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Discussion:Swiss account from the blue

2009-11-25T03:39:57Z

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	Can you describe a bit more how he came up with the position that it was a foreign trust with no distributions?}}		Can you describe a bit more how he came up with the position that it was a foreign trust with no distributions?}}

-	{{ForumReplyPost\|UserID=Dennis\|Date=25 November 2009\|Text=Basic lack of distinction between trust and estate. No distributions was fact. Account had been sitting for almost as long as yours. Authority had to be sought and granted. Until that point client had neither control or (under US law in his opinion) beneficial ownership. If the account had not been found it would have reverted to the state. }}	+	{{ForumReplyPost\|UserID=Dennis\|Date=25 November 2009\|Text=Basic lack of distinction between trust and estate. No distributions was fact. Account had been sitting for almost as long as yours. Authority had to be sought and granted. Until that point client had neither control or (under US law in his opinion) beneficial ownership. If the account had not been found it would have reverted to the state. Switzerland does have estate taxes, by the way (Canton of residence and father - daughter transfer rate could be zero) If there was an accountant something should have been filed. }}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T03:32:39Z

I have a client

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	{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}		{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}
		+
		+	{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=I have a client who committed to buying a golf course before the great collapse. He was unable to get bank financing. His option was to lose a sizable deposit and walk away or buy the golf course through a C corp. that used his IRA as the source of funding. There are reputable companies that perform the service that ensures all the requirements are met. It has been over a year since this transaction occurred and it appears that the client made a good decision. }}

User:Mgarmong

2009-11-25T03:31:02Z

Default new user page

New page

[[Image:Nopic.JPG|frame|left|{{PAGENAME}}]] '''Hello, my name is John Doe and I go by the nickname {{PAGENAME}}'''. I must be fairly new here as I haven't yet entered my real information on this page to help others better judge who I am. I'll get to it eventually though, perhaps adding information such as whether I am a CPA, an EA, etc., where I practice, my areas of expertise, and also perhaps a little about me personally.

If you'd like to leave me a message, just select the discussion tab at the top of this page.

Thank you!

{{PAGENAME}}



{{Template:Note to New Users}}

User talk:Mgarmong

2009-11-25T03:31:02Z

Default new user talk page

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Discussion:Swiss account from the blue

2009-11-25T03:26:10Z

Basic lack of di

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	Can you describe a bit more how he came up with the position that it was a foreign trust with no distributions?}}		Can you describe a bit more how he came up with the position that it was a foreign trust with no distributions?}}
		+
		+	{{ForumReplyPost\|UserID=Dennis\|Date=25 November 2009\|Text=Basic lack of distinction between trust and estate. No distributions was fact. Account had been sitting for almost as long as yours. Authority had to be sought and granted. Until that point client had neither control or (under US law in his opinion) beneficial ownership. If the account had not been found it would have reverted to the state. }}

User talk:Kevinh5

2009-11-25T03:01:43Z

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	[[User:Trillium\|Trillium]] 18:57, 24 November 2009 (CST)		[[User:Trillium\|Trillium]] 18:57, 24 November 2009 (CST)
		+
		+	Kevin - For the first time, I went to the non-pro discussion section on this board - and I see that you directed the viewers to various sites for selection of an accountant.
		+	I suggest that you make a change.
		+	The correct name is National SOCIETY of Accountants, not National ASSOCIATION of Accountants, even though you afterwards mentioned NSA.
		+	As well, why not also list NCCPAP at www.nccpap.org, and a listing service that's comprehensive in selecting a tax/acctg pro www.bookkeepinghelp.com
		+
		+	Kevin - in the Consumer section you mention National ASSOCIATION of Accountants.
		+	It should be National SOCIETY of Accountants.
		+	Uncle Sam[[User:Uncle Sam\|Uncle Sam]] 21:01, 24 November 2009 (CST)

Discussion:Part 2 of 2009-2010 EA Exam

2009-11-25T02:39:06Z

Very interesting

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	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Uncle Sam\|Date=25 November 2009\|Text=Very interesting Brock - a wiseass like you who finds an imaginitive way to corrupt the IRS security system to get what you want on e-services without being licensed is in no position to chastise someone who's making a conscientious effort to get by the exam.
		+	At least he's trying - compared to you who's timing to take the exam strictly to avoid having to pay a (second) license registration fee. Wouldn't you rather have the exam passed in total as early as possible? }}

