8 8 8 8 8 8 8 8 8 You Deserve the Credit 8 Individual & Business Tax Credits Checklist 8 8 www.cookmartin.com
8 8 8 8 CONTENTS 8 8 Federal Individual Tax Credits...- Foreign Tax Credit... Child & Dependent Care Credit Federal Tax on Fuels Residential Energy Credits Residential Energy Efficient Property Credit Nonbusiness Energy Property Credit Alcohol & Cellulosic Biofuel Fuels Credit Mortgage Interest Credit Prior Year Minimum Tax Credit (Prior Year AMT) Child Tax Credit... Orphan Drug Credit Qualified Plug-In Electric Drive Motor Vehicle Credit Adoption Credit American Opportunity Education Credit Lifetime Learning Credit Biodiesel & Renewal Diesel Fuels Credit Earned Income Credit Retirement Savings Contributions Credit... Health Coverage Tax Credit Nonconventional Source Fuel Credit Alternative Fuel Vehicle Refueling Property Credit Federal Business Tax Credits...- Fuel Tax Credit... Alternative Motor Vehicle (Hybrid, Lean Burn, Alternative) Alternative Vehicle Refueling Property New Qualified Plug-In Electric Drive Vehicles... Small Business Health Care Credit Increasing Research Activities Low Income Housing Disabled Access Credit Indian Employment Credit Tip Credit for Employers... Small Employer Pension Plan Startup Employer Provided Child Care Energy Efficient Home-Builders Agricultural Chemicals Security Employer Wage Credit for Employees who are Active Duty Uniformed Services... Work Opportunity Empowerment Zone Employment Credit Alternative Fuel Vehicle Refueling Property Credit
8 8 8 8 CONTENTS Continued... 8 8 Utah Credits & Exclusions...- Agricultural Off-Highway Gas or Undyed Diesel Fuel Credit... At-Home Parent Tax Credit Capital Gain Transactions Tax Credit... Clean Fuel Vehicle Tax Credit Combat Related Death Credit Enterprise Zone Tax Credit Farm Operations Hand Tools Tax Credit Gold & Silver Coin Sale Credit Health Benefit Plan Tax Credit...8 Historic Preservation Credit Live Organ Donation Expenses Credit Low-Income Housing Credit Medical Care Savings Account (MSA) Credit Recycling Market Development Zones Tax Credit Renewable Energy Systems Credit... Renewable Residential Energy Systems Credit Renewable Commercial Energy Systems Credit Research Activities Credit Retirement Income Tax Credit Retirement Credit for Taxpayers Age and Over Retirement Credit for Taxpayers Under Age Qualified Sheltered Workshop Cash Contribution Credit Solar Project Credit Special Needs Adoption Credit... Targeted Business Income Tax Credit Taxes Paid to Another State Credit Utah Educational Saving Plan (UESP) Recycling Market Development Zones Tax Credit Idaho Credits & Exclusions...- Investment Tax Credit... Idaho Hire One Act Credit Small Employer Real Property Improvement Taxt Credit... Small Employer New Jobs Tax Credit Research Activity Credit Capital Gain Exclusion
Foreign Tax Credit Credit for taxes paid to a foreign country Federal Individual Tax Credits Form # Non-refundable credit, cannot be carried back or carried forward Foreign sourced passive category income may not require form (includes most interest and dividends) Child & Dependent Care Credit Form # Pub # Non-refundable credit of up to % of expenses paid to care for your child or dependent Dependent must be age or younger or be unable to care for himself or herself Expenses must be paid so that you (and spouse if filing jointly) can work or look for work You must have earned income (spouse is treated as having earned income if he/she is a full-time student or disabled) Payments cannot be paid to your spouse or someone you claim as a dependent Filing status must not be married filing separately Federal Tax on Fuels Form # Pub # Credit for certain nontaxable uses (or sales) of fuel Credit amount based on number of gallons and rate on Form Definitions of nontaxable qualifications on type of use table (instructions for Form ) Residential Energy Credits Form # Residential Energy Efficient Property Credit Credit for energy saving improvements made to your home The credit is % of the cost of certain solar, wind, geothermal and fuel cell property (including installation) Nonbusiness Energy Property Credit Credit for qualified energy efficiency improvements The credit is % of the amount paid for energy saving property Improvements include insulation, windows, exterior doors, certain heat pumps, water heaters, boilers, and furnaces Alcohol & Cellulosic Biofuel Fuels Credit Form # 8 Credit for producers and buyers of cellulosic biofuels All producers of cellulosic or second generation biofuel must be registered with the IRS Credit is calculated by multiplying the number of gallons sold or used by $. Mortgage Interest Credit Form # 8 Credit for interest paid on qualified mortgage - must have received a Mortgage Credit Certificate (MCC) Non-refundable - can be carried forward up to years Mortgage interest deduction on Schedule A must be reduced by credit on line of form 8 Credit may have to be recaptured if home is sold within years of claiming credit You can refinance without losing the credit if a new MCC is issued Prior Year Minimum Tax Credit (Prior Year AMT) Form # 88 Non-refundable credit for AMT paid in prior tax years Can only be claimed in a year when you don t owe AMT Credit can be carried forward
