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When Is The Last Day To File Taxes 2014

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When Is The Last Day To File Taxes 2014

When is the last day to file taxes 2014 1. When is the last day to file taxes 2014   Deducting Business Expenses Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: What Can I Deduct?Cost of Goods Sold Capital Expenses Capital versus Deductible Expenses Personal versus Business Expenses How Much Can I Deduct?Not-for-profit limits. When is the last day to file taxes 2014 At-risk limits. When is the last day to file taxes 2014 Passive activities. When is the last day to file taxes 2014 Net operating loss. When is the last day to file taxes 2014 When Can I Deduct an Expense?Economic performance. When is the last day to file taxes 2014 Not-for-Profit ActivitiesGross Income Limit on Deductions What's New Optional safe harbor method to determine the business use of a home deduction. When is the last day to file taxes 2014  Beginning in 2013, you can use the optional safe harbor method to determine the deduction for the business use of your home. When is the last day to file taxes 2014 See Optional safe harbor method under Business use of your home , later. When is the last day to file taxes 2014 Introduction This chapter covers the general rules for deducting business expenses. When is the last day to file taxes 2014 Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. When is the last day to file taxes 2014 Topics - This chapter discusses: What you can deduct How much you can deduct When you can deduct Not-for-profit activities Useful Items - You may want to see: Publication 334 Tax Guide for Small Business 463 Travel, Entertainment, Gift, and Car Expenses 525 Taxable and Nontaxable Income 529 Miscellaneous Deductions 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 538 Accounting Periods and Methods 542 Corporations 547 Casualties, Disasters, and Thefts 587 Business Use of Your Home 925 Passive Activity and At-Risk Rules 936 Home Mortgage Interest Deduction 946 How To Depreciate Property Form (and Instructions) Sch A (Form 1040) Itemized Deductions 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit See chapter 12 for information about getting publications and forms. When is the last day to file taxes 2014 What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. When is the last day to file taxes 2014 An ordinary expense is one that is common and accepted in your industry. When is the last day to file taxes 2014 A necessary expense is one that is helpful and appropriate for your trade or business. When is the last day to file taxes 2014 An expense does not have to be indispensable to be considered necessary. When is the last day to file taxes 2014 Even though an expense may be ordinary and necessary, you may not be allowed to deduct the expense in the year you paid or incurred it. When is the last day to file taxes 2014 In some cases you may not be allowed to deduct the expense at all. When is the last day to file taxes 2014 Therefore, it is important to distinguish usual business expenses from expenses that include the following. When is the last day to file taxes 2014 The expenses used to figure cost of goods sold, Capital expenses, and Personal expenses. When is the last day to file taxes 2014 Cost of Goods Sold If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold. When is the last day to file taxes 2014 Some of your business expenses may be included in figuring cost of goods sold. When is the last day to file taxes 2014 Cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. When is the last day to file taxes 2014 If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense. When is the last day to file taxes 2014 The following are types of expenses that go into figuring cost of goods sold. When is the last day to file taxes 2014 The cost of products or raw materials, including freight. When is the last day to file taxes 2014 Storage. When is the last day to file taxes 2014 Direct labor (including contributions to pension or annuity plans) for workers who produce the products. When is the last day to file taxes 2014 Factory overhead. When is the last day to file taxes 2014 Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. When is the last day to file taxes 2014 Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling, and administrative costs. When is the last day to file taxes 2014 This rule does not apply to personal property you acquire for resale if your average annual gross receipts (or those of your predecessor) for the preceding 3 tax years are not more than $10 million. When is the last day to file taxes 2014 For more information, see the following sources. When is the last day to file taxes 2014 Cost of goods sold—chapter 6 of Publication 334. When is the last day to file taxes 2014 Inventories—Publication 538. When is the last day to file taxes 2014 Uniform capitalization rules—Publication 538 and section 263A of the Internal Revenue Code and the related regulations. When is the last day to file taxes 2014 Capital Expenses You must capitalize, rather than deduct, some costs. When is the last day to file taxes 2014 These costs are a part of your investment in your business and are called “capital expenses. When is the last day to file taxes 2014 ” Capital expenses are considered assets in your business. When is the last day to file taxes 2014 In general, you capitalize three types of costs. When is the last day to file taxes 2014 Business start-up costs (See Tip below). When is the last day to file taxes 2014 Business assets. When is the last day to file taxes 2014 Improvements. When is the last day to file taxes 2014 You can elect to deduct or amortize certain business start-up costs. When is the last day to file taxes 2014 See chapters 7 and 8. When is the last day to file taxes 2014 Cost recovery. When is the last day to file taxes 2014   Although you generally cannot take a current deduction for a capital expense, you may be able to recover the amount you spend through depreciation, amortization, or depletion. When is the last day to file taxes 2014 These recovery methods allow you to deduct part of your cost each year. When is the last day to file taxes 2014 In this way, you are able to recover your capital expense. When is the last day to file taxes 2014 See Amortization (chapter 8) and Depletion (chapter 9) in this publication. When is the last day to file taxes 2014 A taxpayer can elect to deduct a portion of the costs of certain depreciable property as a section 179 deduction. When is the last day to file taxes 2014 A greater portion of these costs can be deducted if the property is qualified disaster assistance property. When is the last day to file taxes 2014 See Publication 946 for details. When is the last day to file taxes 2014 Going Into Business The costs of getting started in business, before you actually begin business operations, are capital expenses. When is the last day to file taxes 2014 These costs may include expenses for advertising, travel, or wages for training employees. When is the last day to file taxes 2014 If you go into business. When is the last day to file taxes 2014   When you go into business, treat all costs you had to get your business started as capital expenses. When is the last day to file taxes 2014   Usually you recover costs for a particular asset through depreciation. When is the last day to file taxes 2014 Generally, you cannot recover other costs until you sell the business or otherwise go out of business. When is the last day to file taxes 2014 However, you can choose to amortize certain costs for setting up your business. When is the last day to file taxes 2014 See Starting a Business in chapter 8 for more information on business start-up costs. When is the last day to file taxes 2014 If your attempt to go into business is unsuccessful. When is the last day to file taxes 2014   If you are an individual and your attempt to go into business is not successful, the expenses you had in trying to establish yourself in business fall into two categories. When is the last day to file taxes 2014 The costs you had before making a decision to acquire or begin a specific business. When is the last day to file taxes 2014 These costs are personal and nondeductible. When is the last day to file taxes 2014 They include any costs incurred during a general search for, or preliminary investigation of, a business or investment possibility. When is the last day to file taxes 2014 The costs you had in your attempt to acquire or begin a specific business. When is the last day to file taxes 2014 These costs are capital expenses and you can deduct them as a capital loss. When is the last day to file taxes 2014   If you are a corporation and your attempt to go into a new trade or business is not successful, you may be able to deduct all investigatory costs as a loss. When is the last day to file taxes 2014   The costs of any assets acquired during your unsuccessful attempt to go into business are a part of your basis in the assets. When is the last day to file taxes 2014 You cannot take a deduction for these costs. When is the last day to file taxes 2014 You will recover the costs of these assets when you dispose of them. When is the last day to file taxes 2014 Business Assets There are many different kinds of business assets; for example, land, buildings, machinery, furniture, trucks, patents, and franchise rights. When is the last day to file taxes 2014 You must fully capitalize the cost of these assets, including freight and installation charges. When is the last day to file taxes 2014 Certain property you produce for use in your trade or business must be capitalized under the uniform capitalization rules. When is the last day to file taxes 2014 See Regulations section 1. When is the last day to file taxes 2014 263A-2 for information on these rules. When is the last day to file taxes 2014 Improvements Improvements are generally major expenditures. When is the last day to file taxes 2014 Some examples are: new electric wiring, a new roof, a new floor, new plumbing, bricking up windows to strengthen a wall, and lighting improvements. When is the