Discussion:704b election

2009-11-25T02:05:24Z

Q-1: Was a partn

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	{{ForumReplyPost\|UserID=CPAguy1101\|Date=24 November 2009\|Text=any help would be greatly appreciated. Thanks}}		{{ForumReplyPost\|UserID=CPAguy1101\|Date=24 November 2009\|Text=any help would be greatly appreciated. Thanks}}
		+
		+	{{ForumReplyPost\|UserID=Aisakov\|Date=25 November 2009\|Text=Q-1: Was a partnership between the father and sons formed given the father later kicks the sons out?
		+	Q-2: If the partnership was formed then was it terminated when the sons were kicked out? (Check IRC Sec. 708)
		+
		+	Property comes into the PRS at its adjusted tax basis (IRC Sec. 721). Will need to deal with IRC Sec. 704(c) allocations with respect to the contributed property.
		+
		+	Now, if the father and sister form a brand new partnership, - same as above. If somehow the sister comes into the existing partnership (before the sons are kicked out and assuming that there is no more than 50% change in ownership in 12 months)then the partnership could elect to revalue its assets and make reverse IRC Sec. 704(c) allocations.
		+
		+	I don't see how IRC Sec. 754 election comes into play here (and also don't see any differences between inside and outside basis yet).
		+
		+	}}

User:SchoolFinances

2009-11-25T01:15:35Z

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New page

User talk:SchoolFinances

2009-11-25T01:15:34Z

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New page

User:Rachelle8152

2009-11-25T01:05:21Z

New page

just beginning my financial career.

If you'd like to leave me a message, just select the discussion tab at the top of this page.

Thank you!

{{rachelle8152}}

User talk:Rachelle8152

2009-11-25T01:02:17Z

Default new user talk page

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Discussion:Self-Rental Income Rules

2009-11-25T00:59:08Z

Thank you for po

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	{{ForumReplyPost\|UserID=Kevinh5\|Date=24 November 2009\|Text=wondering whether you could bifurcate the property on Sch E - there are 3 columns per page 1}}		{{ForumReplyPost\|UserID=Kevinh5\|Date=24 November 2009\|Text=wondering whether you could bifurcate the property on Sch E - there are 3 columns per page 1}}

-	{{ForumReplyPost\|UserID=DaveFogel\|Date=24 November 2009\|Text=It appears that the self-rental rule (Treas. Reg. §1.469-2(f)(6)) applies only to the self-rental portion of the property, not to the other portion of the property rented to an unrelated tenant. See the discussion of "item of property" in ''Carlos v. Commissioner'', 124 T.C. 275 (2004).}}	+	{{ForumReplyPost\|UserID=DaveFogel\|Date=24 November 2009\|Text=It appears that the self-rental rule (Treas. Reg. §1.469-2(f)(6)) applies only to the self-rental portion of the property, not to the other portion of the property rented to an unrelated tenant. See the discussion of "item of property" in ''Carlos v. Commissioner'', 123 T.C. 275 (2004).}}

	{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=If you make the determination that you need to separate the self-rental portion from the		{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=If you make the determination that you need to separate the self-rental portion from the
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	Carlos v. Commissioner, 123 T.C. 275 (2004)}}		Carlos v. Commissioner, 123 T.C. 275 (2004)}}
		+
		+	{{ForumReplyPost\|UserID=DaveFogel\|Date=25 November 2009\|Text=Thank you for pointing out the typo, I've edited my post. I would think that any reasonable allocation (such as by square footage) would be acceptable.}}

User talk:Kevinh5

2009-11-25T00:57:26Z

If a tree falls...

