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It's official---- have heard the "rumors"--- but IRS is stepping up enforcement.........	View previous thread :: View next thread
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Don Kraft

Posted 4/7/2009 17:16 (#672568 - in reply to #672408)
Subject: RE: Gifting grain to adult children

Please comment on how they should deal with it on their returns. Corn produced in Iowa and they live out of state. Do they have an Iowa income tax obligation along with the state in which they reside?

Yes it was warehoused in their name and they paid the storage and did the eselling.

It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - jakescia : 4/7/2009 11:02
- Jake - did you see the post below? - j doc : 4/7/2009 11:57
  - RE: Jake - did you see the post below? - jakescia : 4/7/2009 13:51
    - RE: Jake - did you see the post below? - plowboy : 4/7/2009 14:34
      - Problem only if you are in a multiple owner environment.......just have to segment........ - jakescia : 4/7/2009 14:56
    - RE: Jake - did you see the post below? - j doc : 4/7/2009 14:47
      - RE: Jake - did you see the post below? - jakescia : 4/7/2009 15:02
        
        RE: Jake - did you see the post below? - j doc : 4/7/2009 15:20
        
        "recovering CPA"----now that's one I am going to remember!! - jakescia : 4/7/2009 16:26
    - RE: Gifting grain to adult children - Don Kraft : 4/7/2009 17:16
      - It's a capital asset to them----not business. Same as stock. - jakescia : 4/7/2009 18:09
        
        RE: It's a capital asset to them----not business. Same as stock. - Don Kraft : 4/8/2009 17:17
- RE: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - BKN : 4/7/2009 13:10
  - I think there is more to that story............... - jakescia : 4/7/2009 14:08
- Re: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - jimg : 4/7/2009 13:34
  - Re: It's official---- have heard the "rumors"--- but IRS is stepping up enforcement......... - PaKettle : 4/7/2009 22:43

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