last day to file taxes 2014 The costs of making improvements to a business asset are capital expenses if the improvements add to the value of the asset, appreciably lengthen the time you can use it, or adapt it to a different use. When is the last day to file taxes 2014 Beginning in 2014, you must capitalize as improvements costs that are for the betterment of a unit of property, restore the unit of property, or adapt the unit of property to a new or different use. When is the last day to file taxes 2014 Temporary regulations allow you to capitalize costs meeting the above criteria for tax years beginning after 2011. When is the last day to file taxes 2014 However, you can currently deduct repairs that keep your property in a normal efficient operating condition as a business expense. When is the last day to file taxes 2014 Treat as repairs amounts paid to replace parts of a machine that only keep it in a normal operating condition. When is the last day to file taxes 2014 Restoration plan. When is the last day to file taxes 2014   Capitalize the cost of reconditioning, improving, or altering your property as part of a general restoration plan to make it suitable for your business. When is the last day to file taxes 2014 This applies even if some of the work would by itself be classified as repairs. When is the last day to file taxes 2014 Capital versus Deductible Expenses To help you distinguish between capital and deductible expenses, different examples are given below. When is the last day to file taxes 2014 Motor vehicles. When is the last day to file taxes 2014   You usually capitalize the cost of a motor vehicle you use in your business. When is the last day to file taxes 2014 You can recover its cost through annual deductions for depreciation. When is the last day to file taxes 2014   There are dollar limits on the depreciation you can claim each year on passenger automobiles used in your business. When is the last day to file taxes 2014 See Publication 463. When is the last day to file taxes 2014   Generally, repairs you make to your business vehicle are currently deductible. When is the last day to file taxes 2014 However, amounts you pay to recondition and overhaul a business vehicle are capital expenses and are recovered through depreciation. When is the last day to file taxes 2014 Roads and driveways. When is the last day to file taxes 2014    The cost of building a private road on your business property and the cost of replacing a gravel driveway with a concrete one are capital expenses you may be able to depreciate. When is the last day to file taxes 2014 The cost of maintaining a private road on your business property is a deductible expense. When is the last day to file taxes 2014 Tools. When is the last day to file taxes 2014   Unless the uniform capitalization rules apply, amounts spent for tools used in your business are deductible expenses if the tools have a life expectancy of less than 1 year or their cost is minor. When is the last day to file taxes 2014 Machinery parts. When is the last day to file taxes 2014   Unless the uniform capitalization rules apply, the cost of replacing short-lived parts of a machine to keep it in good working condition, but not add to its life, is a deductible expense. When is the last day to file taxes 2014 Heating equipment. When is the last day to file taxes 2014   The cost of changing from one heating system to another is a capital expense. When is the last day to file taxes 2014 Personal versus Business Expenses Generally, you cannot deduct personal, living, or family expenses. When is the last day to file taxes 2014 However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. When is the last day to file taxes 2014 You can deduct the business part. When is the last day to file taxes 2014 For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you generally can deduct 70% of the interest as a business expense. When is the last day to file taxes 2014 The remaining 30% is personal interest and generally is not deductible. When is the last day to file taxes 2014 See chapter 4 for information on deducting interest and the allocation rules. When is the last day to file taxes 2014 Business use of your home. When is the last day to file taxes 2014   If you use part of your home for business, you may be able to deduct expenses for the business use of your home. When is the last day to file taxes 2014 These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. When is the last day to file taxes 2014   To qualify to claim expenses for the business use of your home, you must meet both of the following tests. When is the last day to file taxes 2014 The business part of your home must be used exclusively and regularly for your trade or business. When is the last day to file taxes 2014 The business part of your home must be: Your principal place of business, or A place where you meet or deal with patients, clients, or customers in the normal course of your trade or business, or A separate structure (not attached to your home) used in connection with your trade or business. When is the last day to file taxes 2014   You generally do not have to meet the exclusive use test for the part of your home that you regularly use either for the storage of inventory or product samples, or as a daycare facility. When is the last day to file taxes 2014   Your home office qualifies as your principal place of business if you meet the following requirements. When is the last day to file taxes 2014 You use the office exclusively and regularly for administrative or management activities of your trade or business. When is the last day to file taxes 2014 You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. When is the last day to file taxes 2014   If you have more than one business location, determine your principal place of business based on the following factors. When is the last day to file taxes 2014 The relative importance of the activities performed at each location. When is the last day to file taxes 2014 If the relative importance factor does not determine your principal place of business, consider the time spent at each location. When is the last day to file taxes 2014 Optional safe harbor method. When is the last day to file taxes 2014   Beginning in 2013, individual taxpayers can use the optional safe harbor method to determine the amount of deductible expenses attributable to certain business use of a residence during the tax year. When is the last day to file taxes 2014 This method is an alternative to the calculation, allocation, and substantiation of actual expenses. When is the last day to file taxes 2014   The deduction under the optional method is limited to $1,500 per year based on $5 a square foot for up to 300 square feet. When is the last day to file taxes 2014 Under this method, you claim your allowable mortgage interest, real estate taxes, and casualty losses on the home as itemized deductions on Schedule A (Form 1040). When is the last day to file taxes 2014 You are not required to allocate these deductions between personal and business use, as is required under the regular method. When is the last day to file taxes 2014 If you use the optional method, you cannot depreciate the portion of your home used in a trade or business. When is the last day to file taxes 2014   Business expenses unrelated to the home, such as advertising, supplies, and wages paid to employees, are still fully deductible. When is the last day to file taxes 2014 All of the requirements discussed earlier under Business use of your home still apply. When is the last day to file taxes 2014   For more information on the deduction for business use of your home, including the optional safe harbor method, see Publication 587. When is the last day to file taxes 2014    If you were entitled to deduct depreciation on the part of your home used for business, you cannot exclude the part of the gain from the sale of your home that equals any depreciation you deducted (or could have deducted) for periods after May 6, 1997. When is the last day to file taxes 2014 Business use of your car. When is the last day to file taxes 2014   If you use your car exclusively in your business, you can deduct car expenses. When is the last day to file taxes 2014 If you use your car for both business and personal purposes, you must divide your expenses based on actual mileage. When is the last day to file taxes 2014 Generally, commuting expenses between your home and your business location, within the area of your tax home, are not deductible. When is the last day to file taxes 2014   You can deduct actual car expenses, which include depreciation (or lease payments), gas and oil, tires, repairs, tune-ups, insurance, and registration fees. When is the last day to file taxes 2014 Or, instead of figuring the business part of these actual expenses, you may be able to use the standard mileage rate to figure your deduction. When is the last day to file taxes 2014 Beginning in 2013, the standard mileage rate is 56. When is the last day to file taxes 2014 5 cents per mile. When is the last day to file taxes 2014   If you are self-employed, you can also deduct the business part of interest on your car loan, state and local personal property tax on the car, parking fees, and tolls, whether or not you claim the standard mileage rate. When is the last day to file taxes 2014   For more information on car expenses and the rules for using the standard mileage rate, see Publication 463. When is the last day to file taxes 2014 How Much Can I Deduct? Generally, you can deduct the full amount of a business expense if it meets the criteria of ordinary and necessary and it is not a capital expense. When is the last day to file taxes 2014 Recovery of amount deducted (tax benefit rule). When is the last day to file taxes 2014   If you recover part of an expense in the same tax year in which you would have claimed a deduction, reduce your current year expense by the amount of the recovery. When is the last day to file taxes 2014 If you have a recovery in a later year, include the recovered amount in income in that year. When is the last day to file taxes 2014 However, if part of the deduction for the expense did not reduce