Abby Normal

Just put it on 8949 like the sale of any capital asset. 12K proceeds and zero basis.

"In an illustration of how multiple smart people can look at the same set of facts and reach a different conclusion, late last year the Ninth Circuit reversed the Tax Court’s holding" Laws are rarely clear.

If losses were deducted, she must have had debt basis at the time. Was there any debt relief at dissolution? If the other partners didn't ask her to put in cash to bring her capital account up to zero, then I'd say she probably does have a 12k capital gain.

Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. This tax applies to the part of the distribution that you must include in gross income. Additional exceptions for nonqualified annuity contracts. The tax does not apply to distributions from: A deferred annuity contract to the extent allocable to investment in the contract before August 14, 1982, A deferred annuity contract under a qualified personal injury settlement, A deferred annuity contract purchased by your employer upon termination of a qualified employee plan or qualified employee annuity plan and held by your employer until your separation from service, or An immediate annuity contract (a single premium contract providing substantially equal annuity payments that start within 1 year from the date of purchase and are paid at least annually).

Pretty sure the over 55 exception is only for 401k's so I think penalty applies.

http://s893.photobucket.com/user/Aglaiacallia/media/tumblr_loep3yHDhU1qb5odro1_500.gif.html

How could it ruin my day when I have no idea what you just said.

If the 2015 service isn't showing at all, you need to call support or try a reinstall.

Some people are so mad they're suing: http://www.pcworld.com/article/3101396/windows/microsoft-faces-two-new-lawsuits-over-aggressive-windows-10-upgrade-tactics.html

Yes I was. Depreciation was included with the expenses.

The rent should zero out (Sch C rent expense = Sch E rent income). So the total income on the 1040 is the same (assuming no loss suspension on E). If Sch E has close to a zero profit/loss, then SE tax won't change by much moving the Sch E expenses to Sch C. If Sch E shows a loss, moving expenses to C will reduce SE tax, and vice versa.

SMLLC would be disregarded for building. Sch C can't rent building to self. Just take depreciation and expenses on Sch C. Should not make any difference anyway.

I wish there was an artificial intelligence that I could ask tax questions.

You can always amend. What you can't do is get a refund for those years.

I wonder why depreciation has to 'phone home'?

Did rebooting help?

Hmmm. I like that thought!

As a CPA, I resent having to fund IRS programs for other types of preparers.

No. It's a fee. CPAs pay the state a license fee and we have to complete 40 hours of CPE per year.

There were/are other suits. I hope we win one of these.

Yes, but all of those analysis are quite subjective. A different court could well have reached a different conclusion.

One of my favorite features is to filter on send. Every message I send is instantly filtered to the correct folder. I usually go to that folder and mark that message unread, so I know I'm expecting a reply.

When you've used a software from thru many versions over many years, you're bound to have some problems and TBird is no different. I have hundreds of folders, some GBs in size, hundreds of message filters and who knows how many emails. I'm told Outlook would choke on this many emails, and TBird was giving me some performance issues a short while ago. But I resolved it by doing this: Delete all *.msf files in Mail folder Delete global-messages-db.sqlite in the Profiles folder Turn off Indexing under Options Advanced General. Config Editor (Options Advanced General button at bottom right) Set mail.db.idle_limit to 999999999 Set mail.db.max_open to 5000 (or more than the number of folders you have) I think since your version is quite new, I would do just #3 for now, but save this list for later, just in case. Below are the add-ons I have installed. Quickfolders is an annual fee but it's so useful for finding folders, it's a must for me. Folder Pane View Switcher is highly recommended as well. I have it set to just show folders with unread messages.

Fortunately, it's a very rare circumstance to have a lot of zero basis inventory left over after a business is closed. Most of the time you'd be selling at a loss.

http://www.journalofaccountancy.com/issues/2016/jul/infrequent-sale-not-subject-to-self-employment-tax.html First off, sounds like to me the bankruptcy trustee really screwed up if he valued 300k of scrap steel at zero. And I suppose after bankruptcy the basis in the steel was zero? I really think this could have gone either way.