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	[[User:Trillium\|Trillium]] 18:29, 24 November 2009 (CST)		[[User:Trillium\|Trillium]] 18:29, 24 November 2009 (CST)
		+
		+	== If a tree falls... ==
		+
		+	"And if no one answers a question, was it ever really asked?" = laugh of the day; thank you!
		+
		+	As I told Ron C on his talk page, I didn't think that your post was all that rude, really, especially considering the context. However, I think thin skin is a correct judgement there, and maybe thick skull, too, at least in terms of internet interaction - he seems to need some hand-holding in that area. I kept trying to get him to re-post the question with his new ID, which would have made my post ''and'' yours moot, as I could've deleted the Ronnie C version as a duplicate. But he never really got where I was coming from on that.
		+
		+	[[User:Trillium\|Trillium]] 18:57, 24 November 2009 (CST)

Discussion:Rev Proc 2009-52, Am I interpreting right?

2009-11-25T00:50:38Z

Yes.

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	{{ForumReplyPost\|UserID=Wholwell\|Date=24 November 2009\|Text=R2, I did not make a timely election for an ESB from the ARRA because at the time the client did not qualify so I carried back to the 2 year. So I should be okay to do a second Form 1045 with an election pursuant to Rev. Proc. 2009-52 right?}}		{{ForumReplyPost\|UserID=Wholwell\|Date=24 November 2009\|Text=R2, I did not make a timely election for an ESB from the ARRA because at the time the client did not qualify so I carried back to the 2 year. So I should be okay to do a second Form 1045 with an election pursuant to Rev. Proc. 2009-52 right?}}
		+
		+	{{ForumReplyPost\|UserID=R2\|Date=25 November 2009\|Text=Yes.}}

Discussion:Equitable Relief - Missed Deadline

2009-11-25T00:49:04Z

Not sure that th

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	While I agree with Kevin that legally she had benefit of the unpaid taxes, sometimes reality can be quite different. Applying for equitable relief puts the matter up for review by the IRS.}}		While I agree with Kevin that legally she had benefit of the unpaid taxes, sometimes reality can be quite different. Applying for equitable relief puts the matter up for review by the IRS.}}
		+
		+	{{ForumReplyPost\|UserID=R2\|Date=25 November 2009\|Text=Not sure that the deadline for 6015(f) has passed. She has 2 years from the first collection activity.
		+
		+	''For purposes of this paragraph (b), collection activity means a section 6330 notice; an offset of an overpayment of the requesting spouse against a liability under section 6402; the filing of a suit by the United States against the requesting spouse for the collection of the joint tax liability; or the filing of a claim by the United States in a court proceeding in which the requesting spouse is a party or which involves property of the requesting spouse. Collection activity does not include a notice of deficiency; the filing of a Notice of Federal Tax Lien; or a demand for payment of tax.''}}

Discussion:Accounts receivables

2009-11-25T00:46:43Z

Why are you clos

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	{{ForumReplyPost\|UserID=Victoriya\|Date=24 November 2009\|Text=Thanks, I apologize i did not formulate my question correctly. My question actually is about PC. I intend to close PC(seller corporation), but PC will continue to receive 1099-s from insurance companies. What do you think is a right way to do?}}		{{ForumReplyPost\|UserID=Victoriya\|Date=24 November 2009\|Text=Thanks, I apologize i did not formulate my question correctly. My question actually is about PC. I intend to close PC(seller corporation), but PC will continue to receive 1099-s from insurance companies. What do you think is a right way to do?}}
		+
		+	{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=Why are you closing with outstanding receivables? If you must, I would sell the receivables, provided this is a known amount, report the income from the sale of receivables in the final year of the PC, and then close it out. Nice and tidy!}}

Discussion:Nonresident Capital Gain - State taxation

2009-11-25T00:41:06Z

The client is no

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	Now if your client has any ordinary income from a K-1 (if a partnership or S-corp) then the fact that the corporation holds property in those states you may having a filing requirement for any ordinary income.}}		Now if your client has any ordinary income from a K-1 (if a partnership or S-corp) then the fact that the corporation holds property in those states you may having a filing requirement for any ordinary income.}}
		+
		+	{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=The client is not subject to the tax at the state level. If your client was a resident of a US state with no income tax and sold the shares, the gain would be reported to the US, but not to the state (no income tax). If I sell shares in GM based in Michigan and I live in another state without an income tax, I would not pay state tax to Michigan. I am basing this on the fact that your client is an investor who purchased common stock of a US company.}}

