User talk:Brokehouse
From TaxAlmanac
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TaxAlmanac
Hi, welcome to TaxAlmanac, the online research resource and community for tax professionals.
As you're not a tax pro, your question could theoretically end up being moved to the Consumer Questions Discussion Forum (right now it's in the pro tax forum - which is intended to be used only by tax pros interacting with other tax pros to resolve client issues), but tax pros need lawyers now and then (and vice versa, clearly!) so let's call it professional courtesy and keep your discussion in the pro forum for now. It would be helpful if you would update your user profile to indicate that you're a lawyer, perhaps adding something about your level of experience and general practice areas (go to your user page via the link just above, click edit, and replace the boilerplate with your own info).
In any case, the general advice we often give to non-tax-pros applies equally to the situation you describe in your question - you're ultimately going to need to engage a more local tax pro who can get familiar with the entire situation in order to accurately advise you, and maybe even testify. Here's a link to our standard info on How to find a local Tax Professional; to the extent the search links provided therein allow you to search on specialty, look for business valuation and/or forensic accounting specialties - in addition to individual and corporate tax expertise, obviously - as those are often people skilled in figuring out what happened and why, and also in preparing for trial and testifying. You might also do a separate search for forensic accounting groups in your area. You really need that expertise on your legal team.
Most answers you get here are going to be necessarily vague - we can't possibly understand the entire situation, and also our members are aware that simplistic answers to questions that may be more complicated than the asker even realizes can be more dangerous than helpful to non-tax-pros.
You are, of course, welcome to use the yellow search box (upper left corner of screen) to look for info that might be helpful to you in better understanding the issues you face. For example - to read the Internal Revenue Code section that KatieJ referred to, put "Sec. 469" into the search box and click "Go."
Trillium 12:51, 5 July 2009 (CDT)
Link to IRC Sec. 469
Let's see if this works: Sec. 469. Passive activity losses and credits limited
Oh, good; it does. KatieJ 22:45, 6 July 2009 (CDT)