your tax, you do not have to include that part of the recovered amount in income. When is the last day to file taxes 2014   For more information on recoveries and the tax benefit rule, see Publication 525. When is the last day to file taxes 2014 Payments in kind. When is the last day to file taxes 2014   If you provide services to pay a business expense, the amount you can deduct is limited to your out-of-pocket costs. When is the last day to file taxes 2014 You cannot deduct the cost of your own labor. When is the last day to file taxes 2014   Similarly, if you pay a business expense in goods or other property, you can deduct only what the property costs you. When is the last day to file taxes 2014 If these costs are included in the cost of goods sold, do not deduct them again as a business expense. When is the last day to file taxes 2014 Limits on losses. When is the last day to file taxes 2014   If your deductions for an investment or business activity are more than the income it brings in, you have a loss. When is the last day to file taxes 2014 There may be limits on how much of the loss you can deduct. When is the last day to file taxes 2014 Not-for-profit limits. When is the last day to file taxes 2014   If you carry on your business activity without the intention of making a profit, you cannot use a loss from it to offset other income. When is the last day to file taxes 2014 See Not-for-Profit Activities , later. When is the last day to file taxes 2014 At-risk limits. When is the last day to file taxes 2014   Generally, a deductible loss from a trade or business or other income-producing activity is limited to the investment you have “at risk” in the activity. When is the last day to file taxes 2014 You are at risk in any activity for the following. When is the last day to file taxes 2014 The money and adjusted basis of property you contribute to the activity. When is the last day to file taxes 2014 Amounts you borrow for use in the activity if: You are personally liable for repayment, or You pledge property (other than property used in the activity) as security for the loan. When is the last day to file taxes 2014 For more information, see Publication 925. When is the last day to file taxes 2014 Passive activities. When is the last day to file taxes 2014   Generally, you are in a passive activity if you have a trade or business activity in which you do not materially participate, or a rental activity. When is the last day to file taxes 2014 In general, deductions for losses from passive activities only offset income from passive activities. When is the last day to file taxes 2014 You cannot use any excess deductions to offset other income. When is the last day to file taxes 2014 In addition, passive activity credits can only offset the tax on net passive income. When is the last day to file taxes 2014 Any excess loss or credits are carried over to later years. When is the last day to file taxes 2014 Suspended passive losses are fully deductible in the year you completely dispose of the activity. When is the last day to file taxes 2014 For more information, see Publication 925. When is the last day to file taxes 2014 Net operating loss. When is the last day to file taxes 2014   If your deductions are more than your income for the year, you may have a “net operating loss. When is the last day to file taxes 2014 ” You can use a net operating loss to lower your taxes in other years. When is the last day to file taxes 2014 See Publication 536 for more information. When is the last day to file taxes 2014   See Publication 542 for information about net operating losses of corporations. When is the last day to file taxes 2014 When Can I Deduct an Expense? When you can deduct an expense depends on your accounting method. When is the last day to file taxes 2014 An accounting method is a set of rules used to determine when and how income and expenses are reported. When is the last day to file taxes 2014 The two basic methods are the cash method and the accrual method. When is the last day to file taxes 2014 Whichever method you choose must clearly reflect income. When is the last day to file taxes 2014 For more information on accounting methods, see Publication 538. When is the last day to file taxes 2014 Cash method. When is the last day to file taxes 2014   Under the cash method of accounting, you generally deduct business expenses in the tax year you pay them. When is the last day to file taxes 2014 Accrual method. When is the last day to file taxes 2014   Under an accrual method of accounting, you generally deduct business expenses when both of the following apply. When is the last day to file taxes 2014 The all-events test has been met. When is the last day to file taxes 2014 The test is met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. When is the last day to file taxes 2014 Economic performance has occurred. When is the last day to file taxes 2014 Economic performance. When is the last day to file taxes 2014   You generally cannot deduct or capitalize a business expense until economic performance occurs. When is the last day to file taxes 2014 If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided, or the property is used. When is the last day to file taxes 2014 If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. When is the last day to file taxes 2014 Example. When is the last day to file taxes 2014 Your tax year is the calendar year. When is the last day to file taxes 2014 In December 2013, the Field Plumbing Company did some repair work at your place of business and sent you a bill for $600. When is the last day to file taxes 2014 You paid it by check in January 2014. When is the last day to file taxes 2014 If you use the accrual method of accounting, deduct the $600 on your tax return for 2013 because all events have occurred to “fix” the fact of liability (in this case the work was completed), the liability can be determined, and economic performance occurred in that year. When is the last day to file taxes 2014 If you use the cash method of accounting, deduct the expense on your 2014 return. When is the last day to file taxes 2014 Prepayment. When is the last day to file taxes 2014   You generally cannot deduct expenses in advance, even if you pay them in advance. When is the last day to file taxes 2014 This rule applies to both the cash and accrual methods. When is the last day to file taxes 2014 It applies to prepaid interest, prepaid insurance premiums, and any other expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. When is the last day to file taxes 2014 Example. When is the last day to file taxes 2014 In 2013, you sign a 10-year lease and immediately pay your rent for the first 3 years. When is the last day to file taxes 2014 Even though you paid the rent for 2013, 2014, and 2015, you can only deduct the rent for 2013 on your 2013 tax return. When is the last day to file taxes 2014 You can deduct the rent for 2014 and 2015 on your tax returns for those years. When is the last day to file taxes 2014 Contested liability. When is the last day to file taxes 2014   Under the cash method, you can deduct a contested liability only in the year you pay the liability. When is the last day to file taxes 2014 Under the accrual method, you can deduct contested liabilities such as taxes (except foreign or U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 possession income, war profits, and excess profits taxes) either in the tax year you pay the liability (or transfer money or other property to satisfy the obligation) or in the tax year you settle the contest. When is the last day to file taxes 2014 However, to take the deduction in the year of payment or transfer, you must meet certain conditions. When is the last day to file taxes 2014 See Regulations section 1. When is the last day to file taxes 2014 461-2. When is the last day to file taxes 2014 Related person. When is the last day to file taxes 2014   Under an accrual method of accounting, you generally deduct expenses when you incur them, even if you have not yet paid them. When is the last day to file taxes 2014 However, if you and the person you owe are related and that person uses the cash method of accounting, you must pay the expense before you can deduct it. When is the last day to file taxes 2014 Your deduction is allowed when the amount is includible in income by the related cash method payee. When is the last day to file taxes 2014 See Related Persons in Publication 538. When is the last day to file taxes 2014 Not-for-Profit Activities If you do not carry on your business or investment activity to make a profit, you cannot use a loss from the activity to offset other income. When is the last day to file taxes 2014 Activities you do as a hobby, or mainly for sport or recreation, are often not entered into for profit. When is the last day to file taxes 2014 The limit on not-for-profit losses applies to individuals, partnerships, estates, trusts, and S corporations. When is the last day to file taxes 2014 It does not apply to corporations other than S corporations. When is the last day to file taxes 2014 In determining whether you are carrying on an activity for profit, several factors are taken into account. When is the last day to file taxes 2014 No one factor alone is decisive. When is the last day to file taxes 2014 Among the factors to consider are whether: You carry on the activity in a businesslike manner, The time and effort you put into the activity indicate you intend to make it profitable, You depend on the income for your livelihood, Your losses are due to circumstances beyond your control (or are normal in the start-up phase of your type of business), You change your methods of operation in an attempt to improve profitability, You (or your advisors) have the knowledge needed to carry on the activity as a successful business, You were successful in making a profit in similar activities in the past, The activity makes a profit in some years, and You can expect to make a future profit from the appreciation of the assets used in the activity. When is the last day to file taxes 2014 Presumption of profit. When is the last day to file taxes 2014   An activity is presumed carried on for