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  • If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are... Read

  • I have taken and passed all three parts and filed form 23! Thank you John and Bill for teaching an outstanding EA Exam Course. I couldn't have done it without you! Pass the EA Exam the First... Read

  • Tips from the IRS In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your... Read

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    RE: Income to estate

    Mr. Delaney, Thank you for your prompt reply. Unfortunately, it appears that the Personal Representative was unaware of the investment after the client died. After the estate received the court ordered settlement, they did some digging and realized...

  • Heidi, "Related entities" are those with sufficiently similar ownership so that they would qualify for consolidated tax return filings. Thus, the entry on one set of books (Investment in company X) would be offset by the entry on the other set...

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    RE: Income to estate

    Elvira, If I understand you correctly, an investment with a cost basis of $1M+ was unsold at the time of death and passed to the estate with an adjusted basis of $40K (or perhaps a little bit more). (This is why I do not use the term "step-up in...



Main Street Practioner Latest Issue

August 2015

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In This Issue

  • Top 5 Myths of Third-Party Designations on Tax Returns

  • Focus on Networking During the Slow Season

  • Riches in Niches: A Three-Step Plan to Build a Specialty Focus

  • Gearing Up for The Great American Accounting Opportunity

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