About $22...

IraS1@aol.com wrote:
> Strict interpretation of the tax code would indicate that you have to file
> 2006. However, if the amount is small enough, there are ways to work around
> this. How much money is involved?
>
> Ira Smilovitz
>
> In a message dated 1/4/2006 1:10:41 P.M. Eastern Standard Time,
> investbotadmin@bivio.com writes:
> Our club
> shut down as of 12/31/2005. As the club manager, I
> did everything possible
> to close it out cleanly so that
> there would be no tax work to do for tax
> year 2006. All
> stocks were sold and all members cashed out with a
> valuation
> date of 11/30/05, and the club's brokerage account was
> zeroed
> out by mid-December.
>
> Now, the brokerage has posted an interest payment
> to the
> account as of 01/03/06. The club currently has no members -
> that
> is, nobody owns any shares. So,
>
> 1) Who gets the money?
>
> 2) Does
> this mean I need to file a 2006 tax return for the
> club in 2007?
> (Just what I worked so hard to
> avoid...)
>
> Thanks.
>
>
>