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  • Discussion:S-Corp owner gifts business to son.
    727 B (118 words) - 18:41, 22 February 2008
  • Discussion:1099 for Business Gifts?
    …rts in learning about client's new products. Is the value a non-deductible business gift? If so, is a 1099 required? }} … gives gifts to big clients, and actually has no intent of deducting those gifts on his return, it makes no sense to me why he should have to send each of …
    6 KB (995 words) - 00:07, 4 June 2008
  • Discussion:Treatment of business gifts in excess of $25
    … for a job well done. Obviously, the client cannot take the full $215 as a business deduction, only $25, based on it being a "gift." So, how does the $190 ge… …sses don't give "gifts" to subcontractors, just like employers don't give "gifts" to employees. This sure looks like taxable income the the subKer, and fu…
    3 KB (479 words) - 21:45, 16 November 2010

Article content matches

  • Ask or Answer a Tax Question Archive
    sale of business assets …employer for his work. The taxpayer never works at his employer's place of business. Can taxpayer take auto expense? Can taxpyer take office in home expense's…
    135 KB (22790 words) - 19:56, 16 November 2005
  • Internal Revenue Code:Sec. 1. Tax imposed
    (3) Small business stock.--The amendments made by subsection unrelated business income of certain exempt organizations under
    183 KB (23724 words) - 21:57, 23 June 2009
  • Internal Revenue Code:Sec. 1221. Capital asset defined
    trade or business), but does not include - course of his trade or business;
    13 KB (1732 words) - 18:51, 1 June 2007
  • Internal Revenue Code:Sec. 1245. Gain from dispositions of certain depreciable property
    (1) Gifts used in unrelated business
    33 KB (4557 words) - 16:12, 22 May 2007
  • Internal Revenue Code:Sec. 1246. Gain on foreign investment company stock - REPEALED effective after 12/31/2004
    in the business of investing, reinvesting, or trading in - dying, gifts made, or generation skipping transfers, after Dec. 31,
    18 KB (2485 words) - 14:34, 18 August 2006
  • Internal Revenue Code:Sec. 1250. Gain from dispositions of certain depreciable realty
    (1) Gifts used in unrelated business
    55 KB (7755 words) - 14:34, 18 August 2006
  • Internal Revenue Code:Sec. 162. Trade or business expenses
    Sec. 162. Trade or business expenses carrying on any trade or business, including -
    87 KB (12290 words) - 14:36, 18 August 2006
  • Internal Revenue Code:Sec. 170. Charitable, etc., contributions and gifts
    Sec. 170. Charitable, etc., contributions and gifts used in the trade or business (as defined in section 1231(b))
    235 KB (29643 words) - 20:31, 25 June 2009
  • Internal Revenue Code:Sec. 2031. Definition of gross estate
    of business which are listed on an exchange. dying, gifts made, or generation skipping transfers, after Dec. 31,
    17 KB (2340 words) - 14:36, 18 August 2006
  • Internal Revenue Code:Sec. 2032A. Valuation of certain farm, etc., real property
    or other business, and (B) use in a trade or business other than the trade or
    59 KB (8401 words) - 14:36, 18 August 2006
  • Internal Revenue Code:Sec. 2035. Adjustments for certain gifts made within 3 years of decedent's death
    Sec. 2035. Adjustments for certain gifts made within 3 years of (b) Inclusion of gift tax on gifts made during 3 years before
    10 KB (1421 words) - 14:36, 18 August 2006
  • Internal Revenue Code:Sec. 2057. Family-owned business interests
    Sec. 2057. Family-owned business interests family-owned business interests of the decedent which are
    26 KB (3542 words) - 14:37, 18 August 2006
  • Internal Revenue Code:Sec. 2106. Taxable estate
    only if such contributions or gifts are to be used within the (iii) For treatment of gifts and bequests to or for the use
    17 KB (2363 words) - 14:37, 18 August 2006
  • Internal Revenue Code:Sec. 2501. Imposition of tax
    estate tax valuation freezes as gifts to which this chapter States and who was not engaged in business in the United States
    15 KB (2037 words) - 14:37, 18 August 2006
  • Internal Revenue Code:Sec. 274. Disallowance of certain entertainment, etc., expenses
    preceding or following a substantial and bona fide business discussion (including business meetings at a convention or
    63 KB (8748 words) - 14:38, 18 August 2006
  • Internal Revenue Code:Sec. 469. Passive activity losses and credits limited
    (A) which involves the conduct of any trade or business, and (5) Trade or business includes research and experimentation
    58 KB (8236 words) - 14:41, 18 August 2006
  • Internal Revenue Code:Sec. 4943. Taxes on excess business holdings
    Sec. 4943. Taxes on excess business holdings There is hereby imposed on the excess business holdings of any
    41 KB (5249 words) - 19:51, 7 May 2007
  • Internal Revenue Code:Sec. 4947. Application of taxes to certain nonexempt trusts
    business holdings) except as provided in subsection (b)(3), dying, gifts made, or generation skipping transfers after Dec. 31,
    7 KB (935 words) - 14:46, 18 August 2006
  • Internal Revenue Code:Sec. 501. Exemption from tax on corporations, certain trusts, etc
    (b) Tax on unrelated business income and certain other activities (6) Business leagues, chambers of commerce, real-estate boards,
    150 KB (19487 words) - 16:19, 4 May 2007
  • Internal Revenue Code:Sec. 502. Feeder organizations
    trade or business for profit shall not be exempt from taxation For purposes of this section, the term ''trade or business''
    2 KB (282 words) - 14:46, 18 August 2006
  • Internal Revenue Code:Sec. 509. Private foundation defined
    (i) gifts, grants, contributions, or membership fees, and activity which is not an unrelated trade or business (within
    23 KB (2804 words) - 19:36, 7 May 2007
  • Internal Revenue Code:Sec. 512. Unrelated business taxable income
    PART III - TAXATION OF BUSINESS INCOME OF CERTAIN EXEMPT Sec. 512. Unrelated business taxable income
    86 KB (10843 words) - 16:30, 2 May 2007
  • Internal Revenue Code:Sec. 513. Unrelated trade or business
    PART III - TAXATION OF BUSINESS INCOME OF CERTAIN EXEMPT Sec. 513. Unrelated trade or business
    25 KB (3396 words) - 16:21, 4 May 2007
  • Internal Revenue Code:Sec. 6033. Returns by exempt organizations
    (5) the total of the contributions and gifts received by it within the meaning of section 4946) of 1 or more charitable gifts
    42 KB (5553 words) - 20:04, 7 May 2007
  • Internal Revenue Code:Sec. 61. Gross income defined
    (2) Gross income derived from business; NO GAIN RECOGNIZED FROM NET GIFTS MADE BEFORE MARCH 4, 1981
    17 KB (2360 words) - 14:50, 18 August 2006
  • Internal Revenue Code:Sec. 6166. Extension of time for payment of estate tax where estate consists largely of interest in closely held business
    consists largely of interest in closely held business If the value of an interest in a closely held business which is
    42 KB (5987 words) - 14:50, 18 August 2006
  • Internal Revenue Code:Sec. 642. Special rules for credits and deductions
    for charitable, etc., contributions and gifts) any amount of the shall be subject to section 681 (relating to unrelated business
    29 KB (4153 words) - 14:52, 18 August 2006
  • Internal Revenue Code:Sec. 6501. Limitations on assessment and collection
    (9) Gift tax on certain gifts not shown on return taxable gifts required under section 2701(d) which) is required
    66 KB (9792 words) - 18:01, 6 May 2010
  • Internal Revenue Code:Sec. 6511. Limitations on credit or refund
    means any business carryback under section 39. substituted ''business carryback under section 39 and any research
    51 KB (7491 words) - 14:52, 18 August 2006
  • Internal Revenue Code:Sec. 6601. Interest on underpayment, nonpayment, or extensions of time for payment, of tax
    the date of notice and demand therefor (10 business days if the such amount is paid within 21 calendar days (10 business days if
    44 KB (6427 words) - 14:52, 18 August 2006
  • Internal Revenue Code:Sec. 67. 2-percent floor on miscellaneous itemized deductions
    etc., contributions and gifts) and section 642(c) (relating to (relating to trade or business expenses).
    13 KB (1700 words) - 14:53, 18 August 2006
  • Internal Revenue Code:Sec. 7701. Definitions
    by means of which any business, financial operation, or venture (B) the business of which consists principally of acquiring
    126 KB (17535 words) - 18:20, 22 September 2010
  • Internal Revenue Code:Sec. 7801. Authority of Department of the Treasury
    Service employee during normal business hours. The person shall ''(6) Gifts. - The Commission may accept, use, and dispose of
    53 KB (7471 words) - 14:55, 18 August 2006
  • Internal Revenue Code:Sec. 873. Deductions
    conduct of a trade or business within the United States; and the conduct of a trade or business within the United States:
    6 KB (865 words) - 14:56, 18 August 2006
  • Internal Revenue Code:Sec. 882. Tax on income of foreign corporations connected with United States business
    United States business A foreign corporation engaged in trade or business within the
    14 KB (1931 words) - 14:56, 18 August 2006
  • Internal Revenue Code - Subtitle A - Index
    ::::Subpart D - Business Related Credits …:[[Internal Revenue Code:Sec. 38. General business credit|Sec. 38. General business credit]]
    143 KB (18161 words) - 21:33, 18 June 2009
  • Internal Revenue Code - Subtitle F - Index
    …c. 6038C. Information with respect to foreign corporations engaged in U.S. business]] …e of large gifts received from foreign persons|Sec. 6039F. Notice of large gifts received from foreign persons]]
    91 KB (11646 words) - 21:35, 24 June 2009
  • Internal Revenue Code - Subtitle B - Index
    …made within 3 years of decedent's death|Sec. 2035. Adjustments for certain gifts made within 3 years of decedent's death]] …ue Code:Sec. 2057. Family-owned business interests|Sec. 2057. Family-owned business interests]]
    13 KB (1699 words) - 14:17, 19 August 2006
  • Treasury Regulations, Subchapter A, Sec. 1.1011-2
    …[$6,000 &minus; ($4,000 adjusted basis of property &times; $6,000 value of gifts / $10,000 value of property)]).</font></p> …payer, sells to a church for $4,000 tangible personal property used in his business for more than 6 months which has an adjusted basis of $4,000 and a fair ma…
    18 KB (2762 words) - 06:12, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1015-5
    <p> (a) <I>General rule in the case of gifts made on or before December 31, 1976.</I> (1)(i) Subject to the conditions … &nbsp;&nbsp;In 1938, A purchased a business building at a cost of $120,000. On September 2, 1958, at which time the pr…
    26 KB (3939 words) - 06:17, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1245-2
    …e machine to his son as a gift on January 1, 1968. Since the exception for gifts in section 1245(b)(1) applies, Jones does not recognize gain under section… …preciation or amortization allowed or allowable (i) in computing unrelated business taxable income (as defined in section 512(a), or (ii) in computing taxable…
    24 KB (3706 words) - 07:07, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1250-2
    … building to his son as a gift on January 1, 1968. Since the exception for gifts in section 1250(d)(1) applies, the taxpayer does not recognize gain under … …l include only adjustments allowed or allowable (i) in computing unrelated business taxable income (as defined in section 512(a)), or (ii) in computing taxabl…
    32 KB (4616 words) - 07:14, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1250-3
    <p> (a) <I>'''Exception for gifts'''</I>&mdash;(1) <I>General rule.</I> Section 1250(d)(1) provides that no … …subject to the allowance for depreciation as property used in his trade or business, then, by reason of the application of section 1250(d)(7)(A), section 1250…
    83 KB (12357 words) - 04:30, 5 December 2009
  • Treasury Regulations, Subchapter A, Sec. 1.1251-2
    …raph (e) of this section in the case of certain corporate transactions and gifts) all entries (including the entries prescribed by paragraph (f) of this se… …ransaction to which section 1251(d) (1) or (2) (relating to exceptions for gifts and transfers at death) applies, then the excess deductions account balanc…
    86 KB (10916 words) - 21:30, 18 June 2010
  • Treasury Regulations, Subchapter A, Sec. 1.1251-4
    <p> (a) <I>Exception for gifts</I>&mdash;(1) <I>General rule.</I> Section 1251(d)(1) provides that no gai… …in to which section 1245 applies as gross income derived from the trade or business of farming). The amount of gain recognized as ordinary income under sectio…
    27 KB (4002 words) - 07:17, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1254-2
    <p> (a) <I>Exception for gifts and section 1041 transfers</I>&mdash;(1) <I>General rule.</I> No gain is r… …eption of this paragraph (c)(2) ceases to be used in an unrelated trade or business of the organization acquiring the property, that organization is, for purp…
    10 KB (1600 words) - 07:18, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1254-4
    <p> (4) <I>Gifts and section 1041 transfers.</I> If stock is acquired in a transfer that is… … has section 1254 costs with respect to the property of $60,000. For valid business reasons, X merges into Y, an S corporation with one shareholder, B, in a r…
    25 KB (4111 words) - 07:19, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.1361-1
    <p> (1) The term <I>S corporation</I> means a small business corporation (as defined in paragraph (b) of this section) for which an ele… …S, chapter 1 of the Code and the regulations thereunder, the term <I>small business corporation</I> means a domestic corporation that is not an ineligible cor…
    126 KB (21777 words) - 21:04, 11 June 2010
  • Treasury Regulations, Subchapter B, Part 20 - Index
    … Subchapter B, Sec. 20.2001-1|Sec. 20.2001-1 Valuation of adjusted taxable gifts and section 2701(d) taxable events]] … participation requirements for valuation of certain farm and closely-held business real property]]
    22 KB (2791 words) - 17:37, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.6015-3
    …ay include, but are not limited to, absence due to incarceration, illness, business, vacation, military service, or education. </p> … plumbing business but did not know whether H received any income from the business. W's election to allocate to H the deficiency attributable to the $30,000 …
    44 KB (7075 words) - 12:48, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.6033-1
    …ts, <I>(c)</I> gross sales or receipts from business activities (including business activities unrelated to the purpose for which the organization received an… …oss income includes tax-exempt income, but does not include contributions, gifts, grants, and similar amounts received. Whether or not an item constitutes …
    22 KB (3627 words) - 12:57, 10 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.6033-2
    …g the cost of goods sold from all receipts other than gross contributions, gifts, grants, and similar amounts received and nonincludible dues and assessmen… <p> <I>(f)</I> The total of the contributions, gifts, grants and similar amounts received by it during the taxable year, and th…
    36 KB (5689 words) - 12:57, 10 May 2005
  • Treasury Regulations, Subchapter D, Part 53 - Index
    … Regulations, Subchapter D, Part 53, Subpart D|Subpart D - Taxes on Excess Business Holdings]] …s, Subchapter D, Sec. 53.4943-2|Sec. 53.4943-2 Imposition of tax on excess business holdings of private foundations]]
    9 KB (1163 words) - 17:35, 10 May 2005
  • Treasury Regulations, Subchapter A, Part 1, Sections 1.61-1.169 - Index
    …gulations, Subchapter A, Sec. 1.61-3|Sec. 1.61-3 Gross income derived from business]] :::[[Treasury Regulations, Subchapter A, Sec. 1.102-1|Sec. 1.102-1 Gifts and inheritances]]
    45 KB (5881 words) - 17:39, 10 May 2005
  • Treasury Regulations, Subchapter A, Part 1, Sections 1.170-1.300 - Index
    …ubchapter A, Sec. 1.170-1|Sec. 1.170-1 Charitable, etc., contributions and gifts; allowance of deduction (before amendment by Tax Reform Act of 1969)]] …sury Regulations, Subchapter A, Sec. 1.170-3|Sec. 1.170-3 Contributions or gifts by corporations (before amendment by Tax Reform Act of 1969)]]
    29 KB (3723 words) - 16:24, 11 February 2007
  • Treasury Regulations, Subchapter A, Part 1, Sections 1.501-1.640 - Index
    …[Treasury Regulations, Subchapter A, Sec. 1.501(c)(6)-1|Sec. 1.501(c)(6)-1 Business leagues, chambers of commerce, real estate boards, and boards of trade]] …503(e)-4|Sec. 1.503(e)-4 Disallowance of charitable deductions for certain gifts made before January 1, 1970]]
    36 KB (4584 words) - 17:40, 10 May 2005
  • Treasury Regulations, Subchapter A, Part 1, Sections 1.641-1.850 - Index
    … Regulations, Subchapter A, Sec. 1.641(c)-1|Sec. 1.641(c)-1 Electing small business trust]] …. 1.663(a)-1 Special rules applicable to sections 661 and 662; exclusions; gifts, bequests, etc]]
    49 KB (6451 words) - 17:40, 10 May 2005
  • Treasury Regulations, Subchapter F, Sec. 301.6501(c)-1
    <p> (e) <I>Gifts subject to chapter 14 of the Internal Revenue Code not adequately disclose… <p> (f) <I>Gifts made after December 31, 1996, not adequately disclosed on the return&mdash…
    22 KB (3693 words) - 18:25, 10 May 2005
  • Treasury Regulations, Subchapter F, Sec. 301.6501(e)-1
    …aragraph, the term &ldquo;gross income&rdquo;, as it relates to a trade or business, means the total of the amounts received or accrued from the sale of goods… …s estate as stated in the return, or 25 percent of the total amount of the gifts as stated in the return, the tax may be assessed, or a proceeding in court…
    8 KB (1382 words) - 18:12, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2501-1
    …sident not a citizen of the United States, unless the donor was engaged in business in the United States during the calendar year in which the transfer was ma… …ident not a citizen of the United States (whether or not he was engaged in business in the United States), unless the donor is an expatriate who lost his U.S.…
    12 KB (2036 words) - 21:46, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2511-1
    …he gift was made before January 1, 1967, by a donor who was not engaged in business in the United States during the calendar year in which the gift was made, <p> (c)(1) The gift tax also applies to gifts indirectly made. Thus, any transaction in which an interest in property is…
    15 KB (2714 words) - 21:49, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2511-3
    …by a nonresident not a citizen of the United States who was not engaged in business in the United States during the calendar year in which the gift was made.<… …67, by a nonresident not a citizen of the United States who was engaged in business in the United States during the calendar year in which the gift was made.<…
    6 KB (1050 words) - 21:50, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2512-1
    …nt of an individual's taxable gifts where the individual's current taxable gifts include the transfer of certain interests in trust that were previously va…
    3 KB (508 words) - 21:51, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2512-8
    …ndash;0 through 25.2704&ndash;3 for special rules for valuing transfers of business interests, transfers in trust, and transfers pursuant to options and purch…
    2 KB (281 words) - 21:54, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.2701-2
    …2031&ndash;2(f) and 20.2031&ndash;3 for rules relating to the valuation of business interests generally.</p> … not made as provided in the election, the individual's subsequent taxable gifts or taxable estate will, upon the occurrence of a taxable event (as defined…
    19 KB (3200 words) - 22:13, 10 May 2005
  • Treasury Regulations, Subchapter B, Sec. 25.6019-4
    … corporation, and, if the stock is unlisted, the location of the principal business office, the State in which incorporated and the date of incorporation, or …
    3 KB (488 words) - 22:22, 10 May 2005
  • Treasury Regulations, Subchapter C, Sec. 31.3401(a)-1
