Catherine

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

I R S = "the Institution Responsible for Stress" courtesy of Camille West (she has a _wonderful_ song called "The Audit" that everyone here would adore, on her CD "Diva's Day Off")

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On which day the servers will be swamped - and crash. They will then delay for another week while they beef up the servers.

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Well, that is very worth knowing, and thank you. It's not what is says in the sales contract. I am SOOOOO close to firing this guy and telling him to go elsewhere. Getting information out of him is next to impossible; timely information just doesn't exist. Anyone want a royal PITA client who doesn't respond to inquiries and who is slow to pay besides?

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Thanks, Dan, and I will have to have him check on the inventory numbers - my understanding is he was selling it at cost BUT I need everything in writing from him.

Hadn't forgotten that but it's not pertinent until the 2009 return; he's still digging out info for 2008.

Boy, talk about brain-fry. Just re-read my own post and I couldn't figure out what I meant, either! Almost entire sale was "goodwill"; $5K was non-compete and $40K was inventory; about 2/3 paid on signing and the remainder over calendar 2009 assuming certain sales goals were met, with final payment possibly spilling into calendar 2010. I figured most was Section 1231 but ATX listed choices of 1245, 1250, 1252, 1254, 1255, and "none". That threw me for a loop and I started second, third, and fourth-guessing myself. That got worse when I went to look up Section 1252, 54, 55 property and could find nothing except listings of their existence. Have since turned to other returns (this guy's stalled so long, he gets back in line _behind_ all my 2009 extension clients) so I still haven't found what property those three sections cover. Hope this is at least marginally clearer. Thanks, Catherine

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Hi folks -- Client sold a business (online sales) in Sept 2008 (yes, he's way late, and I still don't have complete info for that year, let alone 2009). Contract said about 2/3 of $$ on sale, remaining if certain sales goals were met during 2009, on a schedule. So it looks to me like an installment sale. But durned if I can figure what kind of property to list on the 6252. Not real estate so it's not S1250. Not personal so it's not S1245. Can't find any _listing_ telling what Sections 1252, 1254, and 1255 property are on the IRS site (I hate their "search" engine), and I'm too cross-eyed to think where else to look (nothing since I started reading this forum; searched it already). Don't want to leave the property type blank if it should be one of those oddball sections. Clues? Pointers? Statements with or without sidelong snickering for someone working on Sunday night over Labor Day weekend? TIA, Catherine (who is now giving up and going to bed)

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Marilyn, congratulations!!!! That is wonderful news! Catherine

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Oops.

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