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Irs Amended Return

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Irs Amended Return

Irs amended return 3. Irs amended return   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. Irs amended return The allowance applies only for the first year you place the property in service. Irs amended return For qualified property placed in service in 2013, you can take an additional 50% special allowance. Irs amended return The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. Irs amended return This chapter explains what is qualified property. Irs amended return It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. Irs amended return Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Irs amended return See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Irs amended return See chapter 6 for information about getting publications and forms. Irs amended return What Is Qualified Property? Your property is qualified property if it is one of the following. Irs amended return Qualified reuse and recycling property. Irs amended return Qualified cellulosic biofuel plant property. Irs amended return Qualified disaster assistance property. Irs amended return Certain qualified property acquired after December 31, 2007. Irs amended return The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Irs amended return Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Irs amended return Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). Irs amended return Qualified reuse and recycling property also includes software necessary to operate such equipment. Irs amended return The property must meet the following requirements. Irs amended return The property must be depreciated under MACRS. Irs amended return The property must have a useful life of at least 5 years. Irs amended return The original use of the property must begin with you after August 31, 2008. Irs amended return You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. Irs amended return The property must be placed in service for use in your trade or business after August 31, 2008. Irs amended return Excepted Property Qualified reuse and recycling property does not include any of the following. Irs amended return Any rolling stock or other equipment used to transport reuse or recyclable materials. Irs amended return Property required to be depreciated using the Alternative Depreciation System (ADS). Irs amended return For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs amended return Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs amended return Property for which you elected not to claim any special depreciation allowance (discussed later). Irs amended return Property placed in service and disposed of in the same tax year. Irs amended return Property converted from business use to personal use in the same tax year acquired. Irs amended return Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Irs amended return Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Irs amended return Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Irs amended return Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Irs amended return The property must meet the following requirements. Irs amended return The property is used in the United States solely to produce cellulosic biofuel. Irs amended return The original use of the property must begin with you after December 20, 2006. Irs amended return You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. Irs amended return The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. Irs amended return Note. Irs amended return For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). Irs amended return The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. Irs amended return Special Rules Sale-leaseback. Irs amended return   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs amended return   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. Irs amended return Syndicated leasing transactions. Irs amended return   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs amended return   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Irs amended return Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Irs amended return Property placed in service and disposed of in the same tax year. Irs amended return Property converted from business use to personal use in the same tax year it is acquired. Irs amended return Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Irs amended return Property required to be depreciated using the Alternative Depreciation System (ADS). Irs amended return For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs amended return Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. Irs amended return Property for which you elected not to claim any special depreciation allowance (discussed later). Irs amended return Property for which a deduction was taken under section 179C for certain qualified refinery property. Irs amended return Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs amended return Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. Irs amended return A list of the federally declared disaster areas is available at the FEMA website at www. Irs amended return fema. Irs amended return gov. Irs amended return Your property is qualified disaster assistance property if it meets the following requirements. Irs amended return The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. Irs amended return You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. Irs amended return The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Irs amended return The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Irs amended return The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Irs amended return The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Irs amended return Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. Irs amended return It is not excepted property (explained later in Excepted Property ). Irs amended return Special Rules Sale-leaseback. Irs amended return   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs amended return   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. Irs amended return Syndicated leasing transactions. Irs amended return   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs amended return   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. Irs amended return Excepted Property Qualified disaster assistance property does not include any of the following. Irs amended return Property required to be depreciated using the Alternative Depreciation System (ADS). Irs amended return For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs amended return Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Irs amended return Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. Irs amended return Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. Irs amended return Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Irs amended return Property for which you elected not to claim any special depreciation allowance (discussed later). Irs amended return Property placed in service and disposed of in the same tax year. Irs amended return Property converted from business use to personal use in the same tax year acquired. Irs amended return Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Irs amended return Any gambling or animal racing property (defined later). Irs amended return Qualified revitalization building. Irs amended return   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Irs amended return If the building is new, the original use of the building must begin with you. Irs amended return If the building is not new, you must substantially rehabilitate the building and then place it in service. Irs amended return For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Irs amended return Gambling or animal racing property. Irs amended return   Gambling or animal racing property includes the following personal and real property. Irs amended return Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. Irs amended return Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. Irs amended return Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. Irs amended return Your property is qualified property if it meets the following requirements. Irs amended return It is one of the following types of property. Irs amended return Tangible property depreciated under MACRS with a recovery period of 20 years or less. Irs amended return Water utility property. Irs amended return Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Irs amended return (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs amended return ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Irs amended return You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Irs