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IF A Shareholder Of A PFIC Did Not Receive Any Income During The Year From The PFIC And Is Not Reported Deemed Income , Does He Have To...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The regulations regarding Filing of Form 8621 are rather complex, Without additional information, I could not give you a valid answer. However, this flowchart can guide you to determine if you need to file. http://...   Read More
How Do I Pay Taxes On Sale Of Deeded Co-owned Property?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Your mother didn't do you any favors by deeding the property to you. As such it is considered a gift, and your basis is a transferred basis from her. In this case the transferred basis is the fair market value as...   Read More
I Received A Letter From IRS Saying I Owe $41000 Plus. I Am Just Scraping By. What Can I Do To Get The Government Off My Back?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You need to review the letter to see why they are assessing you the additional tax. Do not ignore it, ti will not go away. Very frequently, these notifications are sent out based on partial information that the IRS...   Read More
Can A Healthcare System, Acting As A Purchasing Agent, Purchase Tax Free On Behalf Of An Exempt Hospital?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

State laws on sales taxes vary greatly and no answer is likely to be correct for every state. However, there is one scenario which may apply. The purchasing agent is essentially a reseller. Most likely they can...   Read More
What Are The Primary Differences Between A Cost Segregation Analysis And A Construction Tax Planning Analysis?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

There are many noteworthy differences between the scope and application of a Cost Segregation analysis and a Construction Tax Planning analysis. The scope of a Cost Segregation analysis will methodically review...   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, a Real Estate Investment Trust (hereinafter "REIT") can potentially benefit from a cost segregation analysis. I would wholeheartedly recommend scoping the cost segregation opportunities on a property by...   Read More
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Study?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

Another grEAt question! It really depends on the size of the REIT and the extent to which you are willing/able to invest in following the rules as this stuff can come back and bite. Check out this blog post for...   Read More
I Am A US Citizen And Just Received An Inheritance From My Aunt Who Is An Australian Citizen & Lives In Australia Valued At USD 250,000....
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

When you as a US Citizen, receive more than USD 100,000 gift/ bequest/ inheritance from a non-US citizen individual or estate, you are required to report that on Form 3520 to be filed along with your tax return...   Read More
Hi Tax Questions: I Have Not Filed A Form 540 Since 2010. For 2011 I Had A Loss From A Schedule C Business, And Therefore Have Not...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Probably not. The California FTB statute of limitations for refunds is four years after the original due date of the return. The 2011 return was due April, 2012. So the statute of limitations ran out on 2011...   Read More
How Can I Receive Earned Income Tax Credit With A Business Partnership Showing Net Operating Loss? I Only Brought In $22k, Only Income Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately, you must have a positive earned income in order to get the earned income tax credit. There are no exceptions to this, so you are just caught in a bad situation in regard to the EITC.   Read More


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User Photo John Stancil

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Exchange Control & Master Tax Practitioner (SA)

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