TOM

Kristin of ATX found it for me on page 13 of Form 8582,

K-1 from a publicly traded partnership (PTP) has ordinary business income of $972 and net section 1231 loss of $25. The software shows income of $972 on page 2 of the schedule E as nonpassive income column J (Nonpassive income from Schedule K-1)and the $25 loss on Form 4797. I thought a PTP was passive. I tried this on Ultra Tax and ATX software with the same results. Anyone know why a PTP changes form Passive to Nonpassive?

I had a problem this morning, also. I waited about 15 minutes and everything was good to go.

Taxable Scholorships.... (if we are on the same page here), get reported if using Form 1040 in the total on line 7. If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7.

In ATX, you click on the icon next to line 7 and choose Line 7 Wages, it will bring the worksheet up and you enter it on line 4.

This is the first time I had a taxable schlorship, and I've been during returns for over 40 years. When I entered the amount on the worksheet you instructed me to go to, ATX entered the SCH for me. Thanks for your help.

Tom

Anyone know where to report payments from a non-qualified scholarship.

A group of college buddies met every 10 years to have dinner and catch up on each other's lives.

At age 40, they discussed where they should meet for dinner. Finally it was agreed upon that they should meet at the Ocean View restaurant because the waitresses there had low cut blouses and were very young and attractive.

10 years later at 50 years of age, the group once again discussed where they should meet for dinner. Finally they agreed to meet at the Ocean View restaurant because the food there was very good and the wine selection was good, also.

10 years later at 60 years of age, the group once again discussed where to go for dinner. Finally it was agreed that they should meet at the Ocean View restaurant because they could eat there in peace and quiet and the restaurant had a beautiful view of the ocean.

10 years later, at age 70, the group once again discussed where they should meet for dinner. Finally it was agreed on the Ocean View restaurant because it was wheel chair accessible and they even had an elevator.

10 years later, at 80 years of age, the group once again discussed where they should meet for dinner. Finally it was agreed that they should meet at the Ocean View restaurant because they had never been there before.

A distinguished young woman on a flight from Ireland asked

the Priest beside her, "Father, may I ask a favor?"

"Of course child. What may I do for you?"

"Well, I bought an expensive woman's electronic hair dryer

for my Mother's birthday that is unopened and well over the

Customs limits, and I'm afraid they'll confiscate it. Is there

any way you could carry it through customs for me

Under your robes perhaps?"

"I would love to help you, dear, but I must warn you: I will not lie."

"With your honest face, Father, no one will question you."

When they got to Customs, she let the priest go ahead of her.

The official asked, "Father, do you have anything to declare?"

"From the top of my head down to my waist, I have nothing to declare."

The official thought this answer strange, so asked, "And what do you have to declare from your waist to the floor?"

"I have a marvelous instrument designed to be used on a woman, but which is, to date, unused."

Roaring with laughter, the official said, "Go ahead, Father.'

Is any one leaving off retirement income on the 1040A stimulus return when it does not make a return filliable as the income is to low. Is the 1040A for stimulus just informational and therefore it is legal to not put some of the non taxed income such as retirement? Anyone out there filing with out this information imputed into the return? Kathy

I'm reporting all income. Pensions, interest, dividends, etc..

Tom

$12.45 per share.

Booger

Thank You so much. We searched all over the internet for this.

Tom

Good Morning,

Does anyone know what Mercantile BankShares was selling for back in September, 1973. They have merged with PNC, NA. and I can't get any info from the internet.

Thanks,

Tom Liberto

There's a tax prep business around central Ohio called "LIberty Tax Service". They have some FOOL

standing outside their storefront wearing a Statue of Liberty outfit (NO I HAVE NOT BEEN

DRINKING).

Is this company in other areas of the country, or is it just here?

I was thinking of driving by a hurling a few eggs at "Miss Liberty", but I'm too busy

right now to go to court.

Booger

One just opened up a few weeks ago, one block from me in, Carney, Maryland just north east of Baltimore.

Tom

Thank You.

Tom

FMV at DOD.

Mother sets up a life estate and grants her daughter her home in 1969.

Mother dies in 2007. Daughter changes deed to her name without paying any inheritance tax because of the life estate.

Daughter changes home to rental property. For depreciation purposes is daughters basis zero (0), FMV at time of mothers death, or Mothers basis?

Thanks for any help.

Tom

Contractor gives sub contractor 1099-Misc. Sends Form 1096 and 1099 to IRS. IRS sends contractor letter that sub contractors social security number is no good. Contractor cannot locate sub contractor and did not get his SSN in writting. What does contractor do now.

Thanks for any help,

Tom