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[Title]
̱ ø 1 ѱ ̱ ҵ漼 U.S.A. FEDERAL INCOME TAX LAW FOR KOREANS
Start →


̱ ø 1



ѱ

̱ ҵ漼




U.S.A. FEDERAL INCOME TAX LAW
FOR KOREANS

Ǹó
24
http://www.yes24.com/24/goods/59433397?scode=032&OzSrank=1




ѱȣ, ̱ȣ,
Ӹ


å ̱ ̷̳ ̷п մϴ. ̹ ̱ ̷ ̱ ̷ Ͻô å ʿ䰡 ϴ. ⺻ ̷ ⺻ ص ̸ Ư ̷ ϴ ʿմϴ. մϴ. ̷ ޹ħ ʰ ̱ ش Ұմϴ. ̹ о ̷ Ƿ ̷ ̷ ̴ Ƽ ذ Ұ Դϴ. ⺻ ̷ 𸣸鼭 ⺻ ̷ ϰ ׿ ؼ ϴ е ó ̷ Դϴ. ̷ ѱ̳ ̱̳  մϴ. ⺻ ̷а Ͽ ϴ ,  ⺻ ǿ Ǵ Ư ϰ 쿡 Ұմϴ. ̱ Ư ̷ 伳 Ǽ κп Ư ϰ , ̷ 쿡 翬 ⺻ ̷п ׸ صǾ մϴ. ̷ Ͽ å ñ ٶϴ.

̱ 뺰Ͽ (Federal Government) 漼(Federa tax law) ϴ (State) ּ(State tax law) 뺰Ǹ, ߿ (State) ٽ ش ּ(State tax law) ش ġü(Local Government) 漼(Local tax law) ˴ϴ.

ҵ漼(Income tax) Ͽ ΰ ΰϴ ҵ漼(Federal income tax) (State) ΰϴ ҵ漼(State income tax), ׸ Ҽ ġü(Local Government) ΰϴ ҵ漼(Local income tax) ˴ϴ.

Ҽ 51 ߿ DC 41 (State) ҵ漼(State income tax) ΰϸ, ſ ׳׽ ڿ ؼ μҵ漼 ΰϰ, 7 (State) ü μҵ漼 ΰ , 12 Ҽ ġü(Local Government) ҵ漼 ߰Ͽ ҵ漼(Local income tax) ΰմϴ. ̿ θ Ǵ Ҽ ڹġü ü ҵ漼(Income tax) ΰ ʴ , ̸ ΰϴ ҵ漼(Federal income tax) ΰ ΰϿ ϴ 찡 ϴ. 쿡 ҵ漼(State income tax) ȣ (reciprocity agreement) üϿ ְ ҵ漼 ߰ ϴ ü踦 ΰ ֽϴ.


ֿ ġü μҵ漼 ΰȲ



Ʒ ǥ Դϴ.



ҵ漼 ΰ ʴ
Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming
ڿ ؼ ҵ漼 ΰϴ
New Hamphshire, Tennessee
ҵ漼 ҵ漼 ΰϴ
Colorado – 4.63% (2016)
Illinois – 4.95% (July 2017)
Indiana – 3.3% (2016) 2017. Ŀ 3.23% (until 2017, when the rate will fall to 3.23%). ġü County ߰ ҵ漼 ΰ(Note also that counties may impose an additional income tax).  
Massachusetts – 5.1% (2016)  
Michigan – 4.25% (2016) ̽ð 22 ô ҵ漼 ΰ(22 cities in Michigan may levy an income tax). ڴ 1/2 ΰ(with non-residents paying half the rate of residents).
North Carolina – 5.75% (2016); 5.499% (2017)
Pennsylvania – 3.07% ǹٴϾ ټ ġü ޿ ҵ漼 ΰ(many municipalities in Pennsylvania assess a tax on wages). κ ҵ漼 1%̳, ʶǾ 3.9004%(most are 1%, but can be as high as 3.9004% in Philadelphia).
Utah – 5.0% (2016)
ҵ漼 ҵ漼(local income tax) ΰϴ

Alabama: Macon County Ϻ County(Some counties, including Macon County) Birmingham Ϻ ġü(municipalities, including Birmingham). ٷ ޿ ؼ ҵ漼 ΰ(employees on payroll only).

California: San Francisco ٷ ޿ ؼ ҵ漼 ΰ(payroll only).

Colorado: Denver Aurora Ϻ ġü(Some municipalities, including Denver and Aurora). ٷθ ϰų ϴ Ưǿ Ͽ ƯǼ ҵ漼 ϼ (flat-fee Occupational Privilege tax for privilege of working or conducting business). ϴ ġü (filed with municipality imposing fee).

Delaware: Wilmington ҵ漼 . ٷμҵ Ϻ ǥ2 ׸ ҵ ŵ ں̵濡 ؼ (earned, certain Schedule E income, as well as capital gains from sale of property used in business). ְ Wilmington ΰϴ õ¡ ʴ , ǹڴ ڽ ҵ濡 City of Wimington Ű Ͽ (income must be reported to the City of Wilmington if Wilmington tax is not withheld by employer). ڴ Ű Wilmington ҵ漼 õ¡ ʴ ٷμҵ漼 İ ڿ Ű κ ǥE ҵ ŵ ں ͼ Ͽ Ű Ͽ (residents must file the Earned Income tax form to report wages on which Wilmington income tax is not withheld and the Net Profits tax form to report self-employment and most Schedule E income, as well as capital gains from sale of property used in business).

