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Nm Taxation And Revenue Department

Nm taxation and revenue department Publication 908 - Main Content Table of Contents Bankruptcy Code Tax Compliance RequirementsTax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases Tax Returns Due After the Bankruptcy Filing Individuals in Chapter 12 or 13 Individuals in Chapter 7 or 11Debtor's Election To End Tax Year – Form 1040 Taxes and the Bankruptcy Estate Bankruptcy Estate – Income, Deductions, and Credits Tax Reporting – Chapter 11 Cases Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due Tax Return Example – Form 1041 Partnerships and CorporationsFiling Requirements Partnerships Corporations Receiverships Determination of TaxPrompt Determination Requests Court Jurisdiction Over Tax MattersBankruptcy Court Tax Court Federal Tax ClaimsUnsecured Tax Claims Discharge of Unpaid Tax Debt CancellationExclusions Reduction of Tax Attributes Partnerships Corporations Tax Attribute Reduction Example How To Get Tax HelpTaxpayer Advocacy Panel (TAP). Nm taxation and revenue department Low Income Taxpayer Clinics (LITCs). Nm taxation and revenue department Bankruptcy Code Tax Compliance Requirements Tax Returns Due for Periods Ending Before the Bankruptcy Filing in Chapter 13 Cases The Bankruptcy Code requires chapter 13 debtors to file all required tax returns for tax periods ending within 4 years of the debtor's bankruptcy filing. Nm taxation and revenue department All such federal tax returns must be filed with the IRS before the date first set for the first meeting of creditors. Nm taxation and revenue department The debtor may request the trustee to hold the meeting open for an additional 120 days to enable the debtor to file the returns (or until the day the returns are due under an automatic IRS extension, if later). Nm taxation and revenue department After notice and hearing, the bankruptcy court may extend the period for another 30 days. Nm taxation and revenue department Failure to timely file the returns can prevent confirmation of a chapter 13 plan and result in either dismissal of the chapter 13 case or conversion to a chapter 7 case. Nm taxation and revenue department Note. Nm taxation and revenue department Individual debtors should use their home address when filing Form 1040 with the IRS. Nm taxation and revenue department Returns should not be filed “in care of” the trustee's address. Nm taxation and revenue department Ordering tax transcripts and copies of returns. Nm taxation and revenue department   Trustees may require the debtor to submit copies or transcripts of the debtor's returns as proof of filing. Nm taxation and revenue department The debtor can request free transcripts of the debtor's income tax returns by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS or by placing a request on the IRS's free Automated Delivery Service (ADS), available by calling 1-800-829-1040. Nm taxation and revenue department If requested through ADS, the transcript will be mailed to the debtor's most current address according to the IRS's records. Nm taxation and revenue department Transcripts requested using Form 4506-T may be mailed to any address, including to the attention of the trustee in the debtor's bankruptcy case. Nm taxation and revenue department Transcripts are normally mailed within 10 to 15 days of receipt of the request by the IRS. Nm taxation and revenue department A transcript contains most of the information on the debtor's filed return, but it is not a copy of the return. Nm taxation and revenue department To request a copy of the debtor's filed return, file Form 4506, Request for Copy of Tax Return. Nm taxation and revenue department It may take up to 60 days for the IRS to provide the copies after receipt of the debtor's request, and there is a fee of $57. Nm taxation and revenue department 00 per tax return for copies of the returns. Nm taxation and revenue department Tax Returns Due After the Bankruptcy Filing For debtors filing bankruptcy under all chapters (chapters 7, 11, 12, or 13), the Bankruptcy Code provides that if the debtor does not file a tax return that becomes due after the commencement of the bankruptcy case, or obtain an extension for filing the return before the due date, the taxing authority may request that the bankruptcy court either dismiss the case or convert the case to a case under another chapter of the Bankruptcy Code. Nm taxation and revenue department If the debtor does not file the required return or obtain an extension within 90 days after the request is made, the bankruptcy court must dismiss or convert the case. Nm taxation and revenue department Tax returns and payment of taxes in chapter 11 cases. Nm taxation and revenue department   The Bankruptcy Code provides that a chapter 11 debtor's failure to timely file tax returns and pay taxes owed after the date of the “order for relief” (the bankruptcy petition date in voluntary cases) is cause for dismissal of the chapter 11 case, conversion to a chapter 7 case, or appointment of a chapter 11 trustee. Nm taxation and revenue department Disclosure of debtor's return information to trustee. Nm taxation and revenue department   In bankruptcy cases filed under chapter 7 or 11 by individuals, the debtor's income tax returns for the year the bankruptcy case begins and for earlier years are, upon written request, open to inspection by or disclosure to the trustee. Nm taxation and revenue department If the bankruptcy case was not voluntary, disclosure cannot be made before the bankruptcy court has entered an order for relief, unless the court rules that the disclosure is needed for determining whether relief should be ordered. Nm taxation and revenue department    In bankruptcy cases other than those of individuals filing under chapter 7 or 11, the debtor's income tax returns for the current and prior years are, upon written request, open to inspection by or disclosure to the trustee, but only if the IRS finds that the trustee has a material interest that will be affected by information on the return. Nm taxation and revenue department Material interest is generally defined as a financial or monetary interest. Nm taxation and revenue department Material interest is not limited to the trustee's responsibility to file a return on behalf of the bankruptcy estate. Nm taxation and revenue department   However, the U. Nm taxation and revenue department S. Nm taxation and revenue department Trustee (an officer of the Department of Justice, responsible for maintaining and supervising a panel of private trustees for chapter 7 bankruptcy cases) and the standing chapter 13 trustee (the administrator of chapter 13 cases in a specific geographic region) generally do not have a material interest in the debtor’s return or return information. Nm taxation and revenue department Disclosure of bankruptcy estate's return information to debtor. Nm taxation and revenue department    The bankruptcy estate's tax return(s) are open, upon written request, to inspection by or disclosure to the individual debtor in a chapter 7 or 11 bankruptcy. Nm taxation and revenue department Disclosure of the estate's return to the debtor may be necessary to enable the debtor to determine the amount and nature of the tax attributes, if any, that the debtor assumes when the bankruptcy estate terminates. Nm taxation and revenue department Individuals in Chapter 12 or 13 Only individuals may file a chapter 13 bankruptcy. Nm taxation and revenue department Chapter 13 relief is not available to corporations or partnerships. Nm taxation and revenue department The bankruptcy estate is not treated as a separate entity for tax purposes when an individual files a petition under chapter 12 (Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income) or 13 (Adjustment of Debts of an Individual with Regular Income) of the Bankruptcy Code. Nm taxation and revenue department In these cases the individual continues to file the same federal income tax returns that were filed prior to the bankruptcy petition, Form 1040, U. Nm taxation and revenue department S. Nm taxation and revenue department Individual Income Tax Return. Nm taxation and revenue department On the debtor's individual tax return, Form 1040, report all income received during the entire year and deduct all allowable expenses. Nm taxation and revenue department Do not include in income the amount from any debt canceled due to the debtor's bankruptcy. Nm taxation and revenue department To the extent the debtor has any losses, credits, or basis in property that were previously reduced as a result of canceled debt, these reductions must be included on the debtor's return. Nm taxation and revenue department See Debt Cancellation, later. Nm taxation and revenue department Interest on trust accounts in chapter 13 cases. Nm taxation and revenue department   In chapter 13 proceedings, do not include interest earned on amounts held by the trustee in trust accounts as income on the debtor's return. Nm taxation and revenue department This interest is not available to either the debtor or creditors, it is available only to the trustee for use by the U. Nm taxation and revenue department S. Nm taxation and revenue department Trustee system. Nm taxation and revenue department The interest is also not taxable to the trustee as income. Nm taxation and revenue department Individuals in Chapter 7 or 11 When an individual debtor files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, the bankruptcy estate is treated as a new taxable entity, separate from the individual taxpayer. Nm taxation and revenue department The bankruptcy estate in a chapter 7 case is represented by a trustee. Nm taxation and revenue department The trustee is appointed to administer the estate and liquidate any nonexempt assets. Nm taxation and revenue department In chapter 11 cases, the debtor often remains in control of the assets as a “debtor-in-possession” and acts as the bankruptcy trustee. Nm taxation and revenue department However, the bankruptcy court, for cause, may appoint a trustee if such appointment is in the best interests of the creditors and the estate. Nm taxation and revenue department During the chapter 7 or 11 bankruptcy, the debtor continues to file an individual tax return on Form 1040. Nm taxation and revenue department The bankruptcy trustee files a Form 1041 for the bankruptcy estate. Nm taxation and revenue department However, when a debtor in a chapter 11 bankruptcy case remains a debtor-in-possession, he or she must file both a Form 1040 individual return and a Form 1041 estate return for the bankruptcy estate (if return filing requirements are met). Nm taxation and revenue department Although a husband and wife may file a joint bankruptcy petition whose bankruptcy estates are jointly administered, the estates are be treated as two separate entities for tax purposes. Nm taxation and revenue department Two separate bankruptcy estate income tax returns must be filed (if each spouse separately meets the filing requirements). Nm taxation and revenue department For information about determining the tax due and paying tax for a chapter 7 or 11 bankruptcy estate, see Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due, later. Nm taxation and revenue department Debtor's Election To End Tax Year – Form 1040 Short tax years. Nm taxation and revenue department   An individual debtor in a chapter 7 or 11 case may elect to close the debtor's tax year for the year in which the bankruptcy petition is filed, as of the day before the date on which the bankruptcy case commences. Nm taxation and revenue department If the debtor makes this election, the debtor's tax year is divided into 2 short tax years of less than 12 months each. Nm taxation and revenue department The first tax year ends on the day before the commencement date and the second tax year begins on the commencement date. Nm taxation and revenue department   If the election is made, the