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I have a client that had to pay for an environmental study

I have a client that had to pay for an environmental study done on an old gas station they purchased. They had to pay to have the ground cleared and fix and environmental spill that was found. Lastly they had to remove tanks and had to pay a civil engineer to redesign the land for proper future use.Is the client eligible for any sort of special credit deduction/depreciation for any of the above mentioned.

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Robin D.

Vocational, Technical or Trade School

21,852 satisfied customers
BACKGROUND FACTS: I had waived my community share of member

BACKGROUND FACTS: I had waived my community share of member ownership (25%) in an LLC industrial park, in California, in a legal separation settlement back in 2007, confirmed again with a divorce judgment in 2012. I had included my ex-wife's income draw of $51,000 when I filed "married filing jointly" for tax year 2006 while we were already separated and living apart as of Jan 2006. I had also contributed capital of $175,000 (from community funds) in 2006, after we sold our house in Nov 2005 in Los Angeles. I never received the benefit of any owner draw in 2006 and most of 2007. My ex-brother-in-law (the managing owner) had been directing my draw to my ex-wife before there was a financial settlement in our legal separation. Do I have a case in 2016 for (1) compensation of the difference in income tax paid by me for TY2006 and (2) for compensation of all my capital contribution to pay off the industrial park's mortgage? I do possess the Schedule K-1 and Form 1065, plus all my legal papers and court judgments. I was also hoping to recover my partnership membership in the likelihood of my ex-wife's passing. I had initially invested $117,500 into the industrial park with separately acquired funds from my deceased parents trust fund in 1996, but my ex-wife had me deposit and commingle the funds into a community-held bank account. Can you advise me if I have any legal standing? I can produce all the historic records. I live now in South Carolina.

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PDtax

Owner

Master's Degree

7,260 satisfied customers
A taxpayer files an 83b election in 2015. He is supposed to

A taxpayer files an 83b election in 2015. He is supposed to attach the 83b to his 2015 tax return but inadvertently efiles his return. As a 1040x should not be filed since there is no change in the numbers on his Form 1040, how does he resolve this oversight?

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Mark Taylor

Certified Public Accountant

Masters

2,014 satisfied customers
I'm trying to determine the "value" that would be used

I'm trying to determine the "value" that would be used for the calculation for a sales tax return for the "Use" tax on Distilled liquors in regards ***** ***** that are given out to customers in the tasting room or other tasting venues. It seems that the actual cost of the product would be used, and not the fair market value of the product. This particular business has a mixed use sales tax license - is both a wholesaler and a retailer - they distill the spirits and resell to other licensed wholesalers as well as providing wholesalers with samples, and they also have a tasting room onsite in which they allow customers to sample product and then sell as a retailer to customers in the Tasting Room.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
I am an HR professional - have a question re Per Diem that

Hello -I am an HR professional - have a question re Per Diem for temps that work longer than a 12-month assignment -Have read the similar question and answer that addressed the possibility of contingent worker re-starting the 12-month non-taxable period by moving work locations.My Question: How short of an employment break is advised to re-start a 12-month non-taxable per diem period?

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Robin D.

Vocational, Technical or Trade School

21,852 satisfied customers
I got that a 1099 can be ammended to a capital gains. Are

I got that a 1099 can be ammended to a capital gains . Are their any benefits for the landlord for submitting under a 1099 versus capital gains . why would they choose one over the other for a buyout of a rent stabilized lease .what are my benefits in Florida under 1099 and in NY under capital gains . Does it have to be a NY asset if I got the buyout from a NY apt. evne though I reside in Florida

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Robin D.

Vocational, Technical or Trade School

21,852 satisfied customers
I have a question regarding firpta taxes with a real estate

I have a question regarding firpta taxes with a real estate purchase. If the buyer does not live in the property for the 2 year period required who is responsible for paying the 15% tax?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
When I filed an 83() election form, I stated that no amount was paid property. La

When I filed an 83(b) election form, I stated that no amount was paid for the property. Later, I learned that I did indeed have to pay fair market value for the shares. If I want to correct my mistake, would it be sufficient to send a letter to the IRS office stating that I wish to amend the 83(b) election form, or do I have to go through the procedure required to obtain a private letter ruling? If I do nothing, I believe the worst that could happen is I will have to pay tax on the value of the shares in 2016 that I would not have had to pay if I had filed the form with the correct information. Is that correct? Are there any other potential consequences of my mistake that I should know about? Thank you very much for your time and attention.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,022 satisfied customers
I want to file S corp election late. My company is

I want to file for an S corp election late. My company is an LLC. How far can you go back in terms of electing the S Corp tax treatment? Can you still get the benefit for tax year 2015? How liberal is the IRS in determining what constitutes a good excuse?Please respond with citations to legal authority or IRS guidance

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Richard

Owner

Doctoral Degree

47,966 satisfied customers
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