Indiana: County ҵ漼 ΰ(All counties). 漼 ġü ƴ϶ ְ ϸ, ҵ漼Ű ̿Ͽ Ű(all local taxes reported on state income tax form)

Iowa: ټ б Appanoose County ҵ漼 (Many school districts and Appanoose County). ҵ漼 ְ ϸ ҵ漼Ű ̿Ͽ Ű (all local taxes reported on state income tax form)

Kansas: Ϻ County ġü ҵ漼 (Some counties and municipalities). ڿ ҵ濡 ؼ (interest and dividend income). ġü ڿ ҵ漼Ű 200 ̿Ͽ Ű (reported on separate state form 200 filed with the county clerk).

Kentucky: Kenton County, Kentucky κ County(Most counties, including Kenton County, Kentucky) Louisville and Lexington κ ġü(municipalities, including Louisville and Lexington) ҵ漼 . ٷμҵ Ϻ Ӵҵ濡 ؼ (earned income and certain rental income that qualifies as a business). ִ ΰ Ǵ Űϸ(reported as Occupational License fee/tax by employer), ͼ Ű(as Net Profits tax by business). ش ϴ County Ǵ ġü Ű (filed with county or municipality imposing tax).

Maryland : County Baltimore ҵ漼 (All counties, and the independent city of Baltimore). 漼 Ű ҵ漼Ű ̿Ͽ Ű(all local taxes reported on state income tax form).

Michigan: Detroit, Lansing, Flint ټ ġü ð ҵ漼 ΰ(Many cities, including Detroit, Lansing, and Flint). Ư ѵ Ѵ κ ҵ濡 (most income above a certain annual threshold). Ű ġü ̿Ͽ Ű(reported on form issued by imposing city). Detroit Ű Ű(on separate state form 5118/5119/5120 in the case of Detroit).

Missouri: Ϻ ġü ٿ , 漼ҵ漼 . Kansas City: ٷμҵ濡 ؼ (earned income). ش ҵ ְ õ¡ Kansas City Ű(income must be reported to the Kansas City if Kansas City tax is not withheld by employer). ְ õ¡ ٷ ڴ ٷμҵ漼 Ű Ͽ (residents must file the Earnings tax form to report wages on which Kansas City income tax is not withheld). ڿ ҵ ٷμҵ漼 Ű ؾ (the Business Earnings tax form to report self-employment income). St. Louis: ٷμҵ濡 ҵ漼 (earned income). ְ õ¡ ش ҵ City of St. Louis Ű Ͽ (income must be reported to the City of St. Louis if St. Louis tax is not withheld by employer). St. Lous ҵ漼 õ¡ , ش ٷ ڴ ڽ ޿ ٷμҵ漼 Ű Ű ؾ (residents must file the Earnings tax form to report wages on which St. Louis income tax is not withheld). ڿ ҵ濡 ؼ ٷμҵ漼 Ű ̿Ͽ Ű(the Business Earnings tax form to report self-employment income). ü ٸ ġü õ ҵ漼 ΰ (all other cities are prohibited from imposing local income tax)

New Jersey: Newark 쿡 ҵ漼 . ޿ҵ濡 ؼ ҵ漼 (payroll only).

New York : Ư ڹġü ҵ漼 . New York City: ֹ 1127 õ¡ ٷڵ 1127 Ű Ͽ (employees with NYC section 1127 withholding should also file New York City Form 1127). Yonkers Metropolitan Commuter Transportation District: Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, Westchester County ߻ ڿ ҵ濡 ؼ ҵ漼 (self-employed with income sourced from New York City, as well as the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester). 漼 ҵ漼Ű ̿Ͽ ŰϿ (all local taxes reported on state income tax form).

Ohio: Ϻ б : ҵ漼 (Some school districts). Ǵ ҵ漼 ؼ ҵ漼 (either traditional or earned income tax base). ҵ漼Ű SD-100 ̿Ͽ Ű (reported on separate state form SD-100). Columbus, Cleveland, Cincinnati κ ġü (Most municipalities, including Columbus, Cleveland, and Cincinnati): ٷμҵ Ӵҵ濡 ؼ (earned income and rental income). Ϻ ġü ̻ ڴ ҵ漼 ֿ õ¡ 쿡 Ű ϵ ϰ (some municipalities require all residents over a certain age to file, while others require residents to file only if municipal income tax is not withheld by employer). CCA Ǵ RITA ġü ҵ漼 ¡ Ű ̿Ͽ ŰϿ (reported on tax form issued by municipal income tax collector, currently CCA and RITA). Columbus and Cincinnati 쿡 α ó ְŴ ġü ҵ漼 ¡ϱ⵵ (collecting municipalities, such as Columbus and Cincinnati, which sometimes also collect for neighboring towns and villages).

