Not known Details About General distribution of gift rental companies

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Your entire transaction, when seen alongside one another, is effectively characterised as taking place among the partnership and a companion not performing while in the capability of a partner.

Payments created by the partnership to some retiring associate or successor in fascination of the deceased companion in return for the lover's overall curiosity while in the partnership could must be allotted among payments in liquidation of the associate's fascination in partnership home as well as other payments. taxes??your heirs will incur. Luckily for us, as of 2019 the condition of Michigan does not acquire inheritance or estate taxes. If you?�re unfortunate to are in among the list of handful of states which even now collect an inheritance tax, Unless of course your financials are to be able, your Loss of life will likely be pricey on your heirs.|If spouses carry on a company alongside one another and share during the gains and losses, They might be partners whether they've a proper partnership settlement. If that's so, they ought to report revenue or loss through the enterprise on Sort 1065.|In sure situations, the adjusted foundation of a partnership desire is usually figured by utilizing the lover's share on the altered basis of partnership assets that may be distributed Should the partnership terminated.|An relevant trade or enterprise indicates any exercise executed on an everyday, ongoing, and substantial basis (regardless of whether the activity is carried out by a number of entities) which is composed in total or partly of raising and returning money, and both :}

There's a related transfer of cash or other house with the partnership to your contributing lover or another husband or wife, and

The foreign transferor must Assess the outside achieve or loss quantities With all the pertinent combination deemed sale efficiently linked attain or loss which the partnership calculates according to the overseas transferor's distributive share of gain or loss that may are efficiently related If your partnership experienced sold all of its assets at FMV. This info is going to be presented into the notifying transferor on or ahead of the due day (with extensions) for issuing Agenda K-one (Variety 1065), Companion?�s Share of Revenue, Deductions, Credits, and so forth.

In general, any get or reduction on a sale or Trade of unrealized receivables or inventory objects a spouse been given in a distribution is a normal obtain or loss. For this objective, inventory products usually do not contain authentic or depreciable business enterprise house, whether or not they aren't held over 1 year. that will be been given to market an asset or paid to transfer a legal responsibility within an orderly transaction between sector individuals within the measurement day.??At the same time, GAAP involves an offsetting expense in the correct pure expenditure classification over the Corporation?�s ??statement|assertion} of purposeful expenses,??also claimed on the established truthful sector benefit as explained in ASC topic 820. Suppose the item or assistance is an asset that exceeds the Corporation?�s capitalization plan, just like the electrician cited earlier mentioned. In that situation, the asset is recorded in the appropriate set asset class on the ??statement|assertion} of financial place,??and earnings is identified for your asset?�s fair market place value. Analyzing the reasonable price for being recorded is often quite possibly the most demanding A part of the accounting workout. FASB Accounting Update According to stakeholder suggestions, the FASB issued this update to enhance transparency by means of enhanced financial assertion presentation and disclosure of nonfinancial property. On the other hand, the income recognition and measurement prerequisites for these nonfinancial belongings continue to be unchanged in ASC 958-605. FASB Accounting Expectations Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Income Entities for Contributed Nonfinancial Assets, are powerful for nonprofits with yearly durations beginning following June 15, 2021, and interim intervals within just annual durations starting right after June 15, 2022. Early adoption of the conventional is permitted by nonprofits. Retrospective transition is required. So any periods claimed upon should comply with the updated normal. The improved presentation and disclosure specifications are: The contributed nonfinancial belongings are said separately from other contributions inside the statement of actions.|Men and women A and B and Trust T are equal companions in Partnership ABT. A's spouse, AH, is the only beneficiary of Rely on T. Trust T's partnership curiosity will likely be attributed to AH only for the purpose of further more attributing the desire to the.|The donee's distributive share of partnership earnings attributable to donated capital have to not be proportionately better in comparison to the donor's distributive share attributable to the donor's cash.|Armando's basis in his partnership curiosity is $twenty,000. In a very distribution in liquidation of his complete fascination, he receives Qualities C and D, neither of that's inventory or unrealized receivables.|They reserve the appropriate individually to just take or eliminate their shares of any property acquired or retained.}

Nevertheless, if you don?�t Have a very reduction whatever the rent you?�re nonetheless owed, You then only have to bother with the level of the credit card debt you're forgiving.

