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Las Vegas Nevada Form 730: What You Should Know

About holey​la​la​: Holey” (Hospitality) is loosely defined as any activity that generates profit for the operator and has a high-cost ratio. A number of the hotels and other services that are listed on holey​la​la are tax-exempt on a long-term basis without registration. A few of these hotels and services are also tax-exempt short term, but the general rule is always that the short-term income on which the tax has been eliminated is taxable on an after-tax basis. Basic Rules for Estimating Income The amount of hotel revenue which a hotel operator can report on an income tax return depends on: the size of the hotel and number of rooms; and a hotel's expenses. Some of these expenses are: depreciation, interest payments, and taxes on the profits. There are many more than mentioned here, for example the hotel may incur capital expenditures, which can be recorded as expenses. If these expenditures are fully depreciated, these can result in a positive or negative number. The hotel operator should use the following formula to calculate the gross income for the year (expense paid): Gross Income = Cost of the hotel plus (Depreciation, Interest, Taxes on the Hotel's Net Income) The Hotel is Required to File HOA 730 If a hotel operator wishes to report gross income using holey​la​la, an additional form must be filed with the local County (County Code Sec. 706-010) which states the following: • Holey​la​la — A form in the following format. Form 706 — Hotel Income Tax Return: Hotel Operators Reporting Income under IRC Section 4980D. (For tax year 2017 1. Name of hotel operator and city or town. 2. Gross Annual Gross Hotel Operating Income: (Gross Operating Income) 3. Amount of Gross Annual Gross Hotel Operating Income include- ING HOA, tax, and general municipal income tax Including interest, taxes and local business license tax. The following amounts have not been allocated to HOA: 4. Amount of General Excise Tax. (See General Excise Tax table for tax year 2017) 7. Yearly Taxable Income. (See Exempt Hotel Operators below) 5. Amount of general property valuation tax (see General Property Valuation Tax table — tax year 2017). 6. Type of operation.

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