What ANTI-CHURNING RULES means: Laws designed to prevent taxpayers from taking advantage of new laws by acquiring property eligible for benefits available under the new law from a related party that was used by the related property before the effective date of the new law. The term was first used when ACRS (Accelerated Cost Recovery System) was enacted in 1981. The term also applies to property eligible for MACRS depreciation (defined elsewhere) and to section 197 intangibles (defined elsewhere).
- Definition Amended Return:
- Dictionary on Form 1040X after the original return has been filed. An amended return is used to correct errors or to claim more advantageous ways of filing the original return. An amended return can also be anti-churning rules definition.
- Definition Adjusted Basis:
- Dictionary original basis of property reduced by adjustments such as depreciation allowed or allowable and casualty losses, and increased by the cost of capital improvements, expenses of purchase, and other anti-churning rules explain.
- Definition Accelerated Cost Recovery System (ACRS):
- Dictionary depreciation mainly used for property placed in service after 1980 and before 1987. ACRS is also used for certain property placed in service after 1986 that is acquired from a related party who used anti-churning rules what is.
- Definition Advance Earned Income Credit:
- Dictionary Payment by an employer based on an employee's claim to entitlement to the earned income credit. Advance earned income credit payments are treated as additional taxes on the tax return anti-churning rules meaning.
How works Anti-Churning Rules meaning in Tax definitions A .
