RoyDaleOne

First, there should not be any personal use of a corporate vehicle. How did this happen?

Different locations, here in Florida the assets would have to be allocated to each different location for local tax authorities.

KC, right on. I saw an ad for a Fujitsu scanner, I would say this is the brand to go with.

Features, automatic size detection, automatic duplex scanning, etc.

Client documentation cames in all sizes, single and duplex. I am thinking about replacing my one year old scanner with this model, for most of my scanner needs.

One of the side benefits is I am scanning all my tax files from forever and reducing my number of file cabinets from 55 to 3.

SE tax

True Maribeth, except you don't know the facts surrounding the cancellation of the debt.

Or did I miss something?

I am sure this was documented in writing so the IRS would understand what is happening.

The Mother could have forgiven the debt. dr debt cr capital (APIC).

If the debt was canceled or satisfied for less than face. Cr Income Dr debt.

If the original sales price was renegotiated, dr debt cr treasury stock (maybe). Maribeth covered this option.

The debit is to the debt, now where does that prissy credit go? lol

Check the facts.

Generally, the satisfaction of a note payable at less than the amount due results in income.

In this case there may be a gift. Check on the facts.

Does not the insurance proceeds reduce the basis of the property?

Tell me how the business use in an S Corporation fell below 50%, please.

Will someone opine on the application of the referenced 6 Security Standards to the following?

I do not have an on-line web site nor collect information via that method.

I do e-file returns using ATX.

Thanks for your assistance in this question.

I am not sure this applies to me. Any help with this?

Theft loss?

If we only knew what our links know....

I for one link to nothing.

http://www.fairmark.com/news/08032701-inherit-convert.htm

On March 5, 2008, the IRS released Notice 2008-30, spelling out the details for converting employer-plan funds directly into Roth IRAs.

How much unearned income is involved?

Us Florida guys need to stick together! lol

"I have thought of putting him as a real estate business , but this means any future profits will result in self employment taxes."

Just wondering where you found that the profits would be subject to self-employment taxes?

I think the IRS plans on using Section 183 against rental properties. In fact I know some agents have started to use Section 183 against rental properties.

The real problem is highlighted by the grade of "C" the founder of FedEx received for the "business plan" for FedEx at Harvard. The plan had to be for a business that could be real to receive a higher grade said the professor.

And, now the government is going to get in the grading of business plans.

This area of the tax law is so subjective and not objective.

Currently, most computer setups can only access 3 gigs of ram. However, I still recommend 4 gigs because soon that will not be true.

I have no experience, however, a web search discloses that the settlement is for personal injury. If so the settlement should be tax free.

http://www.taxschool.illinois.edu/TaxbookA...2005/index.html

The chapter on special taxpayers has a section on ministers.

The 2005 archive is free.

Health Plans

If an employer pays the cost of an accident or health insurance plan for his/her employees, including an employee’s spouse and dependents, the employer’s payments are not wages and are not subject to Social Security, Medicare, and FUTA taxes, or federal income tax withholding. Generally, this exclusion also applies to qualified long-term care insurance contracts. However, the cost of health insurance benefits must be included in the wages of S corporation employees who own more than two percent of the S corporation (two percent shareholders).

There is no requirement for a written plan for this type of insurance provide 100% of the benefits are provided by insurance.

IRC section 706©(2)(A) provides that the taxable year of a partnership shall close with respect to a partner whose entire interest in the partnership terminates. Additionally, IRC section 708((1)( provides that if there has been a sale or exchange of 50 percent or more of the total interest in partnership capital and profits within a 12-month period, the taxable year of the partnership closes.

LLC / Partnership dissolution for IRS purposes differs from State Law.

(Harbor Cove Marina Partners Partnership v. Comr., 123 T.C. 64 (2004)) Under IRC §708 termination for tax purposes will not occur until either no part of any business is being carried on by any of the partners or more than 50% of the interests in the partnership are sold within a 12-month period. (also when all but one partner withdraw, and for certain mergers of divisions)

Under Regs §1.708-1((1) it is clarified that termination for tax purposes LLC / Partnership will not occur until all assets (even including any remaining cash) are distributed to the partners.

Whereas, in the area of corporate taxation it is generally accepted that a corporation can be deemed to have completely liquidated even though it maintains its charter and a nominal amount of assets, provided it is not engaged in an ongoing business. The partnership rule is different; in addition to ceasing business, a partnership must continue to file tax returns as a going concern until it distributes all assets to the partners pursuant to the partnership agreement. Regs §1.708-1(a).

http://www.irs.gov/publications/p501/ar02....ublink100041862

See the part about divorced parents.

The Atom runs Windows XP, Windows Office so I see no reason for the Atom not to run ATX.