Oregon: Ϻ ġü ҵ漼 .  Portland: ڴ Portlandÿ ׼ Ű ؾ (all residents must file an Arts Tax form with the city to either pay the flat-fee tax). ҵ Ǵ û (qualify for an exemption based on low individual or household income). Lane Transit District:  ڿ Lane County Ϻ ϴ Lane Transit District ߻ ҵ濡 Ͽ (self-employed with income sourced from Lane Transit District, which includes parts of Lane County). Ű LTD ̿Ͽ Ű Ͽ (reported on separate state tax form LTD). Tri-County Metropolitan Transportation District: ڿ Clackamas, Multnomah, Washington County TriMet ߻ ҵ濡 ҵ漼 (self-employed with income sourced from TriMet, which includes parts of Clackamas, Multnomah, and Washington counties). Ű Ű (reported on separate state tax form TM).  Ÿ (Other transit districts): ̵ ߻ ҵ濡 ҵ漼 (businesses with income sourced from those transit districts). ش ϴ ¡ ġü Ű ؾ (filed with transit districts or municipalities administering transit districts).

Pennsylvania: Pittsburgh, Allentown κ ġü(Most municipalities, including Pittsburgh and Allentown) б(school districts) ҵ漼 .  ٷμҵ濡 ؼ (earned income only). ش ġü б ڴ ݵ Berkheimer, Keystone Collections, or Jordan Tax Service ҵ漼¡ ش ٷμҵ漼 ΰϴ ġü б ҵ漼 Ű Ͽ (local return must be filed by all residents of municipality or school district imposing local earned income tax with the local earned income tax collector, such as Berkheimer, Keystone Collections, or Jordan Tax Service). ܰ ҵ ȯް ߰ 뿪 쿡 Ϻ ġü б ڽ ұ ߻ ٷμҵ濡 (an additional local services tax, potentially refundable if income is below a certain threshold, is also imposed by some municipalities and school districts on earned income sourced from those municipalities and school districts). ٷμҵ漼 ¡, , 뿪 ȯޱ Pennsylvania Municipal Statistics Ʈ ãƺ (local earned income tax collectors, rates, and local service tax refund rules can be found on the Pennsylvania Municipal Statistics website). Philadelphia: ٷμҵ ұؼҵ濡 ؼ ҵ漼 (earned and passive income). ְ õ¡ , ش ٷڰ City of Philadelphia Ű Ͽ (income must be reported to the City of Philadelphia if Philadelphia tax is not withheld by employer). õ¡ ڴ ٷμҵ漼Ű ̿Ͽ Ű Ͽ (residents must file the Earnings tax form to report wages on which Philadelphia income tax is not withheld). ڿҵ, ҵ, κ Ӵҵ ͼ ̿Ͽ Ű Ͽ (the Net Profits tax form to report self-employment, business, and most rental income). ¿ ࿹ ڸ ұؼҵ濡 ؼ бҵ漼 Ű ؾ (the School Income tax to report passive income excluding interest earned from checking and savings accounts).
Philadelphia ߻ ҵ濡 ؼ ߰ ҵ ɼ ؾ (an additional Business Income and Receipts Tax is also imposed on business income sourced from Philadelphia). Philadelphia ҵ漼 α׷ ǿ شϴ ݾ ̸ ٷμҵ , ȯ޽û Ͽ ٱ޿ μ Ϻ ȯ޹ (individuals earning less than amount that would qualify them for the Pennsylvania income tax forgiveness program are eligible to receive a partial refund of their wage tax withheld by filing a refund application).

West Virginia: Charleston, Huntington Ϻ ġü ҵ漼 (Some municipalities, including Charleston and Huntington). ٷθ ϰų ϴ Ưᅟᅯᆫ ÿ뿪Ḧ ΰ(flat City Service fee for privilege of working or conducting business). ش Ḧ ΰϴ ġü Ű (filed with municipality imposing fee).


پ ̱ ҵ漼߿ 켱 å ҵ漼 ⺻ ظ ϰ Ѿ ϰڽϴ. å Ҽ ֿ Ҽ ġü ҵ漼 ؼ ٷ ʽϴ.

å ٷ뿡 ־, ⺻ ҵ漼 ͼ ѱ ڸ ؼ 忡 ǥ ÿ αϿ 漼Թ ϴ ȿ ÿ ǥ ͼϿ Ͽ ȥ ϰ ϴ ڿ ΰ ǵ ϰ ֽϴ.

̷ ġ 漼Թ ϴ ϴ.

Ҿ å ⺻ ϴ ڷ ο , Ư θ ּ ޾ ϵ ϰ ֽϴ. Ǹ ̵ ִ ְ ƴ϶ ַ óϿ, 켱 ڰ ϵϸ鼭 ü ü踦 ߵ ڿ, ʿϸ 󼼳 ֿ ã ϰ ϵϵ ϰ ֽϴ.

⺻ å ٷ ϴ Ʒ ǥ 漼 ǹ 뿡 ϴ Դϴ. Ǹ Ʒ ϰ ü 帧 ϵ ϴ 켱 å ٷ ҵ漼 ظ ؼ ʿմϴ. ҵ漼 Ͽ ǹڴ ⺻ ҵ漼 μ ϰ ˴ϴ.


