Income from Foreign Sources (See Instructions) Attach Applicable Forms to Substantiate Foreign Tax Withholdings or Payments Form 1041NR (2007) Page 7 Nature.

Slides:



Advertisements
Similar presentations
Capital Gain/Loss Form 8949 and Schedule D
Advertisements

Slide 7-1 Assignments For next class: Problems: C4-33, C4-34, C4-35, C4-37, C4-38, C4-40, C4-41, C4-42.
The New Schedule Who dat say who dat?. What is it? Schedule D is now a summary schedule Information on Schedule D now comes from That’s important, jury.
Preparing Your Taxes #3.
Lesson 12 Sale of Stock & Other Investment Property.
1 © Copyright Doug Hillman 1999 Additional Stockholders’ Equity Transactions and Income Disclosures.
Bus 225D – International Transactions II Instructor: Carol Rutlen, CPA
CORPORATIONS: DIVIDENDS, RETAINED EARNINGS, AND INCOME REPORTING CHAPTER 15.
1 Taxable Income Here we study some details about how to calculate the income tax we actually owe.
TAX ISSUES FOR INVESTORS & TRADERS Stacy A. Sand, CPA TAX (8829)
DIFFERENCES BETWEEN FEDERAL AND NEW JERSEY TAX LAW.
Federal Income Tax CONT 110. Terms Adjusted Gross Income Adjustments to Income Earned Income Tax Credit Estimated Tax Payments Exemptions Health Savings.
Capital Gains and Losses  Capital assets: everything except Inventory Depreciable property A/R  All capital gains are taxable Sell wife’s diamond ring…
Contemporary Mathematics for Business and Consumers Third Edition By: Robert A. Brechner COPYRIGHT © 2003 by South-Western, a division of Thomson Learning.
“In this world, nothing is certain but.... death and taxes”
INCOME Interest and Dividends. Interest  Common sources of Taxable Interest:  checking and savings accounts, certificates of deposit (CDs)  savings.
Chapter Objectives Be able to: n Explain the nature of the different types of property income. n Differentiate between the different methods of computing.
McGraw-Hill/Irwin Copyright (c) 2003 by the McGraw-Hill Companies Inc Principles of Taxation: Advanced Strategies Chapter 15 Income Taxation of Trusts.
14-1 ©2010 Pearson Education, Inc. Publishing as Prentice Hall.
Objectives Federal income tax withheld from Forms W-2, Wage and Tax Statement Federal income tax withheld from Forms 1099 Estimated tax payments and amounts.
Chapter 11 S Corporations. In General Slide 7-3 S Corporations [IRC §1363(a)] For federal income tax purposes, S corporations are tax reporting entities.
Real Estate Investment Chapter 6 Property Taxes and Income Taxes © 2011 Cengage Learning.
Chapter 10 Fundamental Income Tax Issues. Tax Basis: Its Nature and Significance  Newly acquired property’s initial tax basis is starting point in determining.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 3 Review February 27, 2008.
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
SaveFirst Advanced Tax Training SaveFirst Intermediate Training ● 2011 © Training Outline 1.Taxable Portion of a Pension Plan 2.Sale of Stock 3.Sale.
McGraw-Hill© 2005 The McGraw-Hill Companies, Inc. All rights reserved.
Reviewing Tax Returns for Verification Purposes
Taxes & Government Spending Chapter 14 Section 2 Federal Taxes.
Slide C3-1 Assignments For Next Class: Read Chapter 3, pages 38 – 41 (review previously read pages 1-24) Problems: C3-58, C3-59, and C3-61.
Chapter 6 Income from Property 1. Inclusions Sec. 12 Interest income from savings, deposits, loans, bonds, and debentures; Dividends from shares; and.
CHAPTER 20Slide 1 of 6 Chapter 20. INCOME TAXES How the basic tax laws work… How to Keep Yours at a Minimum… How Audits Work A. Be Prepared (See Personal.
Types of taxes. Income taxes are assessed as a function of gross revenues minus allowable expenses. Property taxes are assessed as a function of the value.
Chapter 21 Income Tax Considerations1 New Jersey Real Estate for Salespersons and Brokers By Marcia Darvin Spada Thomson/South-Western Copyright, 2006.
BY : Werner-Rocca Seminars, Ltd 1 © 2014 Financial Education Resources. All rights reserved. Preparation of Form 1041: Primer on Subchapter J.
McGraw-Hill/Irwin Copyright (c) 2002 by the McGraw-Hill Companies Inc Principles of Taxation: Advanced Strategies Chapter 8 Chapter 8 Multiple Entity.
Chapter 3 Gross Income: Inclusions. Learning Objectives Explain the difference between economic, accounting, and tax concepts of income Explain the principles.
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
McGraw-Hill© 2005 The McGraw-Hill Companies, Inc. All rights reserved.
How to fill out the Parent’s Financial Statement Section 2 – Income.
AICPA Draft #1 Capital Gains and Losses Schedule D (Form 1041NR) Department of the Treasury Internal Revenue Service OMB No ► Attach to.
Taxes & Government Spending Chapter 14 Section 2 Federal Taxes.
Tax on Accumulation Distribution of Foreign Trusts ► Attach to beneficiary’s tax return. See instructions on back. ► OMB No Attachment.
Form 1041 NR US Income Tax Return for Foreign Estates & Trusts 2007 OMB No. Department of the Treasury ― Internal Revenue Service A Type of Entity (See.
The 1040 Line by Line Understanding the Form 1040 for Verification and Professional Judgment.
14-1 Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall.
Form 1041NR (2007) Page 9 Schedule KAlternative Minimum Tax (See Instructions) Part I – Estate’s or Trust’s Share of Alternative Minimum Taxable Income.
 Tax Tips for Real Estate Investors With Allan Madan.
2007 □ □ Tax on Accumulation Distribution of Foreign Trusts
Useful Tips for Federal Fiduciary Income Tax Returns
Tax on Income Not Effectively Connected With a US Trade or Business
Who Must/Should File? IRS Pub 17 – Chapter 1 IRS Pub 501
2007 Capital Gains and Losses AICPA Draft #1 Schedule D (mo, day, yr)
Corporation Tax Case I/II Income
Principles of Taxation: Advanced Strategies
2007 Accumulation Distribution for Certain Complex Foreign Trusts
Principles of Taxation
attached. AICPA Draft #5 A Type of Entity (See Instructions): Sign
City Tax Law Training Tax Year 2017.
2007 AICPA Draft #1 Beneficiary’s Share of Income, Deductions,
Who Must/Should File? IRS Pub 17 – Chapter 1 IRS Pub 501
Interest & Dividends Pub 17, Chapters 7 & 8 Pub 4012, Tab D
Federal Income Taxes Introduction to Taxes Federal Income Taxes
(a) (b) (c) (d) (e/f) (g) (h)
Accounting 6160 Investments Howard Godfrey, Ph. D
AICPA DRAFT #1 ( ) Form 1041NR (2007) Page 9 Schedule K
Federal Income Taxes Introduction to Taxes Federal Income Taxes
Gross Income: Inclusions
Presentation transcript:

Income from Foreign Sources (See Instructions) Attach Applicable Forms to Substantiate Foreign Tax Withholdings or Payments Form 1041NR (2007) Page 7 Nature of Income 1 Dividends paid by: a) b) Interest: a) Mortgage b) Paid by foreign corporations c) Other (Describe in attached Schedule) Industrial royalties (patents, trademarks, etc.) Motion picture or TV copyright royalties Other royalties (copyrights, recording, publishing, etc) Real property income and natural resources royalties Pensions and annuities Social security benefits Gains (include capital gain from 18 below) Other (specify) ► Total foreign tax withheld at source Capital Gains and Losses from Sales or Exchanges of Property (Converted to US Dollars) Enter only the capital gains 16 (a) Kind of property and description (if necessary, attach statement of descriptive details not shown below ) (b) Date Acquired (mo., day, yr.) ( d) Sales price ( c) Date sold (mo., day, yr.) ( e) Cost or other basis (f) LOSS If (e) is more than (d), subtract (d) from (e). (g) GAIN If (d) is more than (e), subtract (e) from (d). and losses from property sales or exchanges that are from sources without the US and not effectively connected with a US business. Do not include a gain or loss on disposing of a US real property interest; report these gains and losses on Schedule D (Form 1041NR). Report property sales or exchanges that are effectively connected with a US business on Schedule D (Form 1041NR), Form 4797, or both. 17 Add Columns (f) and (g) of Line Capital gain. Combine Columns (f) and (g) of Line 17. Enter the net gain here and on Line 9 above (if a loss, enter 0)..…...►18 Form 1041NR (2007) (a) (b) (c) (d) (e/f) (g) (h) Foreign Foreign Gross Gross Income Exempt Taxable Allocable Tax Paid Tax Income Income Under US Tax Treaty Gross Expenses to in Foreign Currency Converted to US Dollars in Foreign Currency Converted to US Dollars Treaty/ Country Provision Cited Income (d) Less (f) Taxable Income Source of Country of (Generally Under IRC Sec. 862) If a “Simple” or “Grantor Trust”: a) If election made to claim deduction of foreign tax, enter total on Line 12, Page 1………… b) If election made to claim foreign tax credit,” enter total in Part II, Page 1, Form 1116 ……………… Add Line 1a through 10 in Columns (d) through (h)…………13 If a “Non-Grantor” or Complex Trust or Estate paying no “current year” income distributions (See Instructions) Net “Foreign Taxable Income: Line 13(g) less (h). Enter total here and on Form 1041NR, Line 8, Page 1…… a a US corporations Foreign corporations 1b 2a 2b 2c b 13