mikec

Thanks for all the replies, basically the same thoughts, ideas and obstacles I considered. I firmly believe that in this specific incident the correct way to go is with capital gain on the partnership form. To all thanks, mec

Two clients form a LLC (Illinois) with the intent to buy/see real estate. Both clients have full time careers in other fields. The accountant they chose for the LLC tells them that the income is treated as ordinary income subject to SE. In 2007 they had one flip, bought and sold in one month. They did none of the actual work and never picket up a hammer. Just and bought and sold. My position is that this should be treated as a investment and reported as short term capital gain, no SE. Every time I think I understand this latest and dormant flip business I keep seeing others treating it differently. Any help would be appreciated

Checked the Illinois web site today and did see that returns were received and monies are ont heir way. Helps a lot just knowing clients are getting checks

Federal efiles are going smooth but all my Illinois efiles seem stuck at "IRS Cleared". Longest one is going on a week already. Support tells me wait about a weeek or longer and call back if not fixed. Never had such a delay before. Any help? Thanks mec