Randall

I provide the basis worksheet with the Schedule K-1 for each shareholder/partner, but not with the entity return.

Too late for the original poster, but I think you have to call ATX support and they have to do something on their end to open a 'front door' so a 2nd return can be efiled.

As long as we're relating TP stories, when I was in the Navy on an aircraft carrier, the stalls had a side fixture for tp. But they didn't put the tp there. They strung a chain along the back overhead down a row of stalls. Then put the tp rolls on the chain and arranged them so a couple of rolls were in back of each stall. You had to stand up, turn around and reach back to the tp for the job. Up and down several times to complete the necessary work. This is not a joke.

And have you noticed the larger size of the cardboard rolls the paper is wrapped around? Seems the diameter is twice the size as it used to be. Makes the rolls look larger but maybe less paper.

No way I'd take this on. I'd send to a tax attorney specialist.

Gollum needs some dental work. Too many candy bars I guess.

My plans fell thru too. They say Cincinnati is also in the totality ban in 2024.

My plans fell thru.

They didn't pay $9 each for the room, only $8.333 each, total $25. Then they paid $.6666 each for the tip, total $2. They paid $9 each total and $27 altogether.

I think so. I haven't done these in years. A quick look at the instructions should confirm.

What's that song say, 'What a wonderful world this will be'

I'm in No. Ky but will be backpacking in Land Between the Lakes area in far western Ky during the eclipse. Special glasses for our group.

Thanks.

Another reason not to have elected the S status. I wish he would have asked me first. Ha.

I hoping he can just retract the S election.

Yes, but I was wondering about the specifics on the 8582. Currently, from Sch E, there is Property A, B, and C. Next year there would be the 1120S K-1 and this loss would pass thru to the 8582 as a new activity. Would it be a total of the 3 properties, or 3 additional properties? Would it be merged with the existing 3 properties that came from Sch E in the previous years? Thinking ahead when a property might be sold, freeing up the unallowed losses.

Client just informed me he elected S Corp status for his SMLLC which has rental real estate (effective 1/1/17). He has two other SMLLCs with S election which is ok. I thought I had previously advised him not to elect S status for the SMLLC holding the real estate. Can he back out of this and what procedure is needed? Assuming he remains with the S status, how will the 8582 look with the previously Sch E unallowed losses on 8582 and the new pass thru losses reported on 8582 as a new activity?

Why does the letter say send 1040X and write 'CP2000' on top?

But wouldn't the gift recipient's basis be the same as the donor's basis plus what they actually paid?

And don't forget that only the Medicare wages reported on the W2 are the eligible wages for calculating the SEP amount (S Corp owner).

I only go back one year (if there's good reason). I just don't want to bother with it anymore.

Thanks for replies. I was coming to this opinion too.

Yes, beneficiaries get stepped up basis. But does property have to transfer out of trust to beneficiaries to get that stepped up basis? Attorney is wondering if the trust can sell the property, then distribute the money to beneficiaries. I'm wondering if trust sells property, property does not transfer because trust already owns the property. So would the trust itself get stepped up basis without the property being transferred.

I was looking at Reg 1.1014-2 (2) and still wasn't sure it answers my question.

Grantor trust had rental real estate deeded in trust name. Grantor dies. Children to receive property. If property is sold by trust, would they lose stepped up basis? Would property need to be transferred to children first to receive stepped up basis? Then sold by children.