L.S.

Thanks everyone for the birthday wishes! Also, thanks to everyone for all the tax information throughout the year!

Linda

I am preparing a Final 1041 for an estate that has excess deductions. The will states that grandson A gets all the farm land and farm assets from the value of the adjusted gross estate with daughter B having a life estate in the farm land and house. All remaining assets are to be divided equally among 5 beneficiaries. How are the excess deductions shown to these beneficiaries on the K-1's? Will there be 5 K'1s - with each having the benefit of 20%. Should the grandson and/or daughter receive K-1's - if so, how is this figured?

I looked up Code 1.642(h) - 2 (a), but that didn't help.

Thanks

Thanks very much for the link, Gail!

Eric - others -

Comments, please

I got it in under a minute. pretty simple actually. Not an engineer, just a taxman.

Tom

Lodi, CA

Have any of you guys tried the puzzles MathDoku? I got addicted this past weekend!

http://www.mathdoku.com/

>>They are giving away a lot of things and getting no money.<<

You are going to have to ask some more questions, like WHO is getting this stuff. If they are simply dumping expired or obsolete product, it will be reflected in the closing inventory on Schedule C Line 41. But other possibilities include discount sales, perhaps as some form of barter, and withdrawal for personal use, perhaps as gifts or charitable contributions.

For right now, they are giving the stuff to another business, but in the future she indicated that they would be trading the merchandise & receiving repairs from the other business so I would think this would be barter. How would that be shown?

Client called and said they will be downsizing their inventory. They are giving away a lot of things and getting no money. How does this affect their tax return? We just show the amount that is now in the inventory? Are there red flags if the amount is considerably less than previous years?

Thanks for any help.

Client deceased 4/24/09. Just received $250 in her account from social security. Is she entitled to this amount? What should executor do?

Thanks,

horn·swog·gle [ háwrn swògg'l ] (past and past participle horn·swog·gled, present participle horn·swog·gling, 3rd person present singular horn·swog·gles)

transitive verb

Definition:

trick somebody: to cheat, trick, or deceive somebody ( informal )

[Early 19th century. Origin ?]

Test per Erc:

Hope this works!

Thanks so much erc - you are VERY smart! This is my Grandson Jackson and the "bunny"

Test per Erc:

Hope this works!

Happy Easter everyone. Be sure and thank God for His grace.

How do you post a small picture here? I have a picture I would like to post here - it is located in photobucket and also under my pictures on computer.

Thanks

Happy Birthday

My 3 year old son is excited, but I wasn't very clever, and he found the bag of little toys that I had purchased for his Easter Basket (luckily, no themed items, chocolates bunnies, or eggs, so he is none the wiser). Now this bunny has to find a time between now and Sunday a.m. to 'restock'.

Sheesh . . . I actually bought the stuff back in February and felt pretty smug about how organized and ahead of the game I was. Then I proceeded to leave the bag in the middle of my bedroom floor. (Anyone else not cleaned house for over a month?) Worked fine until this past weekend, when he walked over (while I was standing right there but not focusing well), peered into the bag, squealed with delight and said 'look Mommy'!

I am cranking through returns and pushing myself to the absolute limit. I really hope I get enough done by Saturday morning to feel that I can take him down to my parents Saturday afternoon (3 hour drive) for egg coloring, overnight, egg hunting, church, and Easter dinner. Back to the grind!

Cute!

interest on loan for camper as a second home and camp fees paid when parking camper?

Please tell me where to look for answer to this question about deductability.

thank you.

Trying to input info from K-1 with amounts for Form 1116. 2 countries. Have info and amounts for 16A, 16E, 16J and 16M for each country. For the life of me, I couldn't figure out how to put this info in the input or detail screens so I just thought I would go directly to this form and override this info. Worked fine for first country - column A, but when I tried to enter info for column B (override) I get the message can't replace a locked cell with a formula.

Please help.

Thank you.

Catherine,

At first I thought you were having a mini-stroke with the TIA, but then I figured it out - thanks in advance.

Learn something new each day!!!

client died 2/22/09. estate opened with bank named as executor. return shows refund. is a 1310 necessary? I don't think so because there is a court appointed representative. can I e-file this? when I try to create - it says if there is a refund then a 1310 must be inc. with box c checked(which isn't correct).

thanks for any help on this.

In 2008 client lived in Ashtabula, (I love that name!) Ohio from Jan. until July 20, 2008. Only income was from Ohio Dept of Job & Family Services - unemployment of $9,585 with federal income tax withheld of $972. July 20 moved to Iowa - no income here. What forms do I need to file for Ohio?

Thanks.

When our Iowa income tax booklet was printed, it was printed with the assumption that Iowa would couple with federal in re: to Sch A sales tax deduction, tuition and fees deduction and educator expense deduction, however, as of now the Iowa legislature has not passed the law to couple with the federal. Is there a way in the ATX program for me to find the returns I have completed where I have used these deductions?

Thank you.

Have completed Partnership return. Am now ready to complete the 2 partner's personal returns. How do I import this K-1 info?

thanks

Have a client who moved from California to Iowa in March of 2008. I have printed the instructions - all 63 pages for the California 540NR. Have not yet begun to read them.

Any help to get me started would be much appreciated - what to look for, etc.

Thanks.

I have a copy of their 2007 federal and state of California return.