joelgilb

That's what I thought that I needed to add an asset that was "Stepped Up Basis", but I don't know how to allocate the tax attributes without doing it manually.

Already renewed. And, just dealt with ATX Tech Support for the 2nd day in a row on a Sec 754 election input issue. Support tried but so far not very helpful. On days like this I question my the decision to renew. Maybe a hanging would help.

You sure that wasn't monkey?

did we provide a solution?

I have a Family Real Estate Partnership where one of the partners died and his 4 kids inherited (via a taxable estate) his interest in the partnership. The kids have decided to make a Section 754 election to adjust the basis of the assets in the partnership for there % interest. I am trying to figure out how to get ATX to allocate the increased basis only to their shares and how to get ATX to automatically allocate the depreciation in current and future years only to their accounts (both for Income and Loss as well as Capital account). I believe I can adjust the basis of their interest in the partnership through the "Special Allocations Input Sheet" in the return, by showing the step-up as a contribution of property. But I am pretty sure this will not help with ongoing depreciation, both to their income or their capital accounts. So for instance if the assets were worth 450,000 before the death of dad, and after 750,000, and he had a 40% share, the step-up will be 750k-450k=300, 300*40%=120K step-up for kids "ONLY". for an asset value of 570K, before current and accumulated depreciation. I know I could manually allocate, but this would cause a lot of extra work now and in the future. Plus I have to remember to do the allocation each year... malpractice waiting to happen! So far this has been beyond the ATX support staff, but I am trying to get to the upper level support personnel and or the programming staff. Actually had a CPA/Atty fried that uses Intuit Proseries, suggest 2 returns, one to trak the kids step-up and one to actually prep for filing. then manually merge attributes each year. WHAT A PAIN! But maybe only answer. Anyone know how to handle this in ATX?

Good Answer.

Have Paperport 11 Professional, but never really considered it for document management. How do use this feature and how sophisticated is it?

Also: Why would you enter both the BS and IS in Peachtree? Seems to me this would cause some of the problems you are having with the income being out of balance, as the income should already be in the Retained Earnings and/or Current Year Income on the BS you are entering into Peachtree.

<=== Intuit Hater If they did, that would explain a lot!

Sounds like you should not do this then. I do have one additional suggestion though. Call the Department of Revenue in Oregon and ask them if they would accept you POA under the circumstances. CAVEAT - Remember how often IRS gives out bad answers and the States are probably worse. Still it might help.

Good Question. Getting those may resolve your issue. If the Trial Balance is in balance, you should be able to see exactly how the numbers flowed. Who prepared the previous years statements? And if someone else prepared the prior years, and you have a BS for 2006, why are you trying to recreate history with what appears to be incomplete data? Are you aware or concerned that the prior acct had errors in the work they did? And the BS you show above only includes Liab & Eq. Is it in balance with the Assets?

Don't see an problem here either. If you have concerns though, provide Full Disclosure and indicate that you are CA licensed. When I practice "Federal Tax Law" in Nevada with my IL license, I always add "Illinois Licensed Attorney". Then if the State has an opportunity to tell you that you can not represent the taxpayer. If they indicate later it is an issue, it will most likely be an agent that won't accept your POA, but pretty unlikely that it will come back to haunt you.

I had just written a long post here and was almost done, when Firefox CRASHED! Well to save time I will summarize this time: ATX is low level and has very limited search functions. I also looked at Drake and CS, and not much better there. All cater to there tax and accounting software and force you into their structure. Should you need more later or need to change. FORGET IT! Although I personally like the features of the high end doc mgrs costing thousands and well outside my budget, there are several other options that exist which are reasonably priced. In the interest of speed I am only going to list the sites. I have not done a thorough analysis of any of these yet due to time and prob won't until I relocate to NV in a month. Most will allow you download a demo or trial version. Couple have OCR or may be adding in near future. Some have drag and drop with Explorer. 1. http://www.edocplus.com/products/products.htm 2. http://www.itaz.com/index.htm 3. http://www.docsvault.com/ 4. http://www.m-files.com/eng/home.asp 5. http://www.digitaldocman.com/DDM_main.asp (not sure about pricing but thought it was reasonable and has OCR) No idea about pricing http://www.docuxplorer.com/ The following are high end and expensive. I throw them in for comparison of features only. http://www.cabinetng.com/products/index.php http://www-306.ibm.com/software/data/cm/docmgr/ http://www.laserfiche.com Finally, Lila Godel on here suggested another software www.officetoolspro.com that has document management and a lot of other tools. Haven't tested this either but seems an interesting option if the doc mgr is sophisticated enough. Has all of the following for a fairly low price: - Contact Management - Time Tracking - Billing & Invoicing - Scheduling - Appointment Confirmations - Document Management - Case/Matter Management - Project Tracking - Due Date Reporting - Records Management - Integration http://sourceforge.net/projects/kt-dms/ just found this free one and thought it was something that might be worth looking at.