profit if it produced a profit in at least 3 of the last 5 tax years, including the current year. When is the last day to file taxes 2014 Activities that consist primarily of breeding, training, showing, or racing horses are presumed carried on for profit if they produced a profit in at least 2 of the last 7 tax years, including the current year. When is the last day to file taxes 2014 The activity must be substantially the same for each year within this period. When is the last day to file taxes 2014 You have a profit when the gross income from an activity exceeds the deductions. When is the last day to file taxes 2014   If a taxpayer dies before the end of the 5-year (or 7-year) period, the “test” period ends on the date of the taxpayer's death. When is the last day to file taxes 2014   If your business or investment activity passes this 3- (or 2-) years-of-profit test, the IRS will presume it is carried on for profit. When is the last day to file taxes 2014 This means the limits discussed here will not apply. When is the last day to file taxes 2014 You can take all your business deductions from the activity, even for the years that you have a loss. When is the last day to file taxes 2014 You can rely on this presumption unless the IRS later shows it to be invalid. When is the last day to file taxes 2014 Using the presumption later. When is the last day to file taxes 2014   If you are starting an activity and do not have 3 (or 2) years showing a profit, you can elect to have the presumption made after you have the 5 (or 7) years of experience allowed by the test. When is the last day to file taxes 2014   You can elect to do this by filing Form 5213. When is the last day to file taxes 2014 Filing this form postpones any determination that your activity is not carried on for profit until 5 (or 7) years have passed since you started the activity. When is the last day to file taxes 2014   The benefit gained by making this election is that the IRS will not immediately question whether your activity is engaged in for profit. When is the last day to file taxes 2014 Accordingly, it will not restrict your deductions. When is the last day to file taxes 2014 Rather, you will gain time to earn a profit in the required number of years. When is the last day to file taxes 2014 If you show 3 (or 2) years of profit at the end of this period, your deductions are not limited under these rules. When is the last day to file taxes 2014 If you do not have 3 (or 2) years of profit, the limit can be applied retroactively to any year with a loss in the 5-year (or 7-year) period. When is the last day to file taxes 2014   Filing Form 5213 automatically extends the period of limitations on any year in the 5-year (or 7-year) period to 2 years after the due date of the return for the last year of the period. When is the last day to file taxes 2014 The period is extended only for deductions of the activity and any related deductions that might be affected. When is the last day to file taxes 2014    You must file Form 5213 within 3 years after the due date of your return (determined without extensions) for the year in which you first carried on the activity, or, if earlier, within 60 days after receiving written notice from the Internal Revenue Service proposing to disallow deductions attributable to the activity. When is the last day to file taxes 2014 Gross Income Gross income from a not-for-profit activity includes the total of all gains from the sale, exchange, or other disposition of property, and all other gross receipts derived from the activity. When is the last day to file taxes 2014 Gross income from the activity also includes capital gains and rents received for the use of property which is held in connection with the activity. When is the last day to file taxes 2014 You can determine gross income from any not-for-profit activity by subtracting the cost of goods sold from your gross receipts. When is the last day to file taxes 2014 However, if you determine gross income by subtracting cost of goods sold from gross receipts, you must do so consistently, and in a manner that follows generally accepted methods of accounting. When is the last day to file taxes 2014 Limit on Deductions If your activity is not carried on for profit, take deductions in the following order and only to the extent stated in the three categories. When is the last day to file taxes 2014 If you are an individual, these deductions may be taken only if you itemize. When is the last day to file taxes 2014 These deductions may be taken on Schedule A (Form 1040). When is the last day to file taxes 2014 Category 1. When is the last day to file taxes 2014   Deductions you can take for personal as well as for business activities are allowed in full. When is the last day to file taxes 2014 For individuals, all nonbusiness deductions, such as those for home mortgage interest, taxes, and casualty losses, belong in this category. When is the last day to file taxes 2014 Deduct them on the appropriate lines of Schedule A (Form 1040). When is the last day to file taxes 2014 For tax years beginning after December 31, 2008, you can deduct a casualty loss on property you own for personal use only to the extent it is more than $500 and exceeds 10% of your adjusted gross income (AGI). When is the last day to file taxes 2014 The 10% AGI limitation does not apply to net disaster losses resulting from federally declared disasters in 2008 and 2009, and individuals are allowed to claim the net disaster losses even if they do not itemize their deductions. When is the last day to file taxes 2014 The reduction amount returns to $100 for tax years beginning after December 31, 2009. When is the last day to file taxes 2014 See Publication 547 for more information on casualty losses. When is the last day to file taxes 2014 For the limits that apply to home mortgage interest, see Publication 936. When is the last day to file taxes 2014 Category 2. When is the last day to file taxes 2014   Deductions that do not result in an adjustment to the basis of property are allowed next, but only to the extent your gross income from the activity is more than your deductions under the first category. When is the last day to file taxes 2014 Most business deductions, such as those for advertising, insurance premiums, interest, utilities, and wages, belong in this category. When is the last day to file taxes 2014 Category 3. When is the last day to file taxes 2014   Business deductions that decrease the basis of property are allowed last, but only to the extent the gross income from the activity exceeds the deductions you take under the first two categories. When is the last day to file taxes 2014 Deductions for depreciation, amortization, and the part of a casualty loss an individual could not deduct in category (1) belong in this category. When is the last day to file taxes 2014 Where more than one asset is involved, allocate depreciation and these other deductions proportionally. When is the last day to file taxes 2014    Individuals must claim the amounts in categories (2) and (3) as miscellaneous deductions on Schedule A (Form 1040). When is the last day to file taxes 2014 They are subject to the 2%-of-adjusted-gross-income limit. When is the last day to file taxes 2014 See Publication 529 for information on this limit. When is the last day to file taxes 2014 Example. When is the last day to file taxes 2014 Adriana is engaged in a not-for-profit activity. When is the last day to file taxes 2014 The income and expenses of the activity are as follows. When is the last day to file taxes 2014 Gross income $3,200 Subtract:     Real estate taxes $700   Home mortgage interest 900   Insurance 400   Utilities 700   Maintenance 200   Depreciation on an automobile 600   Depreciation on a machine 200 3,700 Loss $(500)   Adriana must limit her deductions to $3,200, the gross income she earned from the activity. When is the last day to file taxes 2014 The limit is reached in category (3), as follows. When is the last day to file taxes 2014 Limit on deduction $3,200 Category 1: Taxes and interest $1,600   Category 2: Insurance, utilities, and maintenance 1,300 2,900 Available for Category 3 $ 300   The $800 of depreciation is allocated between the automobile and machine as follows. When is the last day to file taxes 2014 $600 $800 x $300 = $225 depreciation for the automobile             $200 $800 x $300 = $75 depreciation for the machine The basis of each asset is reduced accordingly. When is the last day to file taxes 2014 Adriana includes the $3,200 of gross income on line 21 (other income) of Form 1040. When is the last day to file taxes 2014 The $1,600 for category (1) is deductible in full on the appropriate lines for taxes and interest on Schedule A (Form 1040). When is the last day to file taxes 2014 Adriana deducts the remaining $1,600 ($1,300 for category (2) and $300 for category (3)) as other miscellaneous deductions on Schedule A (Form 1040) subject to the 2%-of-adjusted-gross-income limit. When is the last day to file taxes 2014 Partnerships and S corporations. When is the last day to file taxes 2014   If a partnership or S corporation carries on a not-for-profit activity, these limits apply at the partnership or S corporation level. When is the last day to file taxes 2014 They are reflected in the individual shareholder's or partner's distributive shares. When is the last day to file taxes 2014 More than one activity. When is the last day to file taxes 2014   If you have several undertakings, each may be a separate activity or several undertakings may be combined. When is the last day to file taxes 2014 The following are the most significant facts and circumstances in making this determination. When is the last day to file taxes 2014 The degree of organizational and economic interrelationship of various undertakings. When is the last day to file taxes 2014 The business purpose that is (or might be) served by carrying on the various undertakings separately or together in a business or investment setting. When is the last day to file taxes 2014 The similarity of the undertakings. When is the last day to file taxes 2014   The IRS will generally accept your characterization if it is supported by facts and circumstances. When is the last day to file taxes 2014    If you are carrying on two or more different activities, keep the deductions and income from each one separate. When is the last day to file taxes 2014 Figure separately whether each is a not-for-profit activity. When is the last day to file taxes 2014 Then figure the limit on deductions and losses separately for each activity that is not for profit. 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Federal Agencies Can Help

