User talk:Chase

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Contents

email Capability

Let me know if you don't receive the email confirmation and I will do what I can to help you.

- Tim Doyle, TaxAlmanac Moderator 12:42, 12 June 2006 (CDT)

Excel Document

Send it to taxalmanac@intuit.com and I'll take a look.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 11:44, 20 October 2006 (CDT)

Your Document

Chase:

Take a look at User:Chase/Document. You can then link to that page in your discussion if you feel this is appropriate.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 14:15, 20 October 2006 (CDT)

How to link your document

It's actually pretty easy.

  1. Go to the page that I sent you (click the link in my comment above).
  2. Review the information. If you're ok with it, then proceed.
  3. Highlight the title of the page "User:Chase/Document" and copy it into your buffer (Press Ctrl-C, right click and select copy, or select Edit - Copy from the pulldown menu of your browser)
  4. Go to your discussion where you want to add the link. Paste the title of the page you want to link to (press Ctrl-V, right click and select paste, or select Edit - Paste from the pulldown menu of your browser).
  5. Add two square brackets before and after the title, with no spaces between them and your title, like this "[[User:Chase/Document]]".
  6. Add the rest of your comment and save as normal.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 15:06, 20 October 2006 (CDT)

Partner Sale

Hi Chase - Did not want to keep beating a dead horse on the board. I still tend with the literalness of Regs. on your original computation. However, if you find a source to the contrary, would appreciate you posting it on the board because of all the interest this seems to have generated. Thanks.

--Solomon 08:32, 22 October 2006 (CDT)

BNA Article

Thanks Chase. My email address is bob1935@toast.net

--Solomon 18:43, 22 October 2006 (CDT)

351 Exchange

Good morning,

 I just want some clarification on the 351 transfer of assets & notes payable from a Sch. C to an S-Corp.  Situation is this:  Trucks & equipment NBV are around 200,000, loans are around 100,000.  Some of the trucks are fully depreciated, but still carry notes.  (Don't ask how/why-previous tax preparer deducted mileage AND actual expenses!!!.)
 I believe I transfer the assets at lesser of FMV or book, & transfer the notes at principal balance.  But do I do it in total?  That is, on the eqpt that's fully depreciated, the taxpayer is transferring zero basis, and being relieved of a liability.  Is this "gain" taxable?  When I read Sec. 357(c)(3), concerning liabilites assumed, I am a bit confused.  When I transfer these notes, they do not create/increase an asset.  Give rise to interest expense only. Therefore we leave the N/P's out of the equation?????  I'm confused.
  Also, an unrelated question.  If the Sch. C "rented" the equipment/trucks to another C-Corp, would this be SE Taxable?  It appears to me this is the rental of personal property.............


Thanks so much for any reply.

Pam Papp k10smartax@prodigy.net

Personal Auto Use in Partnership

Hi Chase,

I was wondering if you ever found authority on how to correctly record personal auto usage on the partnership return? This was a topic being discussed 3 or 4 weeks ago I think.

Thanks

William Price, EA | Portland, OR - Talk to me

1099 Treatment

Ok yeah, that makes sense to me, reporting the personal usage through 1099, not adjusting the GP payments and effecting the Schedule K. I wonder about the no SE tax though. If this was an s-corp wouldn't the personal use percent be included in wages and FICA assessed? I know there are difference between partnerships and corps but I lean towards SE...


William Price, EA | Portland, OR - Talk to me

Happy New Year

...and happy new year to you!

Will

Personal Usage of Partnership Auto

Chase,

As you know I haven't filed one with this issue before, but with that being said, I would record it as you are describing it. It is the conservative approach as I see it, the Fed is getting all that could be owed on the benefit.

I don't recall us discussing this but I am assuming the personal use percent is less than 50%. If it was 50% or greater I think we have other issues but not necessarily at the partner level.

I think you're golden. And hopefully about ready to clear the log-jam these partnerships can make in a one man office!


Will

Partner Sale of Interests in Apartment Building

Hi Chase - I was rereading the lengthy discussion a few months go regarding your client that sold his interests in an apartment building. When you have time, would you please let me know the forms used in the tax return to report this transaction? For example, 4797, Sch D, etc. I will have something similar to that but mine will be sold on an installment sale and the 1250 depreciation will be greater for the first two years than capital gain because the 1250 has to be used up first. Thanks.

--Solomon 20:18, 28 January 2007 (CST)

Getting back to you --

Hi Solomon:

Hope you are doing well these days. I'll go through the return and get back to you with regards to what I did -- don't remember off the top of my head.

Leyla

Your Message

I saw the message that you left for Solomon here.

This page is basically where others can leave you personal messages. Other people will rarely see what is added here, so you should probably write to Solomon on his talk page at User talk:Solomon.

Let me know if I can be of any further help.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 10:33, 29 January 2007 (CST)

Forms Used

Leyla -

Because mine will be an installment sale, I planned to use of course Form 6252, the 1250 worksheet to enter the 1250 depreciation, and of course Sch D. Did not know if partner sale of interests had to go on Form 4797. Did not think so but not sure.

--Solomon 17:32, 29 January 2007 (CST)

Bob

Membership fees 501(c)(3)

Chase, are you referring to the discussion from November regarding the Marketing Association? You mention the fees are for participation in forums. Are the fees paid by members only? Or nonmembers as well? If they are paid by nonmembers, then perhaps the revenue is program service revenue. Are there any other benefits provided in exchange for the membership fees? What is the annual fee? Since this is a 501(c)(3) organization, I think it is highly likely that these fees are not UBI.Natalie 01:10, 1 February 2007 (CST)Natatlie

Mbr. fees cont.

