TAXMAN

Not sure how to move back up since I received additional information. Just checking to see if new info makes a difference.

Ok finally got the rest of the info. Does this change anything? Family Trust created at death of mom. Trust doc says "Until the death of my spouse my Trustee shall pay out the net income or principle of the trust to my spouse for his support. The Family trust shall not terminate for any reason while my spouse is living. Upon the death of my spouse. principal and income in the Family Trust shall be distributed to my children." It would appear based upon this language that the children could not take the assets from the trust untill dad's death, therefore do we get basis at dads death(step up/step down). Sounds almost like children get to step up basis at time of death since children could not receive anything until death of Dad. Am I on the right track or am I woefully wrong? Many thanks

Momma died setting up trust with stock. Dad gets dividends until he dies. Dad died and stock distributed to children. This was an irrevokable trust. Question is: Is basis to children determined at moms death or at dads death? Niether the children or dad could sel that stock until dad died. There also was a piece of real estate in the trust also that was being use as a rental. Can someone give me some direction? Many thanks.

Reviews on that thing don't look promising. In response to other where am I? about 90 miles due west of Washington DC.

Not a tax question. I have a compaq presario laptop that the fan died 7 days after warranty expired. Anybody had in luck in finding someone who could put that fan in for less than a legg and a arm? Thanks.

Have cash basis TP farmer who sold some of his purchased stock cows that never got into depreciation. Now that I have to put them on 4797 do I calculate dep allowed but not taken? Since we are paying tax on that depr. can we legally add it back to basis for cost or can we pick up all depreciation in one year. These cows were bought in 2005 and cost 8600.00. What does this board think or some one who handles farm returns.

I thought mine was good till death. Thats what the attorney said. I find that investment companies want their own form of POA which normally does not present a problem. I do not know if TP was incompentent. Maybe KC has some take on this?

Yeah, I have two like this that the HI wiped out the se tax. What if you adjust the HI to force the SE through with say $50. income on the SE. Or is this a violation of our ethics rule? What do you think?

I have seen some go through if FMV rent was at least 70 to 80% due to rental conditions and not getting the property tore up. I have seen some hefty repair bills this year after renter moved out.

What would be nice if they told us what the program updated even if there were no forms that you needed to update.

Kinda what I thought and the other form is a pain. Thanks

Any one know if we can efile Virginia versions of the these forms through ATX. I can't seem to find the form to set it up. Any help? Thanks

I have used the old version several times this year and they have gone through without a hitch.

I just noticed that on form 8879 my dcn numbers are now called submission #'s and make absolutely no sense at all. Anyone else see this or did I miss an update? Thanks

TP and spouse AGI income above 125k Education expenses 7K. AOC and LLTC not avaiable. Tuition fees $4000k avaiable. Can I legally put rest on Schedule A subject to 2%. A little unclear. Both are nurses and these were additional nursing classes. No change in professions. Thanks

What does the lower exam mean in the preceeding message? I never heard of this. thanks

Years ago virginia had attempted to set a value at which time the form would be required. Have not been able to find that for a while. But with all the internet purchases these days a lot of tax has been avoided simply by not reporting howeve I have been seeing more and more of these co charge the applicable sales tax. Most still do not. Just look at all the ebay sellers. Most will say I am not a business. I know of one who made close to 200k selling coins. I didn't do return. Just responding.

What would happen if this were a personal residence. TP gets 1099A but no 1099C Do we need to really do anything?

Anybody knows how hard Virginia pushes this issue? Most of my clients tell me NO, then I asked where they bought the NEW COMPUTER? Response: Walmart where else.

So looking at the question what would the imputed interest rate be? I sometimes get confused on these. I also have one comming up where the tp and seller aggreed to 2.7% on an installment note for purchase of house. Thanks

I noticed on the EFTS deposit it wanted a break down of the deposit. At the time I make the deposit I do not correctly know these number. Do I have to do this and when I file the 941 what happens if I have a wrong amount applied to lets say FWH. Does this create a problem? Just asking. Thanks

Have a 1041 return. Sale of stock results in loss. Has a specific charitable donation in will of $5000. No other income in Final estate return. Ex gives church the $5000 and paid its legal fee from the gross proceeds of the sale then gives heir remainder. Can heir use this $5000 as a charitable deduction? Page 2 of 1041 says charity paid from gross income. Even tho gain is a loss do I still put the $5000 on that line? Thanks to anyone who can help. I've not run into this b-4.

I read the whole case and ruling. Key note Unless IRS appeals. Do we take the position that the sale of this stock should have a NO Net Gain. I have several potential clients that would like to sell this stock. How would YOU advise or better yet What position would you take if preparing the return? Thanks to all who respond.

Has anyone heard whether or not we are allowed to update basis on stock that was demutualized. One that comes to minf was the old Blue Cross/Athem that did this and gave everybody that paid preminums received stock. Old status was NO. Basis equalled ZERO. Any body know?? :dunno:

Can a 1120-c corp that had a profit in 2007 and net loss in 2008,2009,2010 and check the forgo box on the 2008 and 2009 now change his mind and carry back the 2008 and 2009 to the 2007 return? After reading much I don't think he can. What do members who deal with C-corps think? Thanks