Several federal agencies offer advice and information on the Internet that can help insure you have a safe trip. For advice on:

  • Airline, highway, and rail safety information- Check out the U.S. Department of Transportation. Look up crash-safety reports on cars or find out how weather is affecting air travel and road conditions.
  • Safe travel by air, land and sea- Contact the Transportation Security Administration. They post tips on dealing with airline security checks, traveling with kids, and warnings on prohibited items.
  • What to do before, during, and when you return from a trip overseas - Visit the U.S. Department of State. You can also get warnings on locations to avoid and what to do in an overseas emergency.
  • Health-related travel information - Consult the Centers for Disease Control and Prevention. Research vaccination requirements, find information on how to avoid illnesses caused by food and water, and review inspection scores on specific cruise ships.

Check Bus Safety Records

Some travelers have turned to commercial buses as an inexpensive option for traveling long distances. Before planning a trip on a commercial bus or hired motorcoach, you should research the company’s record. The Federal Motor Carrier Safety Administration (FMCSA) recommends that you contact the company and ask these questions:

  • Do the drivers hold valid Commercial Driver’s Licenses with a “passenger” endorsement?
  • Does the company comply with the Department of Transportation’s drug and alcohol testing requirements for drivers?
  • Does the company conduct safety inspections of their buses?

You can find more information on interstate travel safety and use the FMCSA’s bus safety database. If you would like to file a safety complaint call 1-888-368-7238.

The When Is The Last Day To File Taxes 2014

When is the last day to file taxes 2014 Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. When is the last day to file taxes 2014 Proc. When is the last day to file taxes 2014 2009-37 Table of Contents SECTION 1. When is the last day to file taxes 2014 PURPOSE SECTION 2. When is the last day to file taxes 2014 BACKGROUND SECTION 3. When is the last day to file taxes 2014 SCOPE SECTION 4. When is the last day to file taxes 2014 ELECTION PROCEDURES SECTION 5. When is the last day to file taxes 2014 REQUIRED INFORMATION STATEMENT SECTION 6. When is the last day to file taxes 2014 EFFECTIVE DATE SECTION 7. When is the last day to file taxes 2014 TRANSITION RULE SECTION 8. When is the last day to file taxes 2014 PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. When is the last day to file taxes 2014 PURPOSE . When is the last day to file taxes 2014 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. When is the last day to file taxes 2014 This revenue procedure describes the time and manner of providing this additional information. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. When is the last day to file taxes 2014 Taxpayers should be aware that these regulations may be retroactive. When is the last day to file taxes 2014 See § 7805(b)(2). When is the last day to file taxes 2014 This revenue procedure may be modified to provide procedures consistent with additional guidance. When is the last day to file taxes 2014 SECTION 2. When is the last day to file taxes 2014 BACKGROUND . When is the last day to file taxes 2014 01 Section 108(i), Generally. When is the last day to file taxes 2014 Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. When is the last day to file taxes 2014 L. When is the last day to file taxes 2014 No. When is the last day to file taxes 2014 111-5, 123 Stat. When is the last day to file taxes 2014 338. When is the last day to file taxes 2014 In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. When is the last day to file taxes 2014 Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). When is the last day to file taxes 2014 The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. When is the last day to file taxes 2014 1273-1(d) of the Income Tax Regulations. When is the last day to file taxes 2014 The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. When is the last day to file taxes 2014 For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). When is the last day to file taxes 2014 A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). When is the last day to file taxes 2014 See § 108(i)(5)(D). When is the last day to file taxes 2014 The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. When is the last day to file taxes 2014 Section 108(i)(5)(D)(ii). When is the last day to file taxes 2014 For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 02 Applicable Debt Instrument. When is the last day to file taxes 2014 Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. When is the last day to file taxes 2014 The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). When is the last day to file taxes 2014 Section 108(i)(3)(B). When is the last day to file taxes 2014 For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. When is the last day to file taxes 2014 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. When is the last day to file taxes 2014 1502-13(g)(5). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 03 Reacquisition. When is the last day to file taxes 2014 Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). When is the last day to file taxes 2014 The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. When is the last day to file taxes 2014 See § 108(i)(4)(B). When is the last day to file taxes 2014 The term “acquisition” also includes an indirect acquisition within the meaning of § 1. When is the last day to file taxes 2014 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). When is the last day to file taxes 2014 For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 04 General Requirements for the Section 108(i) Election. When is the last day to file taxes 2014 Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. When is the last day to file taxes 2014 (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. When is the last day to file taxes 2014 ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. When is the last day to file taxes 2014 Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 05 Section 108(i) Elections Made by Pass-through Entities. When is the last day to file taxes 2014 In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. When is the last day to file taxes 2014 Section 108(i)(5)(B)(iii). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 06 Additional Information on Subsequent Years’ Returns. When is the last day to file taxes 2014 Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 07 Exclusivity. When is the last day to file taxes 2014 Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 08 Allocation of Deferred COD Income on Partnership Indebtedness. When is the last day to file taxes 2014 Section 4. When is the last day to file taxes 2014 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. When is the last day to file taxes 2014 If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. When is the last day to file taxes 2014 704-1(b)(2)(iii). When is the last day to file taxes 2014 Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). When is the last day to file taxes 2014 The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). When is the last day to file taxes 2014 The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 09 Partner’s Deferred § 752 Amount. When is the last day to file taxes 2014 A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). When is the last day to file taxes 2014 A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). When is the last day to file taxes 2014 To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. When is the last day to file taxes 2014 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). When is the last day to file taxes 2014 See Rev. When is the last day to file taxes 2014 Rul. When is the last day to file taxes 2014 92-97, 1992-2 C. When is the last day to file taxes 2014 B. When is the last day to file taxes 2014 124, and Rev. When is the last day to file taxes 2014 Rul. When is the last day to file taxes 2014 94-4, 1994-1 C. When is the last day to file taxes 2014 B. When is the last day to file taxes 2014 195. When is the last day to file taxes 2014 A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 10 Allocation of Deferred COD Income on S Corporation Indebtedness. When is the last day to file taxes 2014 For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. When is the last day to file taxes 2014 (1) In general. When is the last day to file taxes 2014 The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). When is the last day to file taxes 2014 These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. When is the last day to file taxes 2014 OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). When is the last day to file taxes 2014 COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. When is the last day to file taxes 2014 See § 1. When is the last day to file taxes 2014 56(g)-1(c)(1). When is the last day to file taxes 2014 (2) Exceptions for certain special status corporations. When is the last day to file taxes 2014 The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. When is the last day to file taxes 2014 OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 12 Extension of Time to Make Election. When is the last day to file taxes 2014 Under § 301. When is the last day to file taxes 2014 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. When is the last day to file taxes 2014 An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. When is the last day to file taxes 2014 Section 301. When is the last day to file taxes 2014 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. When is the last day to file taxes 2014 SECTION 3. When is the last day to file taxes 2014 SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). When is the last day to file taxes 2014 SECTION 4. When is the last day to file taxes 2014 ELECTION PROCEDURES . When is the last day to file taxes 2014 01 In General. When is the last day to file taxes 2014 (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. When is the last day to file taxes 2014 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. When is the last day to file taxes 2014 07, 4. When is the last day to file taxes 2014 08, 4. When is the last day to file taxes 2014 09, or 4. When is the last day to file taxes 2014 10 of this revenue procedure. When is the last day to file taxes 2014 (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. When is the last day to file taxes 2014 01(1)(a) of this revenue procedure for making the § 108(i) election. When is the last day to file taxes 2014 The rules that apply to an automatic extension under § 301. When is the last day to file taxes 2014 9100-2(a) apply to this automatic extension. