michaelmars

I THink using either one might make this the last bonus he ever gets from this company

HAVE you tried to get on to MY ATX? i'd say they invented password protection

not disagreeing with anything you said but i have seen some posters here post over 3 days issues getting 1 return accepted where i would have just paper filed after 1 0r 2 attempts to efile it. i can't understand the rationale of spending such time chasing down eins, zipcodes, names, etc. if you have the info great if not, just paper file it or am i the crazy one

i just read that this issue is over 85 shares at $8.65/sh for a sale price under $800, is that right? @ 15% you are talking about $120 in tax. i can't see getting too involved over this, you probably spent more in prep fees trying to get an accurate cost basis already. even if you just take the div reinvested over the last 5-10 years you will knock the gain down to next to nothing.

or drinking an expensive enough brand of scotch

if you are going to do that, why bother efiling? not critizing just asking [i am not a fan of efiling and want to know your thought process] Whenever i get a problem return i just paper file it and move on. i never struggle to efile a return

why aren't you doing the obvious first? have the client call the fund or broker and see if they have the basis, that usually works. or at least they have the date and amount of original purchase.

Isn't that one of the items that your clients usualy find written on your ceiling? who needs an appraisal?

only pick ups i ever have are those that pay cash. anyone else gets a nice ups delivery package or can see my receptionist.

2 martini kind of lunch

i didn't know you like trumpet players

yep - getting everyone to mail in there stuff is the ultimate intime savings. it just hit me, how few clients i actually saw this season so i went and counted my appt book

200 personal returns and less than 10 personal appointments, yeah no down time

oy, ok i'll take a stab at it while i sip a cup of coffee. there are basically 2, either a stock step up or a real estate step up. stock step up incurrs when you inherit stock. the beneficiary gets a step up in basis to fmv at date of death thus if sold the next day the gain is zero. if a spouse dies and the stock was held joint, 1/2 of it gets the step up. the other 1/2 retains the original basis. ok that was the easy part now comes real estate real estate likewise gets stepped up but not just if inherited but if purchased, and not just directly but evenif you purchase a partnership interest when the partnership owns property. i buy out a partner for 100,000 his basis is 20,000 i get a step up of 80,000 which only i get to depreciate not the rest of the partners. [of course some of the 80m gets allocated to land and doesn't get depreciated] Now in the real world the partner i am buying would really have negative basis of -200,000 thus i get a step up of $300,000. Got all that? See 754 i know, just don't ask me about treasury stock

OK I'LL BITE i spoke to atx a few times on this till i got tired of hitting my head against the proverbial wall. THE state voucher letter has on the option screen as an entry for an alternate due date for the 4th estimate. but entering 12/31/08 for example doesn't flow to the letter. so you have an option entry not linked to the letter - can you get it fixed?

i have had an almost perfect atx season so i intend to re-up but i also intend to support Mel and purchase his program to. Then i can evaluate his on some simple returns as well as see the comments here as well as financially support the endevour we asked [begged] him to undertake. Then my options will be wide open for the year after next.

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!