User talk:Lancermc

From TaxAlmanac

Mutual fund dividends

Hi! Need some help. What authority (Code, Regulation. etc) is there that requires a short-term capital gain paid out by it to be reported and taxed as a dividend? (Other thsn publications, booklets, etc)David355 16:15, 20 February 2008 (CST)

CRUT discussed earlier today

Hi,

Thanks for helping out earlier with my CRUT question. I have seem to have one more.

The CRUT was created in CA and I filed CA forms in 2006. 1/1/07 the client moved to CO. The trust document says that CA law is to apply, but the lawyer is telling me that CO returns should be filed.

Would you know which state should be filed in this case?

Thanks so much!

GailGwcpa 19:57, 27 March 2008 (CDT)

Expired License?

Not sure if you realized your license expired !

I appreciate your kind comments.

It is good to have another good Texan on my side. I perhaps should have not have said anything about his imagination but he seems to be going off half-cocked. He simply has few facts to make a decision.

Thnaks,

Mike

Not yet

Lance, don't you go, I've learned too much from you. I can't speak for Dennis, but I think he was trying to focus the OP on reading the order/document, and looking at state law. You do enough of this type work (which is essentially "trust-like") that you already know it. crow

Clients

Clients? Did you say difficult client? Boy, do I know how you feel. I think KatieJ has the right idea: get a job teaching this stuff if you can, and forget the actual practice. crow

Exxon Settlement

I saw your post and I am dealing with the same issue. My client has not operated since 1993 as well. I agrees with your assessments in your post.

The best information I can find is that it relates back to the origin of income. In my case he was a sole prop. and thus would have been schedule C subject SE. Not to big for my client since he is above the cap this year, but nevertheless would cost him 2.9%.

Unless I find anything to the contrary I am going to include the interest as interest income and the proceeds from the settlement on Schedule C with a corresponding allocation of the legal fees between schedule A for the interest income and the rest to schedule C.

Do you have any further information which might help?

Thanks Wayne

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