1. 1ܰ Ѽҵ(Gross Income)

. ԵǴ ҵ
. ܵǴ ҵ

2. 2ܰ (Deduction)

3. Ѽҵ(Adjusted Gross Income)

4. 3ܰ (Itemized Deduction) Ǵ ǥ (Standard Deduction), (. Personal exemption)

5. ǥ(Taxable Income)

6. 4ܰ (Tax Rate)

7. ä(Tax Liability)

8. 5ܰ װ(Tax Credit)

9. (Tax Due)


ϸ ׸ ü ظ å մϴ.

׸ å ҵ漼 ϰẻ ƴմϴ. ҵ漼 븸 ϴ ſ ϸ, ̷ ϴ з ˴ϴ. å ⺻ ϴ ϸ, ߿ ʿ ߰ å ü ϴ å ٽ ڽϴ.

ҵ漼 ü ̿ Ͽ ظ ϰ Ͽ å ̸, ǥ ־ ټ ѱ Ϻ ġϱ ۰  κе ֽϴ. ѱ ̱ ȭ ü ̸ŭ ϰ ؼϱ κ ټ ϸ, ̱ ѱ ޸  װ κп ϰ Ǹ , dz ѱ ϴ ٸ 찡 ſ ϴ. å ϴ ǰ ѱ ϴ ǿ ٸ 찡 ϸ ̴ ϱ ϵ Ϸ Ͽϴ.

, ̱ 漼Թ ѱ ޸ ҵ漼 μ ʰ Ͽ ϳ ҵ漼 μҵ μҵ濡 ϰ ֽϴ. ̷ Ư ϰ å о ü 漼Թ ؿ ˴ϴ.



2018.3.20.


ѱȣ,̱ȣ,
< >


̱ ø 1
ѱ ̱ ҵ漼


I. ҵ(Income)̶        1

1. Ѽҵ(GROSS INCOME)        1
. Ѽҵ ⺻         1
. Ѽҵ(Gross Income)         1
. (Realization)        3
. ҵ (Computation of Income)        4
1) ҵ(Non-Cash Income) Ǵ (Cash).        4
2) ż(Bargain Purchases)        4
. 3(3rd Party) (Payment)        5
. Ǹ (Claim of Right)        5
. ҹõκ ҵ(Income from Illegal Source)        6
. (Borrowed Money)        6
. Ģ(Tax Benefit-Inclusion Rule)        6

2. Ѽҵ ü ׸(Specific Item)        8
. κȥξ(Alimony) Ǵ ޱ(Seperate Maintenance Payment)        8
1) ȥ Ǵ (Divorce or Separation Instrument)        8
2) Ģ ִ ñ(Option to Reverse the Rule)        8
3) ʱ δ (Excessive Front-End Loading)        9
4) ̼ ڳ(Child) ξ ޱ(. Payment for Support)        9
. (Annuities)        10
. ̼ ڳ 뿪(Services of a Child)        10
1) ̼ ڳ 뿪 ޱμ ̼ ڳ ҵ濡 Ե (Payments for Child's Services Included in Child's Income)        10
2) (̼ ڳ (Kiddie Tax)).        10
. (Prizes)̳ (Awards)         11
1) . - ν (Recognition Awards)        11
2) - ٷ (Employee Achievement Awards)        12
. ٷڸ ü (Group Term Life Insurance Purchased for Employees)        12
1) ٽ ٷ(Key Employees) ؼ ܸ         12
2) - (Ordinary Life Insurance)         13
. ̿ ޿ (Deferred Compensation)        13
1) (Statutory Plans). - ٷ , ֽ ż μƼ ֽļþ(Qualified Employee Pension, Stock Purchase, and Incentive Stock Option Plans)        13
) ٷڸ μƼ ȭ (Savings Incentive Match Plan for Employees) - ܼ ("SIMPLE" Retirement Accounts)        14
) ٷ ֽ ż (Employee Stock Options)        15
(1) μƼ ֽĸżþ(Incentive Stock Options)        15
(2) ٷ ֽĸż (Employee Stock Purchase Plan)        15
2) (Nonqualifying Plans)        16
. ä (Cancellation of Indebtedness)        17
1) ä Ǵ (Gain from Cancellation or Discharge of a Debt)        17
2) (Exceptions to Taxability)        17
. ֿ (Distributions to Shareholders)        18