debtor's federal income tax liability for the first short tax year becomes an allowable claim against the bankruptcy estate arising before the bankruptcy filing. Nm taxation and revenue department Also, the tax liability for the first short tax year is not subject to discharge under the Bankruptcy Code. Nm taxation and revenue department    If the debtor does not make an election to end the tax year, the commencement of the bankruptcy case does not affect the debtor's tax year. Nm taxation and revenue department Also, no part of the debtor's income tax liability for the year in which the bankruptcy case commences can be collected from the bankruptcy estate. Nm taxation and revenue department Note. Nm taxation and revenue department The debtor cannot make a short tax year election if no assets, other than exempt property, are in the bankruptcy estate. Nm taxation and revenue department Making the Election - Filing Requirements First short tax year. Nm taxation and revenue department   The debtor can elect to end the debtor's tax year by filing a return on Form 1040 for the first short tax year. Nm taxation and revenue department The return must be filed on or before the 15th day of the fourth full month after the end of that first tax year. Nm taxation and revenue department Second short tax year. Nm taxation and revenue department   If the debtor elects to end the tax year on the day before filing the bankruptcy case, the debtor must file the return for the first short tax year in the manner discussed above. Nm taxation and revenue department   If the debtor makes this election, the debtor must also file a separate Form 1040 for the second short tax year by the regular due date. Nm taxation and revenue department To avoid delays in processing the return, write “Second Short Year Return After Section 1398 Election” at the top of the return. Nm taxation and revenue department Example. Nm taxation and revenue department Jane Doe, an individual calendar year taxpayer, filed a bankruptcy petition under chapter 7 or 11 on May 8, 2012. Nm taxation and revenue department If Jane elected to close her tax year at the commencement of her case, Jane's first short year for 2012 runs from January 1 through May 7, 2012. Nm taxation and revenue department Jane's second short year runs from May 8, 2012, through December 31, 2012. Nm taxation and revenue department To have a timely filed election for the first short year, Jane must file Form 1040 (or an extension of time to file) for the period January 1 through May 7 by September 15. Nm taxation and revenue department To avoid delays in processing the return, write “Section 1398 Election” at the top of the return. Nm taxation and revenue department The debtor may also make the election by attaching a statement to Form 4868, Automatic Extension of Time to File an U. Nm taxation and revenue department S. Nm taxation and revenue department Individual Tax Return. Nm taxation and revenue department The statement must state that the debtor elects under IRC section 1398(d)(2) to close the debtor's tax year on the day before filing the bankruptcy case. Nm taxation and revenue department The debtor must file Form 4868 by the due date of the return for the first short tax year. Nm taxation and revenue department The debtor's spouse may also elect to close his or her tax year, see Election by debtor's spouse, below. Nm taxation and revenue department Election by debtor's spouse. Nm taxation and revenue department   If the debtor is married, the debtor's spouse may join in the election to end the tax year. Nm taxation and revenue department If the debtor and spouse make a joint election, the debtor must file a joint return for the first short tax year. Nm taxation and revenue department The debtor must elect by the due date for filing the return for the first short tax year. Nm taxation and revenue department Once the election is made, it cannot be revoked for the first short tax year. Nm taxation and revenue department However, the election does not prevent the debtor and the spouse from filing separate returns for the second short tax year. Nm taxation and revenue department Later bankruptcy of spouse. Nm taxation and revenue department    If the debtor's spouse files for bankruptcy later in the same year, he or she may also choose to end his or her tax year, regardless of whether he or she joined in the election to end the debtor's tax year. Nm taxation and revenue department   As each spouse has a separate bankruptcy, one or both of them may have 3 short tax years in the same calendar year. Nm taxation and revenue department If the debtor's spouse joined the debtor's election or if the debtor had not made the election to end the tax year, the debtor can join in the spouse's election. Nm taxation and revenue department However, if the debtor made an election and the spouse did not join that election, the debtor cannot then join the spouse's later election. Nm taxation and revenue department The debtor and the spouse are precluded from this election because they have different tax years. Nm taxation and revenue department This results because the debtor does not have a tax year ending the day before the spouse's filing for bankruptcy, and the debtor cannot file a joint return for a year ending on the day before the spouse's filing of bankruptcy. Nm taxation and revenue department Example 1. Nm taxation and revenue department Paul and Mary Harris are calendar-year taxpayers. Nm taxation and revenue department Paul's voluntary chapter 7 bankruptcy case begins on March 4. Nm taxation and revenue department If Paul does not make an election, his tax year does not end on March 3. Nm taxation and revenue department If he makes an election, Paul's first tax year is January 1–March 3, and his second tax year begins on March 4. Nm taxation and revenue department Mary could join in Paul's election as long as they file a joint return for the tax year January 1–March 3. Nm taxation and revenue department They must make the election by July 15, the due date for filing the joint return. Nm taxation and revenue department Example 2. Nm taxation and revenue department Fred and Ethel Barnes are calendar-year taxpayers. Nm taxation and revenue department Fred's voluntary chapter 7 bankruptcy case begins on May 6, and Ethel's bankruptcy case begins on November 1 of the same year. Nm taxation and revenue department Ethel could elect to end her tax year on October 31. Nm taxation and revenue department If Fred did not elect to end his tax year on May 5, or if he elected to do so but Ethel had not joined in his election, Ethel would have 2 tax years in the same calendar year if she decided to close her tax year. Nm taxation and revenue department Her first tax year is January 1–October 31, and her second year is November 1–December 31. Nm taxation and revenue department If Fred did not end his tax year as of May 5, he could join in Ethel's election to close her tax year on October 31, but only if they file a joint return for the tax year January 1–October 31. Nm taxation and revenue department If Fred elected to end his tax year on May 5, but Ethel did not join in Fred's election, Fred cannot join in Ethel's election to end her tax year on October 31. Nm taxation and revenue department Fred and Ethel cannot file a joint return for that short tax year because their tax years preceding October 31 were not the same. Nm taxation and revenue department Example 3. Nm taxation and revenue department Jack and Karen Thomas are calendar-year taxpayers. Nm taxation and revenue department Karen's voluntary chapter 7 bankruptcy case began on April 10, and Jack's voluntary chapter 7 bankruptcy case began on October 3 of the same year. Nm taxation and revenue department Karen elected to close her tax year on April 9 and Jack joins in Karen's election. Nm taxation and revenue department Under these facts, Jack would have 3 tax years for the same calendar year if he makes the election relating to his own bankruptcy case. Nm taxation and revenue department The first tax year would be January 1–April 9; the second, April 10–October 2; and the third, October 3–December 31. Nm taxation and revenue department Karen may join in Jack's election if they file a joint return for the second short tax year (April 10–October 2). Nm taxation and revenue department If Karen does join in, she would have the same 3 short tax years as Jack. Nm taxation and revenue department Also, if Karen joins in Jack's election, they may file a joint return for the third tax year (October 3–December 31), but they are not required to do so. Nm taxation and revenue department Annualizing taxable income. Nm taxation and revenue department   If the debtor elects to close the tax year, the debtor must annualize taxable income for each short tax year in the same manner a change in annual accounting period is calculated. Nm taxation and revenue department See Short Tax Year in Publication 538, for information on how to annualize the debtor's income and to figure the tax for the short tax year. Nm taxation and revenue department Dismissal of bankruptcy case. Nm taxation and revenue department   If the bankruptcy court later dismisses an individual chapter 7 or 11 case, the bankruptcy estate is no longer treated as a separate taxable entity. Nm taxation and revenue department It is as if no bankruptcy estate was created for tax purposes. Nm taxation and revenue department In this situation, the debtor must file amended tax returns on Form 1040X, to replace all full or short year individual returns (Form 1040) and bankruptcy estate returns (Form 1041) filed as a result of the bankruptcy case. Nm taxation and revenue department Income, deductions, and credits previously reported by the bankruptcy estate must be reported on the debtor's amended returns. Nm taxation and revenue department Attach a statement to the amended returns explaining why the debtor is filing an amended return. Nm taxation and revenue department Taxes and the Bankruptcy Estate Property of the bankruptcy estate. Nm taxation and revenue department   At the commencement of a bankruptcy case a bankruptcy estate is created. Nm taxation and revenue department Bankruptcy law determines which of the debtor's assets become part of a bankruptcy estate. Nm taxation and revenue department This estate generally includes all of the debtor's legal and equitable interests in property as of the commencement date. Nm taxation and revenue department However, there are exceptions and certain property is exempted or excluded from the bankruptcy estate. Nm taxation and revenue department Note. Nm taxation and revenue department Exempt property and abandoned property are initially part of the bankruptcy estate, but are subsequently removed from the estate. Nm taxation and revenue department Excluded property is never included in the estate. Nm taxation and revenue department Transfer of assets between debtor and bankruptcy estate. Nm taxation and revenue department   The transfer (other than by sale or exchange) of an asset from the debtor to the bankruptcy estate is not treated as a disposition for income tax purposes. Nm taxation and revenue department The transfer does not result in gain or loss, acceleration of income or deductions, or recapture of deductions or credits. Nm taxation and revenue department For example, the transfer of an installment obligation to the estate would not accelerate gain under the rules for reporting installment sales. Nm taxation and revenue department The estate assumes the same basis, holding period, and character of the transferred assets. Nm taxation and revenue department Also, the estate generally accounts for the transferred assets in the same manner as debtor. Nm taxation and revenue department   When the bankruptcy estate is terminated or dissolved, any resulting transfer (other than by sale or exchange) of the estate's assets back to the debtor is also not treated as a disposition for tax