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jakescia

Posted 4/7/2009 18:09 (#672596 - in reply to #672568)
Subject: It's a capital asset to them----not business. Same as stock.

Oskaloosa, Iowa 52577

They report on Sch D.........not 4797, not a business asset.

Use same rules as any shares of NYSE stock.

Their basis is zero.

Gain will be short term or long term capital gains.

No Iowa return is necessary-------they have no business in Iowa. When the gift was completed, the id related to Iowa went poof.

Hey...........next year remember me in those gifts!!!

Edited by jakescia 4/7/2009 18:11

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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