Child Tax Credit Form # 88 Pub # Credit of up to $, for each qualifying child Child must be under age Use form 88 if child has ITIN instead of SSN Orphan Drug Credit Form # 88 Credit for % of qualified clinical testing expenses for rare diseases Expenses would be described as qualified research expenses under section Must coordinate credit expenses with expenses used to calculate the increasing research activities credit Qualified Plug-In Electric Drive Motor Vehicle Credit Form # 88 Pub # IRC D Non-refundable credit of up to $, ($, minimum) for purchase of new qualified electric vehicle Credit will begin to be phased out after, vehicles have been sold by US manufacturers Applies to vehicles acquired after December, Adoption Credit Form # 88 Credit of up to $, per child for qualified adoption expenses Non-refundable credit after - can be carried forward to future years Paper filing of return required when claiming credit Phase-out begins when AGI exceeds $8, American Opportunity Education Credit Form # 88 Pub # Credit of up to $, per student for qualified education expenses ($, total expense) % Refundable - % Non-refundable Available for first fours years of post-secondary education (can be claimed for only tax years) Student must be at least half-time and be pursuing a degree Lifetime Learning Credit Form # 88 Pub # Non-refundable credit of up to $, per return for qualified education expenses (% of up to $, of expenses) Available for all years of post-secondary education and for courses to acquire or improve job skills Student does not need to be pursuing a degree Available for one or more courses Biodiesel & Renewal Diesel Fuels Credit Form # 88 Credit of $. /gallon for most biodiesel and renewable diesel fuels used or sold Fuel must meet requirements established by EPA Generally must attach the Certificate for Biodiesel, and if applicable, Statement of Biodiesel Reseller Earned Income Credit Form # 88 Pub # Refundable credit based on AGI, filing status, and dependents (max credit $,8) Must have earned income below AGI limits and investment income of less than $, Filing status cannot be Married Filing Separately Cannot qualify for credit if filing form (Foreign Earned Income)
Federal Individual Tax Credits Continued... Retirement Savings Contributions Credit Form # 888 Non-refundable credit of up to $, ($, if MFJ) for eligible contributions to a retirement savings account Credit is %, %, or % of eligible contribution amount depending on AGI Must be Age 8 or older, NOT a full-time student, NOT claimed as a dependent on another return and AGI must fall below limits Health Coverage Tax Credit Form # 888 Pays up to.% of qualified health insurance premiums Must meet specific candidate requirements Must meet general requirements Nonconventional Source Fuel Credit Form # 8 Credit for coke or coke gas you produced and sold during the tax year The original use of the facility must have begun with the taxpayer Fuel qualifies if it is not produced in a facility that produces coke or coke gas from petroleum based products Alternative Fuel Vehicle Refueling Property Credit Form # 8 Credit for alternative fuel vehicle refueling property Non-refundable credit - cannot be carried back or carried forward The credit is the smaller of % of the property s cost or $, Fuel Tax Credit Fuel used on a farm for farming purposes Federal Business Tax Credits Form # Fuel used in a boat engaged in commercial fishing Off-highway business use Credit is $. per gallon Alternative Motor Vehicle (Hybrid, Lean Burn, Alternative) Form # 8 Low-speed and or wheel vehicles, not electric cars Credit is % of the cost of the vehicle, up to maximum of $, Purchases made after February, and before January, Credit is non-refundable Alternative Vehicle Refueling Property Form # 8 Qualified property includes property other than buildings and structural components used for storing and dispensing fuels such as natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen, electricity, and certain clean-burning fuel mixtures Credit is % and capped at $,/$, for non-hydrogen-related non-depreciable business property and $,/$, for non-hydrogen-related non-depreciable personal property Credit expires // for hydrogen refueling stations and the remainder of the credit expires //
New Qualified Plug-In Electric Drive Vehicles Form # 8 Base credit of $, plus additional amount based upon battery capacity up to $, for a max credit of $, Non-refundable credit, but part of general business credit Vehicles must be newly purchased, have four or more wheels, have GVW rating of less than, lbs, and draw propulsion using battery with at least four kilowatt hours that can be recharged from external source of electricity Small Business Health Care Credit Form # 8 Businesses with fewer than employees receive credit covering up to % of health care premiums Credit increases to % for -, but only for insurance purchased through the exchange (marketplace) Credit ends // Credit phases out at employees and $, annual wage threshold Credit applies against AMT, but is non-refundable as a general business credit Employer must pay