purposes. Nm taxation and revenue department The transfer does not result in gain or loss, acceleration of income or deductions, or recapture of deductions or credits to the estate. Nm taxation and revenue department Abandoned property. Nm taxation and revenue department    The abandonment of property by the estate to the debtor is a nontaxable disposition of property. Nm taxation and revenue department If the debtor received abandoned property from the bankruptcy estate, the debtor assumes the same basis in the property that the bankruptcy estate had. Nm taxation and revenue department Separate taxable entity. Nm taxation and revenue department   When an individual files a bankruptcy petition under chapter 7 or 11, the bankruptcy estate is treated as a separate taxable entity from the debtor. Nm taxation and revenue department The court appointed trustee or the debtor-in-possession is responsible for preparing and filing all of the bankruptcy estate's tax returns, including its income tax return on Form 1041, U. Nm taxation and revenue department S. Nm taxation and revenue department Income Tax Return for Estates and Trusts, and paying its taxes. Nm taxation and revenue department The debtor remains responsible for filing his or her own returns on Form 1040, U. Nm taxation and revenue department S. Nm taxation and revenue department Individual Income Tax Return, and paying taxes on income that does not belong to the estate. Nm taxation and revenue department Employer identification number. Nm taxation and revenue department   The trustee or debtor-in-possession must obtain an EIN for a bankruptcy estate. Nm taxation and revenue department The trustee or debtor-in-possession uses this EIN on all tax returns filed for the bankruptcy estate with the IRS, including estimated tax returns. Nm taxation and revenue department See Employer identification number, under Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due, later. Nm taxation and revenue department    The social security number of the individual debtor cannot be used as the EIN for the bankruptcy estate. Nm taxation and revenue department Income, deductions, and credits – Form 1040. Nm taxation and revenue department   In an individual chapter 7 or 11 bankruptcy case, do not include the income, deductions, and credits that belong to the bankruptcy estate on the debtor's individual income tax return (Form 1040). Nm taxation and revenue department Also, do not include as income on the debtor's return the amount of any debt canceled by reason of the bankruptcy discharge. Nm taxation and revenue department The bankruptcy estate must reduce certain losses, credits, and the basis in property (to the extent of these items) by the amount of canceled debt. Nm taxation and revenue department See Debt Cancellation, below. Nm taxation and revenue department Note. Nm taxation and revenue department The debtor may not be able to claim certain deductions available to the bankruptcy estate such as administrative expenses. Nm taxation and revenue department Additionally, the bankruptcy exclusion cannot be used to exclude income from a cancelled debt if the discharge of indebtedness was not within the bankruptcy case, even though the debtor was under the bankruptcy court's protection at the time. Nm taxation and revenue department However, other exclusions, such as the insolvency exclusion, may apply. Nm taxation and revenue department Bankruptcy Estate – Income, Deductions, and Credits Bankruptcy Estate Income Income of the estate in individual chapter 7 cases. Nm taxation and revenue department    The gross income of the bankruptcy estate includes gross income of the debtor to which the estate is entitled under the Bankruptcy Code. Nm taxation and revenue department Gross income also includes income generated by the bankruptcy estate from property of the estate after the commencement of the case. Nm taxation and revenue department   Gross income of the bankruptcy estate does not include amounts received or accrued by the debtor before the commencement of the case. Nm taxation and revenue department Additionally, in chapter 7 cases, gross income of the bankruptcy estate does not include any income that the debtor earns after the date of the bankruptcy petition. Nm taxation and revenue department Income of the estate in individual chapter 11 cases. Nm taxation and revenue department    In chapter 11 cases, under IRC section 1398(e)(1), gross income of the bankruptcy estate includes income that the debtor earns for services performed after the bankruptcy petition date. Nm taxation and revenue department Also, earnings from services performed by an individual debtor after the commencement of the chapter 11 case are property of the bankruptcy estate under section 1115 of the Bankruptcy Code (11 U. Nm taxation and revenue department S. Nm taxation and revenue department C. Nm taxation and revenue department section 1115). Nm taxation and revenue department Note. Nm taxation and revenue department A debtor-in-possession may be compensated by the estate for managing or operating a trade or business that the debtor conducted before the commencement of the bankruptcy case. Nm taxation and revenue department Such payments should be reported by the debtor as miscellaneous income on his or her individual income tax return (Form 1040). Nm taxation and revenue department Amounts paid by the estate to the debtor-in-possession for managing or operating the trade or business may qualify as administrative expenses of the estate. Nm taxation and revenue department See Administrative expenses, below. Nm taxation and revenue department Conversion or dismissal of chapter 11 cases. Nm taxation and revenue department   If a chapter 11 case is converted to a chapter 13 case, the chapter 13 estate is not a separate taxable entity and earnings from post-conversion services and income from property of the estate realized after the conversion to chapter 13 are taxed to the debtor. Nm taxation and revenue department If the chapter 11 case is converted to a chapter 7 case, 11 U. Nm taxation and revenue department S. Nm taxation and revenue department C. Nm taxation and revenue department section 1115 does not apply after conversion and: Earnings from post-conversion services will be taxed to the debtor, rather than the estate, and The property of the chapter 11 estate will become property of the chapter 7 estate. Nm taxation and revenue department Any income on this property will be taxed to the estate even if the income is realized after the conversion to chapter 7. Nm taxation and revenue department If a chapter 11 case is dismissed, the debtor is treated as if the bankruptcy case had never been filed and as if no bankruptcy estate had been created. Nm taxation and revenue department Bankruptcy Estate Deductions and Credits A bankruptcy estate deducts expenses incurred in a trade, business, or activity, and uses credits in the same way the debtor would have deducted or credited them had he or she continued operations. Nm taxation and revenue department Note. Nm taxation and revenue department Expenses may be disallowed under other provisions of the IRC (such as the disallowance of certain capital expenditures or expenses relating to tax-exempt interest). Nm taxation and revenue department Administrative expenses. Nm taxation and revenue department   Allowable expenses include administrative expenses. Nm taxation and revenue department    Administrative expenses can only be deducted by the estate, never by the debtor. Nm taxation and revenue department   The bankruptcy estate is allowed deductions for bankruptcy administrative expenses and fees, including accounting fees, attorney fees, and court costs. Nm taxation and revenue department These expenses are deductible on Form 1040, Schedule A as miscellaneous itemized deductions not subject to the 2% floor on miscellaneous itemized deductions, because they would not have been incurred if property had not been held by the bankruptcy estate. Nm taxation and revenue department See IRC section 67(e). Nm taxation and revenue department Administrative expenses of the bankruptcy estate attributable to conducting a trade or business for the production of estate rents or royalties are deductible in arriving at adjusted gross income on Form 1040, Schedules C, E, and F. Nm taxation and revenue department Note. Nm taxation and revenue department The bankruptcy estate uses Form 1041 as a transmittal for the tax return prepared using Form 1040 and its schedules. Nm taxation and revenue department See Transmittal for Form 1040 under Tax Return Filing Requirements and Payment of Tax, later. Nm taxation and revenue department Administrative expense loss. Nm taxation and revenue department   If the administrative expenses of the bankruptcy estate are more than its gross income for a tax year, the excess amount may be carried back 3 years and forward 7 years. Nm taxation and revenue department The amounts can only be carried to a tax year of the estate and never to a debtor's tax year. Nm taxation and revenue department The excess amount to be carried back or forward is treated like a net operating loss (NOL) and must first be carried back to the earliest year possible. Nm taxation and revenue department For a discussion of NOLs, see Publication 536. Nm taxation and revenue department Attribute carryovers. Nm taxation and revenue department   The bankruptcy estate may use its tax attributes the same way that the debtor would have used them. Nm taxation and revenue department These items are determined as of the first day of the debtor's tax year in which the bankruptcy case begins. Nm taxation and revenue department The bankruptcy estate assumes the following tax attributes from the debtor: NOL carryovers, Carryovers of excess charitable contributions, Recovery of tax benefit items, Credit carryovers, Capital loss carryovers, Basis, holding period, and character of assets, Method of accounting, Passive activity loss and credit carryovers, Unused at-risk deductions, and Other tax attributes provided in the regulations. Nm taxation and revenue department   Certain tax attributes of the bankruptcy estate must be reduced by the amount of income that was previously excluded as a result of cancellation of debt during the bankruptcy proceeding. Nm taxation and revenue department See Debt Cancellation, later. Nm taxation and revenue department   When the bankruptcy estate is terminated (for example, when the case ends), the debtor assumes any remaining tax attributes previously taken over by the bankruptcy estate. Nm taxation and revenue department The debtor also generally assumes any of the tax attributes, listed above, that arose during the administration of the bankruptcy estate. Nm taxation and revenue department Note. Nm taxation and revenue department The debtor does not assume the bankruptcy estate's administrative expense losses because they cannot be used by an individual taxpayer filing Form 1040. Nm taxation and revenue department See Administrative expense loss, above. Nm taxation and revenue department Passive and at-risk activities. Nm taxation and revenue department   For bankruptcy cases beginning after November 8, 1992, passive activity carryover losses and credits and unused at-risk deductions are treated as tax attributes passing from the debtor to the bankruptcy estate, which the estate then passes back to the debtor when the bankruptcy estate terminates. Nm taxation and revenue department Additionally, transfers to the debtor (other than by sale or exchange) of interests in passive or at-risk activities are treated as non-taxable exchanges. Nm taxation and revenue department These transfers include the return of exempt property and abandonment of estate property to the debtor. Nm taxation and revenue department Carrybacks from the debtor's activities. Nm taxation and revenue department   The debtor cannot carry back any NOL or credit carryback from a tax year ending