Small Business
The most frequently asked tax questions related to Small Business
North Carolina
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $7.25.
Oregon
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $9.10.
Alabama
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, there is no minimum wage required.
Louisiana
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, there is no minimum wage required.
Indiana
Asked Monday, December 30, 2013 by an anonymous userCPA Answer:
For 2014, the minimum wage is $7.25.
Form 4797 part 1 - Section 1231 transactions
Asked Thursday, June 28, 2012 by an anonymous userCPA Answer:
Section 1231 transactions are reported on Form 4797 part 1.
A partial list of of Section 1231 transactions include Sales or exchanges of :
real or depreciable property used in a trade or business and held more than 1 year.
Timber, Coal, Cattle Horses or Livestock.
A partial list of of Section 1231 transactions include Sales or exchanges of :
real or depreciable property used in a trade or business and held more than 1 year.
Timber, Coal, Cattle Horses or Livestock.
Form 4797 part 3 transactions
Asked Thursday, June 28, 2012 by an anonymous userCPA Answer:
A partial list of transactions include:
Section 1245 Property including depreciable Personal and Real Property
Section 179 deduction
A Single purpose agricultural or horticultural structure
A nonpetroleum storage facility
Clean Fuel vehicles
Section 1250 property inclusive of depreciable real property when an accelerated depreciation method was used
Real property when ACRS depreciation method was used
disposition of certain Farmland
gain on dispositions of Oil and Gas properties that included depletion and IDC expenses
Section 1245 Property including depreciable Personal and Real Property
Section 179 deduction
A Single purpose agricultural or horticultural structure
A nonpetroleum storage facility
Clean Fuel vehicles
Section 1250 property inclusive of depreciable real property when an accelerated depreciation method was used
Real property when ACRS depreciation method was used
disposition of certain Farmland
gain on dispositions of Oil and Gas properties that included depletion and IDC expenses
Form 4797 part 2 - Ordinary Gain or Loss transactions
Asked Thursday, June 28, 2012 by an anonymous userCPA Answer:
A partial list of transactions include:
ordinary gains and losses from property held 1 year or less.
Losses from qualifying abandonment of business or investment property.
Losses of Section 1244 Small Business Stock
Losses of Small Business Company Stock
sales of Preferred Stock
Deferred gain from Qualifying Electric Transmission Property
ordinary gains and losses from property held 1 year or less.
Losses from qualifying abandonment of business or investment property.
Losses of Section 1244 Small Business Stock
Losses of Small Business Company Stock
sales of Preferred Stock
Deferred gain from Qualifying Electric Transmission Property
Depreciation Recapture as Ordinary Income - Sale of Personal Property
Asked Thursday, June 28, 2012 by an anonymous userCPA Answer:
Report gain or loss on the sale of depreciable property on Form 4797.
The gain realized on the sale of depreciable personal property (Section 1245 property) is treated as Ordinary income to the extent the gain is atrributed to depreciation that reduced basis.
The gain realized on the sale of depreciable personal property (Section 1245 property) is treated as Ordinary income to the extent the gain is atrributed to depreciation that reduced basis.