mining exploration and development costs — 10 years, and Research and experimental costs — 10 years. How do i file 2011 taxes now How to make the election. How do i file 2011 taxes now   To elect to amortize qualifying costs over the optional recovery period, complete Part VI of Form 4562 and attach a statement containing the following information to your return for the tax year in which the election begins: Your name, address, and taxpayer identification number; and The type of cost and the specific amount of the cost for which you are making the election. How do i file 2011 taxes now   Generally, the election must be made on a timely filed return (including extensions) for the tax year in which you incurred the costs. How do i file 2011 taxes now However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the return (excluding extensions). How do i file 2011 taxes now Attach Form 4562 to the amended return and write “Filed pursuant to section 301. How do i file 2011 taxes now 9100-2” on Form 4562. How do i file 2011 taxes now File the amended return at the same address you filed the original return. How do i file 2011 taxes now Revoking the election. How do i file 2011 taxes now   You must obtain consent from the IRS to revoke your election. How do i file 2011 taxes now Your request to revoke the election must be submitted to the IRS in the form of a letter ruling before the end of the tax year in which the optional recovery period ends. How do i file 2011 taxes now The request must contain all of the information necessary to demonstrate the rare and unusual circumstances that would justify granting revocation. How do i file 2011 taxes now If the request for revocation is approved, any unamortized costs are deductible in the year the revocation is effective. How do i file 2011 taxes now Prev  Up  Next   Home   More Online Publications
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The How Do I File 2011 Taxes Now

How do i file 2011 taxes now Index A Absence, temporary, Temporary absences. How do i file 2011 taxes now Address, change of, Reminders Aliens (see Nonresident aliens) Alimony, Alimony. How do i file 2011 taxes now , Alimony, Instruments Executed Before 1985 Community income, Alimony (Community Income) Fees paid for getting, Fees for getting alimony. How do i file 2011 taxes now No exemption for spouse, Alimony paid. How do i file 2011 taxes now Annual exclusion, gift tax, Annual exclusion. How do i file 2011 taxes now Annulment decrees Absolute decree, Ending the Marital Community Amended return required, Unmarried persons. How do i file 2011 taxes now Considered unmarried, Unmarried persons. How do i file 2011 taxes now Archer MSA, Archer medical savings account (MSA). How do i file 2011 taxes now Assistance (see Tax help) B Basis Property received in settlement, Basis of property received. How do i file 2011 taxes now Benefits paid under QDROs, Benefits paid to a child or other dependent. How do i file 2011 taxes now , Benefits paid to a spouse or former spouse. How do i file 2011 taxes now Birth of dependent, Death or birth. How do i file 2011 taxes now C Change of address, Reminders Change of name, Reminders Change of withholding, Reminders Child custody, Custodial parent and noncustodial parent. How do i file 2011 taxes now Child support Alimony, difference from, Child support. How do i file 2011 taxes now Clearly associated with contingency, Clearly associated with a contingency. How do i file 2011 taxes now Contingency relating to child, Contingency relating to your child. How do i file 2011 taxes now Payment specifically designated as, Specifically designated as child support. How do i file 2011 taxes now Child support under pre-1985 agreement, Child support under pre-1985 agreement. How do i file 2011 taxes now Child tax credit, Exemptions for Dependents Children Birth of child Head of household, qualifying person to file as, Death or birth. How do i file 2011 taxes now Claiming parent, when child is head of household, Special rule for parent. How do i file 2011 taxes now Custody of, Custodial parent and noncustodial parent. How do i file 2011 taxes now Death of child Head of household, qualifying person to file as, Death or birth. How do i file 2011 taxes now Photographs of missing children, Reminders Community income, Community Income, Alimony (Community Income) Community property, Community Property, Alimony (Community Income) (see also Community income) Ending the marital community, Ending the Marital Community Laws disregarded, Certain community income not treated as community income by one spouse. How do i file 2011 taxes now States, Community property states. How do i file 2011 taxes now Costs of getting divorce, Costs of Getting a Divorce Fees for tax advice, Fees for tax advice. How do i file 2011 taxes now Nondeductible expenses, Nondeductible expenses. How do i file 2011 taxes now Custody of child, Custodial parent and noncustodial parent. How do i file 2011 taxes now D Death of dependent, Death or birth. How do i file 2011 taxes now Death of recipient spouse. How do i file 2011 taxes now , Alimony Requirements Debts of spouse Refund applied to, Tax refund applied to spouse's debts. How do i file 2011 taxes now Deductions Alimony paid, Deducting alimony paid. How do i file 2011 taxes now Alimony recapture, Deducting the recapture. How do i file 2011 taxes now Limits on IRAs, IRA contribution and deduction limits. How do i file 2011 taxes now Marital, Marital deduction. How do i file 2011 taxes now Dependents Exemption for, Exemptions for Dependents, Special Rule for Qualifying Child of More Than One Person Qualifying child, Exemptions for Dependents Qualifying child (Table 3), Table 3. How do i file 2011 taxes now Overview of the Rules for Claiming an Exemption for a Dependent Qualifying relative, Exemptions for Dependents Qualifying relative (Table 3), Table 3. How do i file 2011 taxes now Overview of the Rules for Claiming an Exemption for a Dependent Social security numbers, Reminders Divorce decrees Absolute decree, Ending the Marital Community Amended, Amended instrument. How do i file 2011 taxes now Costs of getting, Costs of Getting a Divorce Defined for purposes of alimony, Divorce or separation instrument. How do i file 2011 taxes now Invalid, Invalid decree. How do i file 2011 taxes now Unmarried persons, Unmarried persons. How do i file 2011 taxes now Divorced parents, Children of Divorced or Separated Parents (or Parents Who Live Apart) Child custody, Custodial parent and noncustodial parent. How do i file 2011 taxes now Domestic relations orders (see Qualified domestic relations orders (QDROs)) Domicile, Community Income E Earned income, Earned income. How do i file 2011 taxes now Equitable relief (see Relief from joint liability) Estimated tax, Tax Withholding and Estimated Tax Joint payments, Joint estimated tax payments. How do i file 2011 taxes now Exemptions, Exemptions, Special Rule for Qualifying Child of More Than One Person Dependents, Exemptions for Dependents, Special Rule for Qualifying Child of More Than One Person Personal, Personal Exemptions Spouse, Exemption for Your Spouse F Fees for tax advice, Fees for tax advice. How do i file 2011 taxes now Filing status, Filing Status, More information. How do i file 2011 taxes now Head of household, Requirements. How do i file 2011 taxes now Form 1040 Deducting alimony paid, Deducting alimony paid. How do i file 2011 taxes now Reporting alimony received, Reporting alimony received. How do i file 2011 taxes now Form 1040X Annulment, decree of, Unmarried persons. How do i file 2011 taxes now Form 8332 Release of exemption to noncustodial parent, Written declaration. How do i file 2011 taxes now Form 8379 Injured spouse, Injured spouse. How do i file 2011 taxes now Form 8857 Innocent spouse relief, Relief from joint liability. How do i file 2011 taxes now Form W-4 Withholding, Tax Withholding and Estimated Tax Form W-7 Individual taxpayer identification number (ITIN), Reminders Former spouse Defined for purposes of alimony, Spouse or former spouse. How do i file 2011 taxes now Free tax services, How To Get Tax Help G Gift tax, Gift Tax on Property Settlements, Annual exclusion. How do i file 2011 taxes now , Gift Tax Return H Head of household, Head of Household Health savings accounts (HSAs), Health savings account (HSA). How do i file 2011 taxes now Help (see Tax help) Home owned jointly Alimony payments for, Payments for jointly-owned home. How do i file 2011 taxes now Expenses for, as alimony (Table 4), Table 4. How do i file 2011 taxes now Expenses for a Jointly-Owned Home Sale of, Sale of home. How do i file 2011 taxes now HSAs (Health savings accounts), Health savings account (HSA). How do i file 2011 taxes now I Identification number, Reminders