after the bankruptcy case has begun to any tax year ending before the case began. Nm taxation and revenue department Carrybacks from the bankruptcy estate. Nm taxation and revenue department   If the bankruptcy estate has an NOL that did not pass to the estate from the debtor under the attribute carryover rules, the estate can carry the loss back not only to its own earlier tax years but also to the debtor's tax years before the year the bankruptcy case began. Nm taxation and revenue department The estate may also carry back excess credits, such as the general business credit, to the pre-bankruptcy tax years. Nm taxation and revenue department Tax Reporting – Chapter 11 Cases Allocation of income and credits on information returns and required statement for returns for individual chapter 11 cases. Nm taxation and revenue department    In chapter 11 cases, when an employer issues a Form W-2 reporting all of the debtor's wages, salary, or other compensation for a calendar year, and a portion of the earnings represent post-petition services includible in the estate's gross income, the Form W-2 amounts must be allocated between the estate and the debtor. Nm taxation and revenue department The debtor-in-possession or trustee must allocate the income amount reported in box 1 and the income tax withheld reported in box 2 between the debtor and the estate. Nm taxation and revenue department These allocations must reflect that the debtor's gross earnings from post-petition services and gross income from post-petition property are, generally, includible in the estate's gross income and not the debtor's gross income. Nm taxation and revenue department The debtor and trustee may use a simple percentage method to allocate income and income tax withheld. Nm taxation and revenue department The same method must be used to allocate the income and the withheld tax. Nm taxation and revenue department Example. Nm taxation and revenue department If 20% of the wages reported on Form W-2 for a calendar year were earned after the commencement of the case and are included in the estate's gross income, 20% of the withheld income tax reported on Form W-2 must also be claimed as a credit on the estate's income tax return. Nm taxation and revenue department Likewise, 80% of wages must be reported by the debtor and 80% of the income tax withheld must be claimed as a credit on the debtor's income tax return. Nm taxation and revenue department See IRC section 31(a). Nm taxation and revenue department   If information returns are issued to the debtor for gross income, gross proceeds, or other reportable payments that should have been reported to the bankruptcy estate, the debtor-in-possession or trustee must allocate the improperly reported income in a reasonable manner between the debtor and the estate. Nm taxation and revenue department In general, the allocation must ensure that any income and income tax withheld attributable to the post-petition period is reported on the estate's return, and any income and income tax withheld attributable to the pre-petition period is reported on the debtor's return. Nm taxation and revenue department    IRS Notice 2006-83 requires the debtor to attach a statement to his or her individual income tax return (Form 1040) stating that the return is filed subject to a chapter 11 bankruptcy case. Nm taxation and revenue department The statement must also: Show the allocations of income and income tax withheld, Describe the method used to allocate income and income tax withheld, and List the filing date of the bankruptcy case, the bankruptcy court in which the case is pending, the bankruptcy court case number, and the bankruptcy estate's EIN. Nm taxation and revenue department Note. Nm taxation and revenue department The debtor-in-possession or trustee must attach a similar statement to the bankruptcy estate's income tax return (Form 1041). Nm taxation and revenue department   The model Notice 2006-83 Statement, shown above, may be used by debtors, debtors-in-possession, and trustees to satisfy the reporting requirement. Nm taxation and revenue department Self-employment taxes in individual chapter 11 cases. Nm taxation and revenue department   IRC section 1401 imposes a tax upon the self-employment income, that is, the net earnings from self-employment of an individual. Nm taxation and revenue department Net earnings from self-employment are equal to the gross income derived by an individual from any trade or business carried on by such individual, less deductions attributable to the business. Nm taxation and revenue department   Neither section 1115 of the Bankruptcy Code nor IRC section 1398 addresses the application of self-employment tax to the post-petition earnings of the individual debtor. Nm taxation and revenue department Therefore, if the debtor continues to derive gross income from the performance of services as a self-employed individual after the commencement of the bankruptcy case, the debtor must continue to report the debtor's self-employment income on Schedule SE (Form 1040) of the debtor's income tax return. Nm taxation and revenue department This schedule includes self-employment income earned post-petition and the attributable deductions. Nm taxation and revenue department The debtor must pay any self-employment tax imposed by IRC section 1401. Nm taxation and revenue department Employment taxes and employer's obligation to file Form W-2 in individual chapter 11 cases. Nm taxation and revenue department   In chapter 11 cases, post-petition wages earned by a debtor are generally treated as gross income of the estate. Nm taxation and revenue department However, section 1115 of the Bankruptcy Code (11 U. Nm taxation and revenue department S. Nm taxation and revenue department C. Nm taxation and revenue department section 1115) does not affect the determination of what are deemed wages for Federal Insurance Contributions Act (FICA) tax, Federal Unemployment Tax Act (FUTA) tax, or Federal Income Tax Withholding purposes. Nm taxation and revenue department See Notice 2006-83. Nm taxation and revenue department   The reporting and withholding obligations of a debtor's employer also do not change. Nm taxation and revenue department An employer should continue to report the wages and tax withholding on a Form W-2 issued under the debtor's name and social security number. Nm taxation and revenue department Notice to persons required to file information returns (other than Form W-2, Wage and Tax Statement) in individual chapter 11 cases. Nm taxation and revenue department   Within a reasonable time after the commencement of a chapter 11 bankruptcy case, the trustee or debtor-in-possession should provide notification of the bankruptcy estate's EIN to all persons (or entities) that are required to file information returns for the bankruptcy estate's gross income, gross proceeds, or other types of reportable payments. Nm taxation and revenue department See IRC section 6109(a)(2). Nm taxation and revenue department As these payments are the property of the estate under section 1115 of the Bankruptcy Code, the payors should report the gross income, gross proceeds, or other reportable payments on the appropriate information return using the estate's name and EIN as required under the IRC and regulations (see IRC sections 6041 through 6049). Nm taxation and revenue department   The trustee or debtor-in-possession should not, however, provide the EIN to a person (or entity) filing Form W-2 reporting the debtor's wages or other compensation, as section 1115 of the Bankruptcy Code does not affect the determination of what constitutes wages for purposes of federal income tax withholding or FICA. Nm taxation and revenue department See Notice 2006-83. Nm taxation and revenue department An employer should continue to report all wage income and tax withholding, both pre-petition and post-petition, on a Form W-2 to the debtor under the debtor's social security number. Nm taxation and revenue department   The debtor in a chapter 11 case is not required to file a new Form W-4 with an employer solely because the debtor filed a chapter 11 case and the post-petition wages are includible in the estate's income and not the debtor's income. Nm taxation and revenue department However, a new Form W-4 may be necessary if the debtor is no longer entitled to claim the same number of allowances previously claimed because certain deductions or credits now belong to the estate. Nm taxation and revenue department See Employment Tax Regulations section 31. Nm taxation and revenue department 3402(f)(2)-1. Nm taxation and revenue department Additionally, the debtor may wish to file a new Form W-4 to increase the income tax withheld from post-petition wages allocated to the estate to avoid having to make estimated tax payments for the estate. Nm taxation and revenue department See IRC section 6654(a). Nm taxation and revenue department Notice required in converted and dismissed cases. Nm taxation and revenue department   When a chapter 11 bankruptcy case is closed, dismissed, or converted to a chapter 12 or 13 case, the bankruptcy estate ends as a separate taxable entity. Nm taxation and revenue department The debtor should, within a reasonable time, send notice of such event to the persons (or entities) previously notified of the bankruptcy case. Nm taxation and revenue department This helps to ensure that gross income, proceeds, and other reportable payments realized after the event are reported to the debtor under the correct TIN rather than to the estate. Nm taxation and revenue department   When a chapter 11 case is converted to a chapter 7 case, the bankruptcy estate will continue to exist as a separate taxable entity. Nm taxation and revenue department Gross income (other than post-conversion income from the debtor's services), gross proceeds, or other reportable payments should continue to be reported to the estate if they are property of the chapter 7 estate. Nm taxation and revenue department However, income from services performed by the debtor after conversion of the case to chapter 7 is not property of the chapter 7 estate. Nm taxation and revenue department After the conversion, the debtor should notify payors required to report the debtor's nonemployee compensation that compensation earned after the conversion should be reported using the debtor's name and TIN, not the estate's name and EIN. Nm taxation and revenue department Employment taxes. Nm taxation and revenue department   The trustee or debtor-in-possession must withhold income and social security taxes and file employment tax returns for any wages paid by the trustee or debtor, including wage claims paid as administrative expenses. Nm taxation and revenue department See Publication 15, Circular E, Employer's Tax Guide, for details on employer tax responsibilities. Nm taxation and revenue department   The trustee also has the duty to prepare and file Forms W-2 for wage claims paid by the trustee, regardless of whether the claims accrued before or during bankruptcy. Nm taxation and revenue department For a further discussion of employment taxes, see Employment Taxes, later. Nm taxation and revenue department Notice 2006-83 Statement Pending Bankruptcy Case The taxpayer, , filed a bankruptcy petition under chapter 11 of the Bankruptcy Code in the bankruptcy court for the District of . Nm taxation and revenue department The bankruptcy court case number is . Nm taxation and revenue department Gross income, and withheld federal income tax, reported on Form W-2, Forms 1099, Schedule K-1, and other information returns received under the taxpayer's name and social security number (or other taxpayer identification number) are allocated between the taxpayer's TIN and the bankruptcy estate's EIN as follows, using [describe allocation method]:. Nm taxation and revenue department   Year Taxpayer   Estate 1. Nm taxation and revenue department Form W-2, Payor: $   $     Withheld income tax shown