The ??net precontribution obtain??from the lover. This can be the Internet obtain the husband or wife would figure out if each of the assets contributed because of the partner inside seven several years on the distribution, and held because of the partnership immediately before the distribution, were distributed to another lover, in addition to a spouse who owns in excess of 50% in the partnership. For details about the distribution of contributed assets to a different associate, see|You should also Take note that you can prevent taxation on the disbursement fully in the event you roll around the funds into a professional unique retirement account inside of sixty days of cashing out of the system.|LITCs are independent with the IRS. LITCs symbolize men and women whose profits is underneath a particular degree and wish to resolve tax issues with the IRS, such as audits, appeals, and tax selection disputes. Furthermore, LITCs can provide details about taxpayer legal rights and duties in different languages for individuals who talk English to be a next language.|The IRS can?�t problem refunds in advance of mid-February 2022 for returns that claimed the EIC or the extra boy or girl tax credit (ACTC). This is applicable to the whole refund, not just the portion connected to these credits.|They don't jointly promote providers or the assets developed or extracted. Each and every different participant can delegate authority to promote their share from the property developed or extracted In the interim for his or her account, but not for just a time period in extra in the bare minimum wants with the industry, As well as in no function for a lot more than 1 year.|If The idea of house acquired will be the adjusted foundation with the partner's interest inside the partnership (reduced by money been given in exactly the same transaction), it need to be divided Among the many Houses distributed to the lover. For home distributed just after August five, 1997, allocate the basis applying the next principles.|For the dialogue of business enterprise expenditures a partnership can deduct, see Pub. 535, Company Charges. Members of oil and fuel partnerships should really examine the deduction for depletion in chapter nine of that publication.|How are illustrations or photos contributing for your Web optimization web-site-clever ? Your major articles Device has the awnsers! search phrases|Companion amended return filed as A part of modification on the imputed underpayment in the course of a BBA examination.|If a associate's share of partnership liabilities boosts, or simply a spouse's individual liabilities increase because they suppose partnership liabilities, this enhance is treated being a contribution of cash from the associate for the partnership.|A corporation fashioned beneath a federal or condition legislation that refers to it as included or as a company, entire body corporate, or overall body politic.|An desire in the partnership to the extent in the partnership?�s proportionate curiosity within the foregoing.|Visitors, Even when you?�re not at or in the vicinity of retirement, now is most likely a very good time to check to see how your pension system is structured.|Allocate any basis boost needed in rule (2) above initial to Attributes with unrealized appreciation to your extent of the unrealized appreciation. If the basis raise is lower than the overall unrealized appreciation, allocate it between Those people Homes in proportion to their respective amounts of unrealized appreciation.|Add Comparison PitchBook?�s comparison aspect provides a side-by-facet check out vital metrics for similar companies. Personalize which facts details you wish to see and create visualizations promptly.|The partnership can use diverse allocation solutions for different objects of contributed home. One acceptable strategy should be regularly placed on Each individual product, and the overall method or blend of methods must be affordable. See Laws part 1.704-three for allocation strategies generally thought of acceptable.|Planning idea: Practitioners ought to Guantee that partners are really very clear on how any chosen distribution necessities will interact with the allocation provisions in the partnership agreement to impact the distribution of sale or liquidation proceeds.|Companion amended return submitted as part of modification of your imputed underpayment throughout a BBA examination.|How would you prefer to obtain Website positioning suggestions for all your web pages ?? Commence your Web optimization Dashboard and optimize your web site! strategies and tips}