The magazine of choice? Are they related to business? How much are the fees? So, a member pays the annual fees and is able to attend the forums for free? It's starting to sound like these fees would be reported on line 3 and not counted as public support.Natalie 17:54, 1 February 2007 (CST)Natalie

What is the mission of the org? I would imagine it is something along the lines to "educate" its members. If that is the case, then you don't need an exclusion code. The fees are related to the mission, i.e., exempt purpose, of the organization. Education through forums, education through the magazine, etc. You might want to take a look at some 990s that have actually been filed to see how they report dues. You'll need to register at Guidestar.org. Then do a search for "museums" or any other organization that typically has dues.Natalie 18:28, 1 February 2007 (CST)Natalie

Yes, I would say that col. E is the place to report these dues. The way they are deducted by businesses or individuals does not impact the way they are reported on the 990. If the members are business owners, I would guess that they are deducting them as business expenses. They would not be allowed to deduct them as charitable contributions because they are getting something in exchange for their money, and it sounds like the exchange is fair value.

You're welcome!Natalie 00:51, 2 February 2007 (CST)Natalie

Health ins in W2s

I guess I know about this because I have to do it for myself (although I'm sure there is still more to learn about it). First of all, there is no need to withhold on the insurance. It is not like auto fringe benefits in which the net is being grossed up. There is no net check. Second, yes I think it is a bookkeeping type of entry they make. They simply need to add the amount to the regular salary/wages and put the total in Box 1. And as long as the requirements are met, the health insurance is deducted by the owner/employee under adjustments before AGI on the 1040. Natalie 01:24, 21 December 2007 (CST)Natalie


Thank you. And Merry Christmas to you, too!

Hi Chase,

i was wondering about the actual outcome to this post from October 2006. I am looking to buy a business with a similar set-up in that the main asset is the client list. The client list is not going to have value over 15 years. Ideally i would like to do what the buyer was suggesting in this scenario but from your post it sounds like this may not be the correct way to structure the deal. Any insight you can provide on how this deal was finally structured would be very helpful.

Thank you, Swati Nath snath@nath-mds.com


Chase (talk|edits) said: 10 October 2006

I spoke with the Seller's CPA yesterday. His idea is to allocate the purchase price to 1) the tangible assets and 2) the rest to customer list. I wondered why he would want to do this. In my mind, you need to place a value on the customer list perhaps by looking at the revenues it may generate over the next 5 years and then discount the revenues to get to today's dollars. If we do this, the total value of the customer list is far less than the selling price based upon the cap payments using contingent payment rules. In other words, part of the selling price would have to be allocated to Goodwill. Lo and behold, I did my research in RIA this morning and found out why the Seller's CPA is recommeding this approach. One cannot take a loss deduction on the worthlessness of a customer list if ANY other intangibles are retained by the Buyer which were purchased in the same or a series of transactions. By lumping everything into customer list, the Seller is trying to represent that this is the only intangible purchased (which frankly is not the case.) When I asked the other CPA for his precedent for doing the transaction this way, he told me that his approach had held up in audits in the past. That's not the kind of law that I like to rely upon. Thanks everybody for your input!Snath 11:27, 3 January 2008 (CST)

Changed the name of your discussion

Chase –

I changed the name of your FTHB discussion because after you mentioned the new California credit, the discussion got a lot of attention with people wanting to know more about that. I also bolded your text about the Cal credit, to show when the discussion topic changed. Hope that these changes are okay with you – I thought it might narrow down the list of people who open the discussion to those w/interest in Cal taxes. If you’ve got any more info on the Cal credit, or a link, please pop it into that discussion if you wouldn’t mind.

If you want the bolding undone, or the name change undone, let me know – or you can, of course, re-edit your post, or use “move” to change the topic name. Before “moving” – check first to be sure that the name you want to change it to hasn't been used already, since there are 30 or so other FTHB discussions already. If you “move” yours to a name that was already in use, your discussion will overwrite the old one, which could be bad.

Hope my link to the FTHB recap (for federal) was helpful to you in stopping your clients from making a big mistake – we put all that info together to try to help people like you who hadn’t seen a lot of the details yet. I didn’t mean for the tone of my message to set off others who would pile on.

Trillium 10:26, 27 February 2009 (CST)

.

Changing the title of your new discussion

just open up the discussion, click on the "move" tab - toward the right at the top of the page - and type the new title in the box. Just be sure to retain the "Discussion:" flag at the start of the title, or it'll drop out of the forum indexes. In your case, you just need to highlight the second (a) and replace it with (1).

Caution: if someone is posting an answer right when you retitle the discussion, they may lose their post and you have to hope they do it over!

Trillium 12:37, 5 May 2009 (CDT)

You may have heard by now that the Tax Almanac ( www.taxalmanac.org ) web site forum is permanently closing its doors effective June 1. Perhaps you have seen the pink bombshell “Important Service Announcement” when logging in.

Long-time TA user ChrisV2 has volunteered to set up a new website where TA users may continue the discussion. The site is up and running now and has an active base of contributors.

We invite you to take a look www.taxprotalk.com and join your fellow TA refugees.

Frankly

(TA member and new member of TaxProTalk)

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