    … other than cash for services not in the course of the employer's trade or business, and &sect;31.3401(a)(16)&ndash;1, relating to the exclusion from wages of… …, the employer, during the month. A leaves the employ of R at the close of business on January 31, 1955. On February 15, 1955 (when A is no longer an employee…
    28 KB (4611 words) - 23:45, 10 May 2005
  • Treasury Regulations, Subchapter D, Sec. 53.4941(d)-3
    …;&nbsp;C, a manager of private foundation X, owns an investment counseling business. Acting in his capacity as an investment counselor, C manages X's investme… …to, any government official, if the aggregate value of such contributions, gifts, services, and facilities does not exceed $25 during any calendar year;</p…
    16 KB (2587 words) - 03:34, 11 May 2005
  • Treasury Regulations, Subchapter D, Sec. 53.4942(a)-2
    <p> <I>(d)</I> Any interest in a functionally related business (as defined in subdivision (iii) of this subparagraph) or in a program-rel… …ed business&mdash;(a) In general.</I> The term &ldquo;functionally related business&rdquo; means:</p>
    54 KB (8726 words) - 03:37, 11 May 2005
  • Treasury Regulations, Subchapter D, Sec. 53.4942(b)-1
    …rough their advice and assistance to the nonprofit organizations and small business enterprises); and (5) M makes grants to other social scientists who study … …ffice in that area to another poverty area. Under these circumstances, the gifts of food and clothing made by T constitute qualifying distributions made di…
    22 KB (3453 words) - 03:38, 11 May 2005
  • Treasury Regulations, Subchapter D, Sec. 53.4943-4
    …nt the foundation from purchasing any additional business holdings in such business enterprise during such period (unless the combined holdings of the foundat… …f combined holdings of the foundation and all disqualified persons in such business enterprise on May 26, 1969 (subject to a 50 percent maximum), and</p>
    57 KB (9193 words) - 03:41, 11 May 2005
  • Treasury Regulations, Subchapter D, Sec. 53.4943-6
    Sec. 53.4943-6 Five-year period to dispose of gifts, bequests, etc …have excess business holdings as a result of a change in the holdings in a business enterprise after May 26, 1969 (other than by purchase by such private foun…
    24 KB (3869 words) - 03:42, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.67-1T
    …s, union or professional dues, professional uniforms, job hunting, and the business use of the employee's home.</p> … The deduction under section 170 (relating to charitable contributions and gifts),</p>
    9 KB (1260 words) - 04:54, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.132-6
    …pying machine so that at least 85 percent of the use of the machine is for business purposes, any personal use of the copying machine by particular employees … …oyee would not have had such special security design but for the bona fide business-oriented security concern.</p>
    13 KB (2184 words) - 05:46, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.132-6T
    …pying machine so that at least 85 percent of the use of the machine is for business purposes, any personal use the copying machine by particular employees is … …ail parties or picnics for employees and their guests; traditional holiday gifts of property (not cash) with a low fair market value; occasional theatre or…
    6 KB (981 words) - 05:46, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.148-6
    …ar in which that date occurs. All values are determined as of the close of business on each determination date, after giving effect to all payments on bonds a… <p> (<I>1</I>) The fund is derived from gifts or bequests, or the income thereon, that were neither made nor reasonably …
    25 KB (4133 words) - 11:47, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.162-15
    …rvices and facilities for the company's employees are not contributions or gifts within the meaning of section 170 and may be deductible under section 162(… …ate with the amount of the donation may constitute allowable deductions as business expenses, provided the donation is not made for a purpose for which a dedu…
    3 KB (426 words) - 13:01, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.170-1
    Sec. 1.170-1 Charitable, etc., contributions and gifts; allowance of deduction (before amendment by Tax Reform Act of 1969) …the amount of the transfer may constitute allowable deductions as trade or business expenses rather than as charitable contributions. See section 162 and the …
    31 KB (4966 words) - 14:10, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.170-2
    …on, which acts simply as a fund-raising or collection agency through which gifts may be made currently to the institution, is a gift to the educational org… …universities.</I> (a) For taxable years beginning after December 31, 1960, gifts made to an organization referred to in section 503(b)(3) organized and ope…
    105 KB (15308 words) - 14:11, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.170A-1
    Sec. 1.170A-1 Charitable, etc., contributions and gifts; allowance of deduction …s made in property of a type which the taxpayer sells in the course of his business, the fair market value is the price which the taxpayer would have received…
    26 KB (4237 words) - 14:12, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.170A-9
    …onsisted of $5,000 in small contributions primarily from X's employees and business associates. The $500,000 amount constitutes support under section 509(d)(2… …ys which call attention to the community trust as a potential recipient of gifts and berquests made for the benefit of the community or area served. A comm…
    160 KB (25089 words) - 14:16, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.174-2
    …74, means expenditures incurred in connection with the taxpayer's trade or business which represent research and development costs in the experimental or labo… …property, and includes products to be used by the taxpayer in its trade or business as well as products to be held for sale, lease, or license. </p>
    10 KB (1575 words) - 14:26, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.262-1
    …s as is properly attributable to such place of business is deductible as a business expense. </p> …ing to moving expenses). The taxpayer's costs of commuting to his place of business or employment are personal expenses and do not qualify as deductible expen…
    5 KB (805 words) - 15:03, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-1
    …el, see &sect;1.274&ndash;4; for expenditures deductible without regard to business activity, see &sect;1.274&ndash;6; and for treatment of personal portion o…
    2 KB (286 words) - 15:38, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-2
    …ture was directly related to the active conduct of the taxpayer's trade or business, or </p> …enditure was associated with the active conduct of the taxpayer's trade or business.</p>
    53 KB (8532 words) - 15:39, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-3
    Sec. 1.274-3 Disallowance of deduction for gifts …extent that such expense, when added to prior expenses of the taxpayer for gifts made to such individual during the taxpayer's taxable year, exceeds $25. <…
    11 KB (1938 words) - 15:39, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-5
    …iture without other evidence showing that the check was used for a certain business purpose. </p> …substantiation of expenses of certain employees for travel, entertainment, gifts, and with respect to listed property&mdash;</I>(1) through (3) [Reserved].…
    9 KB (1412 words) - 15:39, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-5T
    <p> (3) Gifts defined in section 274(b), or</p> …n for each trip away from home, and number of days away from home spent on business;</p>
    54 KB (8913 words) - 15:40, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.274-5A
    <p> (3) Gifts defined in section 274, unless the taxpayer substantiates such expenditure… <p> (iii) Business purpose; and </p>
    36 KB (5638 words) - 15:52, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.351-1
    …roportion and then some of such stock and securities had been used to make gifts (section 2501 and following), to pay compensation (section 61(a)(1)), or t… …to A (such services having no relation to the assets transferred or to the business of the corporation) and the disproportion in the amount of stock received …
    14 KB (2237 words) - 16:30, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.401(k)-1
    …e of business, only those employees within each qualified separate line of business may be taken into account in determining whether each disaggregated portio… …st be applied on an employer-wide rather than a qualified separate line of business basis.
    81 KB (12894 words) - 00:23, 20 October 2009
  • Treasury Regulations, Subchapter A, Sec. 1.467-7
    <p> (c) <I>Special rules</I>&mdash;(1) <I>Gifts.</I> Paragraph (a) of this section does not apply to a disposition by gift… … first disposition, shall be included in the tax-exempt entity's unrelated business taxable income. To the extent that the tax-exempt entity ceases to use the…
    75 KB (9915 words) - 20:13, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.501(e)-1
    …produced in the processing of x-ray film) will not be considered unrelated business taxable income. See, section 513(a)(2) and &sect;1.513&ndash;1(d)(4)(ii). … … organization (whether organized on a stock or membership basis) transacts business with patron-hospitals which do not have voting rights in the organization …
    12 KB (1867 words) - 21:17, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.502-1
    …mstances must be considered, including the size and extent of the trade or business and the size and extent of those activities of such organization which are… … them, it is not exempt since such business would be an unrelated trade or business if regularly carried on by any one of the tax-exempt organizations. For pu…
    5 KB (772 words) - 21:19, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.507-2
    …bed in paragraph (a)(8)(i)(D) or (ii) of this section, but with respect to gifts or bequests acquired before January 1, 1982, the public charity changes it… …)(1)(B), the organization receives more than one-third of its support from gifts, grants, contributions, membership fees, and gross receipts from related a…
    64 KB (10279 words) - 21:25, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.508-3
    …of self-dealing (as defined in section 4941(d)), from retaining any excess business holdings (as defined in section 4943(c)), from making any investments in s… … shall be deemed only to prohibit the foundation from retaining any excess business holdings when such holdings would subject the foundation to tax under sect…
    18 KB (2801 words) - 21:29, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.509(a)-3
    <p> (i) Gifts, grants, contributions, or membership fees, and</p> …urnishing of facilities, in an activity which is not an unrelated trade or business (within the meaning of section 513), subject to certain limitations descri…
    87 KB (13729 words) - 21:31, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.509(a)-4
    …ities, such as solicitations, fund raising dinners, and unrelated trade or business to raise funds for the publicly supported organizations, or for the permis… …ts with O and makes recommendations as to the allocation of O's program of gifts and scholarships to the university and its students. O also provides certa…
    64 KB (10235 words) - 21:32, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.512(b)-1
    … of the foregoing items of income shall be excluded in computing unrelated business taxable income.</p> …the same manner as royalty payments for the purpose of computing unrelated business taxable income. To the extent treated as a loan under section 636, the amo…
    44 KB (6787 words) - 21:39, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.513-1
    Sec. 1.513-1 Definition of unrelated trade or business …larly carried on by the organization; and (3) the conduct of such trade or business is not substantially related (other than through the production of funds) …
    29 KB (4579 words) - 21:40, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.513-2
    Sec. 1.513-2 Definition of unrelated trade or business applicable to taxable years beginning before December 13, 1967 …unrelated trade or business regularly carried on, and the term <I>trade or business</I> has the same meaning as it has in section 162.</p>
    7 KB (1122 words) - 21:40, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.514(c)-1
    …20,000 of deductions directly connected with such income) in its unrelated business taxable income for 1972.</p> …ard to whether the indebtedness incurred before June 28, 1966, constituted business lease indebtedness.</p>
    23 KB (3588 words) - 21:44, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.514(g)-1
    Sec. 1.514(g)-1 Business lease indebtedness <p> (a) <I>Definition.</I> The term <I>business lease indebtedness</I> means, with respect to any real property leased by …
    9 KB (1547 words) - 21:46, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.593-6
    …come (such as section 170, relating to charitable, etc., contributions and gifts), other than sections 243, 244, and 245 (relating to deductions for divide… …predecessor of such taxpayer, was authorized by Federal or State law to do business as (<I>a</I>) a mutual savings bank not having capital stock represented b…
    21 KB (2972 words) - 22:40, 11 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.704-1
    …ated (for example, by continuing to engage in a relatively minor amount of business activity, if such actions themselves do not cause the partnership to termi… … (<I>5</I>) The adjustments are made principally for a substantial non-tax business purpose&mdash;</p>
    247 KB (36398 words) - 20:25, 25 January 2010
  • Treasury Regulations, Subchapter A, Sec. 1.873-1
    <p> (b) <I>No United States business</I>&mdash;(1) <I>Income of not more than $15,400</I>&mdash;(i) <I>Deductio… … to United States tax on a net basis as though he were engaged in trade or business within the United States through a permanent establishment situated therei…
    9 KB (1511 words) - 03:23, 12 May 2005
  • Treasury Regulations, Subchapter A, Sec. 1.882-4
    …ected, or treated as effectively connected, with its conduct of a trade or business within the United States. The foreign corporation is entitled to credits w… …effectively connected, for the taxable year with the conduct of a trade or business in the United States by that corporation. The deductions and credits allow…
    21 KB (3508 words) - 03:31, 12 May 2005
  • Template:TA Recent Changes
    - [[Discussion:Promoting Private Tax Business|Promoting Private Tax Business]] - [[Discussion:Gifts from out of the country|Gifts from out of the country]]
    2 KB (271 words) - 00:36, 10 January 2006
  • TaxAlmanac:User Introductions
    …been employed with charities assisting their donors in planning charitable gifts from a tax and financial planning perspective. On the side, I have a [htt… Hi everyone! Since 1992 I have owned my own tax business in a town with a population of about 17,000. I earned my Enrolled Agent de…
    57 KB (9731 words) - 05:35, 25 December 2010
  • Deductions
    *[[Business Entertainment Expenses]] *[[Business Travel Expenses]]
    4 KB (497 words) - 15:11, 18 January 2007
  • Income
    *[[Business Income]] *[[Gifts & Inheritances (2004 IRS FAQ)]]
    3 KB (313 words) - 18:51, 11 January 2007
  • Employee Business Expenses
    …st of business travel away from home, local transportation, entertainment, gifts, and other ordinary and necessary expenses related to your job. …dence. Refer to [[Business Travel Expenses]] for additional information on business travel expenses.
    5 KB (818 words) - 00:55, 18 January 2007
  • Student Loan Interest Deduction
    …tional assistance, and</li> <li>Any other non-taxable payments (other than gifts, bequests, or inheritances) received for educational expenses. </li> </ol>… …paid student loan interest of $600 or more in the course of their trade or business.
    3 KB (528 words) - 01:21, 18 January 2007
  • Business
    :[[Business Entertainment Expenses]] :[[Business Income]]
    3 KB (342 words) - 04:47, 8 February 2011
  • Frequently Asked Tax Questions (2004 IRS FAQ)
    ::3-3 [[Gifts & Charitable Contributions (2004 IRS FAQ)|Gifts & Charitable Contributions]] ::4-7 [[Gifts & Inheritances (2004 IRS FAQ)|Gifts & Inheritances]]
    9 KB (1143 words) - 21:45, 2 November 2008
  • Property (Basis, Sale of Home, etc.) (2004 IRS FAQ)
    …ject see [http://www.irs.gov/businesses/small/article/0,,id=108139,00.html Gifts]. …nd [http://www.irs.gov/pub/irs-pdf/f4797.pdf Form 4797] (PDF), '' Sale of Business Property ''for specifics on calculating and reporting the amount of the el…
    10 KB (1739 words) - 22:49, 18 October 2005
  • Income & Expenses (2004 IRS FAQ)
    '''IRS FAQ 12.7 Small Business/Self-Employed/Other Business : Income &amp; Expenses''' '''How do you distinguish between a business and a hobby?'''
    18 KB (2940 words) - 01:58, 19 October 2005
  • Gifts & Inheritances (2004 IRS FAQ)
    '''IRS FAQ 4.7 Interest/Dividends/Other Types of Income: Gifts &amp; Inheritances ''' …oses of qualified real property used for farming purposes or in a trade or business other than farming. However, if an interest in such property is disposed o…
    3 KB (528 words) - 19:30, 13 January 2007
  • Discussion:Funding a Family Limited Partnership
    …s are kept, not used inappropriately by the donor family partner(s), valid business purpose, even if only for investment, if distributions are made, they are … …tart out with 10% profit percentages, it doesn't change each year with the gifts? Wonder why my return has a change in interest?}}
    6 KB (1004 words) - 14:15, 14 March 2008
  • Discussion:Circular 230 disclosure on e-mailed or faxed transmissions
    {{Business Growth Community}} … Practices" section of Crcular 230 (§10.33(a)(3)). Basically, it is good business sense if the communication is to one of your clients and it is a "CYA" add…
    6 KB (904 words) - 00:51, 4 June 2011
  • User talk:Riley2
    == Business gifts == Thanks for your input on the business gifts issue. I labelled it as promotion on my client's tax return.
    86 KB (14980 words) - 01:19, 5 February 2014
  • User talk:WesR
    …ring the funds to the Joint account (employment not connected with a trade/business in the US). …eceiving US shares from his employer(employment not connected with a trade/business in the US)
    4 KB (724 words) - 05:03, 4 May 2014
  • Discussion:Business Gift deduction
    He gives gifts to his network group (business associates, co-associates, co-workers, realtors that refer clients to him,… His gifts exceed $25. The usual gift is $100 per person per year in the form of gif…
    2 KB (407 words) - 21:04, 26 March 2006
  • Discussion:Use Tax Organizers
    {{Business Growth Community}} …sided copy of a donation valuation guide to help them value their non cash gifts. I have clients tell me how their coworkers & neighbors ask them to share…
    15 KB (2561 words) - 21:19, 16 October 2010
  • Discussion:HEAD OF HOUSEHOLD CLAIMED BY TWO UNMARRIED PARENTS IN THE SAME HOUSE
    …e are tax laws and they make the distinction between domestic settings and business. Congress only wants to give $2550 per domicile. Some folks can pack them … … is they must be seperate economic units - seperate bank accounts, holiday gifts etc.
    34 KB (5703 words) - 18:49, 9 February 2014
  • Discussion:Retired Farmer
    …should get some rent for equipment: cash or crop share, even if she later gifts it back. Was the farming business bequeathed to the son?}}
    2 KB (335 words) - 21:25, 28 February 2006
  • Discussion:Missionary Support Taxable???
    …d. If they are common-law employees they cannot reduce their wages by any business deductions when computing the self-employment tax. If they are self-emplo… …er tax deductible. The church/org is then free to use these non-designated gifts to support the folks on the trips, which are tax free. So your guy is part…
    15 KB (2434 words) - 19:22, 29 February 2012
  • Publication 463
    You may be able to deduct the ordinary and necessary business-related expenses you have for: * Gifts, or
    4 KB (544 words) - 01:53, 18 January 2009
  • Discussion:Car Giveaway Taxable?