Discussion:Self-Rental Income Rules

2009-11-25T00:40:11Z

Edit for typo of

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	unrelated tenant rental portion, it is obviously straightforward with regard to gross rents from		unrelated tenant rental portion, it is obviously straightforward with regard to gross rents from
	each activity, but is there a specified method for allocating such expenses as real estate taxes and utilities, etc. Would it be proper to allocate by square footage?}}		each activity, but is there a specified method for allocating such expenses as real estate taxes and utilities, etc. Would it be proper to allocate by square footage?}}
		+
		+	{{ForumReplyPost\|UserID=Michaelstar\|Date=25 November 2009\|Text=Edit for typo of above referenced court case -
		+
		+	Carlos v. Commissioner, 123 T.C. 275 (2004)}}

User talk:Trillium

2009-11-25T00:37:32Z

Well, I did delete my comment that Ron C thought was rude.

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	for not following directions. And if no one answers a question, was it ever really asked? [[User:Kevinh5\|Kevinh5]]		for not following directions. And if no one answers a question, was it ever really asked? [[User:Kevinh5\|Kevinh5]]
		+
		+	== Well, I did delete my comment that Ron C thought was rude. ==
		+
		+	some people have very thin skins and some of us have very thick skulls. [[User:Kevinh5\|Kevinh5]]

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:35:52Z

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	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}		{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}

-	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has just made a taxable distrbution from his IRA. And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}	+	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has probably just made a taxable distrbution from his IRA.
		+
		+	And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}

	{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}		{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}

User talk:Trillium

2009-11-25T00:33:04Z

Well, there should be SOME type of penalty

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	[[User:Kevinh5\|Kevinh5]]		[[User:Kevinh5\|Kevinh5]]
		+
		+	== Well, there should be SOME type of penalty ==
		+
		+	for not following directions. And if no one answers a question, was it ever really asked? [[User:Kevinh5\|Kevinh5]]

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:32:51Z

Sorry I forgot i

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	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has just made a taxable distrbution from his IRA. And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}		{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has just made a taxable distrbution from his IRA. And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}
		+
		+	{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:31:16Z

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	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}		{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}
		+
		+	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has just made a taxable distrbution from his IRA. And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}

Discussion:S-Corp sale of new stock/valuation

2009-11-25T00:30:34Z

Typically, a sma

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	{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Its the "involved" part I am interested in.		{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Its the "involved" part I am interested in.
	}}		}}
		+
		+	{{ForumReplyPost\|UserID=Captcook\|Date=25 November 2009\|Text=Typically, a small portion of the $50K would go into Common Stock (representing an additional 20% of whatever is currently there) and the remainder would be added to Additional Paid-in-capital. AAA is only a tax maintenance account and not an account on the books. A contribution of capital would not increase AAA; it would, however, establish basis for that shareholder. AAA would not be a part of the entry to record the issuance of stock. If this happened mid-year, you have an allocation to make for earnings to be attributed to shareholders at year end. }}

User talk:Kevinh5

2009-11-25T00:29:57Z

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	[[User:Trillium\|Trillium]] 18:26, 24 November 2009 (CST)		[[User:Trillium\|Trillium]] 18:26, 24 November 2009 (CST)
		+
		+	== ha ==
		+
		+	I think poor Nash is wishing his discussion had never been moved back, so you've got a point.
		+
		+	On the one you just deleted though - turns out Ronnie C = Ron C, who ''is'' actually a long-time user and tax pro (coulda knocked me over with a feather, thought for sure he was trolling). I never got around to moving all the Ronnie C discussions back over to the tax forum last night, I guess.
		+
		+	[[User:Trillium\|Trillium]] 18:29, 24 November 2009 (CST)

Discussion:Self-Rental Income Rules

2009-11-25T00:29:21Z

If you make the

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	{{ForumReplyPost\|UserID=DaveFogel\|Date=24 November 2009\|Text=It appears that the self-rental rule (Treas. Reg. §1.469-2(f)(6)) applies only to the self-rental portion of the property, not to the other portion of the property rented to an unrelated tenant. See the discussion of "item of property" in ''Carlos v. Commissioner'', 124 T.C. 275 (2004).}}		{{ForumReplyPost\|UserID=DaveFogel\|Date=24 November 2009\|Text=It appears that the self-rental rule (Treas. Reg. §1.469-2(f)(6)) applies only to the self-rental portion of the property, not to the other portion of the property rented to an unrelated tenant. See the discussion of "item of property" in ''Carlos v. Commissioner'', 124 T.C. 275 (2004).}}
		+
		+	{{ForumReplyPost\|UserID=Cpapat\|Date=25 November 2009\|Text=If you make the determination that you need to separate the self-rental portion from the
		+	unrelated tenant rental portion, it is obviously straightforward with regard to gross rents from
		+	each activity, but is there a specified method for allocating such expenses as real estate taxes and utilities, etc. Would it be proper to allocate by square footage?}}

