Concord California Form 1041 (Schedule I) 2023-2024

Concord California Form 1041 (Schedule I): What You Should Know

Section 5061 TOTAL SALES ASSETS IN LOSS WITHIN A YEAR. This is the total taxable sales in excess of gross receipts during the tax year. TOTAL SALES ASSETS IN LOSS WITHIN YEAR. This is the total taxable sales in excess of the taxable sales for the current tax year minus the taxable sales for the previous year. Section 5061(f)(6) 10% ELECTION IN LIEU OF TAX (1) No. The election is permitted in the case of a natural person, which shall be treated as an alternative minimum tax, or a trust which shall be treated as the alternative minimum tax, if the person or trust elects to have this election made with respect to its taxable income for any preceding taxable year. For purposes of the election, the person or trust shall be deemed to have held at the time of the election at least 50,000 in taxable income for the preceding taxable year. (2) The election is prohibited in the case of a trust except as provided for in subchapter III of this chapter. The trust may elect to have this election made with respect to its taxable income for such prior taxable year, but, for purposes of applying this section, the portion of the trust's or person's taxable income for such prior taxable year which exceeds the sum of the income tax credits allowed by this chapter is treated as being earned by the trust or person on January 1 of the year in which the election is made. “Reasonable cause” is defined by regulations of the Secretary of the Treasury to be the failure of the taxpayer or beneficiary to meet the requirements of the election within 90 days from the date of the failure. Taxes paid or accrued during the return period on taxable income of a corporation, as defined in section 954(d)(4), which is recognized on the date of the corporation's election under this section, shall be treated as part of the taxable income or deduction for purposes of this section. (b) The term “Alternative Minimum Tax” means any tax under section 1(h)(1). All persons are liable to the tax provided under section 1(h), and, notwithstanding paragraph (2), nothing in this section shall be construed to deny a taxpayer the right to pay the tax imposed under section 1(h).

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