    …of sales and that would lead me to believe that the dealer considered it a business expense and not a gift. But if there was no promotional activity related t… …st|UserID=JR1|Date=13 March 2006|Text=Note that corps cannot make tax free gifts. That 12,000 limit is for individuals only. I know that's what Warren's go…
    4 KB (653 words) - 18:33, 13 March 2006
  • Income Tax Treaty with Barbados, 1984
    Article 7----------------------------------Business Profits business profits, personal service income, transportation income, real property inc…
    125 KB (17650 words) - 13:30, 16 March 2006
  • Income Tax Treaty with Belgium, 1970
    Article 7---------------------------------Business Profits property (art. 6), business profits (art.7), shipping and air transport (art. 8), associated enterpris…
    102 KB (14313 words) - 13:32, 16 March 2006
  • Income Tax Treaty with Canada, 1980
    ARTICLE VII---------------------------Business Profits Like the existing convention, the new Convention provides that the business profits of a resident of
    237 KB (35480 words) - 13:32, 16 March 2006
  • Income Tax Treaty with Cyprus, 1984
    Article 8---------------------------------Business Profits … The tax laws of Cyprus are very favorable to foreign owned entities doing business in Cyprus and to
    86 KB (12394 words) - 13:33, 16 March 2006
  • 2006 Tax Law Changes - Expiring Provisions
    …ualified Contributions Expired. For 2006, you can no longer elect to treat gifts by cash or check as qualified contributions on Schedule A. Qualified contr… == Business ==
    2 KB (314 words) - 19:13, 2 January 2007
  • Discussion:Son's payment to parents to defray some of a second home expenses until home is sold.
    …ot for profit. Would this be in that category even though I am not in the business of renting property nor I intend to rent to my son forever?}} …eplyPost|UserID=Dennis|Date=2 April 2006|Text=The IRS is not really in the business of disecting related party transactions for small amounts of money. If you…
    1,010 B (166 words) - 00:40, 2 April 2006
  • Discussion:Other take on this: Son's payment to parents to defray some of a second home expenses
    …not for profit. Would this be in that category even though I am not in the business of renting property nor I intend to rent to my son forever?
    1 KB (189 words) - 23:59, 2 April 2006
  • Discussion:Grandmother's Car
    …suming your grandmother originally purchased her car and never used it for business, the basis is what she paid for it years ago. Even if you cannot verify th… … only for personal use (no capital additions either). In January 2005, she gifts it to grandchild when it's FMV was $3,000. In May 2005, grandchild sell ca…
    10 KB (1736 words) - 01:39, 8 March 2010
  • Discussion:Selling Wedding Gifts
    …ng the duplicate items at a garage sale or something. Would this make us a business and would we have to pay tax on the total amount received when it's over?}… …ate=10 April 2006|Text=Since you're not in the business of selling Wedding Gifts, the sales would probably qualify as Casual Sales. In Louisiana, that wou…
    1 KB (210 words) - 08:08, 10 April 2006
  • Discussion:Computer Deductible?
    …ld I be allowed to deduct the original cost if I were to use it in a small business I am thinking about starting? }} …reciated by the donor, if it was taken as a personal gift and converted to business use property, its basis becomes the lower of its FMV at the conversion dat…
    7 KB (1211 words) - 14:33, 12 April 2006
  • User talk:Fsteincpa
    …er stuff and we complete long distance. However since I started my career/business in San Diego and did no tax work in NY I would love to have someone I coul… …good memories. Lastly and as strange as it may be, is Pizza Shack still in business?
    67 KB (11887 words) - 18:19, 31 March 2014
  • Discussion:Getting appreciated property out of s-corp
    …le or court case to suggest otherwise i would like to take on the trade or business issue for builders. i like controversial issues. and now we are getting ev… …en on a LP interest. If you apply common sense all you are doing is making gifts and transfers to yourself. You still own 100%. So if you are still struggl…
    19 KB (3334 words) - 20:12, 27 April 2006
  • Discussion:Gift tax, 1031, capital gains
    …e=9 June 2006|Text=Bottom line...gifts to siblings are handled the same as gifts to anyone else (except a spouse.)}} 1031 exchanges are allowed for business or investment property. If the relative was living there, is it really a …
    2 KB (429 words) - 20:05, 25 September 2010
  • Rev. Rul. 2006-27
    as gifts under &sect; 102. a broad based fundraising program that attracts gifts, grants and contributions
    28 KB (4197 words) - 16:11, 9 February 2007
  • Discussion:Donation of Time Share to Non-profit organization
    …d for a donation of a timeshare is allowed unless the taxpayer irrevocably gifts his entire interest in the property to the charity (by signing a grant dee… …ll, as you would realize there was public recognition for her personal and business contributions.
    7 KB (1133 words) - 20:37, 18 May 2007
  • Discussion:Basis of Gift
    …odically a valuation is done to support a discount to be applied to future gifts of partnership units to other partners / family members. What would be re… …yPost|UserID=Dennis|Date=15 June 2006|Text=Assuming that the FLP meets the business purpose test, there are discounts available for liquidity and marketabilit…
    5 KB (811 words) - 12:41, 16 June 2006
  • Discussion:Definition of Exclusive Use
    …ble. My client - a plumber - has one bedroom for the exclusive use of his business where he meets his employees weekly, invoices his customers, etc. I had m… …sive test. If your client has a computer in the home office used 100% for business and another in a different room used 100% for personal it may help your ar…
    24 KB (4315 words) - 14:30, 18 July 2007
  • Hot Topics
    * Reporting requirements for gifts from foreign nationals … Recognition of gain under Section 357 in a Section 351 incorporation of a business
    3 KB (368 words) - 21:59, 24 March 2012
  • Discussion:Sports agent / players equipment
    … and has lost money for a few years on his Schedule C (sounds like a tough business to get into) - which is why he got pulled in for the audit. The agent wan… …test since the expenditure was made in furtherance of the taxpayer’s own business of being a sports agent. See Menard, Inc., et al. v. Commissioner, TC Mem…
    16 KB (2771 words) - 20:59, 9 November 2006
  • Discussion:S Corporation Succession Planning
    … in the success of the corporation and to plan an orderly succession. The business was recently valued at $5,000,000. Garland’s basis in his shares is $25… …ax and business perspective, as Garland was very involved in marketing the business and well known to their customers.
    4 KB (602 words) - 01:47, 9 July 2009
  • User talk:Lizzit
    …a copy of your checklist? I am relativley new at preparing taxes in my own business and a list should would be helpful. … with running a business. So, if you Japanese guy had a K1 from a US-based business, the interest income on that K1 would be taxable. But if it's just a portf…
    47 KB (8223 words) - 17:39, 3 May 2014
  • Discussion:Business Mileage Support
    business use. How particular IRS is about witnessing a log outlining the business mileage in an audit? Any body has any experience with this? Thanks.}} …ber 2006|Text=Very particular. Not just miles, but destination, date, and business purpose.}}
    7 KB (1151 words) - 01:06, 19 September 2006
  • User talk:Bottom Line
    …elp us get him to the tournament. Thank you for helping our most precious gifts!!! … just to forget the S corp and file his 1040 and claim these expenses as a business loss on his 1040. Can I do that? Also or 2007 if there is no activities at…
    14 KB (2579 words) - 22:46, 4 May 2014
  • Discussion:Gifts to "downline"
    …elow you for whom you reward but do not pay directly, would the rewards or gifts be considered compensation? What if you did not pay $600 or more per year… …UserID=Shaunna|Date=25 September 2006|Text=So, if the individual is giving gifts on her own for the individual goals her downline is meeting then this is N…
    7 KB (1122 words) - 00:47, 27 September 2006
  • Discussion:Clergy unreimb business expenses
    … (most of income is W-2, some 1099 to Sch C). Expenses are union dues and gifts to congregants, all of which is related to both W-2 and 1099 income. Can … …st|UserID=Death&Taxes|Date=3 October 2006|Text=Deason Rule: "Unreimbursed business expenses must be divided between the deductible part allocated to taxable …
    3 KB (530 words) - 06:03, 13 March 2007
  • Discussion:Live in Girlfriend
    … you provide the support then you can claim her as a qualifying relative. Gifts are not taxable to the recipient.}} …t the age of 18, and any transfers after the 18th birthday are technically gifts. However, many states have laws requiring a financially able child to sup…
    6 KB (989 words) - 00:22, 4 October 2006
  • User talk:Anne
    …rry that my law license is not for sale to anyone, and they can take their business somewhere else. Hard to do, but no one is going to buy my letterhead for … == update on foreign gifts ==
    1 KB (228 words) - 22:58, 23 March 2009
  • Discussion:Deductions for real estate agents
    {{ForumReplyPost|UserID=Gzweig|Date=24 October 2006|Text=no gifts in business. take it.}} …etting the agreement in writing. I would consider this a fully deductible business expense - agent closing costs.}}
    10 KB (1646 words) - 03:41, 26 July 2007
  • Rev. Rul. 80-196
    …stock by the corporation's two shareholders to three employees for a valid business reason, to re­tain valuable employees, is com­pensation, is made for ade… …he Code contains a broad statement as to what transfers constitute taxable gifts. Any voluntary transfer of property or an interest in property, whether di…
    7 KB (1148 words) - 17:22, 23 July 2011
  • Rev. Rul. 2005-46
    ruling holds that a grant received by a business under a state program to a contribution to the capital of a corporation under section 118. The business
    19 KB (2939 words) - 15:39, 9 February 2007
  • Discussion:Stock sale / transfer in S-Corp
    … the transfer. Transfer has nothing to do with divorce. I (wife) run the business, payroll, contracts, bookkeeping, deal with CPA ect. It seems that the at… {{ForumReplyPost|UserID=RoyDaleOne|Date=22 February 2008|Text=Gifts between spouses are tax-free. Issue more stock if available or tranfer fro…
    4 KB (624 words) - 20:58, 1 April 2010
  • Discussion:W-2C for 2003 Payroll???
    …' tax return for that year, then filing gift tax returns for excess annual gifts made to the daughter. …ents would not miss $95,000, but parents are parents first before they are business partners. }}
    19 KB (3238 words) - 16:53, 27 November 2006
  • Discussion:Employee Bonuses/Gifts/Etc
    …t time of the year and everyone wants to giver their employees/contractors gifts without deducting taxes, right? Now, there is the $400 max on tangible per… …ducting taxes if deducting taxes is required. Also, if these are business gifts (to independent contractors/clients) - no deduction is allowed for any amo…
    8 KB (1409 words) - 22:45, 20 June 2007
  • Discussion:Tax preperer salary expectations
    … have since taken a couple of classes relating to estates/gifts/trusts and business entities at a local community college. my plan is to finish this training …
    3 KB (479 words) - 07:59, 20 December 2006
  • Discussion:S Corp Proportionate Distribution with Related-Parties
    …u notice a lot of personal expenses (e.g., car payments, utility payments, gifts for wifey, etc.) paid by the S-Corp. So you identify all these items and …
    3 KB (516 words) - 23:38, 26 December 2006
  • Discussion:Include Mileage on a 1099-MISC
    … to distinguish between sales of services and tangibles and authenticating business who say they are incorporated. Many people mistakenly think that the "C" i… …&Taxes|Date=3 January 2007|Text=This is interesting: many localities have business mercantile taxes based on gross receipts, so I want to eliminate these rei…
    14 KB (2204 words) - 21:10, 30 January 2010
  • Discussion:Gift of LLC interest to Minor Children
    [[Category:Gifts]] …ngages in active operations. Unfortunately parents use one of those online business forms services to prepare the operating agreement. In the agreement, paren…
    3 KB (446 words) - 22:11, 8 January 2007
  • User talk:LH2004
    …was meant to apply to real, weighty stuff: furniture, vehicles, machinery, business inventories, things like that; it seems silly to try to impose a tax on li… :2. Checks are not gifts at all, but merely promises that you will make a gift when the check is pr…
    18 KB (3093 words) - 05:49, 17 August 2011
  • Discussion:Gift and Entertainment from Supervisor
    …t|UserID=DZCPA|Date=17 January 2007|Text=$25 per person listed as business gifts. Goes on form 2106.}}
    542 B (82 words) - 03:53, 17 January 2007
  • Topical Index
    === Business / General === === Business Expenses ===
    13 KB (1657 words) - 23:52, 15 May 2009
  • Discussion:Vehicle Donated to Partnership
    …what type of business is the partnership engaged in, JC? Is it a junk car business by any chance?}} …I could conceive that employee is going to continue to use car for company business, but can't afford the insurance or wants it out of h/her name.
    8 KB (1320 words) - 04:00, 26 March 2010
  • Discussion:Federal Tax Form 1041
    …money is taxable is in my top five of erroneous taxpayer ideas, along with gifts are taxable. }} {{ForumReplyPost|UserID=TLnAustin|Date=22 January 2007|Text=Gifts are not taxable - the only inherited money that is . . .Trad IRA's or tha…
    5 KB (788 words) - 15:23, 23 January 2007
  • Discussion:Funniest Tax Story of the Day
    …n a home he got a mortgage on and take the rental as a home office for his business "on the side"....quite agressive character, don't you think? hehehe...tha… …ext=Reminds me of when I started doing some sorting of receipt for a small business. I was going through the Safeway receipts and was surprised to find that …
    76 KB (13568 words) - 03:43, 8 February 2012
  • Discussion:Corporation buys car but it's used for personal use
    …laim income here? Why wouldn't he or she just be allowed to claim ONLY the business portion of the car payment as deduction and that's it?}} …t would be a copamny expense. Were the shareholder to use it for personal business, though, it would seem to be includable in the exec's income as a disguise…
    10 KB (1671 words) - 16:47, 20 August 2012
  • Rev. Proc. 2007-1
    (a) Large and Mid-Size Business Division (LMSB), which generally serves (b) Small Business/Self-Employed Division (SB/SE), which generally serves
    307 KB (46346 words) - 16:37, 4 February 2007
  • Rev. Proc. 2007-3
    (3) New section 5.03 (Sections 162 and 1502.&#8212;Trade or Business (18) Section 162.&#8212;Trade or Business Expenses.&#8212;Whether compensation
    65 KB (9598 words) - 16:41, 4 February 2007
  • REG-107618-02
    … of the Small Business Administration for comment on their impact on small business. '''PART 25&#8212;GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954'''
    14 KB (2126 words) - 17:55, 1 February 2007
  • Rev. Proc. 2003-53
    ''Prohibitions against certain investments and excess business holdings''. Prohibitions against investments that jeopardize the exempt pu… &sect; 4947(a)(2)(A), and against retaining any excess business holdings for purposes of &sect; 4943, as modified by &sect; 4947(a)(2)(A),
    34 KB (5398 words) - 17:04, 4 February 2007
  • Rev. Proc. 2003-54
    ''Prohibitions against certain investments and excess business holdings''. Prohibitions against investments that jeopardize the exempt pu… &sect; 4947(a)(2)(A), and against retaining any excess business holdings for purposes of &sect; 4943, as modified by &sect; 4947(a)(2)(A),
    38 KB (6022 words) - 17:07, 4 February 2007
  • Rev. Proc. 2003-55
    ''Prohibitions against certain investments and excess business holdings''. Prohibitions against investments that jeopardize the exempt pu… &sect; 4947(a)(2)(A), and against retaining any excess business holdings for purposes of &sect; 4943, as modified by &sect; 4947(a)(2)(A),
    41 KB (6557 words) - 17:07, 4 February 2007
  • Rev. Proc. 2003-56
    ''Prohibitions against certain investments and excess business holdings''. Prohibitions against investments that jeopardize the exempt pu… &sect; 4947(a)(2)(A), and against retaining any excess business holdings for purposes of &sect; 4943, as modified by &sect; 4947(a)(2)(A),
    42 KB (6675 words) - 17:08, 4 February 2007
  • Discussion:Tax Preparer Error
    {{Business Growth Community}} …you use some of the figures but many other items are added to income, like gifts, inheritances and even support from kids I think. PA's was funded through…
    16 KB (2915 words) - 03:38, 19 December 2011
  • Discussion:Form 8283
    …ed in subsequent periods the pattern of auto use. Then he would not allow gifts to customers because she gave them on their birthdays. So after another y… …f area every month according to the employer, and that he would accept the gifts. I did some math in my head and accepted his proffer. Then he said my cl…
    9 KB (1550 words) - 02:19, 30 January 2011
  • Discussion:Proprietor does not want to issue 1099's
    …ng a client with accounting. Since it is the year end, I have informed the business owner that we need to issue 1099's to their contract workers. I have been … …ng requirements, I disclose the penalty for failure to file, I solicit the business of filing their 1099's for them, if they decline I proceed with terms of t…
    38 KB (6709 words) - 21:35, 30 January 2010
  • Notice 2005-45
    '''''Deductions for Entertainment Use of Business Aircraft''''' of trade or business expenses for use of a business aircraft for entertainment.
    22 KB (3499 words) - 00:13, 31 January 2007
  • Notice 2006-109
    certain supporting organizations from accepting gifts or contributions from from the IRS Business Master File (&#8220;BMF&#8221;) or the grantee&#8217;s
    37 KB (5518 words) - 21:27, 6 December 2009
  • Announcement 2003-77
    …pt solid ; border-bottom: 0.5pt solid ; "| BIRSCO International Ins. Small Business University, …order-bottom: 0.5pt solid ; "| Goal Identification for True Success, Inc. (GIFTS),
    80 KB (9063 words) - 16:40, 31 January 2007
  • Announcement 2004-22
    | style="border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Business Network of Indiana, Inc., | style="border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Business United Officers and YouthB U O Y I,
    116 KB (13104 words) - 16:44, 31 January 2007
  • Announcement 2004-88
    … ; border-bottom: 0.5pt solid ; "| Council for the Advancement of Minority Business International, Inc., | style="border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Gifts From the Garden,
    85 KB (9708 words) - 16:55, 31 January 2007
  • Discussion:Tax Cheats
    {{Business Growth Community}} …t calls me: his girlfriend has a 1099-MISC from her old boyfriend for the 'gifts' he gave her. She'd broken up with him. He was a wealthy powerbroker typ…
    42 KB (7505 words) - 02:07, 25 April 2011
  • Announcement 2005-60
    …border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Delaware Small Business Foundation, … style="border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Orange Business Incubator, Inc.,
    115 KB (13105 words) - 17:01, 31 January 2007
  • Announcement 2006-101
    | style="border-right: 0.5pt solid ; border-bottom: 0.5pt solid ; "| Gifts for Jesus, …d ; border-bottom: 0.5pt solid ; "| Wisconsin Champions for Arts Education Business and Community,
    68 KB (7746 words) - 17:20, 31 January 2007
  • T.D. 9074
    …s W and their two children, who live with W. When H visits, he often buys gifts for the children, takes the children the requesting spouse&#8217;s educational background and business experience, and whether the item of community income was reflected
    50 KB (7804 words) - 22:47, 31 January 2007
  • T.D. 9077
    …s final rule were submitted to the Chief Counsel for Advocacy of the Small Business Administration for comment on their impact on small business.