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 02 Section 108(i) Elections Made by Members of Consolidated Groups. When is the last day to file taxes 2014 The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. When is the last day to file taxes 2014 See § 1. When is the last day to file taxes 2014 1502-77(a). When is the last day to file taxes 2014 . When is the last day to file taxes 2014 03 Aggregation Rule. When is the last day to file taxes 2014 A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. When is the last day to file taxes 2014 A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. When is the last day to file taxes 2014 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 04 Partial Elections. When is the last day to file taxes 2014 (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. When is the last day to file taxes 2014 Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. When is the last day to file taxes 2014 The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. When is the last day to file taxes 2014 (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). When is the last day to file taxes 2014 Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. When is the last day to file taxes 2014 (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. When is the last day to file taxes 2014 Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). When is the last day to file taxes 2014 A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. When is the last day to file taxes 2014 The provisions of this section 4. When is the last day to file taxes 2014 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 05 Contents of Election Statement. When is the last day to file taxes 2014 A statement meets the requirements of this section 4. When is the last day to file taxes 2014 05 if the statement— (1) Label. When is the last day to file taxes 2014 States “Section 108(i) Election” across the top. When is the last day to file taxes 2014 (2) Required information. When is the last day to file taxes 2014 Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. When is the last day to file taxes 2014 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 06 Supplemental information. When is the last day to file taxes 2014 The statement described in section 4. When is the last day to file taxes 2014 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. When is the last day to file taxes 2014 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. When is the last day to file taxes 2014 05(2)(d) of this revenue procedure. When is the last day to file taxes 2014 This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. When is the last day to file taxes 2014 If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. When is the last day to file taxes 2014 If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. When is the last day to file taxes 2014 In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. When is the last day to file taxes 2014 08, 2. When is the last day to file taxes 2014 10 and, if applicable, 4. When is the last day to file taxes 2014 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. When is the last day to file taxes 2014 The rules of this section 4. When is the last day to file taxes 2014 07 apply to partnerships other than partnerships described in section 4. When is the last day to file taxes 2014 10 of this revenue procedure. When is the last day to file taxes 2014 (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). When is the last day to file taxes 2014 For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. When is the last day to file taxes 2014 , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. When is the last day to file taxes 2014 Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). When is the last day to file taxes 2014 (2) Election information statement provided to partners. When is the last day to file taxes 2014 The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. When is the last day to file taxes 2014 07(2). When is the last day to file taxes 2014 The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. When is the last day to file taxes 2014 A statement meets the requirements of this section 4. When is the last day to file taxes 2014 07(2) if the statement— (a) Label. When is the last day to file taxes 2014 States “Section 108(i) Election Information Statement for Partners” across the top. When is the last day to file taxes 2014 (b) Required information. When is the last day to file taxes 2014 Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. When is the last day to file taxes 2014 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. When is the last day to file taxes 2014 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. When is the last day to file taxes 2014 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. When is the last day to file taxes 2014 (c) If a partner fails to provide the written statement required by section 4. When is the last day to file taxes 2014 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. When is the last day to file taxes 2014 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. When is the last day to file taxes 2014 (3) Partner reporting requirements. When is the last day to file taxes 2014 The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. When is the last day to file taxes 2014 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. When is the last day to file taxes 2014 Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. When is the last day to file taxes 2014 A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. When is the last day to file taxes 2014 If a partner provides its written statement under this section 4. When is the last day to file taxes 2014 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. When is the last day to file taxes 2014 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 08 Additional Requirements for an S Corporation Making a § 108(i) Election. When is the last day to file taxes 2014 (1) Information filing on Schedule K-1 (Form 1120S). When is the last day to file taxes 2014 For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. When is the last day to file taxes 2014 , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. When is the last day to file taxes 2014 S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. When is the last day to file taxes 2014 (2) Election information statement provided to shareholders. When is the last day to file taxes 2014 The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. When is the last day to file taxes 2014 08(2). When is the last day to file taxes 2014 The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. When is the last day to file taxes 2014 A statement meets the requirements of this section 4. When is the last day to file taxes 2014 08(2) if the statement— (a) Label. When is the last day to file taxes 2014 States “Section 108(i) Election Information Statement for Shareholders” across the top. When is the last day to file taxes 2014 (b) Required information. When is the last day to file taxes 2014 Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. When is the last day to file taxes 2014 06 of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. When is the last day to file taxes 2014 The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. When is the last day to file taxes 2014 964-1(c)(3). When is the last day to file taxes 2014 Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. When is the last day to file taxes 2014 05 of this revenue procedure and, if applicable, section 4. When is the last day to file taxes 2014 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 10 Section 108(i) Elections Made By Certain Foreign Partnerships. When is the last day to file taxes 2014 The rules of this section 4. When is the last day to file taxes 2014 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). When is the last day to file taxes 2014 See § 1. When is the last day to file taxes 2014 6031(a)-1(b). When is the last day to file taxes 2014 (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. When is the last day to file taxes 2014 05 of this revenue procedure and, if applicable, section 4. When is the last day to file taxes 2014 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. When is the last day to file taxes 2014 6031(a)-1(b)(5) it files with the Service. When is the last day to file taxes 2014 In addition, a nonfiling foreign partnership must include in the information required in section 4. When is the last day to file taxes 2014 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). When is the last day to file taxes 2014 (2) The nonfiling foreign partnership must make the election, in accordance with § 1. When is the last day to file taxes 2014 6031(a)-1(b)(5), by the date provided in section 4. When is the last day to file taxes 2014 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. When is the last day