User talk:Gwh33

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Contents

Welcome!

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

As you begin to interact on TaxAlmanac, your changes will be linked to this page, your personal user page. We encourage you to edit this page and add a short description about yourself. This will allow others to better understand your background and qualifications as they review any replies or information that you submit. I see that you've already added information to your user page - thank you!

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- Tim Doyle, TaxAlmanac Moderator - Talk to me 09:53, 2 February 2007 (CST)

179

Is there any chance the software is considering the K-1 a passive activity and there were losses in the past, so that first it is using up prior year losses. Barring that, I would have to say something is wrong. I use Proseries and could see that happening.

Here is one I set up by forgetting to check the material participation: Income 48,000, Section 179 26,000. Passive loss carryover from prior year 38,000. On those numbers it picks up income of 10,000 and allows only 10,000 of the 179...it uses up the entire loss carryover and then suspends the balance of the 179.

Just a thought for it is the only thing I can think of that could have happened.

Death&Taxes 18:42, 24 October 2007 (CDT)

Copyright policies

Hi, Gary - because of TaxAlmanac's copyright policies, the long excerpt from Spidell won't be able to be retained in your recent post. The policies are in place to try to protect the website from getting into trouble with other entities after users have (usually unknowingly) posted info that's under copyright by someone else (in this case, Spidell). It would be great if you could edit the post so that you refer to a Spidell cite (or volume, page, whatever) or possibly paraphrase the post so that a very brief one-or-two line excerpt could be used instead (e.g., "the example of the Franklin's basis reduction in Spidell's month/year/name of newsletter").

Here are links to where the policy is discussed: Policies and guidelines, and also it's mentioned in the last paragraph on this help page, and on the T&C.

I'll check back later tonight to see if I can make more specific suggestions as to how to edit the post so that it both retains its usefulness and also complies with the TaxAlmanac policies, but I wanted you to be aware that it will need to be edited so you could be thinking about how to go about that or, alternatively, so you won't be surprised to find some of the info removed later once the discussion's moved on.

Trillium 19:30, 8 February 2010 (CST)


Gary - I went ahead and edited the info that would have been under copyright by Spidell, and kind of just recapped it so that the intent was clear and Dave's response hopefully still makes sense to future readers. Feel free to edit further to explain more about what you were asking in that post if you think it'll help the discussion be useful to those who find it in a future search. (Just click "edit this page" once you're in the discussion, and go down to your post and make the changes. Be sure to retain the squiggly brackets at the end of the post when you edit - they're there to format the box your post "sits in" on the discussion.)

Let me know if you have questions; sorry for any inconvenience. Trillium 17:15, 9 February 2010 (CST)

S Basis

I do not use ProSeries for corporate returns so I do not know for sure the best way to "fix" you Schedule L. Furthermore, I often import a trial balance into the tax return software and find I can avoid a few issues that way.

It seems Proseries "automatically" records the distribution as a debit to Retained Earnings. This means that you do not have to adjust the Line 22 by $5,000 OR; if you do reduce Line 22 you also must override the ProSeries Retained Earnings amount (to <9,000>). I use Ultratax/Creative Solutions/Reuter Thomson software and it "asks" if I want the AAA aacount reduced below $0; or not.

I do not know how the AAA aacount got to <4,000>, a different amount than Retained Earnings. This is probabl;y dependent on how you enter data into the software. During S years I would assume that AAA and Retained Earnings would change at the same rate unless you are making entries to Other Adjustments Account or you have distributions of old "C" corporation Earnings & Profits.

AAA is a subset of Retained Earnings. AAA may be the only element of Retained Earnings if the corporation has always been an "S".

Hope this helps   MWPXYZ 21:28, 22 April 2010 (CDT)

Insolvency Exclusion - Reduction of Tax Attributes

Gary, If your client has no NOLs, tax credits or other real property, just some IRAs, then you might have to reduce the bases of your client’s personal assets, such as vehicles, household goods, the basis (if any) in the IRAs, etc. Take a look at the limitation on such reductions in IRC §1017(b)(2), because you might not have to make such basis reductions. If you do end up reducing the bases of your client’s personal assets, enter the total reduction on line 10a of Form 982. DaveFogel 17:28, 16 February 2011 (UTC)

End of the forum

You may have heard by now that the Tax Almanac ( www.taxalmanac.org ) web site forum is permanently closing its doors effective June 1. Perhaps you have seen the pink bombshell “Important Service Announcement” when logging in.

Long-time TA user ChrisV2 has volunteered to set up a new website where TA users may continue the discussion. The site is up and running now and has an active base of contributors.

We invite you to take a look www.taxprotalk.com and join your fellow TA refugees.

Frankly (TA member and new member of TaxProTalk)

Frankly 18:11, 5 May 2014 (UTC)

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