Gail in Virginia

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According to IRS Publication 537, "Transfer due to death. The transfer of an installment obligation (other than to a buyer) as a result of the death of the seller is not a disposition. Any unreported gain from the installment obligation is not treated as gross income to the decedent. No income is reported on the decedent's return due to the transfer. Whoever receives the installment obligation as a result of the seller's death is taxed on the installment payments the same as the seller would have been had the seller lived to receive the payments. However, if an installment obligation is canceled, becomes unenforceable, or is transferred to the buyer because of the death of the holder of the obligation, it is a disposition. The estate must figure its gain or loss on the disposition. If the holder and the buyer were related, the FMV of the installment obligation is considered to be no less than its full face value. " This would support Maribeth's statement that the "client 'steps into the shoes' of the decedent."

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It is always nice to hear the good things that go on in people's lives! Congratulations! :D

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The 1045 is supposed to result in a faster refund, but it can only be used if it is done within one year of the NOL. So for a 2009 NOL you could use the 1045 and just attach the appropriate schedules to support your changes. The advantage is that you can amend more than one year at a time with a single 1045. However, to get the right numbers to put on the 1045 I generally wind up doing amended returns for each year that I am changing just to make sure I am correcting all the numbers I need to correct. As far as I know you can still use the 1040X that comes up within the 2007 and 2008 programs, even though it has been replaced in 2009.

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I had not heard. I found this by Googling his name and city: E. Wayne Brasch, age 68, of Dallas, GA, passed away on Tuesday, December 22, 2009. He was born August 25, 1941, in Columbus, GA, to the late, Walter & Doris Brasch. Mr. Brasch worked as a CPA for 45 years and was a member of Hope United Methodist Church. He was a veteran of the U. S. Army. Survivors include his wife of 46 years, Beverly Jean Brasch; son & daughter-in-law, Mark & Athena Brasch of Cedartown, GA; daughter & son-in-law, S. Shannon & Jon Cunningham of Dallas, GA; brother & sister-in-law, John Earl Brasch & Belinda of Columbus, GA; ten grandchildren; one niece and one nephew. The family will receive friends at Clark Funeral Home on Sunday, December 27, 2009, from 2:00 PM until 4:00 PM. Funeral services will be Sunday, December 27, 2009, at 4:00 PM, from Clark Funeral Home, Hiram, GA, with Pastor Frank Bernat officiating. Interment will be Monday, December 28, 2009, at 1:00 PM, from Parkhill Cemetery in Columbus, GA. In lieu of flowers, donations may be made to: Hope United Methodist Church in memory of E. Wayne Brasch, 1970 Marietta Highway, Dallas, GA 30157. Clark Funeral Home, Hiram, GA, is in charge of arrangements. (www.samclarkfuneralhome.com) My link

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Although this article discusses the taxing of the conversion 50/50 in 2011 and 2012, it is my understanding that you also have the option to have it all taxed in 2010 like normal if you so elect.

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A belated :bday:

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It is my understanding that we will all have to re-apply and get our same PTINs back again starting in September. If we don't do that before the end of the year, I think non-enrolled preparers will have to take and pass the test to get the PTIN. If we do get our PTIN before the end of the year, then those who are not enrolled agents or CPA's will have the three years to pass the test. I have only been keeping up casually myself because I can't do anything about any of it yet, so I am concentrating on the things that I can do something about right now.

I was here, but gone by the time you started this thread. It has been quiet on the board lately though. Summer is traditionally slower, but this summer it seems like the work just keeps trickling in to keep me from really goofing off. Any one else noticing that we seem to be going to a more year-round mentality?