Can I take a Section 179 deduction on my individual income tax return in connection with my Schedule C business if my Schedule C is showing a loss?
If you or your spouse has earned income from other sources such as wages or income from another active trade or business, such as another Schedule C on a jointly filed return, they are combined to determine the business limitation for purposes of Section 179. If the combined amount equals or exceeds the potential Section 179 deduction, you may take the deduction even though the Schedule C that the fixed asset is connected with shows a loss (Form 4562 Instructions). Top of Page Trust and Estate Administration Committee Q: How are capital gain dividends received by a trust from a mutual fund to be treated? A: Under Article 11-A Uniform Principal and Income Act of New York’s Estates, Powers and Trusts Law, the presumptive characterization for fiduciary accounting purposes of capital gain distributions received from a mutual fund are as receipts of principal. Per Article 11-A, “A trustee shall allocate the following receipts from an entity as principal: … money received from an entity that
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