    12 KB (1878 words) - 22:47, 31 January 2007
  • T.D. 9092
    … assets may still be (and very often are) invested in the employer&#8217;s business. dividend or proceeds of a specified policy loan) are treated as gifts by the donor to the irrevocable insurance trust as provided
    197 KB (31500 words) - 22:49, 31 January 2007
  • T.D. 9100
    '' '''Guidance Necessary to Facilitate Business Electronic Filing''' '' tax returns and other forms. These regulations affect business taxpayers who file income tax returns electronically. The
    54 KB (8306 words) - 22:50, 31 January 2007
  • T.D. 9102
    …cy of the Small Business Administration for comment on its impact on small business. of section 1001 and may result in taxable gifts from the trust&#8217;s grantor and beneficiaries, based on the relevant fa…
    74 KB (11788 words) - 22:51, 31 January 2007
  • T.D. 9163
    Forms 990-T, &#8220;''Exempt Organization Business Income Tax Return''&#8221; for Advocacy of the Small Business Administration for comment on their impact
    26 KB (3823 words) - 23:00, 31 January 2007
  • T.D. 9169
    Small Business Job Protection Act of 1996, Public Law 104-188 (110 Stat. 1755) by a corporation of substantially all of the assets of a trade or business
    464 KB (70666 words) - 23:10, 31 January 2007
  • T.D. 9181
    was submitted to the Small Business Administration for comment on their impact on small business.
    21 KB (3298 words) - 23:10, 31 January 2007
  • T.D. 9194
    a trade or business within a U.S. possession. Section 937 was added to the of a trade or business in such possessions is excluded from gross income for
    214 KB (34131 words) - 23:12, 31 January 2007
  • T.D. 9208
    to the Chief Counsel for Advocacy of the Small Business Administration for comment on their impact on small business.
    41 KB (6656 words) - 23:13, 31 January 2007
  • T.D. 9229
    for Automatic 6-Month Extension of Time To File Certain Business Income Tax, Certain Business Income Tax, Information, and Other Returns''.&#8221;
    55 KB (8503 words) - 23:15, 31 January 2007
  • REG-108639-99
    to sections 401(k) and 401(m) by the Small Business Job Protection Act of 1996, Public Law 104-188 (110 Stat. 1755) (SBJPA), of a trade or business and disposition of a corporation's interest in a subsidiary, leaving termi…
    450 KB (69296 words) - 17:58, 1 February 2007
  • REG-163679-02
    Section 2702 provides special rules for valuing gifts in trust when Business Administration for comment on their impact on small business.
    32 KB (5172 words) - 18:11, 1 February 2007
  • REG-163314-03
    that a continuity of business enterprise and a continuity of interest are be submitted to the Chief Counsel for Advocacy of the Small Business Administration
    68 KB (10880 words) - 18:14, 1 February 2007
  • REG-159243-03
    is effectively connected with the conduct of a trade or business within a is effectively connected with the conduct of a trade or business in a U.S.
    22 KB (3549 words) - 18:15, 1 February 2007
  • REG-144898-04
    for Automatic 6-Month Extension of Time To File Certain Business Income Tax, to the Chief Counsel for Advocacy of the Small Business Administration for
    16 KB (2505 words) - 19:03, 1 February 2007
  • REG-103038-05
    of the Small Business Administration for comment on its impact on small business. and documents, if any, referring to the business purposes for the reportable
    59 KB (8935 words) - 19:21, 1 February 2007
  • Rev. Proc. 2003-64
    …he applicant was created or organized and a description of the applicant's business. Trade or Business in the United States''; IRS Form W-8EXP, ''Certificate of Foreign Governme…
    193 KB (30625 words) - 06:18, 4 February 2007
  • Rev. Proc. 2003-85
    | align="left" valign="bottom"| .26 Annual Exclusion for Gifts | align="left" valign="bottom"| .29 Notice of Large Gifts Received from Foreign Persons
    36 KB (4805 words) - 06:20, 4 February 2007
  • Rev. Proc. 2004-3
    &#8212;Trade or Business Expenses.&#8212;Whether compensation is reasonable in amount. …to all SAM arrangements where the loan proceeds are used for commercial or business activities, or where used
    66 KB (9842 words) - 06:22, 4 February 2007
  • Rev. Proc. 2004-29
    carrying on any trade or business, including certain expenses for meals and entertainment. entertainment, gifts, or listed property unless the taxpayer substantiates the elements of the …
    15 KB (2236 words) - 06:33, 4 February 2007
  • Rev. Proc. 2004-71
    | align="left"| .28 Annual Exclusion for Gifts | align="left"| .31 Notice of Large Gifts Received from Foreign Persons
    34 KB (4568 words) - 06:58, 4 February 2007
  • Rev. Proc. 2005-3
    Section 162.&#8212;Trade or Business Expenses.&#8212;Whether compensation the loan proceeds are used for commercial or business activities, or where
    62 KB (9326 words) - 07:00, 4 February 2007
  • Rev. Proc. 2005-70
    | align="left"| .28 Annual Exclusion for Gifts | align="left"| .32 Notice of Large Gifts Received from Foreign Persons
    34 KB (4521 words) - 15:48, 4 February 2007
  • Rev. Proc. 2006-1
    (a) Large and Mid-Size Business Division (LMSB), which generally serves (b) Small Business/Self-Employed Division (SB/SE), which generally serves
    309 KB (46602 words) - 15:49, 4 February 2007
  • Rev. Proc. 2006-3
    Section 4.01(48) (Section 2522.&#8212;Charitable and Similar Gifts) Section 162.&#8212;Trade or Business Expenses.&#8212;Whether compensation
    64 KB (9631 words) - 15:56, 4 February 2007
  • Rev. Proc. 2006-53
    | align="left"| .32 Annual Exclusion for Gifts | align="left"| .36 Notice of Large Gifts Received from Foreign Persons
    40 KB (5312 words) - 16:08, 4 February 2007
  • Discussion:Non profits how much should I charge? pls respond!!
    {{Business Growth Community}} …ss and have bills to pay its either attempt a 990 or tell customer to take business elsewhere.
    11 KB (1875 words) - 03:10, 14 August 2009
  • Discussion:Employee Christmas Bonuses
    …employees. Sure he can take it as a distribution to himself and use it as gifts to employees; either way it is income back to him from the S corp. }} …t them so they are not deductible" trick, but if you can susbstantiate the business purpose then they are allowable and he will just have to correct the repor…
    13 KB (2285 words) - 20:21, 24 October 2013
  • Discussion:MESSAGE TO NON TAX PROS AND DO IT YOURSELFERS
    … hardware and a small inkling of taxes can start their own tax preparation business. Do they have any idea of the intricate relationships between forms, that… …ed for both personal and business return preparation tend not to be in the business of advice giving but merely tax preparation. So, I find myself bringing u…
    132 KB (23302 words) - 01:48, 13 August 2011
  • Discussion:Mary Kay
    …serID=Skhyatt|Date=7 March 2007|Text=Have a client that started a Mary Kay business in 2006. Is there anything out of the ordinary about these type of operati… …omon|Date=7 March 2007|Text=Not really necessary to keep an inventory in a business like that - can, however. Usually the products have a similar percentage …
    37 KB (6253 words) - 14:13, 4 September 2013
  • Notice 2007-21
    &sect; 4943 business holdings limits. Although certain advantages remain, permitted business holdings of certain supporting organizations (&sect; 4943(f));
    16 KB (2295 words) - 17:13, 9 March 2007
  • Discussion:Season Tickets deductible?
    …te=10 March 2007|Text=What about the 50% entertainment rule, if there is a business purpose before, during or after the event? What about the fact that it is… …Date=10 March 2007|Text=A mixture of both. I see what you are saying - if gifts, the limit applies. If the client attends, entertainment. What about tic…
    5 KB (789 words) - 13:33, 10 March 2007
  • Discussion:Substantiation for Charity
    …o keep QB on our personal checking, and it hit me the other day, the small gifts which can't be substantiated, aren't NOT charitable, just because IRS says… …plyPost|UserID=Bottom Line|Date=11 March 2007|Text=People involved on the "business" end of charities don't always think in the same world as the rest of us. …
    9 KB (1544 words) - 11:52, 26 March 2008
  • Discussion:Gifted real estate depreciation
    …7 March 2007'''</div style>|Text=Hi. Got an interesting question. A father gifts his daughter some real estate. The daughter then leases the real estate an… …|UserID=Ruthles1|Date=16 September 2010|Text=As an aside to that if father gifts mid year and was a rental and being depreciated how is the "disposal" show…
    4 KB (587 words) - 03:05, 7 September 2012
  • Discussion:Are you sick of it yet!
    …007|Text=But if all people were organized and tax smart we would be out of business. So thank the maker for stupid people. :)}} … covered almonds and banana splits. We had to hide the client "Thank You" gifts we received (1.75 liter and 750 ml bottles of Grey Goose Vodka) in the sup…
    13 KB (2247 words) - 07:20, 31 March 2007
  • Discussion:Part gift, part sale, Sec 179 Recapture, Basis?
    …{ForumReplyPost|UserID=WillyB|Date=29 March 2007|Text=[[Sec. 1245]](b)(1)- gifts do not trigger 1245 recapture. The Sec 179 is triggered by gifts, subject to the previous posts
    4 KB (585 words) - 05:01, 30 March 2007
  • Rev. Proc. 2007-27
    solicitation of contributions or gifts in written (including electronically less than 30 days and more than 2 business days before an election, in which
    11 KB (1716 words) - 16:16, 30 March 2007
  • Discussion:New Real Estate Agent
    Questions: Is this reported on Sch C, just like any other trade or business? Are expenses deducted in a year when there are no income from sales? Thi… …f employed person, is her home, when she leaves her driveway, she's now on business, not commmuting. That's what's at stake. Sorry I didnt' use enough words t…
    7 KB (1273 words) - 20:36, 31 March 2007
  • Discussion:Will we see a change in taxing SS??
    … limit, try this one on for size: I heard that the $25 limit for business gifts has been the same since the early 60's. Here you go client, enjoy this no…
    4 KB (652 words) - 10:23, 6 April 2007
  • Discussion:Client's father gave her 1099
    …pay for child care while she worked. He then gave her a 1099. She has no business, but the parents do not want to give her a gift.}} …art a family feud over it. Perhaps she also assisted mum and pop in their business in some minor/small way? Even just talking to mum and dad about how their…
    3 KB (547 words) - 11:24, 11 April 2007
  • Discussion:Charitable Contributions - Services
    …gives gift certificates (say, $50) away with respect to her business. The business is a dance studio. Essentially, the client is giving away services (all g… {{ForumReplyPost|UserID=Riley2|Date=12 April 2007|Text=The deduction for gifts of property must be reduced by the amount that is ordinary income, which r…
    4 KB (563 words) - 23:35, 22 February 2014
  • Discussion:Do you guys tip your office staff - how to catch a crook
    {{Business Growth Community}} …the standard is). When working in large firms, we got a tax season party, gifts including gift certificates to Cirque de Soleil, etc. Do what you wish to…
    35 KB (6089 words) - 17:58, 20 January 2011
  • Income Tax Treaty with Egypt, 1980
    Article 8 --------------------------------Business Profits As in the model, business profits of a resident of one country may be taxed by the other only if suc…
    75 KB (11834 words) - 17:28, 19 April 2007
  • Discussion:Insurance Broker- Rebating business
    …|Text=San Diego, have the laws in CA changed? When I was in the insurance business rebating was illegal.}} …The law is clear and has been for a long time that the value of a gift for business purposes can't exceed $25 or it has to be put on a W-2 (for an employee) o…
    2 KB (331 words) - 22:59, 25 April 2007
  • Income Tax Treaty with France, 1994
    Article 7---------------------------------Business Profits …ource country”). Rules are provided for each category of income, such as business profits, investment income, and personal service income. The Convention co…
    124 KB (20052 words) - 22:03, 24 April 2007
  • Discussion:Home office deduction 2006 and selling home in 2007
    …on has been claimed on form 8829, just utility, insurance, property tax on business portion of the home. The home expenses have been filed just in 2006 and ne… …zed. Then the law allowed exclusion of gain for the Residence. (Those were gifts from Congress.)
    4 KB (643 words) - 01:07, 27 April 2007
  • Discussion:Can charitable contributions be on schedule C?
    …ount, is it wrong to include this expense into schedule C? If I donated my business computer, what is wrong with deduction it on schedule C? …r sch A deductions, asks me how he can deduct the car that he is using for business only, that he is about to donate.
    4 KB (628 words) - 12:23, 26 April 2007
  • Highlights of 2007 Tax Changes
    …For 2007, the standard mileage rate for the cost of operating your car for business use is 48½ cents per mile. … other person) must have been subject to indictment or conviction based on business transactions related to the bankruptcy.
    39 KB (5855 words) - 18:00, 4 December 2008
  • TaxAlmanac:Featured article/April 25, 2007
    '''Annual Exclusion for Gifts to Spouses Increased''' The annual exclusion for gifts made to spouses who are not U.S. citizens has increased to $125,000.
    2 KB (302 words) - 14:51, 21 June 2007
  • Discussion:Pastor Anniversary Gift
    …stor, I don't want to mess with any of the rules regarding Church's giving gifts to clergy. …rite "I don't want to mess with any of the rules regarding Church's giving gifts to clergy."
    5 KB (888 words) - 22:51, 7 May 2007
  • Income Tax Treaty with Iceland, 1975
    Article 8----------------------------------Business Profits taxation of business and personal service income and the administrative provisions are the same…
    70 KB (10985 words) - 23:30, 10 May 2007
  • Discussion:Bonus for a Pastor
    …As Tax said, it should be treated as W2 income. Don't forget his employee business expenses (and Schedule C expenses, if he has other income from ministerial…
    10 KB (1737 words) - 20:33, 21 May 2007
  • Discussion:Gift subject to $25 vs. advertising
    …t limitation of $25 per person per year. On the other hand if he tied his business card around the neck of the bottle would that be advertising and fully ded… …a-fide." You should trust your initial feelings on this one (ie: they are gifts).}}
    2 KB (258 words) - 04:04, 6 June 2007
  • Discussion:Gifts Designated for Pastor
    …n. Contributions are solicited with the understanding that the use of all gifts to ___is controlled by its General Council, which has complete discretion … …hing similar regarding gifts for the pastor, and have votes at its regular business meetings regarding making payments according to the donor's preferences, w…
    7 KB (1059 words) - 23:35, 11 June 2007
  • Income Tax Treaty with Philippines, 1976
    Article 8----------------------------------Business Profits The taxation of business profits derived by a resident of the other country is governed by the stan…
    83 KB (13019 words) - 23:58, 19 March 2008
  • Discussion:Crummey trust -- gift tax filing
    …eir own money at less than the yearly gift limit (even combined with other gifts to daughter), so as I understand it they do not need to file a gift tax re… … surprise -- the lawyer said that a gift tax return needed to be filed for gifts of any amount, even under the normal yearly limit.
    5 KB (915 words) - 21:46, 17 July 2007
  • Discussion:Business loan from parents or gift?? - business now defunct
    …ntent to repay. Business had been making payments on loan. So I treated as business loan. In 2006, client went out of business. Now client says parents deducted interest expense (they took out a home e…
    5 KB (790 words) - 04:14, 15 October 2011
  • Discussion:Schedule C Audit - loss of documents
    Certain business expenses (e.g., travel, entertainment and gifts) may not be estimated because of the strict substantiation requirements of… …oner'', T.C. Memo. 2006-272, in which the Tax Court allowed deductions for business expenses based largely on the taxpayer’s honest, forthright and credible…
    8 KB (1391 words) - 14:26, 8 September 2011
  • Discussion:Need some help planning a strategy with a divorcing client
    …etained its community property nature or whether it was a true gift (as in gifts of jewelry) that became her separate property. Just added info on the equitable settlement: he keeps all business interests, he keeps a home worth roughly 2.2 mil on the open market, he ke…
    9 KB (1692 words) - 16:17, 22 August 2007
  • REG-147171-05
    …ulemaking and Notice of Public Hearing Deductions for Entertainment Use of Business Aircraft''''' This document contains proposed regulations relating to the use of business
    58 KB (9009 words) - 15:43, 6 August 2007
  • Discussion:Anyone going to the Vegas Tax Forum?
    {{Business Growth Community}} Quality of the vendor gifts were way down. Remember when you could get a real coffee cup (or several)…
    2 KB (390 words) - 22:13, 5 July 2012
  • Discussion:Urban Tax Legends
    …duct the cost of your car and all its operating expenses (or mileage) as a business expense if you put '''advertising on the car'''. …ct the cost of your vacation if you go on a '''job interview''' (keep that business card of the interviewer) while away.
    58 KB (9394 words) - 01:09, 16 May 2014
  • Discussion:Taxpayer and Mother open joint checking
    …ax but no gift tax will be due until they reach the threshold for lifetime gifts...is there a spouse involved in this 30K gifting?}} …include Christmas, birthday, etc. Also, client must report all charitable gifts on gift tax return if one is necessary for other reasons (although there i…
    7 KB (1166 words) - 18:08, 20 August 2007
  • Rev. Proc. 2007-56
    disaster area&#8221; and any business entity or sole proprietor whose principal place of business is located in a &#8220;covered disaster area.&#8221; Postponements
    125 KB (18892 words) - 13:25, 20 August 2007
  • REG-142039-06; REG-139268-06
    unrelated business income taxes that is derived directly or indirectly from Federal employment, excise or unrelated business income taxes that is derived
    89 KB (13789 words) - 13:25, 20 August 2007
  • Discussion:Income Recognition - care of pets and animals
    …ership and responsibility in exchange for $30K. Third party is not in the business of boarding horses. Annual farrier and vet bills are not cheap and one of… … 2007|Text=Sounds like third party paid 30k for "three elderly horses". no business income then hobby loss?
    10 KB (1677 words) - 12:35, 30 August 2007
  • Home Foreclosures (FAQs)
    …lation often is treated as a gift from the lender to you. Gifts, including gifts of cancelled debts, are excludible from income. However, the cancellation … …b/irs-pdf/f1099c.pdf Form 1099-C] Cancellation of Debt Form 4797, Sales of Business Property
    8 KB (1414 words) - 16:41, 17 March 2012
  • Discussion:Best way to grow my business
    {{ForumThreadHeading|Business_Growth_Community|Business Growth Community}} …o not exactly the center of growth. His program landed me 6-8 really solid business clients and a several more individuals. It seemed to be low key and contro…
    13 KB (2314 words) - 20:04, 30 January 2009
  • Discussion:Gift to employee-Is it additional compensation?