Sunbelt didn?�t end its acquisitions at the conclusion of the fiscal 12 months. For the reason that balance sheet date, the team has finished 5 additional acquisitions for a complete buy price of $230 million., what?�s upcoming???Gifting your real-estate holdings serves two substantial uses, one) it provides a means to transfer ownership of your belongings, and a pair of) it is a really productive way to take action even though avoiding shelling out hefty tax payments.|Apply for an online payment arrangement (IRS.gov/OPA) to fulfill your tax obligation in regular monthly installments If you're able to?�t pay out your taxes in total nowadays. After you complete the web procedure, you can get rapid notification of whether your settlement has long been approved.|A partner generally ought to understand attain to the distribution of home (aside from dollars) In the event the companion contributed appreciated house to your partnership through the seven-year time period prior to the distribution.|You will find refined (and several not so subtle) distinctions among the two entities from a tax point of view at the same time. One particular important variance exists with respect to distributions of appreciated assets. Present-day distributions of appreciated assets from S companies generate get within the entity amount whereas dis­tributions of these home from partnerships generally permit a de­ferral of taxable achieve.|A partnership is just not deemed to engage in the trade or business enterprise, and is not needed to file a Form 1065, for virtually any tax 12 months by which it neither gets cash flow nor pays or incurs any bills handled as deductions or credits for federal income tax purposes.|Facts pertaining to specified modifications that are allowable to the partnership to incorporate in its calculation of an AAR imputed underpayment.|Pending more steering, If your proprietor taxpayer sells an API and recognizes collectibles get or loss or unrecaptured portion 1250 attain, or if a move-as a result of entity experiences that collectibles get or reduction or unrecaptured portion 1250 attain is handled as API obtain or decline, the owner taxpayer will have to use a reasonable strategy to compute the level of the inclusion of collectibles get and/or unrecaptured segment 1250 gain from the recharacterization quantity that is certainly calculated in Worksheet B. Should the owner taxpayer has been given an API one-year distributive share amount and an API 3-12 months distributive share amount of money that includes collectibles obtain or reduction and/or unrecaptured area 1250 acquire from the go-by way of entity, the proprietor taxpayer ought to involve People amounts on traces one and four, respectively, of Worksheet B.|Rather then filing an amended return, a partnership which is subject to your centralized partnership audit routine ought to file an Administrative Adjustment Ask for (AAR) to change the amount of money or therapy of a number of partnership-related goods.|A purchaser of a partnership interest, which can contain the partnership itself, may have to withhold tax on the quantity realized by a foreign associate to the sale for that partnership desire If your partnership is engaged inside a trade or company in the United States. See part 1446(f) To learn more.|A partnership and a person proudly owning, directly or indirectly, eighty% or more with the money or profits fascination from the partnership.|Other than as presented less than Area 1368 (see the subsequent dialogue), the distribution will lessen the distributees` bases by the quantity of any dollars additionally the truthful industry worth of some other house distributed.`|Allocate any remaining foundation to Houses other than unrealized receivables and stock merchandise by assigning a basis to each property equal to your partnership's modified foundation within the property quickly ahead of the distribution.|Investing in or disposing of ??specific|particular|certain|distinct|precise|unique} belongings??(or figuring out specified belongings for investing or disposition), or|If there were a liquidation with the partner's interest quickly after it absolutely was obtained, an allocation of the basis of that desire underneath the general procedures (talked over earlier under|A browser ought to initially load the picture and find out ahead of it understands exactly how much House need to be around the page. On reservation Meanwhile, the browser can perform small but wait around. When the peak and width for that plate are supplied in the HTML code, a browser just continues to create for your webpage although the images load inside the history.|An operating settlement partnership team could be excluded if the members from the joint output, extraction, or usage of house fulfill all the subsequent prerequisites.|The underside line is that you can?�t report a reduction on the house?�s rental. So, if the fact that your son hasn?�t paid out lease for several months places your rental operation inside the red, you can?�t assert the decline with your taxes.|Even the regulations` examples are oversimplified relative to true existence situations. For exam­ple, sometimes a deemed distribution of cash ensuing from a discount inside of a spouse`s share of partnership liabilities below Part 752 may lead to tax issues below Segment 751(b).nine|The optional foundation adjustment, if it had been chosen through the partnership, would have adjusted the lover's basis for the assets really dispersed.|Obtain is regarded when home is contributed (in exchange for an interest from the partnership) to the partnership that would be treated as an expense organization if it have been integrated.|Head over to IRS.gov/Coronavirus for hyperlinks to information on the effect with the coronavirus, and tax aid obtainable for people and people, modest and huge firms, and tax-exempt companies.}

They don't actively perform small business or irrevocably authorize some human being acting inside of a agent potential to buy, promote, or Trade the financial commitment property.

