Detail The Timing of Section 1033 Elections   Oleh:  Maples, Larry ; Earles, Melanie Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 194 no. 3 (Sep. 2002), page 91-95. Topik: ELECTIONS; timing; section; elections Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.15 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel IRC section 1033 requires a tax payer (either an individual or a business) to make a timely election and a timely replacement to defer gain on property following an involuntary conversion - when property is completely or partially destroyed, for example, by fire or natural disaster. A gain often results when the taxpayer receives an insurance settlement for more than the property’s cost basis. Tax payers may make elections after they have filed the tax return for the year in which they receive the insurance proceeds - subject to time constraints. Here are the rules CPA s can follow in helping clients and employers make these delayed elections. In September 2001 the IRS released field service advice (FSA) 200147053, which examines the validity of delayed section 1033 elections. Tax payers also face timing issues concerning replacement property when the election is not delayed or when the taxpayer revokes an election. Questions that CPA s will find answered here and in the exhibit on page 92, include the following : Which year’s return (gain year or replacement year) should a tax payer amend? How does the statute of limitations apply to claims and replacements ? Under what circumstances can a taxpayer extend the statute for claims or replacements ? When do designations of replacement property become irrevocable ? Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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