Catherine

Fabulous pictures!!! (LOVE your purple dress!)

Hope you have a VERY

Public flogging, followed by hanging. No, wait, that's a penalty for treason. So, not that harsh.

Hope you have a VERY

This is why, every year, I warn my clients that there are last-minute computer glitches. It does get _some_ of them going!

Congratulations to Gail!!!!!

Patents come under special rules allowing legal expenses to be taken on Schedule C with no offsetting income for years. I found the code section I need elsewhere, thank you. And the tithe info was indeed just for planning purposes, although someone elsewhere recommended legally giving 10% ownership to the charity before the sale, to save the client the capital gains tax on that 10%. Depending on what it gets sold for, that savings could be substantial.

Hope you have a VERY

_Excellent_ point on the elder abuse angle!! That will surely get their attention.

Yikes! My sympathies. I think I have three (nasty ones) left for which I will probably get info in time to finish. Another half-dozen or 8 where I am certain that the folks will _not_ get info to me by the end of the week. Latest twist here in MA is general confusion over whether the extension due date is 10/15 or 11/11. Lots of counties in MA and a bunch of counties in other states (all of RI) got 4/15 extended to 5/11 due to flooding this past spring, and apparently the IRS computers assigned due dates of 11/11 to some folks who were then _told_ 11/11, so now word is spreading among the populace that there is extra time. The IRS refuses to either confirm or deny; I directly asked the local stakeholder liason and she gave me an answer that could be read either way. I'm ignoring the possible 11/11 date. Never got my summer lull this year and if I don't get a break after 10/15 I may up and quit in disgust. I have piles of papers that need (but didn't get) sorting and filing and I just can't face the holidays -- and then another tax season!! -- without those being dealt with. On the bright side, since I'm waiting for info I got seven quarts of pears canned today. Catherine

I've had decent luck in the past with the words "banking commissioner". You never even really have to go to the state -- just say those words, loudly and often, to a bank manager (NOT a CS drone), and watch them trip over themselves trying to make it right. Just my two cents worth.

#1 (and most crucial) - Gainskeeper only tracks stuff traded after it was put in place, and it doesn't track mergers/spin-offs/shares in lieu activities well, so take the info with a grain of salt unless the client assures you he's made those adjustments by hand. #2 - Ameritrade login -->Accounts --> Gain/Loss -->click on Realized Gain/Loss -->Select Tax year --> click View -->upper right corner above "Gainskeeper" logo, click "export" - saves to an excel file. Good luck. Catherine

Hope that means I get mine soon -- same thing; couldn't get past registration because the links weren't up, so I sent in a form and a check. I've heard zip, nor is there any info online. Should check to see if that check has been cashed, but it's been busy here. (Gee, 8 days from 10/15; what on earth could make it hectic?) Catherine

Sounds wonderful!! SO glad it went well, and we'll look forward to pictures whenever you get to them.

Congratulations, taxbilly!! We appreciate every one of your posts - from birthday wishes to links to sage advice to amusing anecdote. Thank you!

The 1120-H is also a MUCH simpler form than a 990 (or even 990-EZ). The tiny bit they (may) pay in tax could well be significantly less than what they'd have to pay to get the 990 done. I have a couple 1120-H's every year; it would be extremely cost INefficient for them to try for tax-exempt status. YMMV.

Hope you have a VERY

Hi folks -- Another question to submit to the great minds of the tax newsgroup. I have my thoughts, and will leave those out of the mix as best I can - I want your thoughts, not your opinion of my thoughts. Client has a patent. Expenses for acquiring the patent have been expensed over the years until it was granted, as allowed. Client has been approached by potential purchasers of the patent, and wants information on potential tax treatment and consequences upon sale. Client also wishes, as personal goal, to donate 10% of profit (if any) to charity, monies to come from the proceeds of the sale. My concerns: Categorizing income properly under the IRC as sale of intangible asset and then proper reporting of same. Dealing properly with the cost of patent acquisition in determining gain on sale. Accounting for possible AMT and charitable deduction limitation. My request: There is lots of info in the easy-reference materials on acquisition of intangible assets -- but much less on their sale! So, what are your favorite reference sources to look up details? For those who have done this before - warnings of pitfalls and gotcha's that I should be on the lookout for. TIA, Catherine

Lion -- You've been looking forward to this wedding for so long -- I hope everything goes through without a burble, and that everyone has a wonderful time. Most of all, I hope that for your son and his fiancee it is the least happy day of their lives going forward - because every day afterward is happier still, for all their lives. May they have many years of happiness together! Catherine

With all the trouble folks have been having, I am glad I mailed mine in. The only hiccup is that I don't have an application number to compare with others'. I can deal with that.

Hope you have a VERY

I stuck my paper form in the mail today, after trying the online yesterday and finding no links etc. Just wanted this particular chore OFF my to-do list.

Hope you have a VERY

Hope you have a VERY

It's still disgusting that spoiled, overgrown (but famous) children are known and discussed widely. Spoiled children need time-outs and clear consequences - not half-admiring notoriety. If they don't get that, too many of them end up dead of various overdoses. I really pity a lot of these celebrities who've gotten famous too young.