But you're not seriously suggesting that you can halve the deficit on the basis of the tax rises that you have already announced?
It was also the basis of the last big overhaul of the tax code, under Reagan.
The problem is that GAAP and the income tax basis of accounting have a lot of differences.
Investment decisions should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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Well, at one time, it was thought that you could work both sides of the coin and utilize the loophole: if you converted the company stock directly to the Roth, it seems that you would only have to pay tax on the basis of the stock (per NUA rules), and then never have to pay tax on the capital gains.
Once you withdraw the stock from your plan as part of an LSD, you only pay income tax on the cost basis of the shares in the plan.
He will hand over the reams of paper to that committee that could form the basis of serious entitlement reform and tax reform in a bipartisan way, and certainly is willing to consider measures that are enforcement mechanisms to move that process forward.
Properly resolving this issue can mean the difference between a taxpayer being criminally excused of a tax crime or being convicted on the basis of admissions derived from the voluntary disclosure itself.
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As he did at the federal level, petitioner offset on his 2005 New York State return, as a deduction, a capital loss resulting from the difference between his outside tax basis and his inside tax basis in Fifth Avenue against the gain realized on the sale of the office building.
The TUV's concerns are political as well as economic, as they fear the harmonisation of tax rates on a north-south basis could be the thin end of a wedge towards an all-Ireland tax policy.
The lack of the inside-basis might have minimal effect on federal tax due, since the capital loss on liquidation of the partnership would offset the flow-through gain.
If Box 6b of the 1099-B form is checked, the firm is reporting cost basis to the IRS, says tax attorney Stevie Conlon of Wolters Kluwer Financial Services.
Paperwork headache: The donee will eventually own an asset whose tax basis is a composite of many valuations.
Another possibility is that you get so much as return of capital that your tax basis shrinks all the way to zero.
But justifying tax cuts on the basis of plainly unrealistic declines in that spending is at best a delusion and at worst a lie.
You should consider if carrying over your cost basis is effective in terms of the potential estate tax savings from a gift.
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Small businesses benefit from confirmation that they can use the "cash basis" for their tax returns, instead of the more complicated accounting rules which they have had to use previously.
These ordering rules are intended to be taxpayer-friendly, as S corporation shareholders would generally prefer to have a distribution treated as a tax-free return of basis than a taxable dividend.
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This account allows you to save money on a pre-tax basis, and then to use it tax free to pay for qualified out-of-pocket medical expenses.
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The basis for the claims was the illegal exploitation of regional tax-incentive schemes.
You pay a price for postponing a gain and carrying over a tax basis from the property you disposed of.
But given the tremendous trading volume, a tax rate of even a few basis points could potentially generate a boatload of revenue.
More important, there's no guarantee your broker will calculate the basis of the shares in a way that minimizes your tax bill.
If the return-of-capital distributions shrink your tax basis down all the way to zero, then you have to start reporting them currently as capital gains.
That proposal was signed into law on a bipartisan basis as part of the February extension of the payroll tax cut, and is being implemented today through guidance released by the Labor Department.
Executors of 2010 decedents can opt out of the estate tax regime by filing a special form: Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent.
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The basis for the claims was the purportedly illegal exploitation of regional tax-incentive schemes.
Carryover basis will require a lot of work, but the estate tax savings can be well worth the effort.
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