    … our clients gave their secretary a cruise as a gift and charged it to the business credit card. I believe this would be considered additional compensation ba… {{ForumReplyPost|UserID=NYEA|Date=31 August 2007|Text="Gifts" as you described the situation are almost always considered as compensati…
    3 KB (508 words) - 21:46, 3 September 2007
  • Discussion:Am I missing something here??? 2008 Capital Gains
    …ving strategy #2. Higher-bracket taxpayers should consider making year-end gifts of appreciated capital assets to low-bracket family members, who can then … …r to each donee in 2007 is excluded from the amount of the donor's taxable gifts."
    5 KB (843 words) - 17:09, 13 September 2007
  • T.D. 9348
    preceding these regulations was submitted to the Small Business Administration for comment on their impact on small business.
    54 KB (8635 words) - 15:10, 19 September 2007
  • REG-128843-05
    for Advocacy of the Small Business Administration for comment on its impact on small business.
    35 KB (5637 words) - 15:10, 19 September 2007
  • T.D. 9350
    of the Small Business Administration for comment on its impact on small business. if any, referring to the business purposes for the reportable transaction.
    61 KB (9341 words) - 16:17, 2 June 2010
  • Discussion:Tax Deductibility for Golf Equipment
    {{ForumNewPost|UserID=Hmoy|Date=22 September 2007|Text=Can a business client deduct golf equipment and golf balls for entertaining their clients… If they are business gifts, then sure you can deduct them subject to the $25 per person per year limi…
    2 KB (382 words) - 20:29, 24 September 2007
  • Discussion:Gifted Payment to 3rd Parties of Business Expenses
    …P.S. Note, under no set of circumstances can father be an investor in the business (i.e. if it was an S. etc.), since father is not an architect and cannot b… …ber 2007|Text=That makes me feel better. They were for the benefit of the business which in this case is an indistinguishable entity from the son except in m…
    4 KB (670 words) - 18:08, 28 September 2007
  • Discussion:Gift Cards taxed when sold or redeemed??
    …07|Text=I received 2 gift cards from the hair salon that I use as birthday gifts from 2 different people. To the salon they are a liability until I use the… …s short of money, so starts paying vendors in gift cards. As a cash-basis business, when would they record the income and expense? When the gift cards are r…
    8 KB (1359 words) - 01:34, 3 September 2012
  • Discussion:My first future child model...and MOM
    … expenses this year but how can she? She's not earning any money from this business. Even if the kid does earn money, how can he deduct these expenses when es… The parent gifts money to the kid and the kid pays it?}}
    6 KB (1042 words) - 17:53, 13 November 2007
  • Rev. Proc. 2007-66
    | align="left"| .32 Annual Exclusion for Gifts | align="left"| .35 Notice of Large Gifts Received from Foreign Persons
    37 KB (4967 words) - 17:46, 6 December 2007
  • Discussion:Source of the American PROBLEM
    …ith a majority of people now saying it's not important to keep promises in business. What the hell does this mean for our future? I'd love to know the age w… … to assess blame for problems to one particular area, but since sports and business go hand in hand, let's look there. It seems some athletes, agents and own…
    21 KB (3760 words) - 23:36, 31 January 2008
  • Discussion:Form 8594 issues for a sole prop
    …nt/appraiser at the time of the purchase. There are not many assets in the business (just some furniture, signs and equipment). I know I have to fill out the … 1)His wrong reporting to the sales tax department that the business was a gift
    4 KB (780 words) - 22:18, 28 February 2010
  • Discussion:Country Club Dues When Used as Meeting Place
    …ere in well over a year. Is there a rationale to take this as a full 100% business expense? His suggestion is that it could technically be called "rent". T… …ch item was associated with, the active conduct of the taxpayer's trade or business, or
    7 KB (1125 words) - 00:06, 28 July 2009
  • User talk:Scottycoyote
    …he chat forum is very popular, and quite entertaining. And we also have a Business Growth/Practice Management forum, where there's been a lot of activity the… Nooooo Waaaay! Seriously, I've been in this business for over 35 years and starting in 1986 when I bought my first computer, I …
    13 KB (2235 words) - 05:08, 4 May 2014
  • Discussion:Self-Rental - Defense with IRS
    …wns a commercial building. He has rented that building to an incorporated business that he 100% owned. The rent ($1,250/mo) is/was at a fair market value ra… … few years ago he completed a gradual gifting of shares to his son, annual gifts being within the exclusion amount. Would not be a problem anyway as this …
    4 KB (726 words) - 20:44, 28 March 2010
  • Discussion:Gifting to household employee
    …9|Date=22 January 2008|Text=There are a lot of cases out there on employer gifts to employees that fall on both sides if the issue. One that sticks out is… …Text=On an audit IRS contested a $10,000 payment made from a man who ran a business to my client, who had done regularly consulting work for him.....but the c…
    3 KB (601 words) - 00:07, 23 January 2008
  • Income Tax Treaty with Israel, 1975
    Article 8---------------------------------Business Profits …ting power of the Israeli corporation and a majority of that corporation's business assets are located in Israel. This is analogous to the treatment provided …
    152 KB (23943 words) - 23:19, 28 January 2008
  • Income Tax Treaty with Japan, 1971
    Article 8---------------------------------Business Profits …s which is treated as effectively connected with the conduct of a trade or business within the United States within the meaning of section 864 (c) of the Inte…
    80 KB (12506 words) - 21:43, 1 February 2008
  • Discussion:Donation receipt
    …d violate their religious principles to have to obtain a receipt for their gifts to their church. If you sat across the desk from this couple, there would … …ng the same donation on their tax return somehow doesn't disclose the same gifts and so is acceptable. I didn't want to give them a toehold on my time and …
    11 KB (1798 words) - 18:53, 9 October 2008
  • Discussion:How do you find out if prior 709s have been filed?
    I asked him if there had been any gifts like this in prior years. He did not know. My new client has no memory o… …ebruary 7, 2008|Text=Thanks, San Diego. For some reason I grew up in this business thinking that you weren't allowed to use ranges. You had to specifically …
    2 KB (333 words) - 23:09, 7 February 2008
  • Income Tax Treaty with Morocco, 1977
    Article 7---------------------------------Business Profits The Convention provides rules with respect to the taxation of business income, rentals of real property, dividends, interest, royalties, and pers…
    74 KB (11504 words) - 17:38, 22 February 2008
  • Discussion:1099 for Business Gifts?
    …rts in learning about client's new products. Is the value a non-deductible business gift? If so, is a 1099 required? }} … gives gifts to big clients, and actually has no intent of deducting those gifts on his return, it makes no sense to me why he should have to send each of …
    6 KB (995 words) - 00:07, 4 June 2008
  • Discussion:What's the Best thing that happened to you today?
    …owners. It was suggested I give the same talk to another, larger group of business people. … me back gifts. Yes, I like gifts, and she calls, asking for taxes, and no gifts. Not priority, then it's 2006. Helloooooooooooooooooooooo.
    98 KB (17266 words) - 18:19, 1 April 2009
  • Discussion:S corp final year distributions - unequal
    …S corp. The building and assets were owned by the S (NBV = $50,000). The business was terminated in June. Mom sold the building and assets to an unrelated … …rself. She just made him an owner when she incorporated, but there was no business reason for it.}}
    15 KB (2602 words) - 18:22, 2 March 2008
  • Discussion:Giving a business as a gift?
    …ever a partner in the partnership, nada. They are just getting an ongoing business and equipment for free. …raig|Date=4 March 2008|Text=Gift the business at fair market value. If the business is worth more than the tax basis, then there may be some goodwill for gift…
    2 KB (429 words) - 22:45, 9 March 2008
  • Discussion:Gift by wire transfer of u.s. dollars in foreign acct to u.s. acct
    … on the giver; giver here has no tax obligation to the U.S. Whether giver gifts US dollars, Euros or gold coins should make no difference. …transfers of intangible property” by nonresident aliens not engaged in business in the U.S. during the year. The 1954 House Ways and Means Committee Repor…
    41 KB (6898 words) - 14:49, 15 July 2013
  • Discussion:Chargin for paper returns
    {{Business Growth Community}} Thoughts, comments and gifts are welcomed.
    12 KB (2117 words) - 19:59, 30 July 2009
  • Income Tax Treaty with Norway, 1971
    Article 5---------------------------------Business Profits …s, the leasing of vehicles, and the use of partnerships and other forms of business organizations other than corporations. The exchange of notes makes it clea…
    119 KB (18864 words) - 23:15, 13 March 2008
  • Discussion:Gift Made on Deathbed
    …passed away. I assume he was fully aware of the circumstances. Would these gifts be part of his estate subject to estate tax or would they have passed upon… …t|UserID=Kevinh5|Date=7 April 2008|Text=must have cleared bank by close of business date of death to have been a completed gift - lots of tax court cases on t…
    2 KB (390 words) - 17:17, 24 March 2012
  • Discussion:Alimony or not?
    …per month and did. She thinks he may be taking this as a deduction on his business return (not our problem), but insists to her that it is not taxable to her… …ng something with it, but what is it to ex-wife (my client)? Too much for gifts - what in the world do I do with this? Thank you.}}
    4 KB (753 words) - 00:41, 30 April 2008
  • Discussion:Minister Gifts
    …plyPost|UserID=Nancyshoemake|Date=14 April 2008|Text=is he in a for profit business? doesn't sound like it...just sounds very kind}} …yshoemake|Date=14 April 2008|Text=How does he receive the income from this business?}}
    4 KB (682 words) - 03:47, 14 April 2008
  • Discussion:How does this deal smell to you?
    …state agent, some agents would sell their kids to make a deal. I left the business because of the lack of ethics. Not all agents are unethical, but the thin… …y ratios and all of a sudden, they don't qualify. Therefore, they became "gifts." Hence, that's what the lender "wants to hear."
    8 KB (1369 words) - 07:20, 22 May 2008
  • Discussion:Health insurance paid by parent
    …ents pay for his health insurance premiums. The parents give Joe no other gifts throughout the year. …nly his mother could claim the medical expenses under Sec. 213. Since the gifts were completed, son was the owner of the funds at the time the medical bil…
    10 KB (1807 words) - 13:40, 28 May 2008
  • Discussion:Realtor Sched C expense
    …|Text=I am preparing a return for a realtor. I have three questions about business expense: 3) You can only deduct the business use portion. What records does the taxpayer have to help determine this?}…
    7 KB (1214 words) - 18:18, 20 September 2010
  • Discussion:Transfer of shares to son
    …e this would be a gift, the value of which should be obtained by getting a business appraisal done. Yes, no? …s the shares vs. a reduction in the father's estate exemption amount if he gifts but son still
    3 KB (451 words) - 18:52, 4 June 2008
  • Rev. Proc. 2008-1
    (a) Large and Mid-Size Business Division (LMSB), which generally (b) Small Business/Self-Employed Division (SB/SE), which generally
    311 KB (46943 words) - 20:48, 6 December 2009
  • Rev. Proc. 2008-3
    (1) New section 3.01(9) (Section 102.&#8212;Gifts and Inheritances) Contributions and Gifts) has been added.
    69 KB (10114 words) - 04:35, 1 October 2012
  • Notice 2008-46
    Penalty Provisions of the Small Business and Work Opportunity Tax Act of 2007''''' Revenue Code, as amended by the Small Business and Work Opportunity
    8 KB (1195 words) - 22:35, 6 December 2009
  • REG-147775-06
    2503(b); (2) the sum of the amount of the transfer and all other gifts entities would generate business or benefit from this rule. Accordingly,
    46 KB (7495 words) - 01:42, 4 June 2008
  • T.D. 9391
    effectively connected with the conduct of a trade or business within trade or business within a territory (territory ECI). Section 937(b)(1)
    213 KB (33836 words) - 01:44, 4 June 2008
  • Discussion:Is it a Gift or Inheritance
    In addition, is not gifts within three years of death? It was called livery of seizen.}} any votes to bring spanking back into vogue as a business practice? I would think that it would be quite popular in some circles.}}
    7 KB (1286 words) - 22:25, 7 June 2008
  • Discussion:Unreported Income
    …r other issues. Even when we showed the notes for loan and statements for gifts, the agent still tried to call the people up to verify which is fine since… … it for some clients to take on small side work (1099s), or to run a micro-business. These are the clients that will co-mingle (even though many ''do'' repo…
    6 KB (1025 words) - 05:27, 12 June 2008
  • Discussion:Not for profit gives gift cards to its volunteers
    {{ForumReplyPost|UserID=Blrgcpa|Date=21 June 2008|Text=Business gifts are deductible up to $25/per person/year.}} "From time to time, some 501(c)(3)s may provide volunteers with awards, or gifts. In general, if these are non-cash items of nominal value, such as a ham a…
    8 KB (1291 words) - 09:27, 23 June 2008
  • Discussion:How to reply to client questions
    My response: since business is a corporation, stock needs to be issued. It indicates the ownership in… Q 2. Why do vendor "peace offerings" need to be reported as gifts?
    23 KB (3765 words) - 20:54, 19 September 2008
  • Discussion:S Corp basis of gifted stock
    {{ForumNewPost|UserID=Rls1|Date=2 July 2008|Text=Parent gifts 40% of stock to son. At date of gift, common stock is $1,000 and AAA is 9… No business tracsacted on January 1, 2007 since that is a national holiday.
    4 KB (666 words) - 21:38, 14 July 2008
  • Discussion:Considered a Gift??
    …veryone is....would this be considered a gift to my client? I know if she gifts $12,000 or less they could avoid tax implications....but does this only ap… {{ForumReplyPost|UserID=Death&Taxes|Date=9 July 2008|Text=Gifts are not limited to family members. The $12,000 limit is only of concern t…
    2 KB (340 words) - 14:16, 9 July 2008
  • Discussion:Purported arms length transaction - house sold to daughter with gifted payments
    But, instead of making payments, mom "gifts" daughter payments of $915 a month with a balloon payment in 15 years when… … just lets the daughter stay in her previous residence rent free, and then gifts the daughter $915/month ($10980/year) anyway?
    14 KB (2458 words) - 13:03, 30 November 2011
  • Discussion:Church Daycare - UBTI??
    …to the public, not just church members) would that be considered Unrelated Business Taxable Income?}} …ed by money from the Sunday collection plate so there will be no unrelated business NET income. I suspect that most others hope to at best, break even.}}
    6 KB (1050 words) - 02:13, 1 August 2008
  • Discussion:Lifetime gifting
    …Post|UserID=DZCPA|Date=2 August 2008|Text=This is just a general answer....gifts made before death are excluded from the estate of the person who died.}} If I give an interest in a business that is worth 1 Million today, but grows to 10 million at the time I die, …
    2 KB (339 words) - 15:36, 4 August 2008
  • Discussion:Best way to issue S-Corp shares to new shareholders
    … to buy in. The owner wants to give her an incentive to stay and grow the business. The lender loaned the money and is looking for an equity kicker.}} … of the debt for equity, never done it, can't speak to how. They cannot be gifts since you have a relationship with them and the biz, according to my tax a…
    2 KB (346 words) - 23:25, 3 September 2008
  • Discussion:Distributions for a Wife-Owned LLC
    …ority-owned business opportunities. However, the husband is active in the business and has been transferring his own money in and out for float until this ne… …ghta - somehow, I don't know where or how - check with the "minority-owned business opportunity" people to see if *they* might have an issue with it. It's qu…
    2 KB (276 words) - 01:49, 14 February 2011
  • Discussion:Tax representation letters
    …t says that the client has documentation for meals, entertainment, travel, gifts and auto.) …erify that all cable, cell phone, fax and other deductions are all for the business. (The shareholders operate out of their home office.)
    3 KB (424 words) - 19:43, 18 September 2008
  • User talk:Wiles
    …e tax ideas along with the self-interested financial planner trying to get business - then you should contact Uncle Sam and ask him if he is willing to edit h… == Taxable gifts ==
    15 KB (2553 words) - 02:41, 9 April 2014
  • REG-143716-04
    of gifts. Changes to the applicable law were made by section 506(c)(1) primarily affect individuals who are donors of gifts. The proposed
    39 KB (6251 words) - 21:21, 8 December 2008
  • REG-129243-07
    Code made by section 8246 of the Small Business and Work Opportunity Business and Work Opportunity Tax Act of 2007. The likely respondents
    273 KB (43547 words) - 21:26, 8 December 2008
  • T.D. 9407
    Automatic Extension of Time To File Certain Business Income Tax, Information, was submitted to the Chief Counsel for Advocacy of the Small Business
    61 KB (9549 words) - 21:43, 8 December 2008
  • T.D. 9414
    discuss the estate tax implications for charitable gifts of remainder to the Chief Counsel for Advocacy of the Small Business Administration
    50 KB (8092 words) - 21:46, 8 December 2008
  • REG-140029-07
    '''II. ''Cash, check or other monetary gifts''''' are advised to maintain records of the gifts or expenses.
    76 KB (11521 words) - 21:56, 8 December 2008
  • T.D. 9423
    more than one-third of their support from a combination of gifts, of their support from investment income and unrelated business taxable
    218 KB (33880 words) - 22:00, 8 December 2008
  • Rev. Proc. 2008-66
    | align="left"| .30 Annual Exclusion for Gifts | align="left"| .34 Notice of Large Gifts Received from Foreign Persons
    34 KB (4634 words) - 20:26, 6 December 2009
  • Discussion:Signing on for the first time
    … in tax and accounting 6 years ago. As many of you know, running your own business is challenging and rewarding as well as many other things (-:)!). …ce there are many to review. My goal is to obtain new clients both in the business and personal sector so that I may be able to increase my income and Tax pr…
    2 KB (340 words) - 16:21, 14 December 2008
  • Discussion:Same Sex Marriage?