3. (EXCLUSIONS)        19
. ź(Life Insurance)        19
1) (Transfer)        19
2) Ư (Certain Accelerated Death Benefits)        19
. (Inheritances)        20
. (Gifts)        20
. ä (Interest on Bonds)        21
. ع ȸ(Recovery of Damages)        21
1) ü Ǵ (Personal Physical Injury or Sickness)        21
2) ս ȸ(Business Recoveries)        22
3) ¡ ع(Punitive Damages)        22
. ǰ Ǵ ع ɱ(Receipts from Health and Accident Insurance)        23
1) ǹڰ (Premiums)         23
2) ְ (Premiums)        23
. ݾ ȸ(Recovery of Previously Deducted Amounts) - ùĢ(Tax Benefit Exclusion Rule)        23
. ֵ ŵ ҵ(Gain from Sale of Principal Residence)        24
. Ӵ Ͽ (Improvements by Lessee on Lessor's Property)        25
1) Ӵῡ Ͽ ̷ (Improvements Made in Lieu of Rent)        25
2) Ӵῡ Ͽ ̷ (Improvements Not in Lieu of Rent)        25
. (Educational Expenses)        26
1) б(Scholarships)        26
2) α׷(Educational Assistance Programs)        27
3) (Education Savings Accounts)        27
. ں (Contributions to Capital)        28
. Ĵ ں(Meals and Lodging)        28
. , Ȱ(Home Insurance, Living Expenses)        28
. ȸ(Social Security Benefits)        29
1) - Ǿ(Unemployment Compensation)        29
. Ϻ ٷ ߰(Certain Employee Fringe Benefits)        30
I) ߰ δ (No-additional-cost services)         30
II) ٷ (Qualified employee discounts)         30
III) ٷ ߰(Working condition fringes)        30
IV) ߰(De minimis fringes)        31
V) ߰(Qualified transportation fringes)        31
VI) ̻ (Qualified moving expense reimbursement)        31
VII) ȹ(Qualified retirement planning services)        32
VIII) δ ġ ߰(Qualified military base realignment and closure fringes)        32
IX) ְ ٷڿ Ư α׷(educational assistance programs)        32
X) ְ ٷڿ 񿵸 (nonprofit educational institutions) α׷(tuition reduction programs)         32
XI) Ϻ Ǻξ Ǵ ڳ α׷(dependent- or child-care assistance programs)        33

II. (Deductions) (Exemptions)        34

A. Ϲ        34

1. (Individuals)        34

2. (Corporations)        35

B. Ѽҵ(ADJUSTED GROSS INCOME)        36

1. ٷ ŷ Ǵ (Nonemployee Trade or Business Deductions)        41
. ̰ ʼ (Ordinary and Necessary Expenses)        41
1) ʰ ٷ ޿(Excessive Employee Remuneration)        42
2) Ÿ Ұ (Other Nondeductible Expenses)        43
3) (Business Use of Personal Residence)        43
) 뿡 ߻ ҵ濡 (Deductions Limited to Income Derived from Business Use)        44
. (Business Interest)        46
. (Taxes)        46
. (Related to Business) ս(Business Losses) Ǵ ߼ս(Casualty Losses)         46
. Ǽä(Bad Debts)        47
. [Depreciation. ںȸ(Capital Cost Recovery)]        47
1) (May Deduct Reasonable Allowance)        47
2) ü ε꿡 ȸⰣ(Cost Recovery Periods for Tangible Personal Property and Real Property)        48
3) Ư 󰢴 ڻ ȭϱ ϴ (Election to Expense Certain Depreciable Assets)        49
4) Ÿ ڻ(Goodwill and Other Intangible Assets)        50

2. ٷڸ ŷ Ǵ (Trade or Business Deductions of Employees)        52

3. ںս(Capital Losses)        53
. ġ (Worthless Securities)        53
. Ǽä(Nonbusiness Bad Debts)        53

4. Ӵ ͼӵ ִ (Deductions Attributable to Rents and Royalties)        54
. ް(Vacation Homes)        54

5. ڿ (Deductions of Self-Employed Individuals)        57

6. ̻ (Moving Expense Deduction)        58
. 50 ̻(Fifty-Mile Move)        58
. 39 ü(Thirty-Nine-Week Stay)        58

7. [ Ա(Education-Related Expenses-Qualified Education Loan)]        60

8. Ÿ (Other Deductions)        61

C. ɼҵ(ǥ. TAXABLE INCOME)        62

1. ׸ (Itemized Deductions)        63
. (Interest)        63
1) ڸ żϸ δ (Interest Incurred in Purchasing Investments)        63
) 鼼 (Tax-Exempt Securities)        63
) (Prepaid Interest)        63
2) (Mortgage Interest)        63
3) () (Personal Interest)        64
. (Taxes)        64
. ս(Nonbusiness Losses)        65
1) ߼սǰ ս(Casualty and Theft Losses)        65
) ս ݾ(Amount of Loss)        66
) ۽(Suddenness)        67
2) ڼս(Wagering Losses)        67
3) ̷ ŷ ս(Loss on Transaction Entered into for Profit)        67
4) () ڻ ŵ ս(Loss on Sale of Personal Use Assets)        68
. ڼü (Charitable Contributions)        68
1) ִ ѵ(Maximum Allowable Deduction)        68
2) αݿ ɽ(Consideration for Contribution)        69
3) (Gifts of Property)        70
4) (Substantiation Requirement)        70
. Ƿ (Medical Expenses)        71
. Ÿ ׸ (Miscellaneous Itemized Deductions)        72
1) ҵâ δ (Expenses Incurred for Production of Income)        72
2) ٷڱ (Employee Educational Expenses)        72
) Ұ (When Not Deductible)        73
) - ڿ(Self-Employed Person)        74
3) ٷ Ĵ ں(Employee Meals and Lodging)        74
) Ģ(Overnight Rule)        74
) ְ(Home)        75
) Ĵ (Limitation on Deductibility of Meals)        75
4) ٷ (Employee Transportation Expenses)        75

D. Ұ (NONDEDUCTIBLE EXPENSES)        78
1. () (Personal Expenses)        78

2. ں (Capital Expenditures)        79

3. (Entertainment Expenses)        80
. (Goodwill)        80
. ü(Facilities)        80
. (Limitation on Deductibility of Entertainment Expenses)        81
. ҰĢ (Exceptions to Nondeductibility Rule)        81

