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Elgin Illinois Form 80: What You Should Know

Effective Dec. 21, 2011. The IRS has determined there is inconsistency between the tax on the gain from the sale of a stock appreciation and the gain on the sale of capital assets other than the stock. “As a result, these taxpayers would be taxed under section 877 by their gain under section 871. The decision to treat the stock option as an ordinary stock sale or an option to hold the option indefinitely in one account is left with the taxpayer's tax practitioner.” “Some taxpayers may choose not to treat the stock option as a sale of ordinary stock, but instead choose to treat it as a sale of capital assets other than the stock. These taxpayers are subject to tax under the section 879 code.” Taxpayers should consult a tax practitioner whether the sale of these assets would result in additional or decreased tax under section 879. These sales are not subject to the 2 percent limitation provided for in section 886(f). (Note: the section 886(f) limit applies both to individuals and to businesses.) The sale of capital assets, and not the sale of an ordinary stock sale, would trigger the “loss on disposition” provisions of sections 879 and 891. Individual Taxpayers Section 881 is triggered when the gain on a sale occurs from the sale of section 871 stock (and no other property. See Form 8082, 725 Companies Subject to Deductions in the First Example, for examples of this transaction.) See also Form 8082, 725 Companies Subject to Deductions in the Second Example. In general, if you are a “covered sale,” you sell at least one of the following to more than one person : (1) a stock purchased by the individual for more than 2,000 with the understanding that the individual would be treated as if he or she had sold the stock for 2,000 or more, (2) a stock purchased by the individual for more than 2,000, (3) shares of stock purchased during the individual's lifetime, (4) and shares of stock sold to a spouse or other beneficiary. “Coverage” also means “qualification.

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