    …for each partner or spouse. There is no income, but there could be taxable gifts. -- [[User:Lhhesscpa|Larry Hess, CPA | Albuquerque, NM]]}}
    7 KB (1080 words) - 04:29, 12 June 2010
  • Discussion:Donation of Services
    …es and associated materials. I moved those expenses from their respective business expense categories over to the donation expense. Do I need to file form 82… …id to the S-corp's employees and cost of materials, and the company is the business of creating websites, I don't think you need to reclassify the amounts--it…
    8 KB (1427 words) - 22:33, 26 January 2009
  • Discussion:Recreation provided for Employees
    …wages (except in the unlikely event it could be shown they were conducting business under the ''Townsend'' standard), but the company can still deduct the act… …t provide this type of recreation and entertainment to employees without a business purpose and without adding the value of what the employees receive to thei…
    6 KB (930 words) - 18:41, 12 February 2012
  • Discussion:Re capitalization of S-Corp stock
    …ForumReplyPost|UserID=JR1|Date=January 8, 2009|Text=IRS frowns on it being gifts when there is an employment relationship, so, I, too saw this as taxable i… …he majority shareholder. If so, the nature of the transfer could have been gifts seeing that the transfer was from one person to another person outside the…
    6 KB (1002 words) - 18:45, 8 January 2009
  • Rev. Proc. 2009-1
    (a) Large and Mid-Size Business Division (LMSB), which generally (b) Small Business/Self-Employed Division (SB/SE), which generally
    299 KB (45648 words) - 05:20, 7 September 2009
  • Rev. Proc. 2009-3
    largely of an interest in a closely held business.&#8212;Requests (9) Section 102.&#8212;Gifts and Inheritances.&#8212;Whether
    68 KB (10065 words) - 02:42, 7 September 2009
  • Discussion:Cost basis of stock that was a gift from employer?
    …if we will, shes only been with me 1 prior year and the employer is out of business. It was an award for service. Have the rules been like that for very lon… {{ForumReplyPost|UserID=Riley2|Date=22 January 2009|Text=For gifts made after 1986, Sec. 102 basically says that a gift from an employer to a…
    3 KB (498 words) - 01:48, 23 January 2009
  • Discussion:Wh? Business would you be involved if not a Tax pro
    What type of business would you think you could possibly be involved besides what you already do… …hich business that you have worked with, or have seen, you think is a good business?
    9 KB (1613 words) - 14:29, 3 July 2012
  • Income Tax Treaty with Poland, 1974
    Article 8----------------------------------Business Profits … It incorporates the same basic principles with respect to the taxation of business income, personal service income and income from investments, and includes …
    54 KB (8549 words) - 00:20, 19 February 2009
  • User talk:Biggyspark
    …l tax professional who will have the opportunity to understand your entire business and/or tax situation and can provide both advice and follow-up. This is no… …his transaction, however. Tax attorneys normally handle estates and large gifts, like this one. In your case, it should also be a tax attorney with Korea…
    5 KB (896 words) - 01:19, 18 February 2009
  • Income Tax Treaty with Romania, 1973
    Article 7 ---------------------------------Business Profits …e a convention which, as to the basic provisions governing the taxation of business income, personal service income and real property income, as well as the a…
    57 KB (8904 words) - 22:51, 19 February 2009
  • Discussion:Mortgage interest split
    Sometimes she argues that things I have paid for her are/were/should be gifts to her. … they're gonna be tax deductible because she's arguing that they should be gifts to her?
    2 KB (381 words) - 05:15, 2 March 2013
  • Discussion:Collectible Loss
    … he responded, "In so much that you borne a loss connected with a trade or business, entered into a transaction for profit, or had a loss borne of the wrath o… … so much that you tried to deduct a loss neither connected with a trade or business, from a transaction entered into for profit, nor a loss borne of the wrath…
    10 KB (1702 words) - 07:35, 22 February 2009
  • Discussion:Form 8919
    …hey stopped paying their employees...but...they did start giving them all "gifts". My client got one of these generous gifts to the tune of 15k. Clearly he was an employee, and this needs to be repor…
    5 KB (798 words) - 17:37, 13 April 2014
  • Discussion:Challenging times for tax planning
    …amatically change the general excise tax by taxing nonprofit and other non-business organizations. The good side of this bill is that it reduces the rate to … …table organizations would have to pay GET on just about all revenue except gifts/donations.
    3 KB (534 words) - 00:48, 25 February 2009
  • Discussion:Christmas party expenses....deductible?
    …d to go further with this. An employer is only allowed $25 of non-taxable gifts to employees per year. The Christmas party would be a deductible event, I'… Business gifts can't exceed $25/person/year. Were they given some other gift?
    3 KB (500 words) - 20:04, 10 March 2009
  • Discussion:Employee gifts not included on W-2s... now what?
    …{ForumReplyPost|UserID=Blrgcpa|Date=18 March 2009|Text=Deductible business gifts are limited to $25.00/person. The amount over $25.00 is non deductible.}} …imarrow|Date=18 March 2009|Text=As I understand it, these are not business gifts since they were given to employees. Therefore, they should have been taxab…
    1 KB (210 words) - 20:26, 18 March 2009
  • Income Tax Treaty with Thailand, 1996
    Article 7----------------------------------Business Profits …e source country. In that situation, the income is to be considered either business profit or income from independent personal services.
    88 KB (14065 words) - 23:41, 18 March 2009
  • T.D. 9436
    Code made by section 8246 of the Small Business and Work Opportunity Business and Work Opportunity Tax Act of 2007 and section 506 of the
    260 KB (41249 words) - 21:14, 19 March 2009
  • Rev. Proc. 2009-11
    The Small Business and Work Opportunity Tax Act of 2007, Pub. | Form 990T, ''Exempt Organization Business Income Tax
    34 KB (5106 words) - 21:15, 19 March 2009
  • Announcement 2009-15
    of the Small Business and Work Opportunity Tax Act of 2007 and section ===PART 25&#8212;GIFT TAX; GIFTS MADE AFTER===
    21 KB (3261 words) - 21:28, 19 March 2009
  • Income Tax Treaty with Trinidad, 1970
    Article 8---------------------------------Business Profits …h provisions are those dealing with taxation of business income, income of business visitors for personal services, income from personal services for teaching…
    73 KB (11349 words) - 00:29, 20 March 2009
  • Discussion:Forgiveness of note payments to be received.
    …however, refinance their personal residence and give proceeds to the kids' business (Tom and Jerry's LLC) to buy the real estate (loan is over 1million). …tter). next idea would be to allow the LLC to pay back the note but allow gifts to the kids annually to help pay the note back or forgive portion of the n…
    2 KB (329 words) - 01:04, 21 March 2009
  • Discussion:Starting out as a side business
    {{Business Growth Community}} …e, I am based in New York City and just starting out for myself in the tax business.
    8 KB (1353 words) - 13:47, 22 June 2009
  • Discussion:Imputed Interest Expense Deductibility
    … Unless they wear skirts. If the money they were advanced wasn't used for business, investment, for buying something for rent or resale [see the Section 163 … …doesn't buy what it used to. I grossed $110 a week when I started in this business. And look at me now!! }}
    8 KB (1290 words) - 16:47, 13 December 2009
  • Discussion:What is the correct answer?
    …tical purposes as of 1/1. He is on the payroll but has not registered as a business in NJ. He will obviously have withholding and other taxes for NJ. I assume… …this S-Corp - He has NJ wages from this S-Corp and needs to register to do business in NJ as a foreign corporation. He will also need to register with the NJ…
    4 KB (659 words) - 02:57, 3 May 2009
  • User talk:Paris
    I didn't think gifts between H-W were taxable to begin with. I would argue though that merely p… >>(employment not connected with a trade/business
    6 KB (1026 words) - 21:21, 10 June 2009
  • Discussion:NRA to NRA gift
    …ring the funds to the Joint account (employment not connected with a trade/business in the US). …eceiving US shares from his employer(employment not connected with a trade/business in the US)
    4 KB (747 words) - 05:59, 19 October 2009
  • Discussion:I'm excited about my new business, my wife is not
    {{Business Growth Community}} …keeping for family and friends for a few years now, and decided to start a business on the side. I am hoping to go full time if things go well.
    22 KB (3983 words) - 00:44, 30 June 2009
  • Discussion:Employee business expense vs Charitable Contribution
    Under normal circumstances these expenses would be considered employee business expenes if the employer required the expenses to be incurred by the employ… …e seminar costs would probably be 2% deductions. Voluntary and gratuitous gifts of time and material to a municipality would probably be charitable contri…
    12 KB (1988 words) - 04:06, 11 August 2009
  • Discussion:MaryKay auto lease
    Are gifts such as rings, bracelets subject to self-employment tax. These are reporte… …hicle which is for business only. If the vehicle is used less than 50% for business, then take a standard deduction for it.
    12 KB (2068 words) - 21:43, 6 July 2009
  • Discussion:Initial shareholder contributions in an SCorp
    …rming LLC that are contributing different amounts in the start up of their business that will be taxed as an SCorp. One contributed $100K and the other $10K … …% interest in the S corporation (which has developed a stunningly creative business plan) in exchange for contributing $1,000,000 to the S corporation, ''you'…
    17 KB (2799 words) - 22:21, 8 December 2009
  • Discussion:Sch C Audit
    …receipts (false) or she cannot allow over $25 per gift, although those few gifts were to a group of people(example, box of chocolate to an office location)…
    5 KB (951 words) - 14:00, 14 July 2009
  • Discussion:Money from parents gift or income
    …nts and asks why they're paying son/daughter, and they say "We give lavish gifts." In what world would this ever get to the point where the TP gets assess… …ed to issue 1099s, when they make payments in the course of their trade or business.
    8 KB (1365 words) - 17:42, 30 July 2009
  • Discussion:Charitable deduction as business expense
    …as business expenses if the payments are not charitable contributions or a gifts. …ReplyPost|UserID=Kevinh5|Date=6 August 2009|Text=why SE tax? is he in the business of accepting job offers on a regular and continuing basis, or is this mayb…
    5 KB (835 words) - 18:56, 26 August 2009
  • Discussion:Prank?
    …rID=Kevinh5|Date=30 January 2012|Text=I want to say under the category of "Gifts". As in Gift to Former Employer. {{ForumReplyPost|UserID=TAX.TITAN|Date=30 January 2012|Text=gifts?
    9 KB (1486 words) - 23:27, 30 January 2012
  • Discussion:Personal Living Expenses (PLE)
    …xt=My Schedule C client is being audited for a business loss in 2007. The business was in its first year. My client also had a $100K job during the year. …tions to me of unreported income. The client lived within her means. The business was bona fide and it was very profitable the following year.
    4 KB (770 words) - 17:13, 9 October 2009
  • Discussion:Gift vs Loan - at risk limitations?
    …em back but there are no notes signed. Is it too aggressive to call these gifts and therefore carryforward the whole loss?
    1 KB (216 words) - 14:27, 10 October 2009
  • Discussion:Lease vs buy
    …ober 2009|Text=oh my, BlrgCPA, is that what you tell your clients who rent business equipment and office space?}} …l from client to client it would be hard to see where you would get enough business use percentage in a traditional tax/accounting practice, though. Most of …
    6 KB (1042 words) - 17:23, 14 October 2009
  • Rev. Proc. 2009-50
    |.30 Annual Exclusion for Gifts ||2503 & 2523 |.33 Notice of Large Gifts Received from Foreign Persons ||6039F
    33 KB (4452 words) - 23:57, 30 September 2010
  • Notice 2009-85
    gifts or bequests on or after June 17, 2008, from individuals who are subject to… states that future guidance will address gifts and bequests subject to a transfer tax
    121 KB (19458 words) - 19:47, 9 November 2009
  • Discussion:Clients - the ones who ask for referrals
    {{Business Growth Community}} …someone with a reservoir of business connections and ask if I can get them business. I tell them if someone asks for a service I do give referrals.
    7 KB (1272 words) - 16:31, 26 October 2009
  • Discussion:Renting a home you don't own
    … I put it on a C or an E, and what in the world would I call this kind of "business?". }} 1. He has made gifts to the named family members
    16 KB (2825 words) - 16:17, 1 April 2010
  • Discussion:Section 179 carryforward shareholder
    …tion 179 but business income limit disallows the deduction and shareholder gifts interest does the new owner get to use the section 179 carryforward????}} Just to clarify what I think your statement said: Business income on the K-1 PLUS W-2 wages to your shareholder limited the deduction…
    2 KB (290 words) - 18:28, 4 November 2009
  • Discussion:Do gift tax returns get audited?
    … I was pretty surprised to hear this. I don't do taxes, but I do perform business valuations, so I am interested in knowing whether other CPAs have similar … …ularly if discounts were taken in arriving at the fair market value of the gifts and if adjustment of the discounts would result in additional gift tax. I…
    5 KB (761 words) - 15:22, 12 November 2009
  • T.D. 9460
    …97. These final regulations primarily affect individuals who are donors of gifts. The final regulations provide rules for determining whether a donor may p… … binding for purposes of calculating the cumulative gift tax on all future gifts of that taxpayer, as well as the taxpayer’s estate tax liability. See H.…
    23 KB (3752 words) - 03:41, 6 November 2009
  • Discussion:501(c)(7) Club - 35% of Gross Receipts Issue -
    …social interaction among those members. I've seen a social club of diverse business leaders in a tri-city area who only had 4 get-togethers each year. They pa… …ets better....the treasurer was a "CPA", allowed a couple members to take "gifts" from the organization....and even more....all stuff we'll have to come cl…
    6 KB (1017 words) - 03:32, 14 November 2009
  • Discussion:Employee Assistance Fund
    …ceive no tax preferential treatment and distributions would be treated as "gifts" that are not taxable. … based on providing small loans to individuals who want to start their own business.
    7 KB (1138 words) - 23:29, 17 November 2009
  • Discussion:UBTI for a thrift store
    …ndise, substantially all of which has been received by the organization as gifts or contributions." An example goes on to name thrift shops "where those d… …hen donate the proceeds to charity, you do not have UBTI; you have regular business income and a subsequent charitable deduction. }}
    3 KB (564 words) - 03:23, 17 November 2009
  • T.D. 9448
    …cy of the Small Business Administration for comment on its impact on small business. ===PART 25—GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954===
    144 KB (22389 words) - 06:08, 23 November 2009
  • Discussion:Deductible Advertising Expense for Mardi Gras expensed paid by Business?
    …ups w/logo as a legitimate advertising expense, the king cakes as business gifts to clients. But the beads & float decorations I just can't find a legitim…
    1 KB (172 words) - 19:01, 24 November 2009
  • Discussion:Door prizes
    …shnider|Date=5 December 2009|Text=so you can only write off $25/person for gifts how about if you give door prizes in a raffle. can you write off 100% as … …DaveFogel|Date=6 December 2009|Text=The $25 limitation applies to business gifts. See [[Sec. 274]](b)(1). That section provides that in general, the term…
    6 KB (906 words) - 15:29, 7 December 2009
  • Discussion:Depreciation after gift of rental property
    …ugh proposed regulations extend the principles of a predecessor section to gifts, the proposed regulations do not apply to every carryover-basis transactio… … apply to an asset that (i) is sold in the ordinary course of the seller's business, (ii) has a basis to the transferee determined wholly by reference to, or …
    12 KB (1945 words) - 20:25, 10 November 2010
  • Discussion:Health Club - deductible as an employee benefit
    …for athletic facilities. If a business leases an athletic facility on its business premises for your employees, then that cost is deductible. But I'm pretty… … 274 doesn't apply here. health club dues are not entertainment expenses, gifts, or travel. But at least you gave a code reference.
    9 KB (1488 words) - 04:57, 21 December 2009
  • Discussion:Okay Eastcoasters, are you ready?
    …ost|UserID=CrowJD|Date=19 December 2009|Text=We all know that Santa brings gifts to Christians, but atheists have to shop for Christmas presents. What are… …out and about at 6:30; dog took his usual 25 minute walk though he did his business 5 minutes into it. He had to patrol the usual spots and mark where others…
    17 KB (3039 words) - 17:34, 22 December 2009
  • Discussion:If AA gives BB $60,000 to trade for him, is amount taxed?
    …orumReplyPost|UserID=DZCPA|Date=21 December 2009|Text=There is no limit on gifts. The $60,000 is income but not taxable income. Why not put it in AA's name… …D=Me and the Boss|Date=21 December 2009|Text=Just curious, but what is the business purpose of this transaction. If, AA has liens against him, transferring t…
    4 KB (731 words) - 22:38, 21 December 2009
  • Discussion:Can I prepare and sign my cousin's return?
    {{Business Growth Community}} …inh5|Date=13 January 2010|Text=Cookies and quilts as Christmas or birthday gifts are not compensation. But cookies and quilts in exchange for doing a tax …
    7 KB (1151 words) - 17:07, 27 February 2010
  • Discussion:Gift of future interest for FLP
    …e characterizing gifts of minority interests as future rather than present gifts has been upheld. [http://www.ustaxcourt.gov/InOpHistoric/PRICE3.TCM.WPD.pd… …; conditions that may be in any stockholder agreement for a small (family) business.}}
    824 B (123 words) - 21:19, 15 January 2010
  • Discussion:S Corp business gift as a charitable donation
    … for the charitable donations? Are these contributions considered business gifts and limited to $25 per customer? Or are they considered charitable donatio…
    670 B (109 words) - 13:53, 20 January 2010
  • Discussion:Gift to LLC - divide among members for annual exclusion?
    …x|Date=20 January 2010|Text=I think you may have a problem. Google "Making gifts to an LLC". The second listing is written by an attorney and CPA that deta… …l, we have [[Reg. 25.2511-1]](h)(1), which treat gifts to a corporation as gifts to the underlying shareholders and the reasoning in ''Shepherd'' (115 T.C…
    7 KB (1210 words) - 15:54, 25 January 2010
  • Discussion:Childcare credit when relative pays
    …. This amount is not even applied against the yearly 13,000 allowance for gifts. Can Mom claim education credits? …ers If your grandmother gave you a car which you proceeded to use 100% for business, would you conclude you had no allowable depreciation?}}
    13 KB (2256 words) - 15:30, 27 August 2013
  • Discussion:Client not issuing W-2s, not compliant with payroll rules
    So, I have a brand new client with a business (sole proprietorship) started in August on 2009. She's been paying 2 emplo… … done right. (She was just so caught up in all the other work of opening a business that she didn't get around to paying her employees correctly.) The questio…
    8 KB (1452 words) - 19:31, 24 April 2010
  • Discussion:Gift tax on transfer of C corp shares
    …r, will need a professional business valuator to estimate the value of the business as a going concern. …aluation exercise and determine how much the business is worth, say if the business is worth $500,000, then the owner of the C corp will have to pay gift tax …
    6 KB (963 words) - 04:51, 13 February 2010
  • User talk:Doug M
    …s left by [[user:Vermontcpa]], in reference to his discussion [[Discussion:Business automobile trade in on leased vehicle]]. …. He could change the name of the entity and the file a change in what the business does, for the future.