The character from the S corporation`s obtain passes by means of to its shareholders underneath Area 1366(b). Whilst there has been Considerably fanfare about cash gains being taxed at precisely the same level as everyday income underneath the Tax Reform Act of 1986 (TRA `86), Congress retained the statutory framework to permit reinstatement of the long run cash gains deduction Sooner or later and thus reestablish the effective fee differential. skills??GAAP also involves that contributed providers develop or boost a nonfinancial asset belonging on the Firm and that it could in any other case have to acquire the support. For example, an electrician donating his products and services in the course of a design project at a cost beneath industry or for no cost. Less than GAAP, the support would qualify being an in-form contribution as being the electrician contains a specialized ability the nonprofit would normally have to purchase. The Corporation would history the receipt of such companies during the ??statement|assertion} of routines??with the offsetting expenditure or money belongings addition, as described underneath. There's a common misunderstanding amid nonprofits that mainly because in-form donations are offered at little if any Price tag, the Business doesn?�t have to report them on its economical statements. Stakeholders together with other visitors of the economic statements could possibly dispute that recording these things will simply gross-up earnings and costs without impact on the running results. But conversely, not recording these items can distort an NFP?�s money statements, understating the Corporation?�s earnings and bills, and would not enable for legitimate comparison between very similar companies. As such, nonprofits are required to report these contributions. GAAP necessitates the Firm to report the donated goods or services meeting the factors for in-kind donations as revenue inside the running segment of the organization?�s ??statement|assertion} of functions??over the day the contribution is produced identified on the organization, regardless of the day on which the product or company is obtained.|Don?�t wander away inside the fog of legislative alterations, producing tax challenges, and newly evolving tax planning procedures. Tax Section membership will help you keep updated and make your follow additional effective.|, afterwards, for certain exceptions. Obtain or loss could be the distinction between the amount realized and also the adjusted foundation of the associate's fascination during the partnership.|Linking to inner pages tends to make pages much easier to obtain for search engines like yahoo. Try to keep the amount of hyperlinks in your web site roughly beneath one hundred. You can find 4 inside one-way links on this web site.|This website works by using cookies to retailer info on your Personal computer. Some are vital to make our web-site do the job; Other people support us improve the person expertise. By using the web-site, you consent to The location of those cookies. Read our privateness policy To find out more.|Should the associate gets even a de minimis genuine or considered distribution, your entire reduction is generally a money loss. Nonetheless, see}

Go to IRS.gov to check out your choices for making ready and submitting your return on the net or in your local people, if you qualify, which consist of the subsequent.??lease agreements that effectively are sponsored by taxpayers at massive.|This cure applies to the unrealized receivables Component of payments to the retiring lover or successor in desire of a deceased husband or wife provided that that portion isn't dealt with as paid out in Trade for partnership residence. See|IRS eBooks are tested making use of Apple's iBooks for iPad. Our eBooks haven?�t been tested on other devoted book viewers, and e book operation might not run as supposed.|The distributee shareholder re­ceives basis within the assets dispersed equivalent to its fair sector price below Section 301(d)(1). Portion 311(b)(two) mandates which the honest industry price of the property for willpower of achieve recognition via the Company just isn't lower than the level of any company legal responsibility assumed through the distributee in reference to the distribution.|Normally, neither the companion nor the partnership recognizes a obtain or loss when assets is contributed to your partnership in Trade for a partnership interest.|Having said that, the conversion might transform several of the associates' bases inside their partnership passions In the event the partnership has recourse liabilities that grow to be nonrecourse liabilities. Since the associates share recourse and nonrecourse liabilities in a different way, their bases should be modified to mirror the new sharing ratios.|If the popular distribution is just not confirmed, It'll be addressed as being a present-day partnership distribution. The allocation provisions of your partnership agreement might or might not require that the payment with the distribution have with it an allocation of income.|Q My son life in a rental dwelling that I personal. He's at the rear of on his hire. Must I report the money he owes me as revenue because he ismy son?|Assets held from the partnership that might be regarded as inventory if held via the spouse offering the partnership fascination or getting the distribution.|The quickest technique to get a tax refund should be to file electronically and pick direct deposit, which securely and electronically transfers your refund right into your fiscal account. Direct deposit also avoids the possibility that your Check out may be dropped, stolen, or returned undeliverable to the IRS.|-A description of any limitations requested at enough time of contribution via the donors. -An outline from the method the Group uses to arrive at the honest worth measurement with the nonfinancial asset in accordance with paragraph 820-ten-50- two(bbb)(1), at the time the asset is to begin with recorded. -The principal market place used to reach on the fair price measurement (The principal marketplace is the market with the greatest quantity of exercise that the organization is legally ready to access as a way to benefit the asset.)|The provisions pertaining to most popular returns will take lots of varieties which will result in distinctive tax treatment method.|A major difference between partnerships and S corpo­rations entails the procedure of distributions of ap­preciated house. With regard on the timing of obtain recognition from this sort of distributions, the rules applicable to partnerships (as opposed to Individuals applicable to S corporations) generally allow get deferral.|When you've got questions about a tax concern; have to have assistance making ready your tax return; or need to download absolutely free publications, kinds, or Guidance, check out IRS.gov to locate sources which will help you immediately.|If an S corporation is a lover, deliver the names, TINs, and federal tax classification of any shareholder with the S corporation to the tax calendar year with the S Company ending with or within the partnership?�s tax calendar year.|The spouse's distributive share of the acquire that might be identified had the partnership bought all its marketable securities at their FMV right away ahead of the transaction causing the distribution, more than}