on Form W-2 $   $   2. Nm taxation and revenue department Form 1099-INT Payor: $   $     Withheld income tax (if any) shown on Form 1099-INT $   $   3. Nm taxation and revenue department Form 1099-DIV Payor: $   $     Withheld income tax (if any) shown on Form 1099-DIV $   $   4. Nm taxation and revenue department Form 1099-MISC Payor: $   $     Withheld income tax (if any) shown on Form 1099-MISC $   $   Bankruptcy Estate Tax Return Filing Requirements and Payment of Tax Due Filing Requirements Filing threshold. Nm taxation and revenue department   If the bankruptcy estate has gross income that meets or exceeds the minimum amount required for filing, the trustee or debtor-in-possession must file an income tax return on Form 1041. Nm taxation and revenue department This amount is equal to the sum of the personal exemption amount plus the basic standard deduction for a married individual filing separately. Nm taxation and revenue department   For 2012, the threshold filing amount for a bankruptcy estate is $9,750 (the sum of the $3,800 personal exemption plus the $5,950 standard deduction for married individuals filing separately). Nm taxation and revenue department   These amounts are generally adjusted annually. Nm taxation and revenue department See the present year Form 1041 Instructions at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/form1041 for the current dollar amounts. Nm taxation and revenue department Accounting period. Nm taxation and revenue department   A bankruptcy estate may have a fiscal year. Nm taxation and revenue department However, this period cannot be longer than 12 months. Nm taxation and revenue department Change of accounting period. Nm taxation and revenue department   The bankruptcy estate may change its accounting period (tax year) once without IRS approval. Nm taxation and revenue department This rule allows the bankruptcy trustee to close the estate's tax year early, before the expected termination of the bankruptcy estate. Nm taxation and revenue department The trustee can then file a return for the first short tax year to get a quick determination of the estate's tax liability. Nm taxation and revenue department Employer identification number. Nm taxation and revenue department   The trustee or debtor-in-possession must obtain an EIN for a bankruptcy estate. Nm taxation and revenue department The trustee or debtor-in-possession uses this EIN on all tax returns filed for the bankruptcy estate with the IRS, including estimated tax returns. Nm taxation and revenue department    The social security number of the individual debtor cannot be used as the EIN for the bankruptcy estate. Nm taxation and revenue department   Obtain an EIN for a bankruptcy estate by applying: Online by clicking on the EIN link at www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/businesses/small. Nm taxation and revenue department The EIN is issued immediately once the application information is validated. Nm taxation and revenue department By telephone at 1-800-829-4933 from 7:00 a. Nm taxation and revenue department m. Nm taxation and revenue department to 7:00 p. Nm taxation and revenue department m. Nm taxation and revenue department in the trustee's or debtor-in-possession's local time zone. Nm taxation and revenue department Assistance provided to callers from Alaska and Hawaii will be based on the hours of operation in the Pacific time zone, or By mailing or faxing Form SS-4, Application for Employer Identification Number. Nm taxation and revenue department   If the trustee or debtor-in-possession has not received the bankruptcy estate's EIN by the time the return is due, write “Applied for” and the date you applied in the space for the EIN. Nm taxation and revenue department For more details, see Pub. Nm taxation and revenue department 583, Starting a Business and Keeping Records. Nm taxation and revenue department   Trustees representing ten or more bankruptcy estates (other than estates that will be filing employment or excise tax returns) may request a series or block of EINs. Nm taxation and revenue department Figuring tax due. Nm taxation and revenue department   The bankruptcy estate figures its taxable income the same way an individual figures taxable income. Nm taxation and revenue department However, the estate uses the tax rates for a married individual filing separately to calculate the tax on its taxable income. Nm taxation and revenue department The estate is entitled to one personal exemption and may either itemize deductions or take the basic standard deduction for a married individual filing a separate return. Nm taxation and revenue department The estate cannot take the higher standard deduction allowed for married persons filing separately who are 65 or older or blind. Nm taxation and revenue department Tax rate schedule. Nm taxation and revenue department The tax on income for bankruptcy estates is calculated using the tax rate schedule for Married Individuals Filing Separately not the Estates and Trusts tax rate schedule. Nm taxation and revenue department When to file. Nm taxation and revenue department   Calendar year bankruptcy estates must file Form 1041 by April 15th. Nm taxation and revenue department Fiscal year bankruptcy estates must file on or before the 15th day of the 4th month following the close of its tax year. Nm taxation and revenue department For example, an estate that has a tax year that ends on June 30th must file Form 1041 by October 15th of the tax year. Nm taxation and revenue department If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day. Nm taxation and revenue department Note. Nm taxation and revenue department The bankruptcy estate is allowed an automatic 6-month extension of time to file the bankruptcy estate tax return upon filing the required application, Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. Nm taxation and revenue department Transmittal for Form 1040. Nm taxation and revenue department   Form 1041 is used as a transmittal for Form 1040. Nm taxation and revenue department If a return is required, the trustee or debtor-in-possession must complete the identification area at the top of Form 1041 and indicate the chapter under which the bankruptcy estate filed, either chapter 7 or chapter 11. Nm taxation and revenue department   Prepare the bankruptcy estate's return by completing Form 1040. Nm taxation and revenue department In the top margin of Form 1040, write “Attachment to Form 1041 —DO NOT DETACH. Nm taxation and revenue department ” Then, attach Form 1040 to the Form 1041 transmittal. Nm taxation and revenue department Enter the tax and payment amounts on lines 23 through 29 of Form 1041, then sign and date the return. Nm taxation and revenue department An example of a bankruptcy estate's tax return is prepared below. Nm taxation and revenue department Note. Nm taxation and revenue department The filing of the bankruptcy estate's tax return does not relieve a debtor from the requirement to file his or her individual tax return on Form 1040. Nm taxation and revenue department Payment of Tax Due Payment methods. Nm taxation and revenue department   Payment of tax due may be made by check or money order or by credit or debit card. Nm taxation and revenue department For information on how to make payments electronically by credit or debit card, go to irs. Nm taxation and revenue department gov/e-pay. Nm taxation and revenue department      Payments may also be made electronically using the Electronic Federal Tax Payment System (EFTPS), a free tax payment system that allows you to make payments online or by phone. Nm taxation and revenue department To enroll in EFTPS, go to eftps. Nm taxation and revenue department gov or call 1-800-555-4477. Nm taxation and revenue department For more information see Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Nm taxation and revenue department Payment voucher – Form 1041-V. Nm taxation and revenue department   Form 1041-V accompanies payments made by check or money order for Form 1041. Nm taxation and revenue department The voucher includes information about the bankruptcy estate, including the name of the bankruptcy estate, trustee, EIN, and amount due. Nm taxation and revenue department Using Form 1041-V assists the IRS in processing the payment more accurately and efficiently. Nm taxation and revenue department We recommend the use of Form 1041-V; however, there is no penalty if the voucher is not used. Nm taxation and revenue department Estimated tax – Form 1041-ES. Nm taxation and revenue department   In most cases, the trustee or debtor-in-possession must pay any required estimated tax due for the bankruptcy estate. Nm taxation and revenue department See the Form 1041-ES Instructions for information on the minimum threshold amount required for filing Form 1041-ES, paying the estimated tax, and exceptions to filing. Nm taxation and revenue department Employment Taxes The trustee or debtor-in-possession must withhold income and social security taxes and file employment tax returns for any wages paid by the trustee or debtor, including wage claims paid as administrative expenses. Nm taxation and revenue department Until these employment taxes are deposited as required by the IRC, they should be set aside in a separate bank account to ensure that funds are available to satisfy the liability. Nm taxation and revenue department If the employment taxes are not paid as required, the trustee may be held personally liable for payment of the taxes. Nm taxation and revenue department   See Publication 15, (Circular E), Employer's Tax Guide, for details on employer tax responsibilities. Nm taxation and revenue department Also see IRS Notice 931, Deposit Requirements for Employment Taxes, for details on the deposit rules, including the requirement that federal employment tax deposits be made by electronic funds transfer. Nm taxation and revenue department The trustee also has a duty to prepare and file Forms W-2, Wage and Tax Statement, for wage claims paid by the trustee, regardless of whether the claims accrued before or during bankruptcy. Nm taxation and revenue department If the debtor fails to prepare and file Forms W-2 for wages paid before bankruptcy, the trustee should instruct the employees to file a Form 4852, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Nm taxation and revenue department , with their individual income tax returns. Nm taxation and revenue department Tax Return Example – Form 1041 This publication is not revised annually. Nm taxation and revenue department Future changes to the forms and their instructions may not be reflected in this example. Nm taxation and revenue department Note. Nm taxation and revenue department The following return was prepared for tax year 2011. Nm taxation and revenue department In 2011, the threshold filing amount for a bankruptcy estate was $9,500 (the sum of the $3,700 personal exemption plus the $5,800 standard deduction for married individuals filing separately). Nm taxation and revenue department Facts and circumstances. Nm taxation and revenue department   On December 15, 2010, Thomas Smith filed a bankruptcy petition under chapter 7. Nm taxation and revenue department Joan Black was appointed trustee to administer the bankruptcy estate and to distribute the assets. Nm taxation and revenue department   The estate received the following assets from Mr. Nm taxation and revenue department Smith: A $100,000 certificate of deposit, Commercial rental real estate with a fair market value (FMV) of $280,000, and His personal residence with an FMV of $200,000. Nm taxation and revenue department   Also, the estate received a $251,500 capital loss carryover. Nm taxation and revenue department   Mr. Nm taxation and revenue department Smith's bankruptcy case was closed on December 31, 2011. Nm taxation and revenue department During 2011, Mr. Nm taxation and revenue department Smith was relieved of $70,000 of debt by the bankruptcy court. Nm