    27 KB (4666 words) - 03:47, 3 May 2014
  • REG-101896-09
    …eans any U.S. or foreign person that, in the ordinary course of a trade or business, stands ready to effect sales to be made by others. However, with respect … … of the broker effected by the broker in the ordinary course of a trade or business in which the broker stands ready to effect sales to be made by others. Sec…
    255 KB (40619 words) - 03:24, 2 June 2010
  • Discussion:Employee benefits
    …? The standard, very old, and seriously out of date, limit on non-taxable gifts to employees is $25.}} …e is taxable wages on the W-2. An accountable plan to reimburse allowable business related cell phone use or uniform cost & cleaning would be tax free.}}
    2 KB (286 words) - 03:14, 8 March 2010
  • Discussion:Hasn't filed in 11 years
    My initial instinct is that the total dollars earned through this business is not going to be more than $15,000 per year, and after mileage and suppl… …living expenses except for money for living expenses that came from loans, gifts from family members, & other non-taxable sources. After all, who can live…
    8 KB (1391 words) - 22:10, 29 March 2010
  • Discussion:Tax Audit for Cash Based Schedule C
    …nto the same account on 2 occassions. Most all transactions done via cash. Business itself only accepts cash. Taxpayer lives in a house with her 7 brothers an… …he taxpayer create a log to track income received on a daily basis for the business but this only covers the 1 month of 2007 since the rest of the time she wa…
    19 KB (3473 words) - 17:39, 31 August 2010
  • Discussion:S-corp Shares - family member
    …am taking care of a terminally ill aunt and trying to keep up with the tax business and am stressed to the max. I should do more research but time is so limit… …er give stock (each bros files gift return only if value of each bros 2009 gifts to mom excedd $13000)?
    4 KB (671 words) - 12:37, 1 April 2010
  • Discussion:MACRS computation when there is personal use and bonus deduction claimed
    …ty, not a listed property, half year convention applies) costs $10,000 and business use is 5%. What is the second year deduction if business use is 10%?
    13 KB (2016 words) - 22:13, 30 June 2010
  • Discussion:Tax Audit
    … can give a proof for most of it ( by showing my QuickBooks reports and my business account bank statements) , but I've also sold a personal stuff ( like furn… The IRS assumed they were business deposits that he wasn't reporting as income and decided to audit him for u…
    5 KB (825 words) - 02:51, 10 April 2010
  • Discussion:Starting a tax preparation firm
    {{Business Growth Community}} Also, give out Party Favors (little gifts): Chinese customer: firecrackers or ginseng. Mexican: toys for their ch…
    11 KB (1953 words) - 21:33, 19 April 2010
  • Discussion:QSST charitable donation from pass-through
    …-1 with a non cash charitable deduction ($500K - previous building used in business donated to non-profit).<br> S Corp income is considered by the trust as unrelated business income and not gross income. Therefore the S Corp pass-through income is …
    4 KB (608 words) - 17:23, 7 December 2010
  • Discussion:UBTI determination
    …d alone business, I believe it satisfies the criteria for being a trade or business because it is "any activity that is carried on for the production of incom… …tivities "in which substantially all the work in carrying on such trade or business is performed for the organization without compensation."
    4 KB (711 words) - 16:13, 26 April 2010
  • Discussion:1099 rec'd but no work was done
    …he end of the year for about $9000. He takes the expense deduction on his business, but the question is does the daughter have to pay SE tax on this income? … …|UserID=PDXCPA|Date=5 May 2010|Text=Yes, have the 1099 corrected to $0.00. Gifts are not deductible. }}
    3 KB (549 words) - 23:52, 7 May 2010
  • Rev. Proc. 2010-3
    (9) Section 102.—Gifts and Inheritances.— Whether a transfer is a gift within the meaning of §… (20) Section 162.—Trade or Business Expenses.—Whether compensation is reasonable in amount.
    70 KB (10611 words) - 01:46, 23 September 2010
  • Discussion:Search -Gifts
    …erID=HLCPA|Date=14 June 2010|Text=I just did a search for gifts,( business gifts, etc. many iterations) I got many hits, except Section 274, which is what … … or were you expecting other to try to disguise entertainment expenses as 'gifts' and say so in the discussion? Perhaps no one asked your exact question ye…
    3 KB (504 words) - 22:11, 14 June 2010
  • REG-107845-08
    of the Small Business Administration for comment on its impact on small business.
    16 KB (2570 words) - 21:15, 15 June 2010
  • T.D. 9468
    Business Administration for comment on its impact on small business. (6) Family-owned business interests (section 2057) to the extent
    97 KB (15327 words) - 21:36, 15 June 2010
  • REG-155929-06
    that provide two transition rules to address excess business holdings applied the section 4943 excess business holdings excise tax to non-functionally
    111 KB (16880 words) - 21:40, 15 June 2010
  • Discussion:Audit Advice
    …turn is being audited, and the revenue agent is determined to disallow any business expense for which client cannot produce a receipt. She has cancelled check… Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. Supporting documents include sales slips, p…
    7 KB (1097 words) - 18:35, 14 July 2010
  • Discussion:S Corp help needed!!
    …mounts paid to himself can offset this "loan" that he put into SCorp. The business has since closed and so I'm not sure what to do about the contact labor. D… …rcilio|Date=31 August 2010|Text=The business is closed. It sounds like the business wasn't profitable. Was there a profit in 2009?}}
    6 KB (1107 words) - 21:24, 31 August 2010
  • Discussion:EIN number- need new one???
    You purchase or inherit an existing business that you operate as a sole proprietorship}} …er, do not apply for a new EIN if the existing entity only (a) changed its business name, (b) elected on Form 8832 to change the way it is taxed (or is covere…
    6 KB (1073 words) - 21:22, 3 October 2013
  • T.D. 9492
    excise or unrelated business income taxes that is derived directly Counsel for Advocacy of the Small Business Administration for comment
    72 KB (11208 words) - 20:37, 29 September 2010
  • Discussion:Panhandling
    …ell these contributions meet the same criteria as begging to be considered gifts: "A gift is a transfer that proceeds from a "’detached and disintereste… …n, if it did, income tax would be easily avoidable. (For example: Client "gifts" me $5000, no strings attached, in the hope that I represent him in a tax …
    13 KB (2190 words) - 22:57, 13 September 2012
  • Discussion:CIGARS & WINE
    Otherwise, you must treat them as "bitness" gifts. My research service expired or I could give you the code sections. …st|UserID=Kevinh5|Date=30 September 2010|Text=I think TaxTitan means for a business not engaged in the manufacture or distribution of cigars or wine.
    3 KB (530 words) - 13:18, 1 October 2010
  • Discussion:Employer gifts - IRC 102(c)(1)
    …t|UserID=Aaronb19|Date=4 October 2010|Text=Hi, I have a question regarding gifts from an employer. I work at a small company and have received a series of… …irm can currently offer. This partner has a history of making extravagant gifts for weddings, housewarmings, etc.
    3 KB (544 words) - 09:49, 5 October 2010
  • Discussion:"Loyalty Payment" to Employees
    …umNewPost|UserID=Rudy102|Date=8 October 2010|Text=Client recently sold his business (an S Corp) for $1.75 mil. It was an asset sale, not a stock sale - the S … …u. It is solely because of their employment relationship, even Christmas gifts of cash go on a W-2.}}
    6 KB (983 words) - 21:46, 8 October 2010
  • Discussion:Not for profit event
    Alternatively, is there any way to construe the amounts paid as gifts or contributions to the selected charities by the attendees? It doesn't so… …e 10% restriction) rather than an ordinary & necessary cost of their doing business for the endeavor that they took on?}}
    7 KB (1236 words) - 20:23, 2 November 2010
  • Discussion:Sale of Life Estate and Remainder Interest
    …their paperwork in a fire that burned down the building they operate their business from a few years ago..The father is 90 years old and has no idea where any… …etimes the tables are used to apportion basis, sometimes in valuing future gifts (like in most remainder trusts).}}
    10 KB (1655 words) - 01:07, 9 November 2010
  • Rev. Proc. 2010-40
    (1) Low cost article. For taxable years beginning in 2011, the unrelated business income of certain exempt organizations under § 513(h)(2) does not include… .21 Annual Exclusion for Gifts.
    17 KB (2450 words) - 19:34, 15 November 2010
  • Discussion:IRS Audit requests unreasonable?
    …y'll actually OWN all the accounting software and can require it for every business, making the 1099 reporting an actuality. Barcodes on the forehead anyone? … …last time. For example, the client is in a field that does require client gifts. It is just industry practice. Usually auditors know that the $25 gift l…
    10 KB (1776 words) - 07:33, 14 February 2012
  • Discussion:Treatment of business gifts in excess of $25
    … for a job well done. Obviously, the client cannot take the full $215 as a business deduction, only $25, based on it being a "gift." So, how does the $190 ge… …sses don't give "gifts" to subcontractors, just like employers don't give "gifts" to employees. This sure looks like taxable income the the subKer, and fu…
    3 KB (479 words) - 21:45, 16 November 2010
  • Discussion:Business travel, no matter the destination?
    …er 2010|Text=Client is in sales and owns an aircraft that she operates for business. The aircraft is utilized to provide transportation (at no cost) to purch… …rgue that it's not ordinary or necessary, since, taken literally, no novel business strategy would ever be deductible.
    15 KB (2393 words) - 16:15, 17 December 2010
  • Discussion:Crime really doesn't pay. It really doesn't.
    Was he buying jewelry, gifts for his family or having his car tricked out as well? Somebody had to kno… …how he could have all these "trips". Was he a salesman? Were they really business trips? I have no idea, but I think I do now.
    9 KB (1629 words) - 14:54, 28 December 2010
  • Discussion:Acting as agent for donors of charitable contributions.
    Grocery store owners are some of the smartest business people there are. When your client describes his vision to a grocery store… …f the sources of the money so that the charity could properly document the gifts back to the big corps.}}
    9 KB (1520 words) - 13:46, 7 January 2011
  • Discussion:I need some direction and ideas
    {{Business Growth Community}} …ed returns to me, crying that she couldn't finish them. She then sold her business to a CPA on a percentage of revenue basis. That CPA shares my location in…
    12 KB (2212 words) - 18:28, 13 January 2011
  • Discussion:Contributions to a for profit C-Corp.
    {{ForumReplyPost|UserID=JR1|Date=January 6, 2011|Text=Corps cannot receive gifts. The son can. Hint hint.}} …=Corptax|Date=8 January 2011|Text=Might think about having parents combine gifts and spread over two years to avoid eating up gift exclusion and having to …
    3 KB (440 words) - 15:51, 8 January 2011
  • Discussion:Planning for new tax business in 2012
    {{Business Growth Community}} …te a few inquiries but no commitments at this point (I am referring to new business here, not so much family and friends who are already clients).
    18 KB (3266 words) - 14:52, 28 January 2011
  • Discussion:Business termination and loss
    …st|UserID=Schenckdmm|Date=23 January 2011|Text=If someone terminates their business (selling makeup) can they take a loss on leftover inventory? I should know… Gifts to friends?
    1 KB (183 words) - 23:19, 25 January 2011
  • Discussion:Prize Reported on Form 1099-INT How to report a systematic error made by a bank on Form 1099-INT
    …ID=Jethro|Date=29 January 2011|Text=Pub 17 states "If you receive non-cash gifts or services for making deposits '''or for opening an account''' in a savin… …interest income. The $600 threshold is for interest paid in the course of business or trade that's not a savings institution.}}
    6 KB (949 words) - 01:48, 12 February 2011
  • Discussion:Funniest Client Stories - 2011
    …serID=Umk395|Date=4 March 2011|Text=This has been the tax season of client gifts (to me): flowers, Butterfingers, gift cards. Gotta love the client that gi… …ne. I went to an event last year where the speaker told us that one of her business clients used a bookkeeper who sent out hundreds of 1099 forms-- but used t…
    41 KB (7241 words) - 13:53, 15 March 2013
  • Discussion:Entertainment Expenses
    …ally does not attend the events with his clients and there generally is no business or meetings occuring before or after the events. …taxpayer can choose to deduct the expense as (1) entertainment or (2) as a business gift. See Reg. § 1.274-2(b)(1)(iii)(b)(2).}}
    5 KB (773 words) - 00:51, 12 February 2011
  • Discussion:Wire transfer taxable consequences
    He isn't conducting a trade or business , any monies left over really is a gift }} …plyPost|UserID=SashkaCPA|Date=12 February 2011|Text=What makes him "Not in business"?
    3 KB (405 words) - 20:37, 12 February 2011
  • Discussion:Would this tax avoidance idea work?
    …t the 28% bracket parent sells the stock first, pays the cap gain tax then gifts the residual to the adult child. Considering the purchase of an existing tax business is not a professional qualifier in my book.}}
    5 KB (887 words) - 20:04, 21 December 2011
  • Discussion:What would Kevin do...Chapter 2
    …ated in Camden NJ and the area has been sorta depressed the last few years business is booming and Bennie has a hard time keeping up with demand. Bennie has … …March 2011|Text=Are you asking whether the amounts Bennie paid Timmy were 'gifts' or 'compensation'? The argument could be either, but certainly there is …
    13 KB (2266 words) - 17:19, 2 March 2011
  • User talk:Finwealth
    …sfers)of the Inheritance Tax Return. When it talks about adjusted taxable gifts on Federal Form 706 Part 2 line 4, is the adjusted in referrence to the Fe… …nsfers)of the Inheritance Tax Return. When it talks about adjusted taxable gifts on Federal Form 706 Part 2 line 4, is the adjusted in referrence to the Fe…
    4 KB (697 words) - 02:06, 2 March 2011
  • Discussion:S Corp loss deductions after divorce
    …een financed mainly by the SBA loan) were sold at an extreme loss, and the business ended. …m wondering if a) all of her out-of-pocket expenses after the divorce were gifts to the former husband, and that he has full benefit of the loss on disposa…
    5 KB (870 words) - 13:51, 8 March 2011
  • Discussion:Foreign Earned Income Exclusion - Bribes & Kickbacks
    …hink that accepting bribes and kickbacks arises to the level of a trade or business? I think not. Maybe that's your point?}} …2011|Text=For some, collecting baksheesh is a vital part of their trade or business. In an analagous situation, tips would be earned income.
    4 KB (655 words) - 19:30, 7 March 2011
  • Discussion:SCorp Books vs. tax return
    … two conclusions: Cash was off in prior years about $35K and she is using business funds and not recording all the disbursements. She doesn't even reconcile … …ing and payables. All other cash was free for all between her personal and business account. Nightmare!}}
    14 KB (2445 words) - 23:24, 9 March 2011
  • Discussion:Single Member LLC to Kid
    …s from what little info I have, assets have little undepreciated value and business has some debt. Any help appreciated. Thanks}} Ok Father gifts business to son. It has 100,000 in NBV of assets, Debt of 200,000. FMV of Assets …
    1 KB (174 words) - 17:17, 9 March 2011
  • Discussion:Who is responsible to calculate shareholder basis?
    …d it was none of their business, but there were several cuss words before "business". They ask me to call. Hey, for a buck, I will call anyone. I earned th… If a business client asked me to bring the basis schedules current and maintain them goi…
    8 KB (1344 words) - 06:01, 12 March 2011
  • Discussion:Rental property - co-owned by parents and daughter
    …eated as a partnership. See [[Sec. 761]](f), which was added by the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28). …d the parents contribute to the down payment and closing costs as loans or gifts to the daughter, or do they expect to share in the income/expenses of the …
    4 KB (668 words) - 21:38, 22 March 2011
  • Discussion:Ultimate client gripe
    {{Business Growth Community}} It's one thing to claim to be very thorough and create value in a business return. It's easy to differentiate myself there because I have seen some …
    20 KB (3655 words) - 03:07, 16 April 2011
  • Discussion:Coffee machine business deduction but not home office
    2) Possible medical deduction with doctors letter in addition to the business expense for the other machine. …n ordinary expense is one that is common and appropriate for your trade or business.'''
    27 KB (4549 words) - 16:12, 15 May 2011
  • Discussion:Renting out a bedroom: how to account?
    …about this issue, and the courts have usually agreed that the payments are gifts. So the law is on the housekeeper's side-- but I still doubt that Arnie fi… …sn't mean that it is a for profit situation, or that something more than a business relationship may ensue, but I think many oversimplify here.}}
    11 KB (1842 words) - 04:46, 5 June 2011
  • Discussion:Selling property to daughter
    …ns at the date of sale. The poster doesn't understand how part sale/ part gifts work which is why he had this question. The intent was to get the house o… …t is what you would need to do. Its a rental. I have seen this done with business interests. If the rental were to continue as a rental then I think this a…
    4 KB (687 words) - 01:56, 1 June 2011
  • Discussion:S Corp..letting 'company' truck set & taking 'mileage' on personal vehicle?
    …l, sensible move in my estimation, with current gas prices. But since the business is supporting the cost/upkeep of the truck, as long as it is 'available' f… …cal. They're getting more of a deduction than they would if they used the business truck, unless the mileage is so bad on the truck that it would cost as muc…
    29 KB (5013 words) - 20:50, 13 June 2011
  • Discussion:179 recap when business closed
    {{ForumNewPost|UserID=Otis|Date=30 June 2011|Text=I have a business that closed in 2010. They had section 1245 equipment that they took sect… {{ForumReplyPost|UserID=WEISSTFS|Date=30 June 2011|Text=Yes, if business use drops below 50% during MACRS recovery period then must recapture on fo…
    4 KB (675 words) - 20:52, 30 June 2011
  • Discussion:Tea Party Summer Camps?
    …ons unless someone is trying to sell books. It was a place to meet and do business and talk about stuff that the church might not approve of. …r of 110 degress and I started speaking tongues. Which means I have all 7 gifts of the Spirit since I already did a snake handling and healing ministry in…
    13 KB (2401 words) - 00:16, 18 August 2011
  • Discussion:Should I ask new client to go elsewhere?
    …50 year old daughter lives year round. She's been unemployed for years, he gifts her $ 13,000 cash each year, pays the real estate taxes as a 2nd home, no … … Since deductions allowed under §183 cannot be attributable to a trade or business, §62(1) does not apply.
    9 KB (1612 words) - 20:01, 30 July 2011
  • Discussion:Supervisor giving gifts to staff
    …these gifts. Since she is an employee, can she deduct these gifts? These gifts will keep her staff happy but will lnot increse the billings on the firm.}… …Kevinh5|Date=5 August 2011|Text=[[Internal Revenue Code:Sec. 162. Trade or business expenses]]}}
    3 KB (515 words) - 18:46, 5 August 2011
  • Discussion:Basis of Property after quit claim deed
    …saction: Sister gifts her portion of Property #1 to brother...and brother gifts his portion of Property #2 to sister? II. Back-to-back gifts?
