Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Are local occupational taxes in a final return recoverable? I paid occupational license taxes due to a 1231 gain from liquidation of an S-Corp, but see no way to recover.
Are local occupational taxes in a final return recoverable? I paid occupational license taxes due to a 1231 gain from liquidation of an S-Corp, but see no way to recover.
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
theresialsmith@
Level 1
08-12-2023
01:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a sizable gain on the deemed liquidation of fully depreciated real estate. The pass through gain on form 1120 will offset the loss on the stock disposal, but nothing offsets this local occupational tax. Help.
Labels
2 Comments 2
qbteachmt
Level 15
08-12-2023
04:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What does "recoverable" mean in this context? Business taxes on a business (you stated 1120, but also S Corp?) are business deductions. It would not also be "recoverable" unless the local entity has some provision that your taxpayer is eligible for.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