The residence from the palms on the transferee right away after the transfer is not really a money asset. Home that's not a capital asset consists of accounts receivable, inventory, stock-in-trade, and depreciable or genuine assets Employed in a trade or business.- as a result of??entities (i.|The sale or exchange of the spouse's curiosity in a partnership ordinarily results in funds get or loss. Having said that, see|A fiduciary of a have confidence in and a company Should the trust or the grantor in the rely on straight or indirectly owns eighty% or more in worth of the outstanding stock on the Company.|This information discusses the record of your deduction of business food expenses and the new procedures underneath the TCJA and also the rules and delivers a framework for documenting and substantiating the deduction.|The altered basis from the spouse's curiosity from the partnership instantly before the distribution, reduced (although not beneath zero) by any money acquired during the distribution.|A distribution is often a transfer of money or residence by a partnership to some associate with regard on the companion's curiosity in partnership money or revenue.|If a lover contributes residence into a partnership, the partnership's foundation for identifying depreciation, depletion, achieve, or reduction for the property is the same as the husband or wife's modified foundation with the assets when it was contributed, elevated by any obtain regarded with the companion at the time of contribution.|Any cookies That won't be specifically essential for the website to function which is made use of specially to collect user personal information via analytics, ads, other embedded contents are termed as non-vital cookies.|In general, any gain recognized by a spouse on a distribution beneath Part 731(a)(1) is capital attain within the sale or Trade of these kinds of spouse`s partnership fascination. On the other hand, Segment 751(b), reviewed afterwards, generally precludes escape from normal profits deal with­ment with a distribution with respect on the lover`s share in the partnership`s normal earnings property. Section 735(a) preserves the normal income mother nature of specified unrealized receivables and inven­tory items on dispositions by a spouse soon after distributions of these kinds of property.|Unrealized receivables consist of potential obtain that could be everyday income if the next partnership home were offered at its FMV around the date on the payment.|Money decline property. When the house was a money asset within the contributing partner's hands, any reduction on its disposition through the partnership within 5 many years after the contribution is usually a cash loss.|The selection need to be built With all the associate's tax return for that 12 months in the distribution In case the distribution consists of any assets matter to depreciation, depletion, or amortization.|Distributions usually do not include financial loans to partners or quantities compensated to associates for solutions or using assets, like hire, or guaranteed payments.|Segment 751 (b) provides that a distribution of ??Section|Segment|Area|Part|Portion} 751 prop­erty??into a companion in exchange for virtually any A part of his desire in the partnership`s non-Part 751 house or even a distribution of non Part 751 residence in exchange for virtually any Section of a companion`s curiosity from the partnership`s ??Section|Segment|Area|Part|Portion} 751 property??is addressed as being a sale of exchange of these kinds of house concerning the partnership along with the partner.|They reserve the proper individually to absorb variety or dispose of their shares of any assets produced, extracted, or utilized.|Even further, if several property are involved in a partnership obtaining Area 751(b) transactions, a created agreement could be essential concerning the parties to specify the details on the considered exchanges to be able to give certainty to the amount and character of taxable gains and losses.|in the Instructions for Sort 1065 for the definition of fabric participation); as well as organization is co-owned by both spouses and is not held while in the title of the point out law entity such as a partnership or an LLC.|Whenever a partnership distributes the following products, the distribution may very well be dealt with as a sale or Trade of property rather than a distribution.|If a partnership is terminated ahead of the conclude of what would usually be its tax 12 months, Type 1065 should be submitted for that quick period, which happens to be the period from the beginning from the tax year with the date of termination. The return is because of the fifteenth working day on the 3rd month adhering to the date of termination. See|Area 751(b) relies on an combination principle that every companion has an undivided interest in the worth of all Segment 751 house and in the value of all other property.|In general, any international human being, any domestic partnership that includes a overseas individual for a immediate partner, and any domestic partnership which includes genuine information that a international person indirectly holds, through one or more partnerships, an interest during the domestic partnership that transfers an fascination inside of a partnership engaged inside of a U.|An API is any desire in a partnership that, right or indirectly, is transferred to (or is held by) the taxpayer in reference to the performance of substantial products and services via the taxpayer, or another similar individual, in almost any ??applicable|relevant} trade or business.??The Specific recharacterization rule applies to:|The fastest way to get a duplicate within your tax transcript is to head to IRS.gov/Transcripts. Click on possibly ?�Get Transcript On the web??or ?�Get Transcript by Mail??to get a no cost duplicate of your transcript. If you like, you could order your transcript by calling 800-908-9946.|In a few cases, it could be difficult to differentiate between distributions and partnership financial loans to partners. Additionally, partners may in some cases make an effort to prevent immediate taxation on a distribution by characterizing it to be a loan. The compound on the transaction establishes if the transfer of money is a financial loan or maybe a distribution. An advance of resources to a companion is characterized being a loan only when there is an unconditional and lawfully enforceable obligation to repay a sum specified??the amount of|the quantity of|the level of} the progress??at a|in a} determinable day (Regs.|Premiums for health insurance coverage paid out by a partnership on behalf of the spouse, for expert services like a companion, are dealt with as guaranteed payments. The partnership can deduct the payments as a company expenditure, as well as the partner ought to involve them in gross profits.}

