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<   2009年 04月 ( 14 )   > この月の画像一覧

質問回答コーナー: Taxable Income from Installment Sales


------------------------------------------------
Hello, nn
いつもありがとうございます。回答とても参考になりました。
Thanks sooo much for responding my series of questions.
As always, that is relly helpful for me to understand points.
I have one more quick question. That would be probably my last one before my leaving in a few days.

For installment sales, the taxable gain is recorgnized when cash is received? That is the same as installment method under financial accounting, right? Under my text book, there seems to be difference between GAAP (financial accounting)and Tax treatment. However, it looks like same. Maybe I'm a little confused.
--------------------------------------------------------------------------------

Hello, again, yuwa.

I don't know how to respond to you when you just say "there seems to be difference between GAAP (financial accounting)and Tax treatment. However, it looks like same," without indicating what point makes you so confused...

Anyway, according to my old textbook of Anjo international;

====(Quotation from Anjo's textbook)======================
The installment method of reporting income applies to dispositions of property where at least one payment is to be received after the year in which the disposition occures.

a) The installment method is required, unless taxpayer makes a negative election to report the full amount of gain in year of sale.

b) The amount to be reported in each year is determined by the formula

Gross profit of entire sale / Total contract price × Amount received in year

割賦基準での所得の報告は、資産を譲渡した年以降に少なくとも1回の支払いがある場合に適用となる。
a) 売却年度に利益の全額を申告しない選択を行わない限り、割賦基準の使用が要求される。

b) 各年に報告されるべき金額は、以下の式によって求められる。

 全ての販売の総利益÷契約の合計額 × その年の受取額
=====================================================

The description above well explains what is the necessary treatment for installment accounting method in the context of calcluation of taxable income.

Besides, it completely matches the explanation given in the IRS website below.

== Quoted from the official website of IRS ======================

Topic 705 - Installment Sales

An installment sale is a sale of property at a gain where at least one payment is to be received after the tax year in which the sale occurs. You are required to report the sale under the installment method unless you "elect out" on or before the due date for filing your tax return for the year of the sale. If you elect out, you report all the gain as income in the year of the sale. Installment sale rules do not apply to losses. You cannot use the installment method to report gain from the sale of inventory or stocks and securities traded on an established securities market.

Under the installment method, you include in income each year only part of the gain you receive, or are considered to have received (your gain is generally the amount by which the proceeds you receive or will receive from your sale, not counting interest, exceed your adjusted basis in the property you sold). Use Form 6252 (PDF), Installment Sale Income, to report installment income each year. You will need to file Form 1040 (PDF), and may need to attach Form 4797 (PDF) and Form 1040, Schedule D (PDF).
================================================

You can reach the above page just by searching at Google for the key word: "irs" and "installment method."

Well, Good luck for you REG exam, which is just around the corner.
I hope you can do your best.
[PR]
by nn_77 | 2009-04-19 23:21 | >REG

質問回答コーナー regarding USCPA exam.

質問回答コーナーを続けて3年近くになります。

a0050593_1135967.jpg


ついに70件を突破しました。そのうちに100件くらいになるかな?

過去のを見直したら、間違ってたりするのもあるんだろうな。。。

実際に、読者の方から指摘を受けて、修正したりして、その修正の経過もブログに載せたりして、インタラクティブなQ&Aコーナーとなっています(笑)

受験生時代から続けてきたこのコーナーのおかげで、執筆している私自身がWritten Communicationのいい訓練になりましたし、CPA試験合格後も、いい復習の機会となっています。

もちろん無料でご利用いただけるこのコーナーですが、ご質問される方のリスクとしては、下記が挙げられます。

・ nnは予備校教師でもなく、Professional CPAでもないアマチュアなので、回答内容の正確性が
  保証されないこと、

 ・上記と同じ理由で、頂いたご質問にタイムリーにお答えできないこともあること、

 ・ 上記と同じ理由で、そもそも、答えを出せない(i.e. わからない)こともあること


ということで、warrany liabilityは負えないのですが(←嗚呼、これもREGの論点ですね)、今後ともよろしくお願い致します。 m(_ _)m
[PR]
by nn_77 | 2009-04-17 01:27 | USCPA (general)

質問回答コーナー: Tax Benefit Rule

--- 【Question from yuwa-san】------------------------------------------
Hello, nn this is last question...

