Puerto rico 482 instructions Form

Puerto rico 482 instructions 2024 Form: What You Should Know

Form 1040 (PR) is due for Puerto Rico. If the self-employment tax return was filed using Form 482.0, a new Form 1040 is due. Current Revision. Feb 21, 2024 — Taxpayers Filing A Puerto Rico Tax Return March 11, 2024 -- Effective Date of Puerto Rico Income Tax Feb 21, 2024 — Tax Filing Deadline for Puerto Rico. The Puerto Rico income tax is a tax not subject to federal income tax. The Puerto Rico income tax is a tax that is imposed exclusively on profits in Puerto Rico, based principally on capital gains. The income tax is imposed, with certain limited exceptions, a special tax on Puerto Rico corporations which hold substantial economic or speculative capital in Puerto Rico. (1) The tax applies to all corporations in Puerto Rico which are not resident of the Island of Puerto Rico in the same ways as the income tax applies to incorporated businesses, generally. (2) For tax purposes, Puerto Rico corporations include: (a) Business corporations incorporated on the Island of Puerto Rico and having a headquarters in Puerto Rico, the Virgin Islands or American Samoa; (b) Nonresident alien corporations, whether resident or not. Such corporations may elect (subject to certain conditions) to treat the income and expenses reported for any taxable year in Puerto Rico by such corporations as those of a corporation incorporated in Puerto Rico. The election is effective if made with the election not to pay Puerto Rico tax for such taxable year and is effective up to the earliest of: (i) The termination of the active practice of the corporation in Puerto Rico, after the latter of: (A) The last day of the calendar year in which it is incorporated, or (B) The termination of such corporation's existence in Puerto Rico, during either of the two following tax years: (A) Any year beginning on or after November 17, 2006, and ending on or before January 1, 2019, and (B) any year beginning on or after November 17, 2018. The election may be revoked before the last day of the calendar year in which it is incorporated (if applicable). (3) A corporation that meets the requirements for filing a certificate of loss carry back under chapter 11 of the Internal Revenue Code, for purposes of section 1137 of the Internal Revenue Code, for a taxable year that ends before December 17, 2017, may elect to include the loss in a Puerto Rico tax carry back in those taxable years.

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