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Recent Transaction questions
What is the holding period Section 754 asset adjusted under
what is the holding period for a Section 754 asset adjusted under Section 743(b) sold by the partnership but allocable to the transferee partner? Does the stepped up portion get a holding period starting with the sale or exchange date of the partnership interest? Does the original basis of the asset continue with its old holding period with respect to the transferee partner?
I was contacted by Travel Marketing World with a buyer weeks
I was contacted by Travel Marketing World with a buyer for 10 weeks of my timeshare in Cabo San Lucas. Money went into an escrow account at Bancomer in Mex. Colonial Title is handeling the closing but so far I have paid $3500 to resister in Mx as a US citizen receiving money for a real estate transaction. Then I paid $3440 for SAT tax which I was told now needed to be paid up front. Now the are requesting $3500 for a S.R.E. Permit. Each time matching money is put into the escrow account to reimburse these fees by the buyer. Are these fees legit I get a statement showing the money in the escrow each time but i am becoming worried
I recently sold my rental property after 25 years. After
I recently sold my rental property after 25 years. After adding back in my depreciation and subtracting capital investments (and closing costs) I had a Long Term gain of $157,000. My wife is currently working at a salary of $52K and I am not working at this time. I have two questions: What is my Federal and State tax liability (I live in MA) for this transaction and two, Do I need to make an estimated payment by Sep 15 2016 or can I wait until Apr 15 2017?Thanks for any insight!
What needs to be included on a c-corporation dissolution
What needs to be included on a c-corporation dissolution plan to the IRS?From IRS form 966: "Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed." I want to file the final corporate tax return for this entity. Thanks.
JD, MBA, CFP, CRPS
I would like to know how to calculate Part V (Distributions
I would like to know how to calculate Part V (Distributions From and Dispositions of Stock of a Section 1291 Fund) of Form 8621 for my situation. I'm a US permanent resident. My 2013 Tax status was non-resident, and 2014 tax status is resident. This question is for Tax year 2014. I bought foreign stocks through a trading account while I was in India. In the year 2014 I sold all those stocks. Let's take a specific stock ABC. I bought several lots of this stock over a period of time, all prior to 2013 but sold them all on the same day in 2014.
I have taken a loan in India to finance my Education and
I have taken a loan in India to finance my Education and paying part of my home in USA. The Loan amount is $ 200,000.00I would like to know what are my legal options of transferring this money from India to USA
Tax advisor and Enrolled Agent
I wish you can help me, I'm working on st-1 form bodyView more tax questions
I wish you can help meJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I'm working on st-1 form for Illinois for auto body business. My client received the check from insurance for 3441 including a tax in amount of 184. There is only this transaction for the whole month (it's a new business). I have a problem with Step*****1 formJA: Is there anything else important you think the Accountant should know?Customer: my client told me that he needs to pay the whole tax amount 184. I would like to make sure if this is correct.