Instructions say "The withdrawal reports which follows
should be distributed to the members for use in completing
their 1040 Schedule D." Then there is two separate reports
- one for each member we had withdraw from the club this
year. Are these the only two members that get the reports
or does every member of the club get a copy of it?
Rip West on
Karen,
Give each member that withdraws a copy of his/her report. The other members
are not affected.
Rip West Saint Paul, MN
iras1 on
Only those who withdrew. The continuing members will find all the information they need on their K-1.
Ira Smilovitz
In a message dated 02/09/09 15:57:51 Eastern Standard Time, fourgirls1234@bivio.com writes:
Instructions say "The withdrawal reports which follows should be distributed to the members for use in completing their 1040 Schedule D." Then there is two separate reports - one for each member we had withdraw from the club this year. Are these the only two members that get the reports or does every member of the club get a copy of it?
Michael Banks on
will
bivio do the state return?
J. Michael Banks, CPA Tax Consultant Culp Elliott &
Carpenter, PLLC 4401 Barclay Downs Drive,
Suite 200 Charlotte, NC 28209
Telephone: (704)372-6322 Direct Dial: (704)973-5329 Fax:
(704)551-5700 jmb@ceclaw.com
Under requirements imposed by the U.S. Internal
Revenue Service, we inform you that any advice contained in this communication
(including any attachments) was not intended or written to be used, and cannot
be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties
under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending
to another party any tax-related matters addressed herein. The scope of
the Firm's work does not include advice or planning to avoid penalties that may
be imposed by any taxing authorities and the Firm's services are subject to the
terms and conditions of the Firm's "Client Services Terms and Conditions", a
copy of which may be obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information
from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is confidential
or privileged. The information is intended to be for the use of the
individual or entity named above. If you are not the intended recipient,
be aware that any disclosure, copying, distribution or use of the contents of
this message is prohibited. If you have received this electronic message
in error, please notify us immediately by telephone at (704) 372-6322 and
destroy the original message.
-----Original Message----- From: club_cafe@bivio.com
[mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent: Monday,
February 09, 2009 4:01 PM To: The Club Cafe Subject: Re:
club_cafe: Withdrawal reports
Only those who withdrew. The continuing members
will find all the information they need on their K-1.
Ira Smilovitz
In a message dated 02/09/09 15:57:51 Eastern Standard Time,
fourgirls1234@bivio.com writes:
Instructions say "The withdrawal reports which follows should be
distributed to the members for use in completing their 1040 Schedule D."
Then there is two separate reports - one for each member we had
withdraw from the club this year. Are these the only two
members that get the reports or does every member of the club get
a copy of it?
Under requirements imposed by the U.S. Internal Revenue Service, we inform you that any advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein. The scope of the Firm's work does not include advice or planning to avoid penalties that may be imposed by any taxing authorities and the Firm's services are subject to the terms and conditions of the Firm's "Client Services Terms and Conditions", a copy of which may be obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is confidential or privileged. The information is intended to be for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this message is prohibited. If you have received this electronic message in error, please notify us immediately by telephone at (704) 372-6322 and destroy the original message.
-----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent: Monday, February 09, 2009 4:01 PM To: The Club Cafe Subject: Re: club_cafe: Withdrawal reports
Only those who withdrew. The continuing members will find all the information they need on their K-1.
Ira Smilovitz
In a message dated 02/09/09 15:57:51 Eastern Standard Time, fourgirls1234@bivio.com writes:
Instructions say "The withdrawal reports which follows should be distributed to the members for use in completing their 1040 Schedule D." Then there is two separate reports - one for each member we had withdraw from the club this year. Are these the only two members that get the reports or does every member of the club get a copy of it?
NC
clubs don't file? why not? is there a special rule for investment
clubs? Even if all the income and expenses are portfolio related and will
taxed to one's resident state I would think NC would be looking for a return
since we are registered as an NC partnership.
Thanks
J. Michael Banks, CPA Tax Consultant Culp Elliott &
Carpenter, PLLC 4401 Barclay Downs Drive,
Suite 200 Charlotte, NC 28209
Telephone: (704)372-6322 Direct Dial: (704)973-5329 Fax:
(704)551-5700 jmb@ceclaw.com
Under requirements imposed by the U.S. Internal
Revenue Service, we inform you that any advice contained in this communication
(including any attachments) was not intended or written to be used, and cannot
be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties
under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending
to another party any tax-related matters addressed herein. The scope of
the Firm's work does not include advice or planning to avoid penalties that may
be imposed by any taxing authorities and the Firm's services are subject to the
terms and conditions of the Firm's "Client Services Terms and Conditions", a
copy of which may be obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information
from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is confidential
or privileged. The information is intended to be for the use of the
individual or entity named above. If you are not the intended recipient,
be aware that any disclosure, copying, distribution or use of the contents of
this message is prohibited. If you have received this electronic message
in error, please notify us immediately by telephone at (704) 372-6322 and
destroy the original message.
-----Original Message----- From: club_cafe@bivio.com
[mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent: Monday,
February 09, 2009 5:35 PM To: The Club Cafe Subject: Re:
club_cafe: state return
Yes, for CA, CO, NJ, NY, and PA. Investment clubs
in NC don't file a state return.
Ira Smilovitz
In a message dated 02/09/09 16:46:02 Eastern Standard Time,
jmb@ceclaw.com writes:
will bivio do the state return?
