United States - December 2006

2006-12-11 08:11:10 · 4 answers · asked by Anonymous

2006-12-11 08:10:57 · 1 answers · asked by maishe 1

We overpaid vacation pay to an employee. Can we deduct this overpayment from the employee's paycheck?

2006-12-11 08:06:55 · 9 answers · asked by Anonymous

Can I get 2005 form 1040. (last years) n the internet?

2006-12-11 07:19:58 · 5 answers · asked by ANDREW L 1

2006-12-11 06:38:13 · 2 answers · asked by Shiner Vinh 1

I heard that there is some sort of federal tax credit for college students that you can use twice throughout your college career-anyone know anything about this??

2006-12-11 06:34:11 · 6 answers · asked by lilbit1231 2

I.e would it be taxed as my income and my regular tax rate would apply to it?

2006-12-11 06:10:17 · 3 answers · asked by Ekaterina K 2

2006-12-11 05:57:57 · 5 answers · asked by Ekaterina K 2

LIKE-KIND EXCHANGES OF REAL PROPERTY
RC section 1031 permits the tax-free exchange of like-kind property. If the transferor receives “boot” (such as cash) in addition to the like-kind property, the boot is currently taxable. The application of these rules to the exchange of real property that was burdened by a supply contract was recently considered by the Tax Court.

On June 25, 1993, Peabody Natural Resources Co. transferred a gold mine in exchange for a coal mine. The coal mine was burdened by two contracts mandating that it supply a fixed minimum amount of coal. The contracts could be extended for five-year periods. Peabody reported the transaction as a tax-free exchange under section 1031. The IRS concluded that because the contracts were boot the exchange was taxable.

Result. For the taxpayer. The first question before the Tax Court was the nature of the supply contracts. After reviewing New Mexico law, the court concluded they were contracts for the sale of goods and an interest in real property.

Peabody argued that, since all real property is like-kind to all other real property, the transaction was tax-free. The court rejected this argument, noting that in prior cases the courts have held that real property, especially when leases or other contracts are involved, is not always like-kind to other real estate.

Since the exchanged properties were not automatically like-kind, the Tax Court had to reconcile two prior cases. One held that an overriding royalty interest was part of a like-kind exchange, the other that a carved-out oil payment was not part of a like-kind exchange. The court explained its rationale for the different outcomes as follows: In one case an overriding royalty would last until the mineral deposit was exhausted, while in the other situation a carved-out royalty ended after a stated time of production.

The explanation would seem to imply the Peabody supply contracts, which would terminate before the coal was exhausted, were not like-kind to other real property. However, the Tax Court determined the contracts were part of the bundle of rights the taxpayer received in exchange for the gold mine. As a consequence the contracts affected the grade or quality of the real property (rather than a difference in class). Based on this finding, the court ruled the exchange was tax-free under section 1031.

This decision appears to permit the tax-free exchange of real property burdened by supply contracts, as long as the contracts are considered real property interests under state law.

2006-12-11 05:02:24 · 3 answers · asked by davito53000 2

I have 3 children who live with me all the time. I am now living with my fiance, who supports myself and my 3 children. I am now a full time student. Would my fiance be able to claim me and the kids as dependents on his taxes?

2006-12-11 04:55:47 · 4 answers · asked by ktbee1227 2

A friend and I were discussing "filing taxes" the other day and she said that a person who does not have an income from a job but does have an income from child support can file a tax return based on the money they received from the support. I said they can't because the taxes were already paid on that money by the parent that pays the child support. I really know nothing about how taxes and filing taxes works. So I'm hoping that someone will clarify our little friendly dispute so I can say... "Told you so." :) Not really. But I am very curious to know which is correct and why. For some reason I can't seem to stop wondering and thinking about it. Thanks for your help! Have a wonderful day!

2006-12-11 04:52:22 · 9 answers · asked by Anonymous

I make $ 29,120.00 per year and I am lucky if I get a toatl of $ 150.00 back which includes both State and Federal... I take the most money out each week and still nothing... Why do you think?