User talk:Trillium

2009-11-25T00:27:32Z

Who says we'd have to restore the thread? LOL

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	like the one about the IRA owning an S corp. If the author is a tax pro, he needs to learn how to follow instructions, including the profile. It is exhausting just looking at those questions which show absolutely no professional knowledge. [[User:Kevinh5\|Kevinh5]]		like the one about the IRA owning an S corp. If the author is a tax pro, he needs to learn how to follow instructions, including the profile. It is exhausting just looking at those questions which show absolutely no professional knowledge. [[User:Kevinh5\|Kevinh5]]
		+
		+	== Who says we'd have to restore the thread? LOL ==
		+
		+	[[User:Kevinh5\|Kevinh5]]

User talk:Kevinh5

2009-11-25T00:26:04Z

Yeah but

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	Missed you. [[User:Trillium\|Trillium]]		Missed you. [[User:Trillium\|Trillium]]
		+
		+	== Yeah but ==
		+
		+	But then when they post a plausible profile we'd have to restore the discussion, which apparently makes the "creator name" blank on the forum index - or at least it did last time. Much easier to move them back over from the consumer forum to the tax forum, with a snide note in the history.
		+
		+	Tax pros who never learned to research or don't have the aptitude to apply what they read... priceless.
		+
		+	[[User:Trillium\|Trillium]] 18:26, 24 November 2009 (CST)

User talk:Nashcn

2009-11-25T00:25:42Z

your Q has been moved back

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	{{UserTalkPageHeader}}		{{UserTalkPageHeader}}

-	== Your question has been moved ==	+	== Thanks for updating your user page ==

-	Your question has been moved to the [[Discussion Forum - Consumer Questions\|Consumer Questions Discussion Forum]] because it does not appear to comply with the guidelines established for TaxAlmanac and the tax forum, which are intended for use by tax professionals only.	+	Your question has been moved back to the tax forum.

-	If you are not a tax professional, please ask your question on the TurboTax website: www.Turbotax.com.	+	Note - updating your profile is only one of the four steps toward asking a new tax question. If you skipped any of the others, e.g., searching the discussion archives via the yellow search box, or familiarizing yourself with the site, please do those now.
-		+
-	If you are a tax professional, please complete your [[profile]] (user page) to provide some info about your experience level/background as a tax professional. Select edit at the top of that page, replace the boilerplate with your info, and then click Save page.	+
-		+
-	Your level of experience may be an important consideration when users are developing an appropriate answer for your questions. Beyond that, though, some users won’t respond at all if your profile hasn’t been updated, and as you’ve seen, having no profile leaves your question subject to being moved out of the professional tax forum. (Once your profile has been updated, one of the moderators can move your question back to the professional tax forum if that’s appropriate. Don't start a duplicate discussion, as it'll just have to be deleted.)	+

	Also, please try to avoid all-caps in your posts.		Also, please try to avoid all-caps in your posts.

-	[[User:Trillium\|Trillium]] 18:05, 24 November 2009 (CST)	+	[[User:Trillium\|Trillium]] 18:05, 24 November 2009 (CST) - ''edited [[User:Trillium\|Trillium]] 18:25, 24 November 2009 (CST) once profile was updated''

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:23:07Z

ARE THE CAPS HEL

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	{{ForumReplyPost\|UserID=Scrivenerjones\|Date=25 November 2009\|Text=I WOULD LIKE TO FORM A BUSINESS WITH MYSELF AND MY CAPS LOCK KEY AS THE TWO OWNERS, ANY ADVICE??}}		{{ForumReplyPost\|UserID=Scrivenerjones\|Date=25 November 2009\|Text=I WOULD LIKE TO FORM A BUSINESS WITH MYSELF AND MY CAPS LOCK KEY AS THE TWO OWNERS, ANY ADVICE??}}
		+
		+	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}