Unrealized receivables or substantially appreciated inventory things dispersed in Trade for just about any A part of the lover's fascination in other partnership assets, including dollars.??features marketable securities handled as funds, as talked over before less than|Developer of the cloud-primarily based agricultural platform designed to develop a clever farm management system. The company's platfo|A decline incurred from your abandonment or worthlessness of the partnership curiosity is a normal decline provided that the two of the subsequent tests are met.|For information on how you can report an abandonment loss, see the Directions for Variety 4797. See Income Ruling ninety three-80 For more info on pinpointing if a decline incurred on the abandonment or worthlessness of a partnership fascination is often a cash or a standard reduction.|Even though the tax preparer normally signs the return, you happen to be ultimately answerable for supplying all the data necessary for that preparer to correctly put together your return.|The following discussions make clear the cure of gain or loss from your disposition of the curiosity in the partnership.|Disproportionate distributions to the shareholders also bring about worry. This kind of distributions might show that more than one class of stock is concerned, which could invalidate the corporation`s S election. While laws have not been proposed with regard to The only class of inventory requirement, a pattern of discriminatory dispro­portionate distributions implies which the Company has more than one class of inventory and every course has different legal rights with regard to the corporation`s revenue and property.|A companion won't often Possess a option of making this Specific adjustment to basis. The Specific adjustment to foundation has to be made for just a distribution of home (if within 2 yrs following the partnership fascination was obtained) if all the subsequent disorders existed once the spouse been given the partnership fascination.|Beneath Rev. Rul. 2003-56, if such a like-variety exchange straddles two tax many years, the acquire that is definitely regarded as a result of receipt of boot that resulted from a Web lessen in liabilities is documented in the tax 12 months wherein the partnership transfers the relinquished assets and never the 12 months in which the partnership receives the substitution property.|distribution present in domain name ! general located in area title ! vblogetin found in domain identify ! Structured details|An annual election out with the centralized partnership audit regime have to be created over the suitable partnership?�s timely filed return, which includes extensions, for the tax year to which the election applies.|Two partnerships if the same folks immediately or indirectly possess eighty% or more from the funds or revenue passions.}}

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