Catherine

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.

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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.

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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.

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In addition to the above, you MUST get the e-file authorization forms signed by the client, and you must hang on to those for 3 years (you sign them, too). I have one file folder per year kept (in a bright color, in the front of the closest file drawer), each year the rear-most gets pulled, shredded, and then put (empty) in front of the others. Also, before you get the client copy printed, create (and then later delete if it's created) the e-file - doing that runs a whole second set of diagnostics looking specifically for nit-picky tidbits required or recommended for e-file. The federal e-file won't create without a "date signed" field filled in, but some of the states will, and you don't want to submit them by accident.

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Hope you have a VERY

Hope you have a VERY

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Hope you had a VERY

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SO many times I have searched for hours for an answer, and find it about three minutes after posting a query. Sometimes I'm tempted to post early, in order to get to that three-minute time faster....

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Hope you have a VERY

Hope you have a VERY

Hope you have a VERY