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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15234
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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im filling out Form 5227 and dont know how to do the balance

Resolved Question:

i'm filling out Form 5227 and don't know how to do the balance sheet on page 3.
my problem how do I get the



form 5227 Balance sheet Part IV line 38 (a) (b) (c) where do these numbers come from? I don't know how to get col (c) FMV. can you help?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

Are you a charitable remainder Unitrust?

MyVirtualCPA :

If you are not, then you do not have to fill out column C

Customer:

I am charitable remained unitrust

MyVirtualCPA :

To compute the column C you would have to get the net fair market value of assets at either any one date during the year or an average of different dates during the year

MyVirtualCPA :

For cash, your fair market value would be what you have. Cash is line 38

Customer:

can I use End of year book value/

MyVirtualCPA :

No you would use the fair market value. You would have to have a valuation

Customer:

I think the complete balance sheet is fill out wrong how can I straighten it out?

MyVirtualCPA :

Well, you would simply get a new form and fill out the correct information in the proper columns

MyVirtualCPA :

The beginning book value is in column a, and the ending book value is in column b

MyVirtualCPA :

Column C is for the fair market value

Customer:

I think I need to turn the problem over to tax expert in Las Vegas any suggestion.

MyVirtualCPA :

You can contact your local state board of accountancy for names of professionals in your area

Customer:

How can I print out our live chat

MyVirtualCPA :

www.nvaccountancy.com

MyVirtualCPA :

You can use your browser's print function

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, will you rate my response as "excellent" so that I may receive credit for assisting you today?

Customer:

Have not been able to print

MyVirtualCPA :

Your browser print function is not working?

MyVirtualCPA :

Can you try copying the conversation and pasting it into an application such as MS Word

Customer:

guess not have not had this problem befor

MyVirtualCPA :

You will be able to return to this question if you bookmark it

MyVirtualCPA :

And it should show up in your JustAnswer account

MyVirtualCPA :

Also, after you rate the answer, you will get an email transcript of this chat

MyVirtualCPA :

Is there anything else I can assist you with?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15234
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 5 other Tax Specialists are ready to help you

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