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Multiple IRA Conversions To Roth IRA
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Yes, in theory the taxpayer can put money in a traditional IRA each year and then convert it to a Roth IRA later. This is a loophole that was created in 2010. The catch here though, is if the taxpayer has...   Read More
I Am Realtor In La Jolla At Sothebys International Realty And I Have A Client Who Is Trying To Make Sense Out Of The Tax Implications Of...
User Photo Hope Shoulders, Esq.
Tax Professional Level: Tax Enthusiast

In general, if the investment income is from passive activity, then the 3.8% net investment income tax will apply. Internal Revenue Code sec. 1411, states that a net investment income tax is imposed at a rate of 3....   Read More
ASC 740-10-25-7 Has The Following Provision: "When The Past Administrative Practices And Precedents Of The Taxing Authority In Its...
User Photo Brett Layton
Tax Professional Level: Tax Enthusiast

This is tough one. Understandably States do not want to be pinned down and they also want to retain the right to decide on a case-by-case basis. The behavior of the state is likely inversely proportional to the...   Read More
Hi, I'm A German Citizen Who Came To The US In December 2011 On A J-1 Visa As A Postdoctoral Scholar At UCSD. I'm Being Paid Directly By...
User Photo Gary Carter, PhD, MT, CPA
Tax Professional Level: Tax Enthusiast

Article 20 of the US/German tax treaty allows a full exemption for income from teaching or research for up to two years if your stay is temporary. The provision that required a retroactive revocation of the...   Read More
Should I Sell My Small Business Prior To The End Of December 31, 2012? What Are The Tax Benefits Of Selling A 5M Company By Years End...
User Photo David Neidhart
Tax Professional Level: Tax Enthusiast

Simply, the capial gains tax is set to increase from 15% as of Dec 31, 2012 to about 20-25% in the next year. This will occurr if Congress does nothing and the Bush tax cuts expire. Popular belief however, is...   Read More
For A Visa Holder Living In The U.S., How Do I Determine My Residency Status For U.S. Tax Purposes?
User Photo Gary Carter, PhD, MT, CPA
Tax Professional Level: Tax Enthusiast

Your residency status is based on the substantial presence test, which takes into account the number of days you have been present in the U.S. during the current year and the two previous years. Certain visa...   Read More
To What Extent Does The Conducting Of Clinical Trials In The EU By Unrelated Parties Subject A US Drug Manufacturer To Permanent...
User Photo Harry-Todd Astrov
Tax Professional Level: Tax Enthusiast

. Absent specific facts, here are some general comments (not legal advice). The evaluation of whether a PE exists is done on a country-by-country basis and depends on whether there is a tax treaty between the U....   Read More
When You Are In The U.S Armed Forces Are There Any Special Tax Benefits?
User Photo Wilbert Guilford
Tax Professional Level: Tax Enthusiast

There are tons of special tax benefits for military members. Normally only items called 'Pay' are taxed. Items known as benefits are not normally taxed. Also, if in a Combat Zone, even one's Military Pay is not...   Read More
How Do I Value The Loss Of My Business As A Result Of A Hurricane?
User Photo David Neidhart
Tax Professional Level: Tax Enthusiast

This can be a very complicated matter. However, the basic principle is that you can claim as a casualty loss the change in the fair market value of your company from the date before the loss to the date of the...   Read More
What Happens If I Sell Property I Inherit By December 31, 2012?
User Photo David Neidhart
Tax Professional Level: Tax Enthusiast

This would depend on whether the property is kept as investment property or converted to personal property (such as a house) by living in it for 2 of the last 5 years. Your basis in the property would be the fair...   Read More

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