Ellen Shershow wrote:
> OUr club received a form 571-L in the mail today.The form is from the Assessor-Recorder's office in the city of San Francisco, and it is titled 'Business and Property Statement City and County of San Francisco'Essentially, it seems to be asking for the annual cost of our clubs 'Business personal property'.Its not clear to me if this is connected to our california state taxes, or if it is a City of San Francisco thing.Does anyone have any experience with this sort of thing?Thanks!EllenEnd Game Investment Club
> Ellen Shershow Peņa Photographywww.ellenswebsite.com415.690.0278


Ellen:

I don't have any experience with San Francisco, but from
what you describe, the form applies to a personal property
tax on tangible assets used by a business. The simply answer
is that an investment club is not engaged in a "business"
and doesn't have any equipment that is being used in a
business.

If it were me, I would write a note stating that the
partnership is simply an investment club, that it is not
operating a business and does not have any equipment being
used in a business. Attach the note to the form and mail it
back.

Jack Ranby, Treasurer
Grants Partners Investment Club