Trust Me, I do Taxes
Estates and Trusts report their income on this tax return
1041
Proceeds higher than basis for the sale of Securities results in this type of income
Capital Gains
Materials and Supplies purchased but not used at the end of year become this
Inventory
The section under which terms of requirements of Due Diligence are defined
Circular 230
An increased cost basis for a beneficiary due to inheritance is also called this
Step-Up Basis
Not a repair, this expense is not deductible but increases your basis in the property
Improvements
COGS are separated from Business Expenses and subtracted directly from this
Gross Profits / Receipts / Income
This department of the IRS handles SFR's, Audits, and CP2000's
Examinations
The Alternate Valuation Date of an Estate is done this long after the date of death
Six Months
Wash Sale
An overstatement of Inventory can result an understatement in this
Available to the public, these are IRS documents that provide Guidelines for specific tax issues, but not line-by-line instructions
Publications
A trust that gives to the grandchildren instead of children
Generation-Skipping Trust
The basis of an RSU is the value of the asset at the end of this
Vesting Period
Under this Method of COGS, it's assumed that the oldest items in inventory are sold first
The IRS policies, procedures and guidelines given directly to Staff of the IRS
Internal Revenue Manual (IRM)
A trust that can't change once created
Irrevocable Trust
Debts are added to Shareholder basis unless they are this
Unsecured
Evaluation Method that relies on the retail value of materials to determine costs
Retail Inventory Method
The US Title number under which all Legal IRS Code is under
Title 26