samingeorgia

There is another problem with this form. Under "Transaction Method" it states "... mail with Form 1040-SR and 1040-V to the address below." Some of my eagle-eye clients are asking if they have to file the 1040-SR on paper. We told them no because we are e-filing the return. You surely don't want to paper file AND e-file - that would be the biggest mess on earth. The verbiage on the previous years' 1040-V doesn't say this.

Would this be a good use for a Donor Advised Fund??

I've got you all beat -- I have Package X from 1974 to the last time they issued it! I told somebody I expect to be buried with them, like Pharaoh....

Thanks -- that's what I thought. It's farm rental. By the way, the rental agreement is very detailed! Farming is serious business in IL.... Down here in Georgia, you're lucky if they scratch something out on the back of an envelope.

New client -- a trust was created in 2020. The income-producing property is located in Illinois and the beneficiaries are in three other states. The Trustee lives here in Georgia. There is a clause in the trust which states that the trust "shall be governed ... according to the laws of Illinois" -- so Illinois, right?

Bless you, cbslee, for putting this info on the board. I signed up and used the service and it was great. Of course, the "journalists" at the LA Times don't like it, but who cares what they think. Finally, a tech entrepreneur has come up with an actually useful idea. Thanks again.

Thanks, Judy!!

So at the risk of sounding uninformed, what do you do with distributions in excess of AAA? I have been showing the amount as loan to shareholders.

These are excellent! Thank you!

"Here are four tickets from the Salvation Army. You see I took 12 bags to them. How much will that help?" "What was in these bags? Did you make a list?" "Clothes, some kitchen appliances... No, I didn't make a list; don't you have a general amount that you can claim?" To myself: "Oh yeah, I have an amount in mind...."

I've used CFS for several years and have been thoroughly satisfied. I think their website is taxtools.com. I'll check and edit this post if necessary. Note: I remembered correctly! It is taxtools.com. Pretty good company and reasonable price....

I'm having to "re-arrange" my house and find it necessary to get rid of two IBM Selectric II typewriters. No, I haven't used them in 15 to 20 years. Yes, they are heavy and in the way. But it so goes against the grain to get rid of perfectly good machines. It's the way I was raised! So, rather than spend a bunch of money with a therapist, I've decided to come on here and what you all think. Suggestions? Sympathy?

I remain well-pleased with this HP ScanJet Pro 3000 s3! No problems -- knock on wood!

Reporting back in: this HP scanner is still doing its thing just like it's supposed to (knock on wood). I get a message when I turn it on that it would work better with a high-speed USB port. The next time the IT guy comes around I may check on this. My computer was built in 2014, so it's not too far away from upgrade time anyway.

Here are the facts: an exempt organization bought a piece of property a few years ago and leased it to the general public for purposes not related to their exempt purpose. Since they borrowed the money used to acquire the property, it is treated as "debt-financed" property for UBTI purposes. As time passed, they paid off the acquisition indebtedness. This past fiscal year, the organization sold the property for a pretty good gain. As I read the law and regs, if there was a zero balance on the acquisition indebtedness for 12 months prior to the sale, the property is no longer "debt-financed" and the gain can be completely excluded. If there was a small balance at the first of the 12 month period, I would use the proportion of "average acquisition indebtedness" to the average basis and report this proportion of gain on the 990-T. Am I reading this right?