Only one thing to say then... The decision of this Court is final. May he rest in peace!

Well I got the U of Maine part. but Randall's guess of MIT still gave him a partial redemption. He was after all in the other 5%. Now if he will only pop for drinks in this post we may not have to hang him in effigy.

Welcome to the Jury Tom! Just "Stacking the Jury" here. “Jury stacking” is a common tactic of Oregon judges and attorneys who select only those who promise to abide by the direction of the court as to the law...."

You need to go into your account and change your signature.

Nope, but real close! Definition of Geez - Used to express mild surprise, delight, dissatisfaction, or annoyance. Definition of Sheesh - Used to express mild annoyance, surprise, or disgust. Definition of Geesh - Slang from the 50's or 60's for "Gee, Shit Happens" Often used by Catholic boys/girls or those attending private schools. When called on what exactly it meants (by nuns, priests, ministers, WHOEVER), they would explain it as "Gee, STUFF happens". But I think you may have partially redeemed yourself with MIT. Now, a drink and I think we can delay this here hanging indefinitely for this indiscretion! On the other hand, Tom with "Lobster U" reference has probably redeemed himself for all his priors and several in the future too.

I see. I presumed they took out the loan personally and then put the money in. Maribeth is correct then, they have a basis problem unless they can somehow restructure the transaction. I am sure they won't want to do this, but they might be able to deed a portion of their houses, possibly to the extent of debt the corp owes that they guaranteed to create basis. Also, have you seen the loan documents from the lender? Are you sure the corp was the one that recived the money and owes on the loan or is this what your client is telling you? You would be amazed at how often our clients really don't understand what they legally entered into.

Do a lot of work with estates if you need some specific advise, PM me and I will send my Tel # and we can talk. Tom is correct that Estate was formed as a matter of law on the date of death. You may have an Executor, an Administrator depending on whether or not there was a Will. You also need to determine if a Probate was ever filed and if so get information on the probate from the attorney that handled it (as an attorney I do and have done probate work in IL). You will need the Wills and Trust documents if any. There may have been Trust documents prior to the death or they could have been created upon death by a Will. Another possibility is the family created a trust on their own after deat, although this is unlikely. You will also need inventories of the assets at the Date of Death (DOD) with DOD values and values at the 6 month alternate valuation date. How big was the estate? Was it taxable? Was a 706 filed or needed? Be careful on what you take on as part of the job might be legal work and you can have issues if you take on this piece. "Practicing Law without a License, is a crime in every State. On the other hand there was probably an attorney involved that you could run questions by to determine what was done and limit the scope of your work to the tax and accounting pieces.

Agreed. The money they put in from the loans is the only basis they will get here. Unless of course they put their houses into the partnership by transferring title, something they probably won't and shouldn't do.

Univ of Hawaii? Nope prob Univ of Maine Welcome to the Jury! Is he guilty? Should we hang Randall a second time? Or maybe some Whisky, or even Rum can sway the Judge and Jury. You buying Randall?

Judge Roy Beans ruling is that Sheesh is a different word and that you will be hanged in effigy at dawn. Definition of Geesh - Slang from the 50's or 60's for "Gee, Shit Happens" Often used by Catholic boys/girls or those attending private schools. When called on what exactly it meants (by nuns, priests, ministers, WHOEVER), they would explain it as "Gee, STUFF happens". Definition of Sheesh - Used to express mild annoyance, surprise, or disgust.

Ain't no fools in my Court, just a lot of guilty people waiting for space on that there tree.

Well Thank Ye Mayor Eric, I reckon I'll just take that as an Appointment. I even updated my signature to go along with this appointment. LOL