equivalent of % or more of cost of self-only coverage for employee Only employer portion qualifies for credit Increasing Research Activities Form # Incremental credit for increasing research activities equal to sum of % of QRE s Credit for development of new or improved products, manufacturing processes, design and fabrication of tool and dies, development of production equipment, development of new or improved software used in production process Expenditures include wages paid or incurred for qualified services, amounts paid for supplies used in qualified research, amounts paid or incurred to another person for right to use computers in the conduct of qualified research Low Income Housing Form # 88 Credit applies to qualified low-income housing buildings placed in service after 8 Credit rate of %-% of qualified building basis available at a rate of % per year for years Disabled Access Credit Form # 88 % credit ($, maximum per year) Non-refundable credit for business that pays or incurs expenses to provide access to persons who have disabilities Business must have gross receipts of less than $,, and no more than full-time employees Eligible expenses include removing barriers that prevent business from being accessible, provide qualified interpreters, provide qualified readers, taped texts, or acquire or modify equipment and devices for individuals with disabilities Indian Employment Credit Form # 88 Credit of % of the excess of current qualified wages and qualified employee health insurance costs (not to exceed $,) over the sum of corresponding amounts paid or incurred during calendar year Employee must be an enrolled member of Indian tribe or spouse of enrolled member of Indian tribe Employee must perform substantially all services for employer within an Indian reservation While performing services, employee must have main home on or near that reservation
Tip Credit for Employers Federal Business Tax Credits Continued... Form # 88 Credit is equal to employer s portion of Social Security and Medicare taxes paid on tips where tipping is customary Cannot get credit for the part of Social Security and Medicare tax on those tips that are used to meet federal minimum wage rate that applies to the employee under the Fair Labor Standards Act Credit is % of eligible amounts. If business had employees who received tips from customers for providing, delivering, or serving food or beverages for consumption and employer paid or incurred Social Security and Medicare taxes on these tips Credit only applies to tips received by food and beverage employees, it is not applicable to other tipped employees Credit is available without regard to whether employees reported tips to the employer Credit can be used to offset income tax, but not employment tax Small Employer Pension Plan Startup Form # 888 Credit of % of cost to set up and administer a new qualified employer plan and educating employees about it Maximum amount of credit is $ Business must have no more than employees during the tax year preceding the credit year who received at least $, of compensation Employer Provided Child Care Form # 888 Credit of % of qualified childcare facility expenditures plus % of qualified childcare resource and referral expenditures Credit is limited to $, per tax year Qualified childcare expenditures are amounts paid to acquire, rehabilitate or expand property that is to be used as part of a qualified childcare facility, is depreciable (or amortizable) property, and is not part of principal residence of taxpayer or employee of taxpayer Principal use of facility must be to provide childcare Enrollment in facility must be open to employees or taxpayer during the tax year If facility is principal trade or business of taxpayer, at least % of enrollees of facility must be dependents of employees of the taxpayer Basis of building is reduced by amount of credit Energy Efficient Homes-Builders Form # 88 Credit available for all new homes, including manufactured homes The home must be located in the U.S. and substantially completed after 8/8/ and before // Home must meet statutory energy saving requirements and acquired from eligible contractor after // and before // for use as residence No limit on number of homes for which a builder may claim the credit Contractor must obtain certification from eligible certifier that home meets requirement of Section L Credit amount of $, for homes meeting the % standard and $, for those meeting the % standard Agricultural Chemicals Security Form # 8 Credit of % of qualified agricultural chemical security costs paid or incurred Qualified costs include employee security training and background checks, limitation and prevention of access to controls of specified agricultural chemicals, tagging, locking tank valves and additives to prevent theft, perimeter protection, security lighting, cameras, etc. Limit of $, per building and $,, limit per taxpayer Eligible businesses includes any person engaged in selling agricultural products, including agricultural chemicals, at retail to farmers and ranchers; manufacturing, formulating, distributing, or aerially applying specified agricultural chemicals