4. (Business Gifts)        83

5. 漼(Federal Taxes)        84

6. ġü Ǵ α(Direct or Indirect Contributions to Political Parties)        85

7. Ͱ Ȱ[Activities Not Engaged in for Profit (Hobbies)] - Ұ(No Deductions)        86
. (Exceptions)        86
1) (Taxes)        86
2) ̾ Ǿ (Deductions that Would Have Been Allowed If for Profit)        86
. ͸ (Presumption of Profit Motive)        87
. ް(Vacation Homes)        87
8. ұ Ȱ ս(Passive Activity Losses)        89
E. õ ɻ(origin of the expense test)        90
F. ǥذ(THE STANDARD DEDUCTION)        92
G. (. PERSONAL EXEMPTIONS)        93
1. ȥ (Married Taxpayers)        94
2. Ⱓ (Death During Year)        94
3. Ǻξڿ () (Denial of Personal Exemption to Dependents)        94

H. Ǻξڸ ߰ (. ADDITIONAL EXEMPTIONS FOR DEPENDENTS)        95

1. ̼ ڳ(Qualifying Child)        96
. (Relationship)        96
1) ȥ ̼ ڳ(Married Children)        96
2) Ż(Newborns)        97
. (Age)        97
. (Residence)        97
. ξ(Support)        97

2. ģô(Qualifying Relative)        98

3. ξ(Multiple Support Agreements)        99

4. ȥθ ̼ ڳ(Child of Divorced Parents)        100
. θ (Release by Custodial Parent)        100
. ξ (Multiple Support Agreement)        100

5. Ǻξڷμ (Spouse as Dependent)        101

III. ҵ Ⱥ(ALLOCATION OF INCOME)        102

A. ٷμҵ(EARNED INCOME)        102

B. ڼҵ(INVESTMENT INCOME)        103

1. Ǵ 絵(Transfer or Assignment of Property)        105

2. ǹڰ ҵ濡 Ǹ (When Taxpayer Has Only an Income Interest)        106

3. ̼ ̼ ڳ ٷμҵ(Unearned Income of Minor Children)        107

C. Źκ ҵ(INCOME FROM A TRUST)        108

1. Źҵ Źڿ ִ (Trust Income Benefiting Grantor)        108

2. Źڷ ȸ(Reversionary Interest in Grantor)        109

3. Ź(Trust Beneficiaries)        110
. Ź (Taxing the Trust)        110
. ұҴĢ(Throwback Rules)        110

D. (ESTATES)        112

IV. ȸ(ACCOUNTING)        113

A. Ϲ Ģ(GENERAL PRINCIPLES)        113

1. ɼҵ(ǥ. Taxable Income) (Determination)        113
2. ο ȸ (Change to New Method of Accounting)        114
3. 汹û ҵ (Commissioner May Compute Taxpayer's Income)        115
4. (Taxable Year)        116
5. ⵵ (Change of Taxable Year)        118

B. ȸ(ACCOUNTING METHODS)        119

1. (Cash Receipts and Disbursements Method)        120
. ǥ(Check)        120
. ( . Constructive Receipt)        121
. ޺(Prepaid Expenses)        121
. ҵ(Prepaid Income)        122

2. ߻(Accrual Method)        123
. ҵ(Income)        123
1) Ϲ Ģ(General Rule for Inclusion)        123
2) ҵ(Prepaid Income)        124
. (Deductions)        124
. ִ ä(Contested Liability)        124

3. ҺǸ(Installment Sales)        126

4. ڻ(Inventories)        127

C. ǿ (RELIEF FROM THE STRICT TAXABLE YEAR REQUIREMENT)        128

V. óп Ͱ ս(GAINS AND LOSSES ON DISPOSITION OF PROPERTY)        129

A. Ϲ(IN GENERAL)        129

B. (REALIZATION)        130

1. ñ(Time of Realization)        130

2. ݾ(Amount Realized)        131
. ȥڰ (Transfer of Property Between Divorcing Spouses)        131
. ż μ(Assumption of Mortgage by Purchaser)        132

C. ʰ(BASIS)        133

1. ʰ(Cost Basis)        133

2. ʰ(Basis of Gifts)        134
. ʰ ((Increased Basis for Gift Tax Paid)        135

3. 尡ġ(Fair Market Value at Death Basis)        136
. ġ ʰ (Date of Death Value Becomes Basis)        136
. Ⱓ(Holding Period)        136

4. ʰ (Adjustments to Basis)        138
. ں ((Capital Expenditures)        138
. (Depreciation)        138

5. ŷ (. Nonrecognition Transactions)        140
. ȯ(Like Kind Exchanges)        141
1) ȯ ش ʴ (Receipt of Property Not Qualifying for Like Kind Exchange)        142
2) ʰ (Adjustments to Basis of Property)        143
. ڹ ջ(Involuntary Conversions)        144
1) ڵ Ϳ (Taxable Gain on Unreinvested Proceeds)        145
2) ʰ(Basis of Property Acquired)        145
. ŷȮ(Eventual Recognition)        146
. û ŵ(Wash Sales)        146
. ڸ ŷ(Transactions Involving Related Persons)        147