to file taxes 2014 (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure. When is the last day to file taxes 2014 Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). When is the last day to file taxes 2014 The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. When is the last day to file taxes 2014 07(2) of this revenue procedure by the date provided in section 4. When is the last day to file taxes 2014 01(1)(a) of this revenue procedure. When is the last day to file taxes 2014 The partnership should not attach any statement described in section 4. When is the last day to file taxes 2014 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. When is the last day to file taxes 2014 However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. When is the last day to file taxes 2014 (4) The partnership and each affected partner must satisfy the requirements of section 4. When is the last day to file taxes 2014 07(3) of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 11 Protective § 108(i) Election. When is the last day to file taxes 2014 (1) In general. When is the last day to file taxes 2014 A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. When is the last day to file taxes 2014 If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). When is the last day to file taxes 2014 Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. When is the last day to file taxes 2014 A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. When is the last day to file taxes 2014 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. When is the last day to file taxes 2014 01(1)(a) of this revenue procedure. When is the last day to file taxes 2014 The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. When is the last day to file taxes 2014 A statement meets the requirements of this section 4. When is the last day to file taxes 2014 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. When is the last day to file taxes 2014 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. When is the last day to file taxes 2014 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. When is the last day to file taxes 2014 06 of this revenue procedure. When is the last day to file taxes 2014 (2) Statements provided to shareholders and partners. When is the last day to file taxes 2014 (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. When is the last day to file taxes 2014 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. When is the last day to file taxes 2014 11(1)(d) of this revenue procedure. When is the last day to file taxes 2014 (b) The partnership or S corporation should not attach the statements described in this section 4. When is the last day to file taxes 2014 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 12 Election-Year Reporting by Tiered Pass-Through Entities. When is the last day to file taxes 2014 (1) A partnership required to file a U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 partnership return other than under § 1. When is the last day to file taxes 2014 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. When is the last day to file taxes 2014 07(1)(a) through (d) of this revenue procedure). When is the last day to file taxes 2014 (2) If a partnership described in section 4. When is the last day to file taxes 2014 12(1) of this revenue procedure receives a statement described in sections 4. When is the last day to file taxes 2014 07(2) or 4. When is the last day to file taxes 2014 10(3) of this revenue procedure or this section 4. When is the last day to file taxes 2014 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. When is the last day to file taxes 2014 07(2)(b)(x) of this revenue procedure. When is the last day to file taxes 2014 If an S corporation receives a statement described in sections 4. When is the last day to file taxes 2014 07(2) or 4. When is the last day to file taxes 2014 10(3) of this revenue procedure or this section 4. When is the last day to file taxes 2014 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. When is the last day to file taxes 2014 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. When is the last day to file taxes 2014 The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. When is the last day to file taxes 2014 The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. When is the last day to file taxes 2014 (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. When is the last day to file taxes 2014 704-1(b)(2)(iii). When is the last day to file taxes 2014 The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. When is the last day to file taxes 2014 No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. When is the last day to file taxes 2014 The partnership allocates amounts described in section 4. When is the last day to file taxes 2014 06 of this revenue procedure under this section 4. When is the last day to file taxes 2014 12(3) as if the additional COD income was realized. When is the last day to file taxes 2014 (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. When is the last day to file taxes 2014 No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. When is the last day to file taxes 2014 (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. When is the last day to file taxes 2014 (6) This paragraph 4. When is the last day to file taxes 2014 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure, or a statement described in sections 4. When is the last day to file taxes 2014 07(2) or 4. When is the last day to file taxes 2014 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). When is the last day to file taxes 2014 (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. When is the last day to file taxes 2014 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. When is the last day to file taxes 2014 (b) A Category 2 filer must include its share of the information described in section 4. When is the last day to file taxes 2014 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. When is the last day to file taxes 2014 Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. When is the last day to file taxes 2014 (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. When is the last day to file taxes 2014 12(6)(a)(ii) and 4. When is the last day to file taxes 2014 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. When is the last day to file taxes 2014 However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. When is the last day to file taxes 2014 (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. When is the last day to file taxes 2014 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. When is the last day to file taxes 2014 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. When is the last day to file taxes 2014 12(1) and (2) of this revenue procedure. When is the last day to file taxes 2014 Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. When is the last day to file taxes 2014 12(6) of this revenue procedure. When is the last day to file taxes 2014 (8) The provisions of section 4. When is the last day to file taxes 2014 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. When is the last day to file taxes 2014 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. When is the last day to file taxes 2014 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. When is the last day to file taxes 2014 11(1)(d) of this revenue procedure. When is the last day to file taxes 2014 SECTION 5. When is the last day to file taxes 2014 REQUIRED INFORMATION STATEMENT . When is the last day to file taxes 2014 01 Annual Information Statements. When is the last day to file taxes 2014 Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. When is the last day to file taxes 2014 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. When is the last day to file taxes 2014 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 02 Contents of Statement. When is the last day to file taxes 2014 A statement meets the requirements of this section 5. When is the last day to file taxes 2014 02 if the statement— (1) Label. When is the last day to file taxes 2014 States “Section 108(i) Information Statement” across the top; (2) Required information. When is the last day to file taxes 2014 Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. When is the last day to file taxes 2014 (3) Election attached. When is the last day to file taxes 2014 Includes a copy of the election statement described in section 4. When is the last day to file taxes 2014 05 of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 03 Additional Annual Reporting Requirements for Certain Partnerships. When is the last day to file taxes 2014 The rules of this section 5. When is the last day to file taxes 2014 03 apply to partnerships other than partnerships described in section 5. When is the last day to file taxes 2014 05 of this revenue procedure. When is the last day to file taxes 2014 (1) In general. When is the last day to file taxes 2014 A partnership that makes an election under § 108(i) (except for a protective election under section 4. When is the last day to file taxes 2014 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure. When is the last day to file taxes 2014 In addition, for each taxable year in which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure. When is the last day to file taxes 2014 (2) Annual information statements provided to partners. When is the last day to file taxes 2014 The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, a statement meeting the requirements of this section 5. When is the last day to file taxes 2014 03(2). When is the last day to file taxes 2014 The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. When is the last day to file taxes 2014 A statement meets the requirements of this section 5. When is the last day to file taxes 2014 03(2) if the statement— (a) Label. When is the last day to file taxes 2014 States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. When is the last day to file taxes 2014 (b) Required information. When is the last day to file taxes 2014 Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. When is the last day to file taxes 2014 If a partner fails to provide the written