Elgin Illinois Form 1099-PATR 2023-2025

Elgin Illinois Form 1099-PATR: What You Should Know

Defines “person.” The “person” is also the “individual” and “organization” under 943.6871(2). The “individual” is the person (individual, taxpayer, etc.) who receives income from taxable interest income, and is eligible to pay income taxes on that income. The “person” also includes the following individuals. “Person” includes any individual, partnership, trust, estate or corporation. “Organization” means any organization, partnership, trust, estate or corporation. “Person” includes an agent, attorney, fiduciary, manager, officer, employee, member, shareholder, partner, contractor, subcontractor, landlord, licensee, lender, broker or investment adviser. The “person” includes any person or entity that makes payments or distributes amounts of income and/or assets of a cooperative. The “person” also includes a non-taxpayer (non-entity) that received or expects to receive payments or other distributions (whether in the form of direct cash or stock) from a cooperative as described in this document. In addition, the “person” includes any person or entity that was the issuer of a cooperative's stock in this example. The “person” includes a partnership (including a corporation and a limited liability company) and a joint venture, whether such partnership, joint venture or other entity is a taxpayer. The “person” includes any person, firm, partnership, trust, joint venture or other entity that receives or expects to receive payments or other distributions (whether in the form of direct cash or stock) by a cooperatively owned cooperative. The “person” also includes any person or entity that purchased the shares of stock of a cooperative that the person, firm, partnership, trust, joint venture or other entity intends to sell in the “short run” after the date of distribution. Example 1. Person X creates a corporation and sells a controlling interest to Person Y. Person X is not a taxpayer. Under 943.6871(10), Person Y is a taxpayer. A distribution from the corporation is taxable when it is made to Person X. In the “short run,” Person Y would need to sell the controlling interest to someone. If Person Y does not sell that interest to the person in whose name it is held, immediately before the sale, for substantially identical amount, then a distribution has been received from the corporation. Example 2.

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