P542 - Department of the Treasury Internal Revenue Service...

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Contents Department of the Treasury Internal Revenue Service Introduction .............................. 2 Businesses Taxed as Corporations ............ 2 Publication 542 Property Exchanged for Stock ................ 3 (Rev. February 2006) Cat. No. 15072O Capital Contributions ....................... 5 Filing and Paying Income Taxes .............. 5 Income Tax Return. ...................... 5 Corporations Estimated Tax . ......................... 6 U.S. Real Property Interest. ................ 8 Attention: This publication will no longer be revised on an annual basis. To find changes that may affect current Accounting Methods ....................... 8 year returns, see What’s New in your income tax return Accounting Periods ........................ 9 instructions; Publication 553; and What’s Hot In Tax Forms, Pubs, and Other Tax Products at www.irs.gov/ Recordkeeping ............................ 9 formspubs. To comment on this revision process, see Comments and suggestions on page 2. Income, Deductions, and Special Provisions ............................. 9 Costs of Going Into Business . .............. 9 Related Persons. ........................ 9 Income From Qualifying Shipping Activities . ... 10 Election to Expense Qualified Refinery Property. ........................... 10 Deduction to Comply With EPA Sulfur Regulations . ........................ 10 Energy-Efficient Commercial Building Property Deduction . .................. 10 Corporate Preference Items . ............... 11 Dividends-Received Deduction. ............. 11 Extraordinary Dividends . .................. 12 Below-Market Loans. ..................... 12 Charitable Contributions. .................. 13 Capital Losses . ......................... 14 Net Operating Losses. .................... 15 At-Risk Limits. .......................... 16 Passive Activity Limits . ................... 17 Figuring Tax .............................. 17 Tax Rate Schedule. ...................... 17 Alternative Minimum Tax (AMT) . ............ 17 Credits. ............................... 18 Recapture Taxes . ....................... 18 Accumulated Earnings Tax .................. 18 Distributions to Shareholders ................ 18 Money or Property Distributions . ............ 19 Distributions of Stock or Stock Rights. ........ 19
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This note was uploaded on 02/04/2009 for the course MGMT 133 taught by Professor Armstr during the Spring '09 term at UC Irvine.

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P542 - Department of the Treasury Internal Revenue Service...

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