Special:Log/delete

2009-11-25T00:21:12Z

deleted "[[Discussion:LLCs. in Receivership]]": empty consumer question

Discussion:C. Corporation real estate problems

2009-11-25T00:20:15Z

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	{{ForumReplyPost\|UserID=Trillium\|Date=23 November 2009\|Text=''edited to update - Ron has successfully signed on with his prior userID, which is [[User:Ron C\|Ron C]], and is in the process of updating his profile on that account. That account does have plenty of prior [[Special:Contributions/Ron_C\|contribution history]] showing that Ron C is a tax pro.''}}		{{ForumReplyPost\|UserID=Trillium\|Date=23 November 2009\|Text=''edited to update - Ron has successfully signed on with his prior userID, which is [[User:Ron C\|Ron C]], and is in the process of updating his profile on that account. That account does have plenty of prior [[Special:Contributions/Ron_C\|contribution history]] showing that Ron C is a tax pro.''}}
-
-	{{ForumReplyPost\|UserID=Kevinh5\|Date=23 November 2009\|Text=any question that begins with 'Dear Tax Professional' sounds like a consumer question to me. I can understand why he would be frustrated with the result.}}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:19:18Z

I WOULD LIKE TO

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	{{ForumReplyPost\|UserID=CrowJD\|Date=25 November 2009\|Text=I'm glad I come here. Where else would I ever hear of something like this.}}		{{ForumReplyPost\|UserID=CrowJD\|Date=25 November 2009\|Text=I'm glad I come here. Where else would I ever hear of something like this.}}
		+
		+	{{ForumReplyPost\|UserID=Scrivenerjones\|Date=25 November 2009\|Text=I WOULD LIKE TO FORM A BUSINESS WITH MYSELF AND MY CAPS LOCK KEY AS THE TWO OWNERS, ANY ADVICE??}}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:17:06Z

says he's a tax pro. Hope he at least searched before posting

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User talk:Trillium

2009-11-25T00:15:47Z

My vote is to delete stupid 'consumer' posts

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	Thanks[[User:Ron C\|Ron C]] 13:07, 23 November 2009 (CST)		Thanks[[User:Ron C\|Ron C]] 13:07, 23 November 2009 (CST)
		+
		+	== My vote is to delete stupid 'consumer' posts ==
		+
		+	like the one about the IRA owning an S corp. If the author is a tax pro, he needs to learn how to follow instructions, including the profile. It is exhausting just looking at those questions which show absolutely no professional knowledge. [[User:Kevinh5\|Kevinh5]]

User:Nashcn

2009-11-25T00:14:52Z

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-	[[Image:Nopic.JPG\|frame\|left\|{{PAGENAME}}]] '''Hello, my name is John Doe and I go by the nickname {{PAGENAME}}'''. I must be fairly new here as I haven't yet entered my real information on this page to help others better judge who I am. I'll get to it eventually though, perhaps adding information such as whether I am a CPA, an EA, etc., where I practice, my areas of expertise, and also perhaps a little about me personally.	+	[[Image:Nopic.JPG\|frame\|left\|{{PAGENAME}}]] '''Hello, my name is Craig and I go by the nickname {{PAGENAME}}'''. I an a CPA with a small practice of appox 400 1040's and 60 small bus corps.
-		+
-	If you'd like to leave me a message, just select the discussion tab at the top of this page.	+

	Thank you!		Thank you!

User:FatBow

2009-11-25T00:13:57Z

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-	[[Image:Nopic.JPG\|frame\|left\|{{PAGENAME}}]] '''Hello, my name is John Doe and I go by the nickname {{PAGENAME}}'''. I must be fairly new here as I haven't yet entered my real information on this page to help others better judge who I am. I'll get to it eventually though, perhaps adding information such as whether I am a CPA, an EA, etc., where I practice, my areas of expertise, and also perhaps a little about me personally.	+	[[Image:Nopic.JPG\|frame\|left\|{{PAGENAME}}]] {{PAGENAME}}'''. I am in a small local firm, we do tax, compilations, reviews and audits. We work with small business, construction, non-profits, and retail organizations, and Alaskan Native Corporations. We have been in business since 1998.
		+
		+	Love, floating & fly fishing the rivers in Alaska in search of that 30+ bow, hence the nickname, FatBow.

