Jump to content
ATX Community

Maura

Members
  • Posts

    53
  • Joined

  • Last visited

  1. Should look to see if a QSLOB was filed and accepted.
  2. I am not a pension expert. But based on your brief description this setup sounds like a controlled group for purposes of pension plans. Is the LLC a disregarded entity? "A parent/subsidiary controlled group takes into account ownership of one entity (corporations, partnerships, and sole proprietorships) by another. "
  3. You can try http://www.cpasitesolutions.com/.
  4. Hi Catherine I would be willing to help but I am located iabout an hour north of Bennington. I can query the VTPA for you to see if there is anyone in the area.
  5. The selling price and expenses should be allocated between the building (1250 property) and the land (sec 1231). The amount of depreciation recapture on 1250 property is taxed up to 25%. The 1231 long term gains would qualify for the lower capital gains rate. Where is the 1245 property coming from? The 0% capital gains is dependent on total taxable income and filing status.
  6. Based on your numbers I show he owes about $189. Did you enter his MI source income on line 14e? (bunny hop)
  7. He will need to file the MA form 1-NR return. And take a credit on the MI
  8. The 8k is based on all income not just MA income. And MA does tax his unemployment as MA source income.
  9. Well that is better than... as useful as teats on a bull!
  10. Maura

    1040 X

    Be aware that the 2007 1040X is missing the line for the Recovery Rebate Credit.
  11. Janitor Bob The symptons you described do not sound good (possible heart problem) Please let us know you are alright.
  12. I'll take a stab at NNS1231LPY nonrecaptured net section 1231 losses prior year
  13. What type entity is the biz? My take on it is that the whole amount is taxable income. The legal fees would be deductible. Does your client have any papers filed during proceedings or from the court spelling out the legal fees awarded? From your description they sound defensive.
  14. To clarify... You will have to find out if the kid intents to return to taxpayers home Finally, the court acknowledged that the Service relied on Hein and Rev. Rul. 66-28 in Service Center Advice 200002043. In that advice, the Service concluded that a child’s pretrial and post-conviction incarceration is a temporary absence if there is no intent on the part of the taxpayer and the child to change the juvenile’s principal place of abode. The length of the incarceration does not matter for the absence to be considered temporary within the meaning of Regs. Sec. 1.2-2©(1).
×
×
  • Create New...