D. ں ں ս(CAPITAL GAINS AND LOSSES)        150

1. ں ó ڻ(Assets Subject to Capital Treatment)        151
. ں ڻ (Definition of Capital Assets)        151
1) ǻ. ֽ (Dividends on Stock)        153
. 漼Թ 1231 ڻ(I.R.C. 1231 Assets)        153
1) ȸ(Depreciation Recapture)        154
2) ߼ս ս(Casualty and Theft Losses)        156
. ҵ濡 ü ҵ ó(Substitutes for Ordinary Income Treated as Ordinary Income)        157

2. Ⱓ(Holding Period)        158
. ܱ Ǵ ܱ ս(Short-Term Gain or Loss)        158
. (Long-term Gain) Ǵ ս (Long-term Loss)        158

3. ں ó(Treatment of Capital Gains)        160

4. ں ս ó(Treatment of Capital Losses)        161

5. Ϻ ұԸ ֽĿ Ư Ģ(Special Rule for Certain Small Business Stock)        162

VI. (TAXES DUE)        163

A. (IN GENERAL)        163

B. (TAX RATES)        164

C. (TAX CREDITS)        165

VII. (FILING REQUIREMENTS)        169

A. (IN GENERAL)        169

B. Ϲ (GENERAL FILING REQUIREMENTS)        172

1. ʿ (When Filing Is Not Required)        172
2. Ű(Joint Returns)        174
3. (Time for Filing)        175

C. Ϻ Ư(SOME SPECIAL FILING REQUIREMENTS)        176

1. ڿ ҵ(Self-Employment Income)        176
2. ߰ ҵ漼(Estimated Income Tax)        178

VIII. ü (ALTERNATIVE MINIMUM TAX)        179

A. (AMOUNT OF TAX)        179

B. ׸ (EXAMPLES OF TAX PREFERENCE ITEMS)        181

IX. հ(PARTNERSHIP TAXATION)        183

A. (PASS-THROUGH CONCEPT)        183

B. (INFORMATION RETURN)        184

C. (PARTNERS' DISTRIBUTIVE SHARES)        185
1. ʰ ѵ(Basis Limitation)        186
2. ѵ(At-Risk Limitation)        187
3. ұ ս ѵ(Passive Loss Limitation)        188

D. (FORMATION OF A PARTNERSHIP)        189

E. ʰ(BASIS)        190

F. ŵ(SALE OF PARTNER'S INTEREST)        191

G. û(LIQUIDATION OF A PARTNERSHIP)        192

X. ΰ(CORPORATE TAXATION)        194

A. (TAX RATES)        195

B. ο Ư(SPECIAL DEDUCTIONS FOR CORPORATIONS)        196

1. (Dividends Received Deduction)        196
. 񿬰(Unaffiliated Corporations)        196
. (Affiliated Corporations)        197
. ұԸ (Small Business Investment Corporations)        197

2. (Organizational Expenditures)        198

C. (ORGANIZATION)        199

1. 80% (Eighty Percent Control Requirement)        200

2. ֽ̿ (Receipt of Consideration in Addition to Stock)        201
a. ν(Recognition of Gain)        201
. ս (No Loss Recognized)        202

3. (Tax Consequences of Organization) - ʰ(Basis)        203
. ο ڵ ʰ(Basis of Property Contributed to Corporation)        203
. ֿ ֽ ʰ(Basis of Stock to Shareholder)        203
. ä δ(Assumption of Liability)        204

4. νں(Thin Incorporation)        207
. Ա ں ڷ з (Consequences of Classifying Loan as Capital Contribution)        207
. з ִ (Factors Affecting Classification)        207
1) ä (Subordination of Indebtedness)        208
2) (Variable Interest Rate)        208
3) ⳪ Ѿ (No Maturity Date or Sum Certain)        208
4) ֽȯɼ(Convertibility into Stock)        208
5) ä ֱ (Debt-Equity Ratio)        208
6) Ǹ (Relationship of Interests)        209

D. (CORPORATE DISTRIBUTIONS)        210

1. (Dividend Defined)        212

2. (Distributions of Property)        213

3. ֽ Ұ ֽĴ ȯ(Redemptions of Stock)        215
. û Ұ(Liquidating Redemption) - (Not Considered Dividend)        215
. ֵǴ(Considered Dividends) κ Ұ(Partial Pro Rata Redemptions)         215
. Һ Ұ(Disproportionate Redemptions)        216
1) Ǹ Ұ(Total Redemption of Individual Shareholder's Interest)        216
2) Һ Ұ(Substantially Disproportionate Redemption)        216
3) 翡 ʴ Ұ(Redemptions "Not Essentially Equivalent to a Dividend")        217
4) (Constructive Ownership)        217

4. ֿ 뿩(Preferential Loans to Shareholders)        219

E. ұԸ [SMALL BUSINESS (SUBCHAPTER S) CORPORATIONS]        220

1. ڰݿ(Qualification)        221
. (Number and Nature of Shareholders)        222
. ֽ(One Class of Stock)        222
. õ (Source and Type of Income)        222

2. ԰ ս ֿ ͼ(Pass-Through of Earnings and Losses)        224

F. (ACCUMULATED EARNINGS)        225

G. ȸ(PERSONAL HOLDING COMPANIES)        227

1. ֽļ(Closely Held)        229

2. 60% ұؼҵ(Sixty Percent Passive Income)        230

<>        1




I. ҵ(Income)̶




1. Ѽҵ(GROSS INCOME)




. Ѽҵ ⺻


ǹ ϴµ ľ ܰ Ѽҵ(Gross Income) ϴ Դϴ.