    7 KB (1199 words) - 22:12, 9 August 2011
  • Discussion:Support for recreated time logs and mileage logs
    …e Code requires certain business expenses (e.g., travel, entertainment and gifts) to satisfy strict substantiation requirements before they are deductible.… …repared to argue all 3 REP factors, as applicable: 750 hours, 50% trade or business time, and material participation. }}
    9 KB (1550 words) - 14:49, 8 August 2011
  • Discussion:C Corp that gives some of its money to a non profit
    … strategy you see here that would work. Is there a nonprofit or For profit business I am not looking at here that does something similar that I can use a mode… Beyond driving these critical business initiatives, our team continues to engage vigorously in our broader commun…
    4 KB (667 words) - 11:09, 15 August 2011
  • Discussion:Minister dies, spouse receiving pmts from church
    I believe that the church is making a non taxable gifts to one of it's members. …' pretty much makes the case for the IRS. Sec. 3121(a)(13) discusses how a business can take a deduction. I would have to assume the flip side to be true.
    4 KB (780 words) - 17:19, 10 October 2011
  • Discussion:LLC Member's personal credit card used for business....
    …ing sticks in my mind that the rule is different if the card is not in the business' name. Perhaps I am way off base here. }} …ash-basis taxpayer (the member) pays deductible expenses (e.g., charitable gifts) by credit card, he is treated as having borrowed the money and paid the e…
    6 KB (935 words) - 05:13, 24 September 2011
  • Discussion:Level of Detail on Gift Tax Return
    gifts, debtor would not have made ANY repayments. These don't sound like gifts to me...for federal tax purposes anyway. Now, I don't know the relationsh… …ifts and were never intended as such. Settlement stipulates that they ARE gifts. I know there's precedent when an employee makes a loan to a corporation,…
    9 KB (1525 words) - 20:48, 1 October 2011
  • Discussion:Gifting of S Corporation Ownership - Related Party
    A current business valuation has been done. …nt for gift tax purposes (or would this likely have been factored into the business valuation)?
    3 KB (544 words) - 23:18, 3 October 2011
  • Discussion:Preparing a return - questioning T/P supplied info
    … guy be kicked to the curb? There could be a number of other explanations (gifts/loans from family, some mattress money, etc.) but the client won't or can'… … month, he has to make an absolute minimum of $4,100 a month AFTER all his business expenses. Unless you're borrowing from family and friends or drawing down …
    15 KB (2583 words) - 19:59, 13 October 2011
  • Discussion:Candy, Cruises and due diligence
    matter how well intentioned, gifts to students are not deductible as business expenses. See Patterson v. Commissioner, T.C. Memo.
    2 KB (243 words) - 17:47, 26 October 2011
  • Discussion:Can I pay my Escort with a W-2?
    …Don't treat her as an employee!" Pay her on a 1099. Let her set up her own business in "services". After all, the services are performed in her place and usin… She could just say that business is slow.}}
    57 KB (9591 words) - 05:01, 1 October 2012
  • Discussion:Received IRS Letter 4809
    …s Schedule C. My business is in a small town and I have a number of small business clients with relatively low incomes. They also have high expenses in term… …rID=Kevinh5|Date=15 November 2011|Text=Perhaps all of your clients claimed business mileage ending in '000' and medical expenses ending in '00'? Other than t…
    199 KB (33675 words) - 05:07, 31 January 2012
  • Discussion:Taxability of Blogger's Paypal "Tip Jar"?
    …erings of those listening. I wonder if he had the gall to claim these were gifts. }} … up a similar account to finance some "good works" that they don't do as a business. These definitely exist. Is that income?
    11 KB (1914 words) - 20:04, 15 December 2011
  • Discussion:Gift Cards
    Have a client in the restaurant business and he wants to donate gift cards for meals at his restaurant. Are these … …st, it is a charitable gift at cost, subject to the % limits of charitable gifts, and not properly run through COGS. At least, that is what i think.}}
    4 KB (595 words) - 01:34, 27 December 2011
  • Discussion:Calling all Code-Heads. Trade or Business Home Mortgage Interest. Schedule A vs. Schedule C. IRC Section 163
    …unless it's part of a passive loss or an investment expense... or maybe a business loss limited by basis...}} …interest or interest allocated to portfolio income, investment property, a business, or a passive activity by virtue of the debt tracing rules of [[Reg. 1.163…
    59 KB (9178 words) - 23:25, 10 March 2012
  • Discussion:179 assets from sole proprietorship to S corporation
    …sole proprietor/individual no longer uses the 179ed assets in his trade or business, why is there *not* recapture of the 179? Maybe there's a rule, somewhere… … in which the section 179 property is not used predominantly in a trade or business any benefit derived from expensing such property. ''
    15 KB (2418 words) - 00:23, 17 February 2012
  • Discussion:7 Things I hate about tax season
    26. Business clients who are constantly complaining about their bill...and then want yo… 30. Clients who practically conduct business while watching me....making cell phone calls, texting etc
    152 KB (27034 words) - 02:43, 3 May 2012
  • Discussion:Pre marriage loan one spouse to another
    … to gift the loan to H after the marriage is there any tax to H? Typically gifts between married couples are not taxable, at the same time loans that are f… {{ForumReplyPost|UserID=Podolin|Date=17 February 2012|Text="gifts between married couples are not taxable". True, so what is the issue? No…
    4 KB (641 words) - 01:22, 26 February 2012
  • Discussion:JTWROS - Gift Tax Return?
    …nd "Mary Smith" are not married but live together. John recently sold his business and invested $500,000 of proceeds with an investment advisor, who titled t… …ruary 2012|Text=that's my understanding also, but don't forget about other gifts during the year}}
    904 B (140 words) - 22:09, 29 February 2012
  • Discussion:Non-cash charitable contribution of property
    …o help neighbors on a casual basis. Fact-dependent. How often, how much, business or not, advertised or not, and on and on. Any way you look at it, it stil… …ve on. She has no basis in the gifts, if they're gifts, and if they're not gifts, they're compensation creating SE tax. Move on. }}
    7 KB (1187 words) - 02:19, 4 March 2012
  • Discussion:CERTIFIED WILDLIFE REHABILATOR
    …sent of a formal business, i would think that the donations to the guy are gifts from the donors but unable to be deducted. His expenses are not to a char…
    8 KB (1375 words) - 18:53, 9 March 2012
  • Discussion:Free Rent for Family Member - Taxes?
    …hen</u> the Government levies a gift tax on routine neighborly or familial gifts, there will be time enough to deal with such a case." …exclusions, exceptions, and credits clearly absorb the sorts of de minimis gifts petitioners envision, and render illusory the administrative problems that…
    9 KB (1544 words) - 16:29, 9 March 2012
  • Discussion:Audit Reconsideration After Assessment
    …s reported. The CPA did not consider some things that are coming to mind (gifts, loans that Taxpayer made in prior years which he was getting paid back on… …you talking about - deposits into a personal bank account..deposits into a business bank account? }}
    3 KB (574 words) - 18:46, 15 March 2012
  • Discussion:Office of Physician
    …ospital, personal disability policy, business travel, cell phone, business gifts (more than 50% of the schedule C revenue), dry cleaning, and numerous othe… …n't be much to allocate to the production of a couple of thousand of small business income (that's what it is)....let's face it, it's basically pure profit. …
    4 KB (596 words) - 15:36, 27 March 2012
  • Discussion:Gift Tax Appraisal
    My client is doing ok as a business owner but he is nowhere near ever having a taxable estate. …plyPost|UserID=Podolin|Date=1 April 2012|Text=''My client is doing ok as a business owner but he is nowhere near ever having a taxable estate.''''He would cer…
    3 KB (518 words) - 14:23, 2 April 2012
  • Discussion:W2 salary in partnership
    …the activity, then a W-2 was appropriate. Say the partner owns a Plumbing business. He has to do accounting or clerical duties...he/she can recieve W-2 for … …ev rul [or whatever] that said that a partner working in the partnership's business is always either sharing in the profits of the partnership or being paid a…
    56 KB (9330 words) - 18:34, 19 June 2012
  • Discussion:Gift to Taxpayer "and family"
    …equally a tax professional (unless he happens to be a Tax Attorney) has no business recharacterizing because he thinks all the i's haven't been dotted. You c… …r than a little more tax on death since we'd have $14k of taxable lifetime gifts...assuming granny actually files a 709.
    16 KB (2715 words) - 22:25, 16 April 2012
  • Discussion:Closing out C-Corp and using NOL
    …shareholder with other percentages owned by his lawyer and some friends as gifts). He contributed all the paid-in-capital and the common stock has a very l… …g distribution (non-taxable transaction) is the way to go, or a 1244 small business loss...but even with the 1244 I'm not sure how we take the cash out and wh…
    7 KB (1208 words) - 04:08, 18 April 2012
  • Discussion:PRICING FOR GIFT TAX RETURN
    {{Business Growth Community}} …time-consuming to do a 709 where there is a history of many years of prior gifts. Not difficult, just tedious.}}
    1 KB (187 words) - 01:05, 21 April 2012
  • Discussion:Need help on characterizing loan or gift
    …n the basic fact there was a huge loss and the business had to finance the business somehow. The mother is elderly and I'm fairly sure the client is the sole… …. The beauty of a loan is she could deduct a good amount of interest as a business deduction. The mother would have to record the interest as income, but sh…
    18 KB (3221 words) - 14:00, 26 April 2012
  • Discussion:Medical Equipment - Sell, Donate, Private Gift?
    … Client may donate some or all, may sell some or all, and may make private gifts of some or all. …ages covering donations of property, but much of the discussion relates to business inventory, etc., N/A to my situation. Finally, Pubs. are helpful (and, ye…
    15 KB (2482 words) - 17:56, 20 April 2012
  • Discussion:Flowers...because I love You?
    …rniture and supplies, and I start a new business and transfer them to that business? Perhaps I need to know both basis and FMV.}} …saction we can conclude that the purchase served both personal purpose and business purpose. Therefore we have to prorate. This is where it gets tricky howeve…
    12 KB (2040 words) - 22:55, 22 April 2012
  • Discussion:Preacher Pilloried over Gay Remarks, Teen Responds
    …h to the main congregation because he says they give money and I'm bad for business. Surely if I can reach a compromise with my church I can reach one here. …und the world on Christmas Eve and come down everyone's chimney to deliver gifts.
    43 KB (7562 words) - 12:37, 12 May 2012
  • Discussion:Don't mess with 170(f)(8)
    …closure from nearly every client on the hot button issues. Essentially all business clients (incorporated or not) must sign off on a statement that covers the… …one checks "no", indicating that they don't have written documentation for business use of their autos, then I won't claim the deduction.}}
    66 KB (10922 words) - 11:21, 17 April 2013
  • Discussion:Yes, it's a big tip, but what about employment taxes?
    … is one and Andrew Young is another, maybe they were receiving them not as gifts ut as compensation (hush money). ''seemed to be a professional heir.'' D&T - a trade or business, no doubt:-)
    24 KB (4070 words) - 13:52, 4 June 2012
  • Discussion:Interesting Poll on Creationism Etc.
    …children are religious. Or the boss belongs to X church and it's good for business, so the junior exec finds it convenient to join a church too. …on earth who control their children and keep them safe negate the greatest gifts they can give their offspring. Furthermore, it is best that the Christian …
    106 KB (18728 words) - 18:26, 9 June 2012
  • Discussion:Schedule C Losses for Clergy
    …ut I'm wondering of this would apply to a clergy member. Are they in this business "for profit" (arguably some are, but lets leave that for another discussio… Reading over the facts, it appears that your lady is engaged in the business of saving souls. As a precaution, she should keep a ledger book which rec…
    16 KB (2772 words) - 19:14, 14 June 2012
  • Discussion:Summer School 2012
    …lling receipts. And, ideally, the guy's got 2 cars with 1 devoted 100% to business. …true? Pretty soon, they will want contemporaneous receipts for charitable gifts of $250 or more. With specific wording, too.}}
    11 KB (1883 words) - 18:45, 14 June 2012
  • Discussion:Donations from fundraisers
    …rumNewPost|UserID=Schenckdmm|Date=18 June 2012|Text=Client wants to open a business checking account to accumulate donations from fundraisers to give to a cou… {{ForumReplyPost|UserID=Uncle Sam|Date=19 June 2012|Text=Is that "business" a tax exempt entity?
    5 KB (922 words) - 03:26, 19 June 2012
  • Discussion:Giving vs Selling Privately Held LLC Shares to Employees
    Some details: business was built from scratch 20yrs ago. They converted from Sole-Prop to LLC (11… …yPost|UserID=Captcook|Date=31 July 2012|Text=You'd need a valuation of the business to nail this down with any certainty. Once the value is determined, the gu…
    13 KB (2219 words) - 17:06, 1 August 2012
  • Discussion:Basic question regarding initial gift of partnership interests
    …erID=Wiles|Date=10 August 2012|Text=I have a client that owns a family run business. He files as a sole proprietor and pay his son wages for his work. He wa… … can't form a partnership of 1. Therefore, no partnership exists until he gifts his son an interest in the partnership. But he can't gift a partnership i…
    4 KB (690 words) - 14:45, 10 August 2012
  • Discussion:Puzzler... Interest and/or gift and/or neither...?
    …So the boyfriend was able to borrow $25,000 from the girlfriend to get his business off the ground, cash flow-wise. And they agreed that it would be a *real*… … why and she says it's because in her opinion he's having trouble with the business and she feels his cash flow isn't what it needs to be for him to be paying…
    5 KB (889 words) - 13:08, 13 August 2012
  • Discussion:Casual labor documentation
    …wPost|UserID=Smokeytax|Date=18 August 2012|Text=Hi. Client has a book fair business - he travels to a different location 2-3 times per week and hires someone … … out to Cash - and without adequate documentation - I don't deduct them as business expenses.}}
    13 KB (2301 words) - 16:40, 22 August 2012
  • Discussion:Gifts to Referral Sources
    {{Business Growth Community}} {{ForumNewPost|UserID=MWCPA01|Date=20 August 2012|Text=If you give gifts to your referal sources how much do you spend on the gift? Also, do you s…
    4 KB (611 words) - 16:13, 1 January 2013
  • Discussion:Donation by S corporation to non qualifed charity
    …t agree. Here is what [[Sec. 162]] says: (b) Charitable contributions and gifts excepted
    3 KB (445 words) - 16:30, 8 September 2012
  • Discussion:Contribution of Fully Depreciated Property
    …ness. The prior accountant just transferred the whole list from the prior business. This entity is an S-Corporation. …ld a new entity have accumulated depreciation in its books at the start of business?
    5 KB (875 words) - 01:25, 12 September 2012
  • Discussion:Gift to a Consultant (they were not paid)
    {{ForumReplyPost|UserID=Gazoo|Date=14 September 2012|Text=$25 business gift is all. I'm sorry. It is not ordinary. Also, a consultant without … …on and issue a 1099. On the other hand, if the computer was intended as a business gift, then the deduction is limited to $25.}}
    8 KB (1239 words) - 15:27, 3 April 2013
  • Discussion:Non deductible expenses on Quickbooks
    And maybe that computer is a business expense. Ask your client.}} …ed her about it..Her husband is not an employee so it is not deductible as business expense. I used to see people put nondeductible expense on Quickbook but …
    4 KB (632 words) - 21:34, 18 September 2012
  • Discussion:Bargain Sale to Charity: State taxation
    …eplyPost|UserID=Death&Taxes|Date=9 October 2012|Text=Not unless his mother gifts more land away!!!! …ermit the deduction of dues, and he won, plus the Court rules all employee business expenses required to do a job were deductible. Later Pennsylvania added a…
    30 KB (5149 words) - 02:00, 15 October 2012
  • Discussion:Pulpit Freedom Sunday - Tax Implications
    …reats both fairy tales the same. Let's keep this hocus pocus out of State business. I'll admit I'm in it for the pension.}} …er 2012|Text=Look, we separated church and state to keep myth out of state business. Let people worship whatever fairy or tinkerbell they want, but keep it i…
    47 KB (7988 words) - 23:30, 28 October 2012
  • Discussion:Is there any way this isn't ... fraud?
    …ar and $25,000 in January of next year. Bobby points out that the $25,000 gifts are "under the annual limit," and that they "won't have to be reported any… …ds to tell me about the offer to buy Allen's house and that the $50,000 of gifts will reduce the taxable price of the house, and she asks me what I think o…
    26 KB (4449 words) - 00:41, 29 October 2012
  • Discussion:Tax attorney
    …times...just off the top of my head. Gifts when they're larger, death of a business owner, gift planning, winning the lotto....}} …w many of those legal documents require a 'tax' attorney vs just a general business or estate planning attorney, JR1?}}
    18 KB (3037 words) - 16:22, 6 November 2012
  • Discussion:Giving S corp stock
    …en I would look into a marketability/minority discount.Would have to get a business appraiser to come up with the FMV. …e whether the transferor's intention was either disinterested or involved: Gifts result from "detached and disinterested generosity" and are often given ou…
    7 KB (1099 words) - 20:57, 7 November 2012
  • Discussion:Best Way to Get Rid of Note Payable in FLP
    …sons create FLP 15 years ago. Assets were cash - $8 million. Appropriate gifts were reported at the time. At the outset, Dad had a partnership interest … Then, some moments later, dad gifts the newly acquired partnership interest to kids.
    31 KB (5255 words) - 18:35, 16 November 2012
  • Discussion:Balancing Payments Between Heirs
    …er, upon a closer read, I think it is not really relevant. It pertains to gifts to the heirs during the deceased's lifetime and a voluntary payment by one… … situation has been fairly common in my practice over the years. Son gets business, other heirs get equalizing cash. I've always treated the cash exchange a…
    16 KB (2686 words) - 23:00, 13 November 2012
  • Discussion:How to capture unreported rental income - your suggestions
    …sted in obtaining copies of 1099s and cross checking these with the City's Business Licenses.......and thus finding new people. They also send investigators … … had a number of discussions about whether certain situations are rentals, gifts, expense splitting arrangements etc, so the first criteria to any system i…
    43 KB (7341 words) - 19:36, 20 November 2012
  • Discussion:Eureka! I have found perfect gift..for me!
    …a marathon internet session. I marked a few other things as possible self-gifts as well (fig preserves from Greece). Of course, since it's a two pound (y… … having to go through several hundred gift catalogues a day to find proper gifts to give out this Christmas.}}
    21 KB (3441 words) - 21:32, 22 December 2012
  • Discussion:Turning business into a nonprofit
    …ne who has avoided nonprofits for 15 years; and failed) that operating his business as a "C" corporation and giving all the non-voting stock to charities woul… …ious limits and rules. And the charity will ordinarily not have unrelated business income tax on divs. from a taxable corp. Having said all that, there are …
    14 KB (2461 words) - 18:29, 25 November 2012

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