4)Refund of tax itemized deduction
For example, if I deduct a state tax as itemized deduction this year, the refund of the tax next year is recognized as taxable income. If I adopt standard deduction, this does not happen. Does this occur because I deducted actual tax payment and took benefit, so the I can't take any benefit next year and have to recognize the refund as income. The standard deduction is fixed amount and there is no any benefit like itemized deduction. I'm not quite sure about this point? Do you have any clue?
-------------------------------------------------------------------------------

Hi, yuwa. This is about tax benefit rule.
As is well known, when you adopt the itemized deduction for a certain year, state tax payment in the year is deducted from taxable income. This is “benefit” for you because the amount of taxable income for the year is decreased by the amount of state tax paid.
But such amount of state tax used to calculate the amount of the itemized deduction is not always the full amount of “tax benefit” that you enjoyed.

For example,
State income tax: 800
Other itemized deduction: 7,500
Total itemized deduction: 8,300

And, suppose the amount of Standard deduction for this year is 8,000, then, the actual tax benefit brought by the adoption of itemized deduction in this case is just 300.

So, even if, say, 500 of the 800 state tax paid is refunded on the following year, only 300 (i.e. the gap between 8,300 and 8,000, which is the tax benefit you enjoyed in the previous year) of the 500 is included in the taxable income of the following year.

If you have any further inquiry, please don't hesitate to contact me here.

なんちゃって、Written Communicationみたいに締めくくってみましたが(笑)、また、何かあればおっしゃてください。 それでは、また。
[PR]
by nn_77 | 2009-04-16 23:03 | >REG

質問回答コーナー: Distributable Net Income

--- 【Question from yuwa-san】------------------------------------------
3)DNI
Distributable Net Income for the estate and trust includes tax exempt incomes but not capital gains(as this is attribute to "principal). However, adjusted total income for estate and trust under Form 1041 does not include tax exempt income but include capital gain. Is this correct understanding?
-------------------------------------------------------------------------------

Yeah, I think your statement is correct, though it might be a little bit confusing if you state in such a way as above.

But things are very understandable when you actually have a look at the Form 1041.

Income:
e.g.) interest income, ordinary dividends, business income, rents,
and CAPITAL GAINS

Deductions:
e.g. ) interest expense, tax expense, fiduciary fees, charitable deductions,
attorney/accountant fees,

Adjusted total income: Income – Deductions

Other deductions:
Income distribution deduction, Estate tax deductions, etc.

Taxable Income: Adjusted total income - Other deductions

【FOR TAXATION PURPOSE】
 It's of no wonder that "tax exempt income" is excluded from taxable income   
 whereas capital gains could be included because it is GAIN and Gains shall be
 taxed basically.

明日は最後のtax benefit ruleについて。
[PR]
by nn_77 | 2009-04-15 23:07 | >REG

質問回答コーナー: Gift, Estate & Trsut

--- 【Question from yuwa-san】------------------------------------------
2)Gift, Estate, Estate & Trust
I just want to confirm my understanding is proper.
Gift tax is charged to the gift when you give any gift during you are alive. The donor has to pay the tax. Estate tax is imposed on the remaining property owned by the person who was dead. The executor has to file through Form 706. Trust & Estate tax is charged to the income incurred from the trusted and estate assets and is filed through 1041. The trust tax is paid by trustee. The estate tax is paid by an executor.
I mixed up a little. Is this understanding proper?
-------------------------------------------------------------------------------

Like yesterday's article, nn's answer follows in blue text again.

2)Gift, Estate, Estate & Trust
I just want to confirm my understanding is proper.
Gift tax is charged to the gift when you give any gift during you are alive. The donor has to pay the tax. Estate tax is imposed on the remaining property owned by the person who was dead. The executor has to file through Form 706.
Yes, I think so, too.
Trust & Estate tax is charged to the income incurred from the trusted and estate assets and is filed through 1041. The trust tax is paid by trustee. The estate tax is paid by an executor. I mixed up a little. Is this understanding proper?