Ư ҵ(Item) ̷ Ѽҵ(Gross Income) ־ ü ܵǸ, ̷ (Tax Exclusion)̶ մϴ. ̷ ׸ Ű(Tax Return) ʽϴ.

̷ (Exclusion) Ѽҵ(Gross Income) Ǵ ݾ (Deduction) ׻ Ű(Tax Return) Ǵ Ͱ ̰ ֽϴ.


. Ѽҵ(Gross Income)


Ϲ Ѽҵ(Gross Income)̶, ҵõ ҹϰ(from whatever source derived) ҵ(all income) մϴ.[Internal Revenue Code (I.R.C.) 61(a)]

漼Թ 61 Ѽҵ ׸ ϰ ֽϴ.[I.R.C. 61(a)]

(1) 뿪 (Compensation for services)
        * մϴ.
                i) (fees)
                ii) Ŀ̼(commissions)
                iii) ߰(fringe benefits)
                iv) Ÿ ׸(similar items)
(2) ߻ Ѽҵ(Gross income derived from business)
(3) ŷ ߻ (Gains derived from dealings in property)
(4) (Interest)
(5) Ӵ(Rents)
(6) ξƼ(Royalties)
(7) (Dividends)
(8) ںξ(Alimony) ޱ(separate maintenance payments)
(9) (Annuities)
(10) ź(life insurance) (endowment contracts) ߻ ҵ(Income)
(11) (Pensions)
(12) ä(discharge of indebtedness) ߻ ҵ(Income)
(13) Ѽҵ(partnership gross income) (Distributive share)
(14) ڿ ҵ(Income in respect of a decedent)
(15) (estate) Ǵ Ź(trust) Ǹ(interest)κ ߻ϴ ҵ


(The United States Supreme Court) 漼Թ 61 ȸ ڽſ ο ִѵ Ϸ ǥ(I.R.C. 61 is an expression of congressional intent "to use the full measure of its taxing power" under the Constitution. [Helvering v. Clifford, 309 U.S. 331 (1940)])̶ Ͽϴ.

ҵ (receipt of income) õ(source) ϸ, (Wealth) Ȯϰ (a clearly realized accession) ˴ϴ.

, ǹ(the taxpayer) A ڽ ִ Ʒ ִ 4 ã, ڰ ̸ ϰ Ǹ, 4 ǹ A ̸ ڽ (earn) ʾҴ ϴ A ҵ ˴ϴ.


. (Realization)


ҵ(Gain) ϱؼ, ش ҵ Ǿ(Realized) մϴ.

(Realization)̶ 漼Թ Ǵ ҵ(income)  ԵǾ ϴ° ϴ մϴ.

̷ ̶ ڿ ν(Recogintion) Ͽ մϴ.

ν̶ 漼Թ ä(tax liability) ϱ Ǵ (gain) ս(loss) Ȯ(manifestation) Ϸ (a series of prerequites) ϳ ϴ Դϴ.[I.R.C. 1001(a)]

̷ (gain) ս(loss) Ȯȭ(manifestation) Ϸ ù ܰμ, ǹڴ Ͱ ս (realize)ؾ մϴ. ̶ (realize)̶ (term of art)μ ǹڰ ġ(monetary value)  (receive)ϰų Ұ(lose) Ǿ Ѵٴ (realizatio requirement) ϴ Դϴ.

̷ (realization requirement) Ǹ, (gain) ս(loss) ̵ ν(recognized)Ǵ ѵ ǰ ˴ϴ. 漼Թ 1001(c) Ͱ ս (realized)Ǹ, 漼Թ ޸ ϴ ٰ ٸ ÿ(also) ν(recognized)ȴٰ ϰ ֽϴ.[I.R.C. 1001(c)]

̷ (gain) ս(loss) (realization) մϴ.

I) (Cash)̳ (Property) Ǵ 뿪(Service) ߻(Accrual) Ǵ (Receipt)
II) (Investment) (Form) (Nature) ־ ȭ(Change)

, ǹڰ ڽ 1000 ϰ ֽ ϰ Ǿ, ֽ 1500ҷ ġ ϰ Ǿٸ, ش ǹ (Wealth) ߴ ҵ(Gain) ϴ(Not Realized).

ҵ(Gain) ش ֽ 1500ҿ Ǹŵǰų, 1500 ġ ִ ٸ ڻ(Property) ȯǴ 쿡 μ (Realized)ǰ ˴ϴ.


. ҵ (Computation of Income)


1) ҵ(Non-Cash Income) Ǵ (Cash).


(Property) ŷ(Dealing) ߻(Derived from) ҵ(Gain) 츦 ϰ, ҵ(Income) (Cash), ڻ(Property) Ǵ 뿪
← End



[Title]
̱ ø 1 ѱ ̱ ҵ漼 U.S.A. FEDERAL INCOME TAX LAW FOR KOREANS



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