
Form 1120 ND Rev December Return for Nuclear Decommissioning Funds and Certain Related Persons
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People also ask
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What is form 8689 used for?
For the latest information about developments related to Form 8689 and its instructions, such as legislation enacted after they were published, go to .irs.gov/Form8689. Purpose of form. Use Form 8689 to figure the amount of U.S. tax allocable to the U.S. Virgin Islands (USVI).
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Who must file form 8689?
A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.
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Who is not required to file?
If you earn less than the Standard Deduction for your filing status, you likely don't need to file a tax return. Even if you don't meet the filing threshold, you may still have to file taxes if you have other types of income.
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Who must file federal estate tax return?
If you're the executor of your loved one's estate, you'll be responsible for filing a tax return and paying any balance due to the Internal Revenue Service. If their estate is valued over a certain threshold, you'll be responsible for filing a regular return and a complex return called an estate tax return.
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Who must file form 1120 Pol?
Who has to file Form 1120-POL? A political organization with taxable income after taking the $100 specific deduction for the taxable year must file Form 1120-POL.
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Who has to file form 1120?
Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income. Domestic corporations must file Form 1120, unless they are required, or elect to file a special return.
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Do citizens of the U.S. Virgin Islands pay federal income tax?
USVI Income Taxes: Residents of the USVI, instead of filing returns and paying taxes to the IRS, file returns and pay income taxes directly to the USVI Bureau of Internal Revenue. The taxes are at the same rates and use the same forms and rules as for federal income taxes.
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How is a nuclear decommissioning trust taxed?
§ 1.468A-4 Treatment of nuclear decommissioning fund. (a) In general. A nuclear decommissioning fund is subject to tax on all of its modified gross income (as defined in paragraph (b) of this section). The rate of tax is 20 percent for taxable years beginning after December 31, 1995.
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