amended return The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). Irs amended return The original use of the property must begin with you after December 31, 2007. Irs amended return It is not excepted property (explained later in Excepted property). Irs amended return Qualified leasehold improvement property. Irs amended return    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Irs amended return The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. Irs amended return That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs amended return The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Irs amended return The improvement is section 1250 property. Irs amended return See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Irs amended return   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs amended return The enlargement of the building. Irs amended return Any elevator or escalator. Irs amended return Any structural component benefiting a common area. Irs amended return The internal structural framework of the building. Irs amended return   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. Irs amended return However, a lease between related persons is not treated as a lease. Irs amended return Related persons. Irs amended return   For this purpose, the following are related persons. Irs amended return Members of an affiliated group. Irs amended return An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. Irs amended return A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Irs amended return Two corporations that are members of the same controlled group. Irs amended return A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. Irs amended return The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Irs amended return 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. Irs amended return A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. Irs amended return Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. Irs amended return A corporation and a partnership if the same persons own both of the following. Irs amended return 80% or more of the value of the outstanding stock of the corporation. Irs amended return 80% or more of the capital or profits interest in the partnership. Irs amended return The executor and beneficiary of any estate. Irs amended return Long Production Period Property To be qualified property, long production period property must meet the following requirements. Irs amended return It must meet the requirements in (2)-(5), above. Irs amended return The property has a recovery period of at least 10 years or is transportation property. Irs amended return Transportation property is tangible personal property used in the trade or business of transporting persons or property. Irs amended return The property is subject to section 263A of the Internal Revenue Code. Irs amended return The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Irs amended return Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Irs amended return It must meet the requirements in (2)-(5), above. Irs amended return The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). Irs amended return The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. Irs amended return The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Irs amended return Special Rules Sale-leaseback. Irs amended return   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. Irs amended return   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. Irs amended return Syndicated leasing transactions. Irs amended return   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Irs amended return   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. Irs amended return Excepted Property Qualified property does not include any of the following. Irs amended return Property placed in service and disposed of in the same tax year. Irs amended return Property converted from business use to personal use in the same tax year acquired. Irs amended return Property converted from personal use to business use in the same or later tax year may be qualified property. Irs amended return Property required to be depreciated under the Alternative Depreciation System (ADS). Irs amended return This includes listed property used 50% or less in a qualified business use. Irs amended return For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . Irs amended return Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Irs amended return Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Irs amended return Property for which you elected not to claim any special depreciation allowance (discussed later). Irs amended return Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Irs amended return Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. Irs amended return For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. Irs amended return An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. Irs amended return If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. Irs amended return If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. Irs amended return See Which Depreciation Method Applies in chapter 4 . Irs amended return Once made, the election cannot be revoked without IRS consent. Irs amended return Additional guidance. Irs amended return   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Irs amended return Proc. Irs amended return 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Irs amended return irs. Irs amended return gov/pub/irs-irbs/irb08-44. Irs amended return pdf, Rev. Irs amended return Proc. Irs amended return 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Irs amended return irs. Irs amended return gov/pub/irs-irbs/irb09-06. Irs amended return pdf, and Rev. Irs amended return Proc. Irs amended return 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Irs amended return irs. Irs amended return gov/pub/irs-irbs/irb09-29. Irs amended return pdf. Irs amended return Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Irs amended return   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. Irs amended return irs. Irs amended return gov/irb. Irs amended return How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. Irs amended return For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Irs amended return For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Irs amended return If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Irs amended return Depreciable basis. Irs amended return   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. Irs amended return   The following are examples of some credits and deductions that reduce depreciable basis. Irs amended return Any section 179 deduction. Irs amended return Any deduction for removal of barriers to the disabled and the elderly. Irs amended return Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Irs amended return Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Irs amended return   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Irs amended return   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . Irs amended return For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . Irs amended return Depreciating the remaining cost. Irs amended return   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . Irs amended return Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Irs amended return Example. Irs amended return On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Irs amended return He did not elect to claim a section 179 deduction. Irs amended return He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Irs amended return He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Irs amended return Like-kind exchanges and involuntary conversions. Irs amended return   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. Irs amended return After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Irs amended return In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. Irs amended return See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Irs amended return The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Irs amended return How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. Irs amended return To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. Irs amended return When to make election. Irs amended return   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. Irs amended return   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 original return (not including extensions). Irs amended return Attach the election statement to the amended return. Irs amended return On the amended return, write “Filed pursuant to section 301. Irs amended return 9100-2. Irs amended return ” Revoking an election. Irs amended return   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs amended return A request to revoke the election is a request for a letter ruling. Irs amended return If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Irs amended return When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. Irs amended return See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Irs amended return Recapture of allowance deducted for qualified GO Zone property. Irs amended return   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs amended return For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Irs amended return Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Irs amended return   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs amended return Recapture of allowance for qualified Recovery Assistance property. Irs amended return   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs amended return For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs amended return Recapture of allowance for qualified disaster assistance property. Irs amended return   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. Irs amended return   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs amended return Prev  Up  Next   Home   More Online Publications
