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Your residency also affects the types of income the state taxes, so it’s a good idea to review FTB Publication 1031, 2023 Guidelines for Determining Resident Status, before you file if you live ...
Section 1031(a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
The FTB levies a franchise tax on businesses for doing business in California. [2] The FTB's name reflects the fact that it was originally created to collect this tax. The agency's name was left unchanged even after the state created a personal income tax and added it to the FTB's responsibilities.
The FTB can change an expected refund in certain situations. In the event of a refund change, you will receive a “Notice of Tax Return Change” detailing the reasons for the change and the new ...
The tax agency said it's disbursing the funds after reviewing internal data that showed many people had filed tax returns but yet didn't claim what is known as the "recovery rebate credit" in 2021.
Section 1031 exchange—If a business sells property but uses the proceeds to buy similar property, it may be treated as a "like kind" exchange. Tax is not due based on the sale; instead, the cost basis of the original property is applied to the new property.
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