taxation and revenue department The estate chose a calendar year as its tax year. Nm taxation and revenue department Joan, the trustee, reviews the estate's transactions and reports the taxable events on the estate's final return. Nm taxation and revenue department Schedule B (Form 1040). Nm taxation and revenue department    The certificate of deposit earned $5,500 of interest during 2011. Nm taxation and revenue department Joan reports this interest on Schedule B. Nm taxation and revenue department She completes this schedule and enters the result on Form 1040. Nm taxation and revenue department Form 4562. Nm taxation and revenue department   Joan enters the depreciation allowed on Form 4562. Nm taxation and revenue department She completes the form and enters the result on Schedule E. Nm taxation and revenue department Schedule E (Form 1040). Nm taxation and revenue department   The commercial real estate was rented through the date of sale. Nm taxation and revenue department Joan reports the income and expenses on Schedule E. Nm taxation and revenue department She enters the net income on Form 1040. Nm taxation and revenue department Form 4797. Nm taxation and revenue department   The commercial real estate was sold on July 1, 2011, for $280,000. Nm taxation and revenue department The property was purchased in 2001 at a cost of $250,000. Nm taxation and revenue department The total depreciation allowable as of the date of sale was $120,000. Nm taxation and revenue department Additionally, $25,000 of selling expenses were incurred. Nm taxation and revenue department Joan reports the gain or loss from the sale on Form 4797. Nm taxation and revenue department She completes the form and enters the gain on Schedule D (Form 1040). Nm taxation and revenue department   Mr. Nm taxation and revenue department Smith's former residence was sold on September 30, 2011. Nm taxation and revenue department The sale price was $200,000, the selling expenses were $20,000, and his adjusted basis was $130,000. Nm taxation and revenue department This sale is excluded from gross income under IRC section 121. Nm taxation and revenue department Note. Nm taxation and revenue department Gains from the sale of personal residences are excluded from gross income up to $250,000 under IRC section 121 ($500,000 for married couples filing a joint return). Nm taxation and revenue department Bankruptcy estates succeed to this exclusion at the commencement of the case. Nm taxation and revenue department See Regulation section 1. Nm taxation and revenue department 1398-3. Nm taxation and revenue department Schedule D (Form 1040). Nm taxation and revenue department   Joan completes Schedule D, taking into account the $250,000 capital loss carryover from 2010 ($251,500 transferred to the estate minus $1,500 used on the estate's 2010 return). Nm taxation and revenue department She enters the results on Form 1040. Nm taxation and revenue department Form 1040, page 1. Nm taxation and revenue department   Joan completes page 1 of the Form 1040 and enters the adjusted gross income on the first line of Form 1040, page 2. Nm taxation and revenue department Schedule A (Form 1040). Nm taxation and revenue department   During 2011, the estate paid mortgage interest and real property tax on Mr. Nm taxation and revenue department Smith's former residence. Nm taxation and revenue department It also paid income tax to the state. Nm taxation and revenue department Joan enters the mortgage interest, real estate tax, and income tax on Schedule A. Nm taxation and revenue department Also, she reports the bankruptcy estate's administrative expenses as a miscellaneous deduction not subject to the 2% floor on miscellaneous itemized deductions. Nm taxation and revenue department She completes the Schedule A and enters the result on page 2 of Form 1040. Nm taxation and revenue department Form 1040, page 2. Nm taxation and revenue department   Joan determines the estate's taxable income and figures its tax using the tax rate schedule for married filing separately. Nm taxation and revenue department She then enters the estate's estimated tax payments and figures the amount the estate still owes. Nm taxation and revenue department Form 982. Nm taxation and revenue department   Joan completes the Schedule D Tax Worksheet to figure the capital loss carryover. Nm taxation and revenue department Because $70,000 of debt was canceled, Joan must reduce the tax attributes of the estate by the amount of the canceled debt. Nm taxation and revenue department See Debt Cancellation, later. Nm taxation and revenue department After the bankruptcy case ends, Mr. Nm taxation and revenue department Smith will assume the estate's tax attributes. Nm taxation and revenue department Mr. Nm taxation and revenue department Smith will assume a capital loss carryover of $53,500 ($123,500 carryover minus the $70,000 attribute reduction) for use in preparation of his individual tax return (Form 1040). Nm taxation and revenue department Note. Nm taxation and revenue department If the bankruptcy estate had continued, the capital loss carryover would be available to the bankruptcy estate for the 2012 tax year. Nm taxation and revenue department Form 1041. Nm taxation and revenue department   Joan enters the total tax, estimated tax payments, and tax due from Form 1040 on Form 1041. Nm taxation and revenue department She completes the identification area at the top of Form 1041, then signs and dates the return as the trustee on behalf of the bankruptcy estate. Nm taxation and revenue department This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 1040 - page 1 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 1040 - page 2 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Schedule A This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Schedule B This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Schedule D This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Schedule E This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 4797 - page 1 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 2119 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 4797 - page 2 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 4562 This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Capital Loss Carryover Worksheet This image is too large to be displayed in the current screen. Nm taxation and revenue department Please click the link to view the image. Nm taxation and revenue department Sample Form 982 Capital Loss Carryover Worksheet—Lines 6 and 14 Use this worksheet to figure your capital loss carryovers from 2010 to 2011 if your 2010 Schedule D, line 21, is a loss and (a) that loss is a smaller loss than the loss on your 2010 Schedule D, line 16, or (b) the amount on your 2010 Form 1040, line 41 (or your 2010 Form 1040NR, line 38, if applicable) is less than zero. Nm taxation and revenue department Otherwise, you do not have any carryovers. Nm taxation and revenue department 1. Nm taxation and revenue department Enter the amount from your 2010 Form 1040, line 41, or Form 1040NR, line 38. Nm taxation and revenue department If a loss, enclose the amount in parentheses 1. Nm taxation and revenue department 19,880   2. Nm taxation and revenue department Enter the loss from your 2010 Schedule D, line 21, as a positive amount 2. Nm taxation and revenue department 1,500   3. Nm taxation and revenue department Combine lines 1 and 2. Nm taxation and revenue department If zero or less, enter -0- 3. Nm taxation and revenue department 21,380   4. Nm taxation and revenue department Enter the smaller of line 2 or line 3 4. Nm taxation and revenue department 1,500     If line 7 of your 2010 Schedule D is a loss, go to line 5; otherwise, enter -0- on line 5 and go to line 9. Nm taxation and revenue department       5. Nm taxation and revenue department Enter the loss from your 2010 Schedule D, line 7, as a positive amount 5. Nm taxation and revenue department 0   6. Nm taxation and revenue department Enter any gain from your 2010 Schedule D, line 15. Nm taxation and revenue department If a loss, enter -0- 6. Nm taxation and revenue department         7. Nm taxation and revenue department Add lines 4 and 6 7. Nm taxation and revenue department 1,500   8. Nm taxation and revenue department Short-term capital loss carryover for 2011. Nm taxation and revenue department Subtract line 7 from line 5. Nm taxation and revenue department If zero or less, enter -0-. Nm taxation and revenue department If more than zero, also enter this amount on Schedule D, line 6 8. Nm taxation and revenue department 0     If line 15 of your 2010 Schedule D is a loss, go to line 9; otherwise, skip lines 9 through 13. Nm taxation and revenue department       9. Nm taxation and revenue department Enter the loss from your 2010 Schedule D, line 15, as a positive amount 9. Nm taxation and revenue department 251,500   10. Nm taxation and revenue department Enter any gain from your 2010 Schedule D, line 7. Nm taxation and revenue department If a loss, enter -0- 10. Nm taxation and revenue department 0       11. Nm taxation and revenue department Subtract line 5 from line 4. Nm taxation and revenue department If zero or less, enter -0- 11. Nm taxation and revenue department 1,500       12. Nm taxation and revenue department Add lines 10 and 11 12. Nm taxation and revenue department 1,500   13. Nm taxation and revenue department Long-term capital loss carryover for 2011. Nm taxation and revenue department Subtract line 12 from line 9. Nm taxation and revenue department If zero or less, enter -0-. Nm taxation and revenue department If more than zero, also enter this amount on Schedule D, line 14 13. Nm taxation and revenue department 250,000                       Partnerships and Corporations Filing Requirements A separate taxable estate is not created when a partnership or corporation files a bankruptcy petition and their tax return filing requirements do not change. Nm taxation and revenue department The debtor-in-possession, court appointed trustee, assignee, or receiver must file the entity's income tax returns on Form 1065, Form 1120 or, Form 1120S. Nm taxation and revenue department In cases where a trustee or receiver is not appointed, the debtor-in-possession continues business operations and remains in possession of the business' property during the bankruptcy proceeding. Nm taxation and revenue department The debtor-in-possession, rather than the general partner of a partnership or corporate officer of a corporation, assumes the fiduciary responsibility to file the business' tax returns. Nm taxation and revenue department Partnerships The filing requirements for a partnership in a bankruptcy proceeding do not change. Nm taxation and revenue department However, the responsibility to file the required returns becomes that of the court appointed trustee, receiver, or debtor-in-possession. Nm taxation and revenue department A partnership's debt that is canceled as a result of the bankruptcy proceeding is not included in the partnership's income. Nm taxation and revenue department However, It may or may not be included in the individual partners' income. Nm taxation and revenue department See Partnerships, below under Debt Cancellation. Nm taxation and revenue department Corporations The filing requirements for a corporation in a bankruptcy proceeding also do not change. Nm taxation and revenue department A bankruptcy trustee, receiver, or debtor-in-possession, having possession of or holding title to substantially all of the property or business operations of the debtor corporation, must file the debtor's corporate income tax return for the tax year. Nm taxation and revenue department The following discussion only highlights bankruptcy tax rules applying to corporations. Nm taxation and revenue department The complex details of corporate bankruptcy reorganizations are beyond the scope of this publication. Nm taxation and revenue department