Discussion:TITLE 26 US CODE
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| 26 January 2007 | |
| cLIENT GOT A NOTICE THAT HE COULD DEDUCT $20,000 AS ORDINARY INCOME THIS YEAR UNDER TITLE 26 US CODE Sec. 165C(2) AS A LOSS FROM TRANSACTION ENTERED INTO FOR PROFIT. APPARENTLY IT COMES FROM A COMPANY THAT HE HAS STOCK IN.HE IS NOT IN BUSINESS.HAS ANYONE HAD ANY EXPERIENCE WITH ABOVE?
JOHNBOY ```` | |
| January 26, 2007 | |
| Where did the notice come from? What was the transaction entered into for profit? We need many more details to know what you're asking. | |
| 26 January 2007 | |
| What type of entity is this?...does he have basis?....need more details. | |
Death&Taxes (talk|edits) said: | 26 January 2007 |
| It's not in Nigeria, is it?
| |
| 26 January 2007 | |
| AT THIS POINT I DONT KNOW WHERE IT COMES FROM.CLIENT CALLED ON PHONE.HE SAID HE WILL RECEIVED ADDITIONAL INFO.I WAS TRYING TO GET A HEAD START.WHEN ADDITIONAL INFO ARRIVES(EVEN FROM NIGERIA)i will know more
johnboy```` | |
| January 26, 2007 | |
| Johnboy - Typing in all capital letters comes across as shouting by the typist. There's no need to shout.... | |
| 26 January 2007 | |
| It goes like this: "Send me $20,000. You can deduct it as a loss on your taxes under Title 26 of the US Code. It will be good for your taxes." That's about the end of it. The client will have gotten nothing, some scam artist will have gotten 20K by telling them "it is allowable in Title 26" which we all know means squat - all income tax code laws are in Title 26. Scam, Scam, Scam. | |
| 27 January 2007 | |
| That's pretty funny, actually. I could be legit, especially if some self-important lawyer or " accacomedian" wrote the letter. Title 26 USC is the Internal Revenue Code! And the Sec. 165 is deduction of many different types of losses. -- Larry Hess, CPA, Albuquerque, NM - Talk to me | |
Bottom Line (talk|edits) said: | 27 January 2007 |
| I usually get the client to fax me letters they get. Much easier than trying to guess what they received through their translation of the letter. | |
| 27 January 2007 | |
| Not to mention their excitement as they read so fast that what they're saying is incomprehensible. -- Larry Hess, CPA, Albuquerque, NM - Talk to me | |
Rgtaxservice (talk|edits) said: | 27 January 2007 |
| And that excitement is after the initial shock of getting a letter from the IRS. I always tell my clients not to fret if they ever recieve a letter from them.
| |
| 27 January 2007 | |
| RG very funny :) I had a client come in the other day with a unopened letter from the IRS. The look on his face was as if he had a BOMB in his hands. I laughed so hard he actually was scared to open it. I almost had to force him to open it by holding his hand with the letter opener to get him to touch the thing. | |
| 12 April 2007 | |
| This sounds like the ETS Payphone bankruptsy. Taxpayers are allowed to deduct the loss in 2003. Under 165C(2) loss should be allowed as itemized ded subject to 2% limit. Liberty Tax Service deducts it not subject to 2% as theft loss of income producing property. | |
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