There isn’t such a thing as “Trust & Estate Tax,” actually. Form 1041 is used to file “Income tax” for Estate and Trust. Be careful for wording here, because there IS “Estate tax” separate from “Income tax for Estate.”

言葉尻の修正だけです。たぶんyuwaさんも普通に本件ご理解されていると思いますが、このあたりは、言葉尻を間違えて覚えると後々記憶があいまいになった時に混乱しますね。

では、あすはDNIへ。 See you tomorrow!
[PR]
by nn_77 | 2009-04-14 06:41 | >REG

質問回答コーナー: Depreciation-Mid quarter convention.

--- 【Question from yuwa-san】------------------------------------------
Hello, nn. ご無沙汰しています
Happy the 1st anniversary of your daughter and being a dad! Also, thanks for mentioning about my credit..
Please allow me to visit your blog every time when my exam approaches. As you imagine.... yes, I have a few questions. This time, my questions are related to REG.(question 1)

1)Depreciation-Mid quarter convention.
If more than 40% of depreciable personal property is placed in service in the last quarter of the year, the mid quarter convention is applied. That is my understanding.
For example, if I use start to use the property in November. ($100, 5year, 200%DD). The calculation is 100x 2/5 x 0.5/4. Is that correct? Are there any cases?
For example, if I use 25% in the February and the remaining 75% in December. Shall I calculate 100x25%x2/5x3.5/4+100x75%x2/5x0.5/4???
-------------------------------------------------------------------------------

yuwaさん、こんにちわ。質問コメントありがとうございます。
昨日の記事に書きましたのとおり、ひとつずつ、回答をアップしていきますね。回答原稿素案はすべてできているのですが、ブログにあげる上での細かな調整もするので。(IRSのリンク先とか:笑)

今日はMid-Quater conventionを。

nn's answer follows in blue text.

1)Depreciation-Mid quarter convention.
If more than 40% of depreciable personal property is placed in service in the last quarter of the year, the mid quarter convention is applied. That is my understanding.
For example, if I use start to use the property in November. ($100, 5year, 200%DD). The calculation is 100x 2/5 x 0.5/4. Is that correct?

Right. I’d rather think in such a way below, but anyway the answer is the same as the result of your calculation:
100÷5(year)×200%(DDB)÷12(month)×1.5 (mid-quater convention: 1.5 is the half of 3 months )


Are there any cases?
For example, if I use 25% in the February and the remaining 75% in December. Shall I calculate 100x25%x2/5x3.5/4+100x75%x2/5x0.5/4???

May I understand that Machine A was purchased for $25 and placed in service in February and Machine B was purchased for $75 and placed in service in December?

Then I’d calculate as below:
Machine A
25÷5(year)×200%(DDB)÷12(month)×10.5 (mid-quater convention: half of the three months for the first quarter from JAN to MAR and full-three months for the other quarters from APR to Dec.)

Machine B
75÷5(year)×200%(DDB)÷12(month)×1.5 (mid-quater convention: half of the three months for the last quarter from Oct to Dec.)


いかがでしょうか? 算数が苦手なnnなので、yuwaさんの数式との違いが自分でもわからないのですが、ウルトラ文系のnnは上記のように考えます(笑)

Depreciationについては、IRSの下記ページにわかりやすくまとめられていますね。

Publication 946: How to Depreciate Property

※P44の左下の記述がわかりやすいですよ。

さて、続きは明日の投稿で。 See you again!
[PR]
by nn_77 | 2009-04-13 05:39 | >REG

久しぶりのUSCPA質問回答コーナー(を邪魔する娘)

久しぶりにUSCPAの質問回答コーナーです。yuwaさんからREGの質問を頂きました。
ご質問が4点にわたっていますね。

1.減価償却-簡便法/Mid-quater convention

2.Gift/Estate tax(贈与・相続税)/
   Income tax for Estate&Trust(信託と遺産の所得税)

