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Printable Form 1125-E Maine: What You Should Know

If the property is an interest in real property, the fair market value is the property itself, and it normally includes all of its depreciable value. The fair market value is determined using an appraisal method that is generally accepted in similar transactions. However, if you were required to file Form 1125, you may have to pay tax only when the value of your property is less than its fair market value. Under the circumstances, you determine the loss that you are taxed on by subtracting the fair market value from any gain you were able to realize. If you did not realize any gain on the sale of the property, you are taxed on the loss. (g) If you want to qualify for the additional minimum tax filing requirement that you have under section 6662(b)(1), you must also qualify for an additional minimum tax credit (AMC) of 25 percent of the additional fee in a dollar amount not less than the total annual filing fee. (g) For purposes of determining the additional credit, include amounts received from a qualified health plan (including the plan's individual, small group, and large group market) or amounts received from an eligible employer plan described in section 1411(c)(1) or (2) of the Internal Revenue Code. (g) If any of the property you received was subject to section 199A, you are also exempt from this credit. See Regulations section 2671.11-6(b)(12). See Rev. Pro. 2016-50 (for 2018) and 2017-2, 2017-1, and 2017-02, for information on section 199A. (h) If you received this benefit because of section 139(d)(2)(H), include the amount of the section 139 deduction as your tax expense. (i) If you disposed of property and reported under section 280E. See Regulations section 1.139-8(b)(3)(iv) & (v) and Regulations section 1.139-8(f)(3)(iv) and 1.139-8(f)(5)(iv). If you disposed of property and reported under section 138(k), include the deduction as a separate item on Schedule A (Form 1040).

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