Income, Community Income (see also Community income) Alimony received, Reporting alimony received. How do i file 2011 taxes now Individual retirement arrangements (IRAs), Individual Retirement Arrangements, IRA contribution and deduction limits. How do i file 2011 taxes now Individual taxpayer identification numbers (ITINs), Reminders Injured spouse, Injured spouse. How do i file 2011 taxes now Innocent spouse relief, Relief from joint liability. How do i file 2011 taxes now Insurance premiums, Life insurance premiums. How do i file 2011 taxes now Invalid decree, Invalid decree. How do i file 2011 taxes now IRAs (Individual retirement arrangements), Individual Retirement Arrangements, IRA contribution and deduction limits. How do i file 2011 taxes now Itemized deductions on separate returns, Itemized deductions. How do i file 2011 taxes now ITINs (Individual taxpayer identification numbers), Reminders J Joint liability Relief from, Reminders, Relief from joint liability. How do i file 2011 taxes now Joint returns, Married Filing Jointly Change from separate return, Joint return after separate returns. How do i file 2011 taxes now Change to separate return, Separate returns after joint return. How do i file 2011 taxes now Divorced taxpayers, Divorced taxpayers. How do i file 2011 taxes now Exemption for spouse, Joint return. How do i file 2011 taxes now Joint and individual liability, Joint and individual liability. How do i file 2011 taxes now Relief from joint liability, Relief from joint liability. How do i file 2011 taxes now Signing, Signing a joint return. How do i file 2011 taxes now Jointly-owned home Alimony payments for, Payments for jointly-owned home. How do i file 2011 taxes now Expenses for, as alimony (Table 4), Table 4. How do i file 2011 taxes now Expenses for a Jointly-Owned Home Sale of, Sale of Jointly-Owned Property, Sale of home. How do i file 2011 taxes now K Kidnapped child Head of household status and, Kidnapped child. How do i file 2011 taxes now L Liability for taxes (see Relief from joint liability) Life insurance premiums as alimony, Life insurance premiums. How do i file 2011 taxes now M Marital community, ending, Ending the Marital Community Marital status, Marital status. How do i file 2011 taxes now Married persons, Married persons. How do i file 2011 taxes now Medical savings accounts (MSAs), Archer medical savings account (MSA). How do i file 2011 taxes now Missing children, photographs of, Reminders More information (see Tax help) Mortgage payments as alimony, Payments for jointly-owned home. How do i file 2011 taxes now MSAs (Medical savings accounts), Archer medical savings account (MSA). How do i file 2011 taxes now N Name, change of, Reminders Nondeductible expenses, Nondeductible expenses. How do i file 2011 taxes now Nonresident aliens Joint returns, Nonresident alien. How do i file 2011 taxes now Withholding, Withholding on nonresident aliens. How do i file 2011 taxes now P Parent Head of household, claim for, Special rule for parent. How do i file 2011 taxes now Parents, divorced or separated, Children of Divorced or Separated Parents (or Parents Who Live Apart) Personal exemptions, Personal Exemptions Phaseout of Exemptions, Phaseout of Exemptions Property settlements, Property Settlements, Sale of home. How do i file 2011 taxes now Publications (see Tax help) Q Qualified domestic relations orders (QDROs), Qualified Domestic Relations Order, Benefits paid to a child or other dependent. How do i file 2011 taxes now , Benefits paid to a spouse or former spouse. How do i file 2011 taxes now Qualifying child, exemption for, Exemptions for Dependents Qualifying child, exemption for (Table 3), Table 3. How do i file 2011 taxes now Overview of the Rules for Claiming an Exemption for a Dependent Qualifying person, head of household, Qualifying person. How do i file 2011 taxes now Table 2, Table 2. How do i file 2011 taxes now Who Is a Qualifying Person Qualifying You To File as Head of Household?1 Qualifying relative, exemption for, Exemptions for Dependents Qualifying relative, exemption for (Table 3), Table 3. How do i file 2011 taxes now Overview of the Rules for Claiming an Exemption for a Dependent R Recapture of alimony, Recapture of Alimony Refunds Injured spouse, community property, Injured spouse. How do i file 2011 taxes now Spouse's debts, applied to, Tax refund applied to spouse's