3.TrustのDistributable Net Income

4.Tax benefit rule


こうして今もUSCPAの質問コメントを投げていただけるのはありがたいことです。
私にもいい復習の機会になりますからね。

nnが試験合格後、2年、3年たってもこうしてUSCPA関連記事やQ&Aセッションをブログで続けているので、「よく覚えてるなー」と思う人も多いかもしれません。

しかし、実際は、ほとんどの場合、「ああ~、なんかそんな論点あったな~。あれ、どんなんやったっけ?」と過去のノートや参考書を見直しています。数字が古かったり、制度が変わったりしている子もあるので、インターネットで確認したりもしています。(今回も2008年度のStandard Deductionの数字を確認したり、ね。)

とはいえ、最近、こうした記事を書くペースが以前に比べて格段におちているのは、

1.以前よりも格段に仕事が忙しくなっている、
2.中国語の勉強を(だらだら)している、
3.家での時間の大半を1歳の娘に充てている

・・・せいでございます。 特に「3」は最近顕著です。


今回もyuwaさんから頂いた質問について、「おー、こんな話し合ったな~。どうやったっけ?」と、机に向って、いまは亡きAnjoインターナショナルの参考書を開いて復習するところから始めたわけですが、途中で娘が「わーわー」言い出すので、膝に乗せるわけです(奥さんはキッチンで食事の支度中)。

すると、案の定、



























a0050593_17593440.jpg


うぉ~、ページがむちゃくちゃになるぅ~!!!

こんな娘と格闘しながら、参考書を読みなおし、インターネットで情報収集をした上で、yuwaさんへの回答原稿をノートPCに向かってパチパチとタイプ。

その間は、娘を床に置いて、ひとりで遊ばせています。ノートPCするのに膝に載せていると、新しいおもちゃをみつけたように、目の色を変えてキーボードたたきまくりますからね。

さて、30分程度で回答原稿を書き上げて(後ほど本ブログで公開します)、

「ふぅ~。終わった。 あれ、静かに遊んでいるな。どれどれ・・・」 と、

椅子をくるりと後ろに回転させて振り返ると、































a0050593_1833128.jpg


ぐっちゃぐちゃに書棚の本をばらまかれていました(涙)

腕白ですね~。ま、元気だからよしとします(笑) そのまま、元気に育ってね!

さて、yuwaさんからのご質問4点については、あす以降の記事で、1つずつ、掲載していきます。
その方があとからタグでも検索しやすいですしね。 

それでは、また。 I'll be back soon.
[PR]
by nn_77 | 2009-04-12 18:06 | USCPA (general)

浮き沈み

いろいろなことに一喜一憂。
今日は一憂の日。

でも、本当に大変な時は、一憂するゆとりもなかった。

It might be good to be able to have a time to think deeply about something even to the extent that you're troubled with your thought, because that means you have enought time to think that deep. If you were really on the verge of something, you wouldn't have time to even think of such things. ね。
[PR]
by nn_77 | 2009-04-07 22:31

勉強の目標

6月の中国語検定3級に向けて頑張っているのにはわけがあります。
(もちろん、仕事で使うということもあるのですが)

合格したら、クロスバイクを買いたいと思っています。

今のターゲットはGiantのCross3です。

a0050593_0314918.jpg


実は、最近、メタボリックです。
運動もしなければといろいろネットサーフしているうちに、自転車のいろいろな魅力に取りつかれてはまってしまいました。

安いものでも何万もするので、安易には買えません。

ということで、少しハードルが高いですが、目標を中国語検定3級、ご褒美をクロスバイクとしたわけです。

本当に欲しいので、勉強、頑張ります!!
[PR]
by nn_77 | 2009-04-06 00:31

中国語を・・・

中国語の復習を始めました。

a0050593_0253069.jpg


落っこちた3級への「復讐」を果たすべく、まずは準四級からやり直し・・・
[PR]
by nn_77 | 2009-04-05 00:24 | 汉语


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