statement required by section 4. When is the last day to file taxes 2014 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. When is the last day to file taxes 2014 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 04 Additional Annual Reporting Requirements for an S Corporation. When is the last day to file taxes 2014 (1) In general. When is the last day to file taxes 2014 An S corporation that makes an election under § 108(i) (except for a protective election under section 4. When is the last day to file taxes 2014 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure. When is the last day to file taxes 2014 In addition, for each taxable year in which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. When is the last day to file taxes 2014 08(1) of this revenue procedure. When is the last day to file taxes 2014 (2) Annual information statements provided to shareholders. When is the last day to file taxes 2014 The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure a statement meeting the requirements of this section 5. When is the last day to file taxes 2014 04(2). When is the last day to file taxes 2014 The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. When is the last day to file taxes 2014 A statement meets the requirements of this section 5. When is the last day to file taxes 2014 04(2) if the statement— (a) Label. When is the last day to file taxes 2014 States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. When is the last day to file taxes 2014 Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. When is the last day to file taxes 2014 (1) The rules of this section 5. When is the last day to file taxes 2014 05 apply to nonfiling foreign partnerships. When is the last day to file taxes 2014 (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. When is the last day to file taxes 2014 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. When is the last day to file taxes 2014 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. When is the last day to file taxes 2014 01 of this revenue procedure. When is the last day to file taxes 2014 (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. When is the last day to file taxes 2014 (4) For each taxable year in which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure. When is the last day to file taxes 2014 Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). When is the last day to file taxes 2014 The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. When is the last day to file taxes 2014 6031(b)-1T(b). When is the last day to file taxes 2014 The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. When is the last day to file taxes 2014 05(2) of this revenue procedure. When is the last day to file taxes 2014 (5) For each taxable year for which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. When is the last day to file taxes 2014 03(2) of this revenue procedure. When is the last day to file taxes 2014 The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 06 Information Statements Made on Behalf of Certain Foreign Corporations. When is the last day to file taxes 2014 Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. When is the last day to file taxes 2014 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. When is the last day to file taxes 2014 01 of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. When is the last day to file taxes 2014 (1) A partnership required to file a U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 partnership return other than under § 1. When is the last day to file taxes 2014 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. When is the last day to file taxes 2014 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. When is the last day to file taxes 2014 07(1)(a) through (d) of this revenue procedure). When is the last day to file taxes 2014 (2) If a partnership described in section 5. When is the last day to file taxes 2014 07(1) of this revenue procedure receives a statement described in sections 5. When is the last day to file taxes 2014 03(2) or 5. When is the last day to file taxes 2014 05(5) of this revenue procedure or this section 5. When is the last day to file taxes 2014 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. When is the last day to file taxes 2014 If an S corporation receives a statement described in sections 5. When is the last day to file taxes 2014 03(2) or 5. When is the last day to file taxes 2014 05(5) of this revenue procedure or this section 5. When is the last day to file taxes 2014 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. When is the last day to file taxes 2014 03(2)(b)(i) through (viii) of this revenue procedure. When is the last day to file taxes 2014 The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. When is the last day to file taxes 2014 The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. When is the last day to file taxes 2014 (3) This paragraph 5. When is the last day to file taxes 2014 07(3) provides the rules for persons described in section 4. When is the last day to file taxes 2014 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. When is the last day to file taxes 2014 03(1) of this revenue procedure, or a statement described in sections 5. When is the last day to file taxes 2014 03(2) or 5. When is the last day to file taxes 2014 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). When is the last day to file taxes 2014 (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. When is the last day to file taxes 2014 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. When is the last day to file taxes 2014 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. When is the last day to file taxes 2014 (b) A Category 2 filer must include its share of the information described in section 4. When is the last day to file taxes 2014 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. When is the last day to file taxes 2014 Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. When is the last day to file taxes 2014 (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. When is the last day to file taxes 2014 07(3)(a)(ii) and 5. When is the last day to file taxes 2014 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. When is the last day to file taxes 2014 However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. When is the last day to file taxes 2014 (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. When is the last day to file taxes 2014 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. When is the last day to file taxes 2014 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. When is the last day to file taxes 2014 07(1) and (2) of this revenue procedure. When is the last day to file taxes 2014 Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. When is the last day to file taxes 2014 12(6) of this revenue procedure. When is the last day to file taxes 2014 SECTION 6. When is the last day to file taxes 2014 EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. When is the last day to file taxes 2014 SECTION 7. When is the last day to file taxes 2014 TRANSITION RULE . When is the last day to file taxes 2014 01 Noncomplying Election. When is the last day to file taxes 2014 Except as otherwise provided in this section 7. When is the last day to file taxes 2014 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. When is the last day to file taxes 2014 However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 02 Modification of Election. When is the last day to file taxes 2014 A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). When is the last day to file taxes 2014 To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. When is the last day to file taxes 2014 . When is the last day to file taxes 2014 03 Notations. When is the last day to file taxes 2014 A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. When is the last day to file taxes 2014 A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. When is the last day to file taxes 2014 See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. When is the last day to file taxes 2014 SECTION 8. When is the last day to file taxes 2014 PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. When is the last day to file taxes 2014 S. When is the last day to file taxes 2014 C. When is the last day to file taxes 2014 3507) under control number 1545-2147. When is the last day to file taxes 2014 An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. When is the last day to file taxes 2014 The collection of information in this revenue procedure is in sections 4, 5 and 7. When is the last day to file taxes 2014 This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. When is the last day to file taxes 2014 This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. When is the last day to file taxes 2014 The collection of information is required to obtain a benefit. When is the last day to file taxes 2014 The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. When is the last day to file taxes 2014 The estimated total annual reporting burden is 300,000 hours. When is the last day to file taxes 2014 The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. When is the last day to file taxes 2014 The estimated number of respondents is 50,000. When is the last day to file taxes 2014 Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. When is the last day to file taxes 2014 Generally, tax returns and return information are confidential, as required by § 6103. When is the last day to file taxes 2014 DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. When is the last day to file taxes 2014 Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). When is the last day to file taxes 2014 For further information regarding this revenue procedure, contact Megan A. When is the last day to file taxes 2014 Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. When is the last day to file taxes 2014 Blanchard at (202) 622-3950 for questions involving OID, Ronald M. When is the last day to file taxes 2014 Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). When is the last day to file taxes 2014 Prev  Up  Next   Home   More Internal Revenue Bulletins