debts. How do i file 2011 taxes now Release of exemption to noncustodial parent, Written declaration. How do i file 2011 taxes now Revocation, Revocation of release of claim to an exemption. How do i file 2011 taxes now Relief from joint liability, Reminders, Relief from joint liability. How do i file 2011 taxes now Relief from separate return liability Community income, Relief from liability arising from community property law. How do i file 2011 taxes now Reporting requirements Alimony received, Reporting alimony received. How do i file 2011 taxes now Returns Amended return required, Unmarried persons. How do i file 2011 taxes now Joint (see Joint returns) Separate (see Separate returns) Rollovers, Rollovers. How do i file 2011 taxes now S Sales of jointly-owned property, Sale of Jointly-Owned Property Section 1041 election, Basis of property received. How do i file 2011 taxes now Separate maintenance decrees, Unmarried persons. How do i file 2011 taxes now , Divorce or separation instrument. How do i file 2011 taxes now , Ending the Marital Community Separate returns, Married Filing Separately Change to or from joint return, Joint return after separate returns. How do i file 2011 taxes now Community or separate income, Community or separate income. How do i file 2011 taxes now Exemption for spouse, Separate return. How do i file 2011 taxes now Itemized deductions, Itemized deductions. How do i file 2011 taxes now Relief from liability, Relief from liability arising from community property law. How do i file 2011 taxes now Separate liability, Separate liability. How do i file 2011 taxes now Tax consequences, Separate returns may give you a higher tax. How do i file 2011 taxes now Separated parents, Children of Divorced or Separated Parents (or Parents Who Live Apart) Separation agreements, Ending the Marital Community Defined for purposes of alimony, Divorce or separation instrument. How do i file 2011 taxes now Separation of liability (see Relief from joint liability) Settlement of property (see Property settlements) Social security benefits, Social security benefits. How do i file 2011 taxes now Social security numbers (SSNs) Alimony recipient's number required, Alimony Dependents, Reminders Spousal IRA, Spousal IRA. How do i file 2011 taxes now Spouse Defined for purposes of alimony, Spouse or former spouse. How do i file 2011 taxes now Refund applied to debts, Tax refund applied to spouse's debts. How do i file 2011 taxes now Statute of limitations Amended return, Unmarried persons. How do i file 2011 taxes now Injured spouse allocation, Injured spouse. How do i file 2011 taxes now T Tables and figures Exemption for dependents (Table 3), Table 3. How do i file 2011 taxes now Overview of the Rules for Claiming an Exemption for a Dependent Itemized deductions on separate returns (Table 1), Table 1. How do i file 2011 taxes now Itemized Deductions on Separate Returns Jointly-owned home, expenses for, as alimony (Table 4), Table 4. How do i file 2011 taxes now Expenses for a Jointly-Owned Home Property transferred pursuant to divorce (Table 5), Table 5. How do i file 2011 taxes now Property Transferred Pursuant to Divorce Qualifying person for head of household (Table 2), Table 2. How do i file 2011 taxes now Who Is a Qualifying Person Qualifying You To File as Head of Household?1 Tax advice fees, Fees for tax advice. How do i file 2011 taxes now Tax help, How To Get Tax Help Tax withholding (see Withholding) Taxpayer Advocate, The Taxpayer Advocate Service is Here to Help You. How do i file 2011 taxes now Taxpayer identification numbers, Reminders Third parties Alimony payments to, Payments to a third party. How do i file 2011 taxes now , Payments to a third party. How do i file 2011 taxes now Property settlements, transfers to, Transfers to third parties. How do i file 2011 taxes now Tiebreaker rules, Tiebreaker rules. How do i file 2011 taxes now TTY/TDD information, How To Get Tax Help U Underpayment of alimony, Underpayment. How do i file 2011 taxes now Unmarried persons, Unmarried persons. How do i file 2011 taxes now W Withholding Change of, Reminders, Tax Withholding and Estimated Tax Nonresident aliens, Withholding on nonresident aliens. How do i file 2011 taxes now Worksheets Recapture of alimony (Worksheet 1), How to figure and report the recapture. How do i file 2011 taxes now Prev  Up     Home   More Online Publications