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The Irs Amended Return

Irs amended return 15. Irs amended return   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Irs amended return . Irs amended return  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Irs amended return NIIT is a 3. Irs amended return 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Irs amended return NIIT may need to be included when calculating your estimated tax. Irs amended return For more information, see Publication 505,Tax Withholding and Estimated Tax. Irs amended return Additional Medicare Tax. Irs amended return  For tax years beginning in 2013, a 0. Irs amended return 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Irs amended return You may need to include this amount when figuring your estimated tax. Irs amended return For more information, see Publication 505. Irs amended return Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Irs amended return See Publication 505 for the general rules and requirements for paying estimated tax. Irs amended return If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Irs amended return Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Irs amended return S. Irs amended return Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Irs amended return Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Irs amended return If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Irs amended return Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Irs amended return See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Irs amended return See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Irs amended return Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Irs amended return On a joint return, you must add your spouse's gross income to your gross income. Irs amended return To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Irs amended return Wages, salaries, tips, etc. Irs amended return Taxable interest. Irs amended return Ordinary dividends. Irs amended return Taxable refunds, credits, or offsets of state and local income taxes. Irs amended return Alimony. Irs amended return Gross business income from Schedule C (Form 1040). Irs amended return Gross business receipts from Schedule C-EZ (Form 1040). Irs amended return Capital gains from Schedule D (Form 1040). Irs amended return Losses are not netted against gains. Irs amended return Gains on sales of business property. Irs amended return Taxable IRA distributions, pensions, annuities, and social security benefits. Irs amended return Gross rental income from Schedule E (Form 1040). Irs amended return Gross royalty income from Schedule E (Form 1040). Irs amended return Taxable net income from an estate or trust reported on Schedule E (Form 1040). Irs amended return Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Irs amended return Gross farm rental income from Form 4835. Irs amended return Gross farm income from Schedule F (Form 1040). Irs amended return Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Irs amended return Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Irs amended return Unemployment compensation. Irs amended return Other income not included with any of the items listed above. Irs amended return Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Irs amended return It includes the following amounts. Irs amended return Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Irs amended return Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Irs amended return Crop shares for the use of your land. Irs amended return Gains from sales of draft, breeding, dairy, or sporting livestock. Irs amended return Gross income from farming is the total of the following amounts from your tax return. Irs amended return Gross farm income from Schedule F (Form 1040). Irs amended return Gross farm rental income from Form 4835. Irs amended return Gross farm income from Schedule E (Form 1040), Parts II and III. Irs amended return Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Irs amended return For more information about income from farming, see chapter 3. Irs amended return Farm income does not include any of the following: Wages you receive as a farm employee. Irs amended return Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Irs amended return Gains you receive from the sale of farm land and depreciable farm equipment. Irs amended return Percentage From Farming Figure your gross income from all sources, discussed earlier. Irs amended return Then figure your gross income from farming, discussed earlier. Irs amended return Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Irs amended return Example 1. Irs amended return Jane Smith had the following total gross income and farm gross income amounts in 2013. Irs amended return Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Irs amended return However, that loss is not netted against the gain to figure Ms. Irs amended return Smith's total gross income or her gross farm income. Irs amended return Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Irs amended return 64). Irs amended return Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Irs amended return You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Irs amended return You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Irs amended return 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Irs amended return If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Irs amended return See Required Annual Payment , next, for details. Irs amended return Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Irs amended return Example 2. Irs amended return Assume the same fact as in Example 1. Irs amended return Ms. Irs amended return Smith's gross farm income is only 64% of her total income. Irs amended return Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Irs amended return However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Irs amended return Example 3. Irs amended return Assume the same facts as in Example 1 except that Ms. Irs amended return Smith's farm income from Schedule F was $90,000 instead of $75,000. Irs amended return This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Irs amended return She qualifies to use the special estimated tax rules for qualified farmers, since 67. Irs amended return 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Irs amended return 679). Irs amended return Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Irs amended return Apply the following special rules for qualified farmers to the worksheet. Irs amended return On line 14a, multiply line 13c by 662/3% (. Irs amended return 6667). Irs amended return On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Irs amended return For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Irs amended return For more information, see chapter 4 of Publication 505. Irs amended return Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Irs amended return Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Irs amended return See the instructions for Form 2210-F. Irs amended return Figure 15-1. Irs amended return Estimated Tax for Farmers Please click here for the text description of the image. Irs amended return Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Irs amended return You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Irs amended return If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Irs amended return Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. 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