Thanks

-----Original Message-----
From: iras1 <iras1@aol.com>
Sent: Monday, February 09, 2009 6:01 PM
To: The Club Cafe <club_cafe@bivio.com>
Subject: Re: club_cafe: state return

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
*************************
IRS CIRCULAR 230 DISCLOSURE:
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 at www.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
*************************
IRS CIRCULAR 230 DISCLOSURE:
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 at www.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?





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