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Does section 1244 stock laws apply if the loss was an LLC?

Does section 1244 stock laws apply if the loss was an LLC? The business qualifies as a small business in every other way

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Lane

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As a tax pro myself, I prepared a return where I added the

As a tax pro myself, I prepared a return where I added the depreciation recapture from a prior (2003) tax free exchange property, to the depreciation recapture on the replacement property sold in 2015.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I hit enter by mistake, The 2003 exchange was a down exchange, so we recognized boot in 2003. I carried over the old depreciable basis and accumulated depreciation to the newly acquired asset, both MACR residential rentals. In effect, I grossed up the new depreciated basis carryover by the amount of the old depreciation, since I also carried over the old depreciation as part of the new accumulated depreciation. I was applying IRS Notice 2000-4, and various articles on how to do this. Another CPA used my gross up cost basis but deleted the old depreciation from the depreciation column. I say he should have reduced my gross up cost figure by the amount of the old depreciation, since he excluded the old depreciation from any calculation. Query: did I do it properly? 2d query: can I exclude this old depreciation from the current recapture calculation (that is, reduce the old cost by the old depreciation, and let the old depreciation as a special tax 25% rate classification just disappear? Rudy Hansen, CPA (A little bit of a complex issue)JA: Is there anything else the Accountant should be aware of?Customer: My client is a lovely long term client and I want to do my best for her.

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Lane

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I need to file an objection to the tax court, IRS is trying

hi I need to file an objection to the tax courtJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: IRS is trying to get my case dismissed for lack of jurisdictionJA: Is there anything else important you think the Accountant should know?Customer: no it's straight forward objection to their response to dismiss

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I am 67 years old. I contributed to my IRA, $6,500 for year

I am 67 years old. I contributed to my IRA, $6,500 for year 2016n (Jan.5, 2016) and purchased Service Credits from Washington State Retirement by rolling over the IRA. Jan. 28,2016. I realized now (6 months later) that I was not allowed to contribute to the IRA because I was retiring and did not have earned income in Jan. 2016. How do I remove the excess so that I do not have a 6% penalty "until the mistake is corrected"?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: The IRA was "rolled over" from the Ameritrade Account and that account is now closed. I have talked to both AMeritrade and the Washington State Department of Retirement. The Ameritrade IRA account was closed in February by my request and cannot be reopened. Ameritrade says that there is a form that the State should process called an "excess removal". I have the cash in my Savings account to fixed this myself if I am allowed to do this by IRS rules. Just could not find this on IRS site. Also, would like to avoid taking it from the Washington State Retirement account as it will effect my retirement significantly.

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Lane

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My friend's son has a residence purchased for $950,000 5

My friend's son has a residence purchased for $950,000 5 years ago. The property is worth $2,000,000 today. Rather then sell it and pay capital gains tax, Federal, NYS and NYCJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: his father has offered tp become a 50% owner. Can the father pay $1 for the 50% share? They would then rent the residence. Will the father or son be liable for capital gains tax, at this time, as the 50% was transferred for $1?JA: Is there anything else important you think the Accountant should know?Customer: No.

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Lane

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I putting up a condo as collateral and paying a mortgage tax

I putting up a condo as collateral and paying a mortgage tax on it, When I transfer the collateral to a new lender at some point will I have to pay that tax again, when the amount of the collateral is the same, I have in the mortgage that it is assignable but it s does not say a Cema, is the assignment (not a CEMA) enough to transfer the collateral to a new lender without paying the tax again

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Lane

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Are you familiar with NC Corp State Tax Law? OK - is Pearl

Are you familiar with NC Corp State Tax Law ?JA: No. I'm the Accountant's Assistant.Customer: OK - is Pearl familiarJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I had 3 businesses that I sold between 2005-2007 time frame. All of them went thru an Audit and without the long story, I was not defended well and owed a massive amount of State Tax money between 2003-2006. Business 1, I paid in full, business 2 and 3 have attempted payment plans over the years. In 2014, the State moved my entire amount owed from a business's account to my personal SS number and wrote off any amount owed that was past the 10 year mark. Now everything is past the 10 year mark and last May, the state garnished my income to help reduce the debt faster. Seems to me that everything is past the 10 year, I should be able to get out of this debt.. I realize I owe but this is hard to pay back with interest, penalties, etc.JA: Is there anything else important you think the Accountant should know?Customer: That is main idea

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I received a letter from he IRS telling me I owed $538.00 on

I received a letter from he IRS telling me I owed $538.00 on 14 August2016. I replied by letter mailed 24 August with information as follows: "Due to my poor proof reading skills I entered a wrong Social Security Number on my return. I had called both the Virginia Tax office and the and the IRS after I found the error a day after I had mailed the return and found my error to ask them if I should mail an mended return and was told by both not to send an amended return as it would only confuse the offices. They were notified by pone and I have no record of the call. About two months ago The Virginia Tax office notified me that I owed taxes and I responded by telephone and by letter enclosing my true SSN along with my withholding statement, my Amended tax form and a cop of the front and back of the check for payment due with my return which was cashed but not credited to our account. The matter was closed to my satisfaction by Telephone in a matter of three days.I replied to the IRS in Kansas , MIS with same information to the IRS that provided to Virginia. That letter was mailed on 24 August. On September 15, 2016 I received a notice from the IRSi in Kanss City that I not only owed the $538.36 but it was due on 29 September and if it was not paid by then I would be subject to a federal tax lien proceedings .Iwas on vacation from September 16th to September 23rd and could not call the IRS Kansas City office yesterday due to high call volume an cannot call until Monday the25th.My real question is how can I find out if the ever received my first letter and what is thestatus of their investigation? Should I pay the amount and hope to get the money back if it is resolved n my favor?

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Lane

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An LLC was formed in the State of Florida. Articles of

An LLC was formed in the State of Florida. Articles of Organization read its an LLC . Received the SS-4 letter which states form 1065 is to be filed. The owners of this new LLC are calling themselves gen ptr and not members. Asked for the Operating Agreement and received a Partnership Agreement that they created themselves. Question is for the 1065 question on the partners , are they General Partners or LLC Manager, Limited Partner (I don't think so) or LLC Members? What is the difference

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Lane

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