LorianneH

If a C Corp dissolves with losses, are the shareholders able to deduct losses for loans and unreimbursed expenses on their individual tax returns?

Thank you for the advice. I'm going to try it this way. Unfortunately, there is going to be a lot of info to delete for both, lol.

Hello, I have a married couple as clients who request that I prepare their returns as Married filing separate and then prepare a third return as Married filing joint to determine which gives the best tax benefit. My question is--with ATX is it possible to do the two separate returns and then somehow merge them into a Married filing joint return, or do I have to do all three returns manually? Thank you.

Using Form 4797 for the sale of business property, would the building and land be broken out into separate properties? Would the tax rates on the gain be treated differently for the building and land? Thanks.

Can anyone please help?

I have a final partnership tax return where the partners have positive balances in the ending capital accounts. But since schedules L, M1 and M2 don't have to be completed because of answering "Yes" to question 6 on Schedule B, Schedule L is then blank on the K-1s. How should this be handled to show that there are positive balances in the capital accounts? If I choose to have Schedules L, M1 and M2, then the balance sheet will not balance since everything else has been zeroed out. Thanks.

An investment LLC is dissolving due to the termination of a land contract. My question is, where on ATX would I input the figure for depreciation recapture to be calculated and transferred to the partners' K-1's? Thanks.

Thank you very much!!

Hi, With the sale of property that was held for investment, I am unsure of which option to choose for "Transaction type." Should it be "Nonbusiness gain or loss" or "Personal sales?" Thanks!!

Maribeth, thank you!!

Can anyone tell me how Box 12, Line A is calculated on a 1041 K-1? Thanks.

Thank you. If all of the numbers that I input came from a K-1, can I be certain that ATX is calculating everything properly? I do not have the information to verify the regular A/D and the AMT A/D.

Can anyone tell me how Line 17 is calculated? It links me to "Adjustment from Form 1040 Schedule D" but it does not show me how the number is actually calculated. On another AMT issue, does anyone know how Box 12, Line A is calculated on a 1041 K-1? I can also not come to a conclusion on how this gets calculated. Thank you!!!!

Do you know how to do this with the current ATX? I cannot get the error to go away. I'm thinking I will have to submit zero K-1s.

Thank you to everyone for your input!