I'm not sure why I would have referenced those pages with regard to (dis-)allowed expenses. Instead look at pages 35-37. The only deductible expenses are those that are directly related to the production of taxable income. Eating a meal isn't one of them. That's a ...
Investment clubs ARE hedge funds under NJ law. See the instructions for the NJ-1065. Ira Smilovitz In a message dated 03/08/08 1:42:45 P.M. Eastern Standard Time, nickp@bivio.com writes: Why is the box for Hedge Fund checked on my club's NJ tax return? I don't recall ...
What state? Not that it really matters. You can generally use any number you want as the percentage isn't used for anything. Ira Smilovitz In a message dated 03/08/08 11:56:10 A.M. Eastern Standard Time, kristabeem@bivio.com writes: Does anyone know what owndership percentage of capital gain/loss ...
Ira.. Several weeks ago you advised that meal expenses were not deductible and quoted IRS Pub 550, pages 26 & 27. I looked this over and couldn't find any reference to expensing. Could you please help me out on this? Arthur Klages, Treas. Senior Investment ...
You asked the same question yesterday and Jim Thomas replied. Unfortunately you do have to go back and find each of the transaction dates and enter them separately. I'm sure they're on your broker statements. As you state, you have the dividend date and the ...
I am writing for assistance regarding a problem with the switch over I am trying to complete. IOur club has been in existence for over 10 years and have been using CA3. I was hoping to be able to upload our club records but was ...
In a message dated 03/10/08 12:01:02 A.M. Eastern Daylight Time, etana_finkler@bivio.com writes: Ira and all, The total on the 510B does not match the total on page 4 of the 1065: Correct. It shouldn't match if there were any expenses on the 1065 or if ...
There is no such form as a 510B. If you mean Form 510, Schedule B then the answer is yes. Ira Smilovitz In a message dated 03/09/08 11:59:11 P.M. Eastern Daylight Time, etana_finkler@bivio.com writes: Do we have to fill out a 510B AND a 510 ...
Ira and all, The total on the 510B does not match the total on page 4 of the 1065: We added all the income on the K1, and put that in each member's Distributive share line. We looked at how it had been done last ...
Correct. You need to complete Schedule B, but you are not a business. You do not pay taxes to MD as a partnership. You don't complete Form 510 below line 4. Yes, your distributions of income to members in different states is irrelevant from the ...
I suspect this has been sitting in my inbox for awhile without being answered. The distributive share for each of your members, withdrawn or not, is their share of the club's income as shown on their federal K-1 lines 1-11. (Usually this is the sum ...
So we are a Unistate PTE Pass Through Entity. Next question: If we conduct business in one state, but have members in different states (Maryland, DC, Virginia), do we have to do anything special at tax time with these members? We have a visitor from ...
See previous response. It's the sum of the income entries on each member's K-1. Ira Smilovitz In a message dated 03/09/08 7:36:51 P.M. Eastern Daylight Time, etana_finkler@bivio.com writes: I don't know what number to fill in here for each member: Distributive or pro rata share ...
Correct. All members are listed. Schedule B reports the same income as the federal K-1. Just add lines 5, 6a, 8, 9a, and 11. Assets transferred as part of a withdrawal are not reported on Schedule B of Form 510. Ira Smilovitz In a message ...