Pacun

Jainen is sleeping so I will occupy his shoes. The first thing to do is: Don't assume that a refund is due since you don't have all the documentation in front of you. Don't mention form 1310 yet.

Remember, the individual will be dead or in a nursing home not in capacity to be trialed.

"without commenting on the morality of it". I understood this statement as "what's legal without consideration of morality". You can request a credit card for Mickey Barney as an authorized user if the company doesn't require a social security number. I didn't use Mickey Mouse on the example because everybody knows him.

I think the FMV on Dec 31, 2009 and May 1, 2010 scared everybody. I thought the warm up problem was going to be a breeze for those with more than 20 years of experience and the CPAs but I was wrong.

It really depends on the credit card company. Some companies ask for ss# and others don't. For sure you are liable if you use it after the person dies but if they don't have your ss#, there is not much they can do. Maybe it is a felony to use a credit card when you are an authorized user and the main card holder died.

I have to check my efiling but I think the form is automatically when you select that you don't want to efile for the state on a separate efile.

Is it possible that I am the only DC preparer for ATX?

The taxable income was given because if it was only $990.00, then none of the answers would be the correct one because of TI limitation.

On the first one (since this is a related party transaction) I would go with zero loss (D). On the other one, I go with answer C since they had a loss of $3,200 but they can only claim $3,000 in the current year. They had a long term gain of $800 on the Tray company transaction and they had a long term loss of $4,000 on the Delta transaction. Again, I am doing it from my head so I could be wrong.

I like Jainen comments, as a matter of fact, I read all his comments. That's why I want him to try the warm up exercise. YES, I am still trying.

I think I am the only DC preparer on this forum.

To answer the original question, the answer is NO. You cannot claim the child on your 2009 return. If a child is going to be born on January 1st, I always suggest my client to ask the doctor to induce the mother so that the child is born on the previous year for two reasons: 1.- I can claim a full deduction and credits for the child on the year he was born. (This year is a little different because on January 1, 2010 new benefits start for children born in 2010). I have a friend who couldn't decide what benefit to take. At the end she decided not to push the issue and the issue was born on January 1st, 2010. I she had pushed, she had gotten that exemption benefit. 2.- Some, if not all, school districts use december 31st as the cutting date for school. So if you go with your child who was born 1 second before the year end, you can claim it on your taxes for that whole year AND that child will be on 6th grade while another child who was born 2 seconds later will go to 5th at some point. Just in case Jainen challenges, let me put this disclaimer: provided that the child born the year before doens't have the down syndrome or any other mental incapacity or the child that was born 2 seconds later is average and not super smart. I should add more disclaimers such accidents on the child that was born ealier, etc. Let's say a child is born 1 second before the year ends and dies 2 seconds later, that child will qualify for full deductions and benefits on the tax return for 2 years.

Jainen, If the problem start by saying that it is an office building and there is nothing that will indicate that the building was converted to another use, I will continue with the version that the problem started with. If the problem allocated a price or value for the other items, it exists the assumption that the items are good unless otherwise stated. There is nothing in the problem that states or indicates that the items were no good and were dumped. If I approach a problem with all possible scenarios that are not mentioned or implied in the problem, I will not have enough time to finish any exam. Same thing happened with the warm up question exercise to you... you asked so many questions and at the end you didn't have time to solve the problem. (Yes, I am still trying). Taxguy57. I am trying to answer these questions without any research but I think I am right. The answer is $30,000 ordinary gain because that's his job. If he was not derivying 50% of his income by flipping houses and since he didn't hold it for more than one year, the answer would be $30,000 short term gain. Maybe we should start a new thread with questions from the EA and give an answer and a little explanation.

I would go with D. For sure the building is 39 years because it is NOT residential. On the previous one, is $25,000 because he physsically participates. Even if he didn't physically participate, 0 would not be a good answer. I wanted to ADD: Please ask any questions on this forum. We are here to help. We were at your level at some point and we understand. I think simple questions get an answer right away. Just don't make it as hard as my warm up exercise because you will not get ANY answers.

I do support regulation too. The main problem that I see for the IRS is the tax preparers that know a lot but don't sign the returns. They will continue to operate since they NEVER sign returns. They are not affraid of exams because they know a lot but simply don't want to follow the rules. I am going to take the EA exam during the summer and be ready for next year.

This person owed $2,126 for 2005. How much do you think it cost her to get representation and preparation of the documents to bring to court? How much time she invested on this case?

The DC-40 was just released and it seems to have a bug for low income credit. I will report it 1 day before efile begins. Maybe at that time they ATX has fixed the problem.

I guess this was the worst idea posted on this forum.

I scan all 8879 and burn them. I don't recycle them.

I used form 1040.

I get all signed 8879 in one place and I efile as I go. We are busy on the weekend so on Monday, I hand in all 8879 to my partner and I ask her to read the names and I check efile status. If accepted, a check mark with a highlighter goes to the 8879 and it is put on a pile. If not accepted or not transmitted, it put on another pile. If I do not see on e-file I put it on another pile and work on those returns immediately after we check them all. We put the checked 8879 on a pile on a different drawer. Next week, my partner will check the refund status on the IRS and state websites and make a note. After that, the 8879s are moved to the finito filing cabinet. When a client calls, we go to the finished returns and tell them when the refund will be received or if there is a delay on the return. We do that every Monday and if I forgot to efile one, no problem because Wednesday is the deadline for efiling. I efile EVERYTHING that I can. I do not charge extra for efiling since I save paper, toner, printer and time.

You are right the net result would be a loss, but you will need to report $100 on line 21 and if you do not itemize, you CANNOT deduct any losses.

Jake, I don't think you are right. At no point the court said "since you cannot itemize, you cannot deduct any other losses".

You can get the FMV on those dates without an official appraisal and use that as your basis. You just need to have some documentation but an official appraisal. I hope someone can give you some websites to help you.

The lady who opened the daycare center on May 1, 2009 will get a refund of $4,423.00 for tax year 2009. If you have a different answer, please post all the entries on lines 47 though 67 and I will tell you what I have and we can start a nice exchange.