2006-12-11 04:44:25 · 5 answers · asked by fun11 2

Ok, here is my predicament. I filed exempt on my tax forms like I do every year with 1 exemption thus preventing Federal Taxes from being taken out of my paychecks and ONLY Fica/Med/State taxes being taken out...I am currently a part-time student that works full-time and only 20 yrs old this would be the 1st time I could file taxes without someone else being able to claim me. My gross income for this year was 23,275 and I fall into the 15% tax bracket. Will I still get a refund for 07 or would I owe money?

2006-12-11 03:19:22 · 11 answers · asked by Anonymous

What steps do I take to find an irs representative to help me with my delinquent tax problems of late filing and paying.

2006-12-11 00:18:07 · 3 answers · asked by Anonymous

I invested 3K in start-up money with 2 other guys plus spent another 4K in misc. such as travel costs, supplies, etc. and we haven't taken a salary or any income and are actually barely breaking even. Can I get any tax benefits for my personal income tax by having invested in this business?

Thanks.

2006-12-10 23:43:59 · 3 answers · asked by Holly O 4

i have only been married to my current husband for 3 months in 2006, can i file a joint return with him? if no, then will they really notice if i file jointly anyway? I mean we wouldn't be getting that much more back for them to want to audit us.

2006-12-10 23:13:28 · 6 answers · asked by Anonymous

2006-12-10 19:20:37 · 7 answers · asked by TradeShot 1

OK, I have read some other things on here and now I have a lot of questions:

I have done some promotional work like going to summer festivals and stuff and signing people up for stuff (this was for GM mind you) and probably made about 1500-2000 dollars doing this. I filled out something with my social security number, maybe a w9 if that is right? Anyway, now I am seeing that you are only an independent contractor if you use your own tools, well we were supplied everything down to the t-shirts.

So... how will that affect me also on my taxes. I always get everything back because I have always made < 10000 (i am a student) so will I just get hosed this april or what?? (I waitress too)

Someone please help!!!

2006-12-10 18:14:15 · 4 answers · asked by Kathy C 1

i am full time student and i have a child and I have not worked at all this year i just want to know if i still can claim something?

2006-12-10 18:11:51 · 8 answers · asked by ME 1

Will I have any liablities with a trust like this? For income tax purposes, do I 'sort of' acquire the house and have to pay income or other taxes on it? What if my sister cannot pay her household bills? Do they default to me? Also, if this is the case can we do a reverse mortgage on the house for her benefit? Thanks for any legal understanding.

2006-12-10 18:00:07 · 1 answers · asked by Joyce 2

2006-12-10 12:31:11 · 3 answers · asked by mark46martin 1

2006-12-10 11:46:45 · 3 answers · asked by g s 1

2006-12-10 11:22:10 · 9 answers · asked by DESIREE W 1

2006-12-10 11:14:10 · 6 answers · asked by indrep33 3

I know you pay on cars and homes and farms, etc, when you purchase them. But which states, only charge this as a one time fee? This may sound like a silly ? but I just am curious.

2006-12-10 11:01:59 · 4 answers · asked by just julie 6

I am a contractor. My AGI is generally 100K. If I am paid $6300 from someone, how much should I save of this to be sure my taxes are covered? I am in CT.

2006-12-10 10:55:40 · 3 answers · asked by Mark R 2

Is there a number to call to find out how much I have paid??

2006-12-10 10:46:58 · 3 answers · asked by WINGER 2

If i'm making $2400 each month. how much i'm going to be taxed and how much will my tax return be if i'm 18 and single? (i live in California)

2006-12-10 09:27:17 · 5 answers · asked by caddel 1

now your tax return will smell like chicken

2006-12-10 08:45:41 · 4 answers · asked by C.D. Riley 2

Can anyone give me a best estimate of how much tax I can get back as refund? Info:

So far I earned $8518 (after tax) (From Feb 17 to Dec 05, 2006)

Total Tax paid: $1496 :

* NY Withholding: $151
* Fed Withholding $554.50
* Fed Med: $145
* Fed OASDI / EE $621
* NY Vol Dis/EE $25

Status: Single
Age: 22
Don't go to college.
I have no dependents.

Help would be appreciated. Thanks.

2006-12-10 07:21:39 · 4 answers · asked by Legend 3