Therefore, you may wish to seek the help of a professional tax advisor. Nm taxation and revenue department See Corporations under Debt Cancellation for information about a corporation's debt canceled in a bankruptcy proceeding. Nm taxation and revenue department Tax-Free Reorganizations The tax-free reorganization provisions of the Internal Revenue Code allow a corporation to transfer all or part of its assets to another corporation in a bankruptcy under title 11 of the United States Code or in a similar case. Nm taxation and revenue department However, under the reorganization plan, the stock or securities of the corporation to which the assets are transferred must be distributed in a transaction that qualifies under IRC section 354, 355, or 356. Nm taxation and revenue department A “similar case” includes a receivership, foreclosure, or other similar proceeding in a federal or state court. Nm taxation and revenue department In these cases, any party to the reorganization must be under the jurisdiction of the court and the transfer of assets under the plan of reorganization must be approved by the court. Nm taxation and revenue department In a receivership, foreclosure, or similar proceeding before a federal or state agency involving certain financial institutions, the agency is treated as a court. Nm taxation and revenue department Generally, IRC section 354 provides that no gain or loss is recognized if a corporation's stock is exchanged solely for stock or securities in a corporation that is a party to the reorganization under a qualifying reorganization plan. Nm taxation and revenue department In this case, shareholders in the bankrupt corporation would recognize no gain or loss if they exchange their stock solely for stock or securities of the corporation acquiring the bankrupt corporation's assets. Nm taxation and revenue department IRC section 355 generally provides that no gain or loss is recognized by a shareholder if a corporation distributes solely stock or securities of another corporation that the distributing corporation controls immediately before the distribution. Nm taxation and revenue department IRC section 356 allows tax-free exchanges in situations that would qualify under IRC section 354 or 355, except that other property or money, in addition to the permitted stock or securities, is received by the shareholder. Nm taxation and revenue department In this situation, gain is recognized by the shareholder, but only to the extent of the money and the FMV of the other property received. Nm taxation and revenue department No loss is recognized in this situation. Nm taxation and revenue department Exemption from tax return filing A trustee, receiver, or assignee of a corporation in bankruptcy, receivership, or in the process of dissolving, may apply to the IRS for relief from filing federal income tax returns for the corporation. Nm taxation and revenue department To qualify, the corporation must have ceased business operations and have no assets nor income for the tax year. Nm taxation and revenue department The exemption request must be submitted to the local IRS Insolvency Office handling the case. Nm taxation and revenue department The request to the IRS must include the name, address, and EIN of the corporation and a statement of the facts (with any supporting documents) showing why the debtor needs relief from the filing requirements. Nm taxation and revenue department The request must also include the following statement: “I hereby request relief from filing federal income tax returns for tax years ending _____ for the above-named corporation and declare under penalties of perjury that to the best of my knowledge and belief the information contained herein is correct. Nm taxation and revenue department ” The statement must be signed by the trustee, receiver or assignee. Nm taxation and revenue department The statement must also include notice of appointment to act on behalf of the corporation (this is not required for bankruptcy trustees or debtors-in-possession). Nm taxation and revenue department The IRS will act on your request within 90 days. Nm taxation and revenue department Disclosure of return information to trustee. Nm taxation and revenue department   Upon written request, current and earlier returns of the debtor are open to inspection by or disclosure to the trustee or receiver. Nm taxation and revenue department However, in bankruptcy cases other than those of individuals filing under chapter 7 or 11, such as a corporate bankruptcy, the IRS must find that the trustee has a material interest that will be affected by information on the return. Nm taxation and revenue department Material interest is generally defined as a financial or monetary interest. Nm taxation and revenue department Material interest is not limited to the trustee's responsibility to file a return on behalf of the bankruptcy estate. Nm taxation and revenue department Receiverships Court-established receiverships sometimes arise in connection with bankruptcies. Nm taxation and revenue department Certain court-established receiverships should be treated as qualified settlement funds ("QSFs") for purposes of IRC section 468B and the underlying Treasury Regulations. Nm taxation and revenue department QSFs are required to file an annual income tax return, Form 1120-SF, U. Nm taxation and revenue department S. Nm taxation and revenue department Income Tax Return for Settlement Funds. Nm taxation and revenue department More information about QSFs may be found in Treasury Regulation sections 1. Nm taxation and revenue department 468B-1 through -5. Nm taxation and revenue department Determination of Tax The determination of the proper amount of tax due for a tax year begins with the bankruptcy estate's filing of Form 1041, and the individual debtor's filing of Form 1040, or for bankrupt entities filing Forms 1065, 1120, or 1120S. Nm taxation and revenue department After a return is filed, the IRS will either accept the return as filed or select the return for examination. Nm taxation and revenue department Under examination the IRS may redetermine the tax liability shown on the return. Nm taxation and revenue department If the bankruptcy estate or debtor disagrees with the redetermined tax due, the tax as redetermined by the IRS may be contested in the bankruptcy court, or Tax Court, as applicable. Nm taxation and revenue department See Court Jurisdiction over Tax Matters, later. Nm taxation and revenue department Prompt Determination Requests Pursuant to Rev. Nm taxation and revenue department Proc. Nm taxation and revenue department 2006-24, 2006-22 I. Nm taxation and revenue department R. Nm taxation and revenue department B. Nm taxation and revenue department 943, www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/irb/2006-22_IRB/ar12, as modified by Announcement 2011-77, www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/irb/2011-51_IRB/ar13, the bankruptcy trustee may request a determination of any unpaid tax liability incurred by the bankruptcy estate during the administration of the case, by filing a tax return and a request for such determination with the IRS. Nm taxation and revenue department Unless the return is fraudulent or contains a material misrepresentation, the estate, trustee, debtor, and any successor to the debtor are discharged from liability upon payment of the tax: As determined by the IRS, As determined by the bankruptcy court, after completion of the IRS examination, or As shown on the return, if the IRS does not: Notify the trustee within 60 days after the request for determination that the return has been selected for examination, or Complete the examination and notify the trustee of any tax due within 180 days after the request (or any additional time permitted by the bankruptcy court). Nm taxation and revenue department Making the request for determination. Nm taxation and revenue department   As detailed in Rev. Nm taxation and revenue department Proc. Nm taxation and revenue department 2006-24, as modified by Announcement 2011-77, to request a prompt determination of any unpaid tax liability of the estate, the trustee must file a signed written request, in duplicate, with the Internal Revenue Service, Centralized Insolvency Operation, P. Nm taxation and revenue department O. Nm taxation and revenue department Box 7346, Philadelphia, PA 19101–7346 (marked “Request for Prompt Determination”). Nm taxation and revenue department   The request must be submitted in duplicate and must be executed under penalties of perjury. Nm taxation and revenue department In addition, the trustee must submit along with the request an exact copy of the return(s) filed by the trustee with the IRS for each completed tax period. Nm taxation and revenue department The request must contain the following information: A statement indicating that it is a Request for Prompt Determination of Tax Liability, specifying the type of return and tax period for each return being filed. Nm taxation and revenue department The name and location of the office where the return was filed. Nm taxation and revenue department The name of the debtor. Nm taxation and revenue department Debtor's social security number, TIN, or EIN. Nm taxation and revenue department Type of bankruptcy estate. Nm taxation and revenue department Bankruptcy case number. Nm taxation and revenue department Court where the bankruptcy case is pending. Nm taxation and revenue department   The copy of the return(s) submitted with the request must be an exact copy of a valid return. Nm taxation and revenue department A request for prompt determination will be considered incomplete and returned to the trustee if it is filed with a copy of a document that does not qualify as a valid return. Nm taxation and revenue department    To qualify as valid, a return must meet certain criteria, including a signature under penalties of perjury. Nm taxation and revenue department A document filed by the trustee with the jurat stricken, deleted, or modified will not qualify as a valid return. Nm taxation and revenue department Examination of return. Nm taxation and revenue department   The IRS will notify the trustee within 60 days from receipt of the request whether the return filed by the trustee has been selected for examination or has been accepted as filed. Nm taxation and revenue department If the return is selected for examination, it will be examined as soon as possible. Nm taxation and revenue department The IRS will notify the trustee of any tax due within 180 days from receipt of the application or within any additional time permitted by the bankruptcy court. Nm taxation and revenue department   If a prompt determination request is incomplete, all the documents received by the IRS will be returned to the trustee by the assigned Field Insolvency Office with an explanation identifying the missing item(s) and instructions to re-file the request once corrected. Nm taxation and revenue department   Once corrected, the request must be filed with the IRS at the Field Insolvency Office address specified in the correspondence accompanying the returned incomplete request. Nm taxation and revenue department   In the case of an incomplete request submitted with a copy of an invalid return document, the trustee must file a valid original return with the appropriate IRS office and submit a copy of that return with the corrected request when the request is re-filed. Nm taxation and revenue department Note. Nm taxation and revenue department An incomplete request includes those submitted with a copy of a return form, the original of which does not qualify as a valid return. Nm taxation and revenue department   The 60-day period to notify the trustee whether the return is accepted as filed or has been selected for examination does not begin to run until a complete request package is recei
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SOI Tax Stats - Personal Wealth Statistics

