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Author: joetaxpayerjoetaxpayer
Date: Dec 31, 2007 06:44
Noman wrote:
> I'm trying to research what a 1041 for a family member trust (died in
> 2007) would look like.
>
> I've determined it is a simple trust for 2007 and there is about $10K of
> interest income in 2007, with five equal beneficiaries.
>
> Question 1: can the trust simply not take the income distributions
> deduction and pay the tax at trust tax rates? Then there would be no
> need to send K-1's to the beneficiaries? The tax rates look higher, but
> the simplicity of distributing tax free money might make up for it.
Elsewhere in this thread someone suggested the trust documents should
state whether distributions are mandatory or optional. You may not have
the choice. And if you do, why do you think the beneficiaries won't
care? $2000 is still a lot of money to some people.
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3 Comments |
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Author: NomanNoman
Date: Dec 30, 2007 20:18
The following quote I found from this group's archives is pretty close
to my questions:
> KAK airmail.net> wrote:>> Can I just not claim the line
>> 18 and schedule B Income Distribution Deduction?
>
> Well, no--the income distribution issues and the K-1 rules
> aren't an "election" that can be made. If a distribution
> was made to an income beneficiary, then the K-1 will have
> to be filled out.
>
> Ed Zollars, CPA Phoenix, AZ
I'm trying to research what a 1041 for a family member trust (died in
2007) would look like.
I've determined it is a simple trust for 2007 and there is about $10K of
interest income in 2007, with five equal beneficiaries.
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no comments
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Author: ladue21ladue21
Date: Dec 30, 2007 19:54
My client's father wants to send him $250,000 to help him out. He is
transfering the money from Thailand. Are there any tax consequences
to this??? I cant see any. His father will be the minority owner. I
wonder how long it takes to get money from a foreign country??
Anyone have any ideas?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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3 Comments |
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Author: Daniel David PalmerDaniel David Palmer
Date: Dec 30, 2007 11:40
My high school senior recently got accepted to a top-tier college for fall
2008. I have saved about $300,000 in a 529 account for her. Costs will be
about $50,000 per year for 4 years plus beer and Cancun money.
How do 529 account withdrawals work taxwise? What records do I need to keep?
I plan to withdraw about $60,000 per year...$50,000 for the fixed costs to
the university (tuition, dorms and food) plus about...
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1 Comment |
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Author: dman81dman81
Date: Dec 30, 2007 11:40
Hello everyone! Nice board and glad to be a member.
I recently purchased some options only to have sold them @ a loss.
They won't expire until next year but from the looks of things they
will be worthless. Now I read in a previous post, that you would just
report it as a loss in schedule D. Is that correct?
Would this spreadsheet format work okay to calculate option losses?
See this link: http://taxes.about.com/od/capitalgains/a/Cap_Gain_Worksh.htm
This would work for stocks but I'm unsure for the options. Please
advise and thank you very much!
Daniel
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2 Comments |
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Author: taxtax
Date: Dec 29, 2007 06:24
Would someone please tell me the best way to reduce taxes for year
2006. Would a lawyer be my best bet? Thanks
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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11 Comments |
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Author: leonleon
Date: Dec 28, 2007 21:02
Some questions for those familiar with form 5452 (Corporate Report of
Nondividend Distributions).
The 5452 itself and current year E&P worksheet seem straight forward,
but according to the 5452 instructions, the following additional
supporting info is needed:
(a) "If the corporation was required to complete Schedule M-1 (Form
1120) or Schedule M-3 (Form 1120) for the tax year, also attach a
schedule of the differences between the earnings and profits computation
and the Schedule M-1 or Schedule M-3."
(b) "A year-by-year computation of the accumulated earnings and profits,
and a schedule of differences since the origin of the company"
Questions:
Is there a specific format the schedule of differences (a) must follow ?
Can I just list the comparable lines (E&P worksheet vs M-1) ?
Is the year-by-year AE&P (b) just an E&P worksheet for each prior year ?
tia
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Author: Ernie KleinErnie Klein
Date: Dec 28, 2007 12:29
On 2/6/07 Lucent (LU) merged with Alcatel to become Alcatel-Lucent
(ALU). I received new ALU stock in exchange for my LU stock that came
from the Lucent spinoff (10/14/06). I sold the ALU stock on 12/11/07.
The "acquired" date for the ALU stock and the sold date make it seem
like it is short term, but since I didn't actually purchase any new
stock, it seems to me that a company merger shouldn't change my long
term stock into short term.
If I am correct that this is really long term, then how do I show that
on Sched D when the dates indicate short term? Do I use the acquired
date of the Lucent stock even though the stock that I sold didn't even
exist until 2/6/07 ?
BTW I have the same problem with Agere (AGR) merging with LSI Logic Corp
(LSI) on 4/2/07. Other long time holders of AT&T stock who sold off the
small oddball spinoffs in 2007 may have the same issues.
--
-Ernie-
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