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The Tax Professionals Blog

Tracing Rules That Apply For Deductibility Of Interest

One of the more complicated, misunderstood and often-violated tax issues is the interest tracing rules.  Even though you can encounter some complicated situations, the tracing rules are generally summed up as follows:

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The Tax Consequences of Return of Capital

Where a taxpayer receives payments for losses, damages, adjustment of purchase price, etc., for a capital asset (Sec 1221), those payments are not taxable to the extent the basis of the capital asset can be reduced (IRC Sec 1016(a)(1)). However the basis can only be reduced to zero and any amount in excess would represent a capital gain. 

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Using The Research Credit To Pay Payroll Taxes

A little known tax benefit for new qualified small businesses is the ability to apply a portion of its research credit, but no more than $250,000, to pay the employer’s share of the employees’ FICA withholding requirement (the 6.2 percent payroll tax).  That can be quite a benefit, since in their early years, start-up companies generally do not have any taxable profits for the research credit to offset, and quite often it is the early years when there are expenditures that will qualify for the research credit.  This can substantially help the cash flow for these young companies.

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