Employer Wage Credit for Employees who are Active Duty Uniformed Services Form # 8 Credit for employer differential wage payments made after 8 and before Credit is % of up to $, of differential wage payments paid to each qualified employee during the tax year Payment must be made by eligible small business employer to a qualified employee during which the employee is performing service in the uniformed services while on active duty for a period of more than days An eligible small employer employed on average fewer than employees and has a written plan that provides eligible differential wage payments to every qualified employee of the employer Work Opportunity Form # 88 Covers employees who begin work after and before and are members of targeted groups Credit can be claimed on original or amended return Employer must request and be issued a certification for each employee from the state employment security agency (SESA) Wages qualifying for the credit are wages subject to FUTA Credit amount is based on wages paid and the target group each employee falls under (see Form 88 instructions for complete list) Empowerment Zone Employment Credit Form # 88 Credit of up to $, for wages paid to qualified employee in an Empowerment Zone Employee must work for at least days unless exceptions apply Alternative Fuel Vehicle Refueling Property Credit Form # 8 Credit for alternative fuel vehicle refueling property Non-refundable credit - cannot be carried back or carried forward The credit is the smaller of % of the propery s cost or $, Utah Credits & Exclusions Agricultural Off-Highway Gas or Undyed Diesel Fuel Credit Credit for gasoline or undyed diesel fuel used exclusively for commercial, non-highway agricultural use Credit rate is. cents per gallon Credit is refundable Activities that do not qualify are golf courses, horse racing, boat operations, highway seeding, vehicles registered for highway use At-Home Parent Tax Credit $ tax credit for full-time care of each qualifying infant by an at-home parent At-home parent includes: biological mother or father, stepmother or father, adoptive parents, foster parents, legal guardian Child must be months old or younger on last day of tax year for which credit is claimed At-home parent must provide full-time care in the at-home parent s residence Child must be claimed as a dependent on the at-home parent s tax return Sum of at-home parent s total wages from W- and Federal Schedule C income must be $, or less for the taxable year Federal adjusted gross income of all taxpayers filing the individual income tax return must be $, or less Credit is nonrefundable There is no form for this credit, it is claimed by entering allowable credit on Utah TC-A, Part, using code
Capital Gain Transactions Tax Credit Utah Credits & Exclusions Continued... Non-refundable credit for short-term and long-term gain on transaction Transaction must occur on or after January, 8 At least % of gross proceeds from the transaction must be used to purchase qualifying stock in a Utah small business corporation within months Prior to the purchase of the qualifying stock, taxpayer cannot have an ownership interest in the Utah small business corporation that issued the stock Credit is % of eligible short-term or long-term capital gain Clean Fuel Vehicle Tax Credit Non-refundable credit for purchase of qualified new vehicles or conversion of vehicles or engines to use clean burning fuels Credit can be taken only once per vehicle and must be taken in taxable year the vehicle or engine is purchased or converted Credit amounts vary based on type of vehicle and type of fuel Credit can be carried forward up to five years Combat Related Death Credit Non-refundable credit for military service member that was on active duty or in reserve component Combat related death must have occurred on or after January, Death must have occurred while serving in a combat zone, or be the result of a wound, disease, or injury incurred while serving in combat zone Credit is equal to tax liability of the military service member in the year the military service member dies Enterprise Zone Tax Credit Credit for certain businesses that hire new full-time employees, restore buildings, or meet certain other requirements in designated zone Credit amounts vary based on business type, number of employees, and other factors (see instructions for more detail) Credit is reported on Utah TC-A, using code Farm Operations Hand Tools Tax Credit Refundable credit for sales and use tax paid on hand tools purchased during tax year and used or consumed primarily and directly in a farming operation in Utah Credit only applies if unit price of tool is more than $ Credit is claimed by entering allowable credit on Utah TC-A, part, code 8 Gold & Silver Coin Sale Credit Non-refundable credit on capital gains recognized on sale or exchange of gold and silver coins issued by US government Capital gain transaction must result in short-term or long-term capital gain reported on Federal Schedule D Capital gain must first be offset by any capital loss recognized for the year for federal purposes from the sale of gold and/or silver coin Transaction must be made in taxable years beginning on or after January, Credit is % of eligible capital gains Credit is reported on TC-A, or TC-A, part, using code