J. Michael Banks, CPA Tax Consultant Culp Elliott &
Carpenter, PLLC 4401 Barclay Downs Drive,
Suite 200 Charlotte, NC
28209 Telephone:
(704)372-6322 Direct Dial:
(704)973-5329 Fax:
(704)551-5700 jmb@ceclaw.com
Under requirements imposed by the U.S.
Internal Revenue Service, we inform you that any advice contained in this
communication (including any attachments) was not intended or written to be
used, and cannot be used, by any taxpayer for the purpose of (1) avoiding
tax-related penalties under the U.S. Internal Revenue Code or (2) promoting,
marketing or recommending to another party any tax-related matters addressed
herein. The scope of the Firm's work does not include advice or
planning to avoid penalties that may be imposed by any taxing authorities
and the Firm's services are subject to the terms and conditions of the
Firm's "Client Services Terms and Conditions", a copy of which may be
obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information
from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is
confidential or privileged. The information is intended to be for the
use of the individual or entity named above. If you are not the
intended recipient, be aware that any disclosure, copying, distribution or
use of the contents of this message is prohibited. If you have
received this electronic message in error, please notify us immediately by
telephone at (704) 372-6322 and destroy the original
message.
-----Original Message----- From: club_cafe@bivio.com
[mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent:
Monday, February 09, 2009 4:01 PM To: The Club
Cafe Subject: Re: club_cafe: Withdrawal
reports
Only those who withdrew. The continuing
members will find all the information they need on their K-1.
Ira Smilovitz
In a message dated 02/09/09 15:57:51 Eastern Standard Time,
fourgirls1234@bivio.com writes:
Instructions say "The withdrawal reports which follows should
be distributed to the members for use in completing their 1040
Schedule D." Then there is two separate reports - one for each
member we had withdraw from the club this year. Are
these the only two members that get the reports or does every
member of the club get a copy of it?
Yes there is a special rule for investment clubs. It's stated clearly in the instructions for Form D-403.
Ira Smilovitz
In a message dated 02/09/09 17:39:08 Eastern Standard Time, jmb@ceclaw.com writes:
NC clubs don't file? why not? is there a special rule for investment clubs? Even if all the income and expenses are portfolio related and will taxed to one's resident state I would think NC would be looking for a return since we are registered as an NC partnership.
Thanks
J. Michael Banks, CPA Tax Consultant Culp Elliott & Carpenter, PLLC 4401 Barclay Downs Drive, Suite 200 Charlotte, NC 28209 Telephone: (704)372-6322 Direct Dial: (704)973-5329 Fax: (704)551-5700 jmb@ceclaw.com
Under requirements imposed by the U.S. Internal Revenue Service, we inform you that any advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein. The scope of the Firm's work does not include advice or planning to avoid penalties that may be imposed by any taxing authorities and the Firm's services are subject to the terms and conditions of the Firm's "Client Services Terms and Conditions", a copy of which may be obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is confidential or privileged. The information is intended to be for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this message is prohibited. If you have received this electronic message in error, please notify us immediately by telephone at (704) 372-6322 and destroy the original message.
-----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent: Monday, February 09, 2009 5:35 PM To: The Club Cafe Subject: Re: club_cafe: state return
Yes, for CA, CO, NJ, NY, and PA. Investment clubs in NC don't file a state return.
Ira Smilovitz
In a message dated 02/09/09 16:46:02 Eastern Standard Time, jmb@ceclaw.com writes:
will bivio do the state return?
J. Michael Banks, CPA Tax Consultant Culp Elliott & Carpenter, PLLC 4401 Barclay Downs Drive, Suite 200 Charlotte, NC 28209 Telephone: (704)372-6322 Direct Dial: (704)973-5329 Fax: (704)551-5700 jmb@ceclaw.com
Under requirements imposed by the U.S. Internal Revenue Service, we inform you that any advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties under the U.S. Internal Revenue Code or (2) promoting, marketing or recommending to another party any tax-related matters addressed herein. The scope of the Firm's work does not include advice or planning to avoid penalties that may be imposed by any taxing authorities and the Firm's services are subject to the terms and conditions of the Firm's "Client Services Terms and Conditions", a copy of which may be obtained upon request or atwww.ceandc.com.
CONFIDENTIALITY STATEMENT
This electronic message contains information from the law firm of Culp Elliott & Carpenter, P.L.L.C. and is confidential or privileged. The information is intended to be for the use of the individual or entity named above. If you are not the intended recipient, be aware that any disclosure, copying, distribution or use of the contents of this message is prohibited. If you have received this electronic message in error, please notify us immediately by telephone at (704) 372-6322 and destroy the original message.
-----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com]On Behalf Of iras1 Sent: Monday, February 09, 2009 4:01 PM To: The Club Cafe Subject: Re: club_cafe: Withdrawal reports
Only those who withdrew. The continuing members will find all the information they need on their K-1.
Ira Smilovitz
In a message dated 02/09/09 15:57:51 Eastern Standard Time, fourgirls1234@bivio.com writes:
Instructions say "The withdrawal reports which follows should be distributed to the members for use in completing their 1040 Schedule D." Then there is two separate reports - one for each member we had withdraw from the club this year. Are these the only two members that get the reports or does every member of the club get a copy of it?