User talk:Dennis
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== Hi Dennis: you answered my question about the deductibility of trustee commissions on a 706 -- you stated only commissions for prinicpal distribution.. do you mean what will eventually be distributed from the trust? figure the commission on this and then deduct that on the 706?
Thanks!
Ed
Ejmny 17:13, 30 December 2008 (CST)
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50% or 100% of land subject to a step-up in basis.
Dear Dennis:
You commented on a post of mine which is in regard to a step-up in basis for 50% or 100% of some previously inherited land. I do not normally ask a direct question to someone, but you remarked that there might be a possibility of 100% inclusion of the land but your stated that there needs to be a "slight alteration of the fact pattern". Can you clarify your comment? I will be indebted to you for your help. I think the Code is fairly clear on Joint Tenants, but silent on Tenants in Common. In Gallenstein versus the US, the man and wife held title to their property as Joint Tenants with Right of Survivorship. In this case the man had paid for the property with his own money and therefore 100% of the property received a step-up in basis when he died.
Sincerely,
William Alverson User name: wjalverson
RE: 179
Dennis, thanks for being candid in your answer yesterday regarding 179 recapture on property no longer in use. Do you mind if I email you on this? I had my facts wrong due to the manner in which the prior accountant described certain property on 4562. I would really appreciate a chance to run the new question by you....and I'm worried that if I merely post again, you may not see it. If you wouldn't mind, please send an email to cottcpa@gmail.com (that way you won't have to post your email on here).
McMurtry on CSPAN
Dennis: I don't know if you caught Larry McMurtry on CSPAN recently talking about the state of the book. He was giving a short talk at Rice University. It was trenchant, and more than a little sad. I thought several of you here might appreciate it if you didn't catch it on TV. You have to que past Jack Welch to get to him.http://www.c-span.org/Watch/watch.aspx?MediaId=HP-A-14870 Take care. CrowJD 00:35, 17 February 2009 (CST)
Respect
Yeah, respect is one of those things that you sometimes get when you don't expect it, and sometimes can't get when you do expect it. Would it make you feel any better if I said this:
But Dennis, I really don't see how I could respect you any less. ♫
inquiry
Hi Dennis, I've read some of your posts and you seem very knowledgeable. I was wondering whether you do any consulting work or work with Attorneys, insurance agents and/or investment advisors on these issues. If so could you please provide information as to how I might take advantage of these services? Thank you Scott
self created work as pertains to website / domain sale
I read your post from 2007 regarding the sale of a domain name. I have a client with a self-create website which he sold in 2008 for $30K. I have read guidance on 1221 and 1231 and I have a hard time considering the self-created property as a capital asset. The site has generated click thru advertising revenues for him and basically has a bunch of free video games on it.
This TP is a single LLC (Sched C). In your opinion, should I report the income from the sale of the website on the schedule C?
Additionally, he purchased another website for $15K with the hopes of increasing traffic and reselling it in a couple of years. If I interpret things correctly, this is a 197 intangible and would be amortized over 15 years.
I work alone at home and I am desparate with this one. I would be so grateful for your reply.
ammcpa@nc.rr.com
Laynie