Health Benefit Plan Tax Credit Non-refundable credit for certain health insurance premiums paid during taxable year Credit is % of amount paid for health benefit plan only if you, your spouse (if a joint return), or dependent claimed on your return is not insured under health benefit plan maintained and funded in whole or part by you, your spouse s, or your dependent s current or former employer, or another person s employer You cannot claim the credit if you choose not to participate in a plan maintained and funded by a current or former employer Historic Preservation Credit Non-refundable credit of % of qualified rehabilitation expenditures for residential certified historic buildings that are owner-occupied or rented Credit is claimed in the year the project receives final certification from State Historic Preservation Office Project cost must exceed $, Live Organ Donation Expenses Credit Non-refundable credit of up to $, for living taxpayer who donates a qualified organ to another individual for medical transplanting Organs that qualify are: human bone marrow, any part of an intestine, kidney, liver, lung, or pancreas Credit is based on expenses paid in connection with the donation including travel, lodging, or lost wage Low-Income Housing Credit Non-refundable tax credit determined by Utah Housing Corporation for owners of low-income housing project who also received part of federal low-income housing tax credit When taxpayer is entitled to credit, the project owner will provide them with form TC-TCAC Credit can be carried back three years or forward years Credit is claimed on Utah TC-A, part, using code 8 Medical Care Savings Account (MSA) Credit Non-refundable credit of % of the greater of either the amount contributed to an MSA account (up to $,) or the total medical expenses paid from an MSA account Cannot be carried back or carried forward You must choose whether to deduct your MSA investment on your federal return, or claim the Utah credit, you cannot do both Non-qualified withdrawals from an MSA are taxable to the extent the amount was previously used to claim a credit on the Utah return Recycling Market Development Zones Tax Credit Two non-refundable credits can be claimed % credit on purchase of machinery and equipment used for commercial composting; or manufacturing facilities that manufacture, process, compound or produce recycled items % credit on expenditures up to $, for rent, wages, supplies, tools, test inventory, and utilities made for establishing and operating recycling or composting technology in Utah % credit may be carried forward up to three years Total credit may not exceed % of the Utah income tax liability Qualifying purchases and expenditures must be certified by the Governor s Office of Economic Development 8
Utah Credits & Exclusions Continued... Renewable Energy Systems Credit Two credits are available An energy system includes any active solar, passive solar, biomass, direct-use geothermal, geothermal heat pump, wind or hydro-energy system Credits can be claimed in addition to any federal credit claimed Renewable Residential Energy Systems Credit (code ) Non-refundable credit for costs, including installation, of up to $, for a residential energy system May be carried forward up to four years Credit amount is transferrable if property is sold Renewable Commercial Energy Systems Credit (code ) Refundable credit for costs, including installation, of up to $, for a commercial energy system Research Activities Credits Non-refundable credit allowed for certain research expenses % of qualified research expenses in Utah that exceed base amount (defined under UC --()) % of payments made to a qualified organization for basic research that exceed a base amount and.% of qualified research expense Both % credits may be carried forward up to years,.% credit may not be carried forward Retirement Income Tax Credit Two credits are available Credits are non-refundable Credits will be phased-out by a percentage when modified gross income exceeds certain amounts (see phase-out calculation) Retirement Credit for Taxpayers Age and Over Credit of up to $ ($ if Married Filing Jointly) Taxpayer must be age as of December of tax year Retirement Credit for Taxpayers Under Age Credit of up to % of eligible retirement income or $88 if lesser Taxpayer must have been born before and be under age as of December of tax year Credit is calculated for eligible retirement income Does not include income from (k) and plans or social security benefits received by child of a deceased employee Qualified Sheltered Workshop Cash Contribution Credit Credit for cash contributions made to a qualified non-profit sheltered workshop facility in Utah Non-refundable credit equal to the lesser of $ or % of the total contribution Credit cannot be carried back or carried forward Division of Services of People with Disabilities maintains a list of qualified sheltered workshops Solar Project Credit Non-refundable credit for purchases of units in a solar project sold by a qualifying political subdivision Credit of % of purchase amount up to a maximum of $, Excess credit amount can be carried forward for up to years Must be apportioned for nonresident and part-year individuals