	If you'd like to leave me a message, just select the discussion tab at the top of this page.		If you'd like to leave me a message, just select the discussion tab at the top of this page.

User talk:Nashcn

2009-11-25T00:05:05Z

Your question has been moved

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	{{UserTalkPageHeader}}		{{UserTalkPageHeader}}
		+
		+	== Your question has been moved ==
		+
		+	Your question has been moved to the [[Discussion Forum - Consumer Questions\|Consumer Questions Discussion Forum]] because it does not appear to comply with the guidelines established for TaxAlmanac and the tax forum, which are intended for use by tax professionals only.
		+
		+	If you are not a tax professional, please ask your question on the TurboTax website: www.Turbotax.com.
		+
		+	If you are a tax professional, please complete your [[profile]] (user page) to provide some info about your experience level/background as a tax professional. Select edit at the top of that page, replace the boilerplate with your info, and then click Save page.
		+
		+	Your level of experience may be an important consideration when users are developing an appropriate answer for your questions. Beyond that, though, some users won’t respond at all if your profile hasn’t been updated, and as you’ve seen, having no profile leaves your question subject to being moved out of the professional tax forum. (Once your profile has been updated, one of the moderators can move your question back to the professional tax forum if that’s appropriate. Don't start a duplicate discussion, as it'll just have to be deleted.)
		+
		+	Also, please try to avoid all-caps in your posts.
		+
		+	[[User:Trillium\|Trillium]] 18:05, 24 November 2009 (CST)

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:04:17Z

move to consQ from tax forum

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Discussion:S-Corp sale of new stock/valuation

2009-11-25T00:04:09Z

Its the "involve

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	{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Sorry, I wasnt very clear. The company sold additional shares to a new shareholder for $50K which after the sale increased the number of outstanding stock and represents 20% of the total number of shares issued and outstanding. So, debit cash credit common stock and AAA. No need to write up the assets to FMV? Since AAA does not represent shareholder capital, it will then ultimately be distributed on the 80/20 split. (Yes always has been an SCorp)}}		{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Sorry, I wasnt very clear. The company sold additional shares to a new shareholder for $50K which after the sale increased the number of outstanding stock and represents 20% of the total number of shares issued and outstanding. So, debit cash credit common stock and AAA. No need to write up the assets to FMV? Since AAA does not represent shareholder capital, it will then ultimately be distributed on the 80/20 split. (Yes always has been an SCorp)}}
		+
		+	{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Its the "involved" part I am interested in.
		+	}}
		+
		+	{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Its the "involved" part I am interested in.
		+	}}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:02:18Z

I'm glad I come

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	{{ForumNewPost\|UserID=Nashcn\|Date=25 November 2009\|Text=THE QUESTION I HAVE IS A TAXPAYER HAS FORMED A BUSINESS WITH HIM AND HIS IRA ACCOUNT AS THE 2 OWNERS, AS I UNDERSTAND THE ENTITY CANNOT BE TAXED AS AN S-CORP BECAUSE IRA'S ARE NOT ALLOWED AS SHAREHOLDERS IN AN S-CORP, DOES IT HAVE TO BE OR CAN IT BE A C-CORP? OR CAN IT BE A PARTNERSHIP WITH THE IRA AS A PARTNER? QUESTION WHAT TYPE OF ENTITIES ARE ALLOWED FOR AN IRA INVESTING??		{{ForumNewPost\|UserID=Nashcn\|Date=25 November 2009\|Text=THE QUESTION I HAVE IS A TAXPAYER HAS FORMED A BUSINESS WITH HIM AND HIS IRA ACCOUNT AS THE 2 OWNERS, AS I UNDERSTAND THE ENTITY CANNOT BE TAXED AS AN S-CORP BECAUSE IRA'S ARE NOT ALLOWED AS SHAREHOLDERS IN AN S-CORP, DOES IT HAVE TO BE OR CAN IT BE A C-CORP? OR CAN IT BE A PARTNERSHIP WITH THE IRA AS A PARTNER? QUESTION WHAT TYPE OF ENTITIES ARE ALLOWED FOR AN IRA INVESTING??
	THANKS CNN}}		THANKS CNN}}
		+
		+	{{ForumReplyPost\|UserID=CrowJD\|Date=25 November 2009\|Text=I'm glad I come here. Where else would I ever hear of something like this.}}

