michaelmars

thank you everyone for the lesson! i bet if one of my interns was in the last 2 days they could have answered right away!

ITS REGULAR RENT . treat it like anyother rental

WHAT IT stock is 200,000 and retained earnings is 50,000 the 300,000 treas stk makes equity negative. is that ok?

yikes totally misstated the issue, the corp bought out the 2 guys with borrowed funds. thus the treasury stock. Sorry i was here till 2 am last night working. so yeah how do i book it on the s corps books. the corp borrowed 300m to buy out to shareholders. total common stock on bks is 200,000 for 4 shareholders.

S corp w/ 4 partners common stock 200,000 2 partners bought out other 2 partners for 300,000. how do i book this? Wish i had an acct'g 1 text book handy. btw-i got the email to renew, hit reply with what is are the updates to the program you are going to teach me in a seminar worth $179. i actually got a call back but the call said "i don't know, its not written yet, but i am sure it will have improvements"

SHE SIGNS AS EXEC include the 1310! you know the irs isn't as fussy as some people on this board. perhaps i should say percise! The keypounch person will see a signature, will see a form and the puter will issue a refund ck

did u set it up as a short or as a fiscal year 1065?

KC- I was going to add to and echo your comments on the other[ahem - imitation board by cch] but figured why bother, for once i kept by sarcastic, obnoxious, opionated, egotistical opinions to myself. besides you said it well and it was nothing they didn't already know. i hope this board continues and thrives. [the only thing missing is a spell check] i can't wait to see how they tout the rollout of the board in their renewal info in a few months.

personally i tell clients with questions like that, "unless its urgent, can you give me a ring after 4/15 when we can discuss it lesurely?, i'll even let you buy me lunch while we talk about it" then i get onto another return!

I Have been breeding kaos and disorganization all tax season, not to mention discontentment, resentment, and revolution from my employees, can i deduct any of that? Any ATXers want a 2-3 day job next season Any cpa's or 6+ experienced accountants want a full time job? 15 person firm Long Island! Great Boss! Lots of perks!

of course i know the tax law but i couldn't picture the house thing and my staff thought i was nuts when i said DO THE HOUSE - when they messed up the 4797. I wanted to be able to show them that other pro's knew what i was talking about - thanks for having my back

GOTTA report the refund on line 21 right?

i know but i need the house <s>

on the old board some posted a house that showed how to allocate the sale of a building, anyone remember it?

"dial a prayer"

thank you everyone i try the calc and see if its worth the difference from the 1099r amount

BEen there done that numerous times myself

not to me but then again most of my clients are in real estate with negative agi

SO what they put as the taxable amount is the taxable amount and i can basically not worry about the employees investment? thanks so much!

i am thinking the original contribution box is the investment in the contract but i still don't know how that affects anything. i never had this sort of annuity before.

got a 1099r from above agency. of course our gov't doesn't comply with their own rules. no box numbers and no instructions on back. i got gross annuity amt of $20251 original contributions of $10,288 taxable annuity of 19,712 and health insurance premiums of 2,072. code 7 What do i enter where? HELP!

hey great new feature screen 1 - this is your return if we report everything accurately and screen 2 is what we will show the irs! they can see how good we are in wide screen panaview technicolor. screen3 - our invoice of course

i'm with ray, right now i have 2 22" and the laptop screen as the 3rd monitor, got 07 & 06 open as well as quickbooks or email or this site or whatever on the laptop. after the reconstruction here starting on 4/15 i might opt for th eover head projection, put in a popcorn machine and show movies in surround screen when not busy

THEY gotta b subject to consolidated audit proceedure ie over 10 partners

I BELIEVE ITS ONLY necessary to pick one if over 10 partners