Special Needs Adoption Credit Refundable credit of up to $, for each special needs child adopted Credit is claimed in the tax year the court issues the order granting an adoption occurring in Utah The child must be five years of age or older, under age 8 with a disability, or a member of a sibling group Targeted Business Income Tax Credit Refundable credit available to businesses providing a community investment project according to criteria in Utah Code Sections M--, M-- and M-- Applicant must file an application with the local zone administrator by June of the tax year Credit cannot be claimed if you have claimed the Enterprise Zone Tax Credit or the Recycling Market Development Zones Tax Credit Use form TC-TB, Targeted Business Tax Credit to claim credit Taxes Paid to Another State Credit Non-refundable credit for income tax paid to another state Must be Utah resident or part-year resident (part-year residents rarely qualify) The credit only applies to the portion of income taxed by both states Complete and attach from TC-S, Credit for Income Taxes Paid to Another State Utah Educational Savings Plan (UESP) Non-refundable credit of % of the actual contribution made to each beneficiary s UESP account during tax year Maximum contribution amount for is $,8 per beneficiary ($,8 MFJ) Credit cannot be carried back or carried forward Recycling Market Development Zones Tax Credit Non-refundable credit for taxpayers who hire a qualified recently deployed veteran of up to $, in year and $,8 in year Credit may be carried forward for up to years Qualified veteran must work at least hours per week The credit is taken in the first year in which the veteran was employed consecutive weeks Investment Tax Credit Idaho Credits & Exclusions Form # Property must have useful life of three years or more Property must be property for which you are allowed a deduction for depreciation or amortization Credit is limited to % of your Idaho income tax after deducting credit for tax paid to other states See form instructions for list of qualifying and nonqualifying property Idaho Hire One Act Credit Form # Refundable credit based on employer s unemployment insurance tax rating Credit is computed on gross wages of qualifying new employees Credit can be claimed on qualifying new employees only if the employee: received qualifying employer provided health care benefits received an average wage rate of at least $ per hour if employed in an Idaho county with unemployment rate of % or more received an average wage rate of at least $ per hour if employed in an Idaho county with unemployment rate of less than % Credit cannot be claimed for an employee if the Idaho Small Employer New Jobs Tax Credit credit is claimed for same employee See form instructions for unemployment rates by county
Idaho Credits & Exclusions Continued... Small Employer Real Property Improvement Tax Credit Form # 8 Must qualify by filing Form 8SE with Tax Commission to certify taxpayer qualifies for small employer incentives SE-RPITC is allowed on buildings and structural components of buildings that do not qualify for the investment tax credit Buildings and structural components must be new property, used property does not qualify Credit is limited to the lesser of $, or Idaho income tax after allowing all other credits that may be claimed before SE-RPITC Small Employer New Jobs Tax Credit Form # 8 Must qualify by filing Form 8SE with Tax Commission to certify taxpayer qualifies for small employer incentives If project period began during tax year, it must cover at least nine months or taxpayer doesn t qualify for SE-NJTC Qualifying employees must earn more than $. per hour and work a minimum of nine months during the tax year Credit is based on annual salary of qualifying employees (see Form 8 instructions for salary and credit amounts) Research Activity Credit Form # Idaho conforms to the IRS definitions for the research credit, except only amounts related to research conducted in Idaho qualify for the Idaho research credit Idaho credit doesn t include the calculation of the alternative simplified credit Credit carryover is limited to tax years Capital Gain Exclusion Form # CG Deduction is % of capital gain net income included in federal taxable income from sale of Idaho property Property must be real property held for at least months, or tangible personal property used in a revenue-producing enterprise and held for at least months Gains from sale of stocks, easements, leasehold real properties, and other intangibles do not qualify Capital gain from qualifying property held by S corporations, partnerships, trusts and estates, is eligible for deduction Gain or loss must be computed by pass-through entity and provided to taxpayer on Form IDK- Notes: North Main Street Logan, Utah 8 Telephone: () - Fax: () 8- E-mail: info@cookmartin.com 8 South East Suite Salt Lake City, Utah 8 Telephone: (8) - Fax: (8) - E-mail: info@cookmartin.com www.cookmartin.com December Cook Martin Poulson. All rights reserved.