Discussion:S-Corp sale of new stock/valuation

2009-11-25T00:01:29Z

Sorry, I wasnt v

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	{{ForumReplyPost\|UserID=Rkrcpa1\|Date=24 November 2009\|Text=If the Company issued new shares the entry would be debit cash, credit equity. If the shareholder sold his shares there is no entry on the books.}}		{{ForumReplyPost\|UserID=Rkrcpa1\|Date=24 November 2009\|Text=If the Company issued new shares the entry would be debit cash, credit equity. If the shareholder sold his shares there is no entry on the books.}}
		+
		+	{{ForumReplyPost\|UserID=FatBow\|Date=25 November 2009\|Text=Sorry, I wasnt very clear. The company sold additional shares to a new shareholder for $50K which after the sale increased the number of outstanding stock and represents 20% of the total number of shares issued and outstanding. So, debit cash credit common stock and AAA. No need to write up the assets to FMV? Since AAA does not represent shareholder capital, it will then ultimately be distributed on the 80/20 split. (Yes always has been an SCorp)}}

Discussion:IRA INVESTMENT IN BUSINESS

2009-11-25T00:00:20Z

New Discussion

New page

{{Advanced Tax Questions}}


{{ForumNewPost|UserID=Nashcn|Date=25 November 2009|Text=THE QUESTION I HAVE IS A TAXPAYER HAS FORMED A BUSINESS WITH HIM AND HIS IRA ACCOUNT AS THE 2 OWNERS, AS I UNDERSTAND THE ENTITY CANNOT BE TAXED AS AN S-CORP BECAUSE IRA'S ARE NOT ALLOWED AS SHAREHOLDERS IN AN S-CORP, DOES IT HAVE TO BE OR CAN IT BE A C-CORP? OR CAN IT BE A PARTNERSHIP WITH THE IRA AS A PARTNER? QUESTION WHAT TYPE OF ENTITIES ARE ALLOWED FOR AN IRA INVESTING??
THANKS CNN}}

Discussion:2010 Filing Option New Home Buyer Credit

2009-11-24T23:55:20Z

J, apparently I

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	{{ForumReplyPost\|UserID=JasmineCPA\|Date=24 November 2009\|Text=Not understanding the difference. Purchase made 4/30 - file the 2009 tax return with ext. on 5/1...}}		{{ForumReplyPost\|UserID=JasmineCPA\|Date=24 November 2009\|Text=Not understanding the difference. Purchase made 4/30 - file the 2009 tax return with ext. on 5/1...}}
		+
		+	{{ForumReplyPost\|UserID=Trillium\|Date=24 November 2009\|Text=J, apparently I am confused by this phrase in your post: "Even if the TP had a substantial tax liability in 2008..." which led me to believe you were talking about the 2009 purchases that can be claimed on a 2008 amended return (since it's clear that you can't amend 2008 for a 2010 home purchase).
		+
		+	If, on the other hand, you were pointing out that you can claim the 2010 purchase on an ''original'' 2009 return, if you happen to be filing for 2009 late enough that it's later than the actual purchase date of the home, I agree, you can. }}

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	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}		{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=ARE THE CAPS HELD INSIDE AN IRA? IF SO, THEN YES, DO IT.}}

-	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has just made a taxable distrbution from his IRA. And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}	+	{{ForumReplyPost\|UserID=Kevinh5\|Date=25 November 2009\|Text=Seriously, Craig, please look at the prohibited transaction (self dealing) rules for IRAs. Your client has probably just made a taxable distrbution from his IRA.
		+
		+	And if you are now going to say it's a 401(k) ROBS transaction, wow. Do some research on that before making that post.}}

	{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}		{{ForumReplyPost\|UserID=Nashcn\|Date=25 November 2009\|Text=Sorry I forgot it's hard for some people to read capital letters. next time I will make it look better. ha ha}}