Changes in the Capital Gains Tax Rates

Topics:
Taxes
Tags:
Finance,
Financial Planning,
Free Trade,
Taxes
Source:
Internal Revenue Service

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Overview: This paper is about changes to reporting requirements for certain 2002 forms because of changes in the capital gains tax rates. The Jobs and Growth Tax Relief Reconciliation Act of 2003 (Public Law 108-27) amended section 1(h) of the Internal Revenue Code to change the capital gains tax rates. As a result, there are changes in the reporting requirements for the following 2002 forms (these forms and their instructions do not reflect this legislation) filed by entities with 2002-2003 fiscal years ending after May 5, 2003:Form 2439 for regulated investment companies (RICs) and real estate investment trusts (REITs); and Schedules K and K-1 for partnerships and S corporations and Schedule K-1 for estates. Also, the tax computation using maximum capital gains rates (for both the regular tax and the alternative minimum tax) affects individuals and estates with 2002-2003 fiscal years ending after May 5, 2003.

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Format: HTML | Date: Jan 2003

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