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Chapter 5. Business Income

Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
This form is used to determine under certain circumstances described in section 108 the amount of discharged indebtedness that can be excluded from gross income.

Form 1099-B, Proceeds From Broker and Barter Exchange Transactions
A broker or barter exchange must file this form for each person: For whom, they sold stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts, etc., for cash, who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or who exchanged property or services through a barter exchange.

Form 1099-MISC, Miscellaneous Income
Use this form to report rents, royalties, prizes and awards and other fixed determinable income.

Form 4797, Sales of Business Property
Use this form to report the sale or exchange of property, the involuntary conversion of property, the disposition of noncapital assets, the disposition of capital assets, gain or loss for partners and S corporation shareholders and the computation of recapture amounts under sections 179 and 280F(b)(2).

Form 8824, Like-Kind Exchanges (and section 1043 conflict-of-interest sales)
Use Parts I, II, and III of this form to report each exchange of business or investment property for property of a like kind. Certain members of the executive branch of the Federal Government and judicial officers of the Federal Government use Part IV to elect to defer gain on conflict-of-interest sales.

Publication 15 (Circular E), Employer's Tax Guide
This publication explains your tax responsibilities as an employer.

Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad
This publication discusses special tax rules for U.S. citizens and resident aliens who work abroad or who have income earned in foreign countries.

Publication 225, Farmer's Tax Guide
This publication explains how the federal tax laws apply to farming. Use this publication as a guide to figure your taxes and complete your farm tax return.

Publication 525, Taxable and Nontaxable Income
This publication discusses many kinds of income and explains whether they are taxable or nontaxable.

Publication 527, Residential Rental Property (Including Rental of Vacation Homes)
This publication discusses rental income and expenses (including depreciation) and explains how to report them on your return. It also covers casualty losses on rental property and the passive activity and at-risk rules.

Publication 537, Installment Sales
This publication discusses the general rules that apply to using the installment method and more complex rules when certain conditions exist or certain types of property are sold.

Publication 547, Casualties, Disasters, and Thefts
This publication explains the tax treatment of casualties, thefts, and losses on deposits.

Publicación 547(SP), Hechos Fortuitos, Desastres y Robos
Esta publicación explica el trato tributario de casos de hechos fortuitos, robos y pérdidas de depósitos monetarios.

Publication 550, Investment Income and Expenses
This publication provides information on the tax treatment of investment income and expenses, including information for individual shareholders of mutual funds or other regulated investment companies, such as money market funds.

Publication 908, Bankruptcy Tax Guide
This publication explains the basic federal income tax aspects of bankruptcy.

Publication 946, How To Depreciate Property
This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation.

Schedule C (Form 1040), Profit or Loss From Business
Use this schedule to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

Schedule C-EZ (Form 1040), Net Profit From Business
You can use this schedule if you operated a business or practiced a profession as a sole proprietorship or qualified joint venture, or you were a statutory employee and you have met all the requirements listed in Schedule C-EZ, Part I.

Schedule SE (Form 1040), Self-Employment Tax
Use this schedule to figure the tax due on net earnings from self-employment.

Page Last Reviewed or Updated: 03-Aug-2016