| The Member Tax Allocations Report details the amount of income,
interest, dividends, gains/losses, and expenses that the club has
realized year to date (YTD). It also provides each member's
allocation or taxable share of each of those items.
Note: The Member Tax Allocations Report is available at
Accounting > Reports ONLY if your club elects the Time Based
allocation method under Accounting > Taxes - Allocation Method. If
your club elects the Snapshot allocation methodology, bivio is
unable to determine or report each member's allocation until the end
of the club's tax year (normally Dec. 31st). Once all
transactions for a tax year have been entered into bivio, clubs
electing the Snapshot allocation methodology should use the
Member Allocation Report , available under Accounting > Taxes -
Informational Reports, to review each members annual taxable
allocation.
Name -
The name of each person who was a member of the club during the tax year.
Dividend -
Each member's allocable share of dividend income realized by the club YTD.
Interest -
Each member's allocable share of interest income realized by the club YTD.
Short-Term Capital Gains -
Each member's allocable share of any short-term capital gains realized
by the club YTD.
Medium-Term Capital Gains -
Each member's allocable share of any medium-term capital gains
realized by the club YTD. Note:Medium-term capital gains are
only applicable to years where medium term capital gains were defined
in the tax code.
Long-Term Capital Gains -
Each member's allocable share of any long-term capital gains realized
by the club YTD.
Misc. Income -
Each member's allocable share of any miscellaneous taxable income
realized by the club YTD.
Misc. Expenses -
Each member's allocable share of any miscellaneous tax
deductible expenses realized by the club YTD. Note:
Expenses paid from the Bank, Broker, or the Suspense Accounts will be
treated as tax deductible expenses and , as such, allocated and
included on this report. Expenses paid from the Petty Cash Account
will be treated as non tax deductible expenses and, as such, will not
be included in the tax allocations on the Member Tax Allocations Report.
Net Profit -
The cumulative total of all of income, interest, dividends,
gains/losses, and expenses allocated to each member year to date.
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