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What is the Personal Wealth Study?

The Personal Wealth Study uses information reported on Form 706, United States Estate (and Generation Skipping Transfer) Tax Return, to estimate the wealth of the living population. These estimates, based on the Estate Multiplier technique, appear every three years. The estimates are limited to that segment of the population for whom personal wealth is at least equal to the estate tax filing threshold in effect for the estimation period.

For information about selected terms and concepts and a description of the data sources and limitations, please visit Personal Wealth Study Metadata.

SOI Data Tables SOI Bulletin Articles Research Papers
 
Additional Information

Compendium of Federal 
Estate Tax & Personal 
Wealth Studies: Volume 1
 

Compendium of Federal 
Transfer Tax & Personal 
Wealth Studies: Volume 2

 

SOI Data Tables

Included Items: Total and selected assets, debts and mortgages, and net worth.

All Top Wealthholders by Size of Net Worth

Female Top Wealthholders by Size of Net Worth

Male Top Wealthholders by Size of Net Worth

Female Top Wealthholders by Age

Male Top Wealthholders by Age

Top Wealthholders by State of Residence


SOI Bulletin Articles

The articles below contain detailed analysis, including some year-to-year comparisons, as well as an explanation of estimation methodology and data tables. All of the articles are in .pdf format. These articles were also published in the quarterly SOI Bulletin.

2007      2004      2001     1998     1995     1992      1989      1986

The Underlying Methodology of the Estate Multiplier Technique Recent Improvements for 1989

Preliminary Estimates of Personal Wealth, 1982: Composition of Assets

Estimates of Personal Wealth, 1982: A Second Look

Trends in Personal Wealth, 1976-1981


Research Papers

The following are research papers written by SOI analysts.  The papers below are in .pdf format.

Consider the Source: Differences in Estimates of Income and Wealth From Survey and Tax Data
Author: Barry W. Johnson                 Kevin Moore
Statistics of Income, IRS     Federal Reserve Board of Governors
This paper examines the comparability of administrative and survey data, focusing specifically on data from Federal income and estate tax returns collected by the Statistics of Income (SOI) Division of the U.S. Internal Revenue Service (IRS), and the Survey of Consumer Finances (SCF) sponsored by the Board of Governors of the Federal Reserve System.

 

Updating Techniques for Estimating Wealth from Federal Estate Tax Returns
Author: Barry W. Johnson
Statistics of Income, IRS
This paper documents the history and development of the estate multiplier technique, a statistical methodology for estimating the wealth of a living population using data reported on returns filed for wealthy decedents, with an emphasis on recent methodological improvements.

 


Additional Information

The Federal Reserve Board of Governor's triennial Survey of Consumer Finances, which is supported by the Statistics of Income Division, provides estimates of household finances, including wealth, income, and debts.  Analyses of survey results, as well as public-use data sets, can be accessed online at through the Federal Reserve.
 


File readers

Bulletin articles and research papers are available in Adobe PDF format, which requires the free Adobe Acrobat reader to view and print these files.  Data tables are available in Excel version 4.0.  A free Excel viewer is available for download, if needed.

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Page Last Reviewed or Updated: 31-Jan-2014

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