Capital Gain Archives - John R. Dundon II, Enrolled Agent

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Capital Gain

19 Jan Final Tangible Property Regulations Necessitate that Many Businesses Apply for Change Of Accounting Method: IRS Form 3115; Rev Procs 2015-13 & 2015-14

Posted at 00:00h in Accounting Method, Asset Classification, Basis, Business Expense, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Tax Guidance & Preparation

Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes the need to file IRS...

09 Dec Virtual Currency Tax Implications – IRS Notice 2014-21

Posted at 00:00h in Business Income, Capital Gain, Capital Loss, Self Employ, Virtual Currency

The question of the moment is whether virtual currency is here to stay or simply a passing fad, the 8-track player of modern day finance. Â IMHO the answer is probably a little of both. For sure private money is here to stay for a whileÂ at...

29 Oct What is the best Business Structure to form If Any?

Posted at 00:00h in Business Expense, Business Income, Business Structure, Capital Gain, Capital Loss, Employment Tax, Limited Partnership, LLC, Net Operating Loss, Partnership, Self Employ, Small Business, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation

What I love most about Colorado, more than the 300+ days of sun every year and the glorious rocky mountains, are the people. Â For the most Coloradans are risk taking job creators, starting new businesses from scratch out of their garages and turning passions for...

A sunset over the water with some grass in front of it

07 Oct How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)]

Posted at 00:00h in Rental Real Estate, 1031 Exchange, Basis, Capital Gain, Capital Loss, Depreciation, Passive Activity, Tax Guidance & Preparation

How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. Â§1.168(i)-4(b)] [Reg. Â§1.165-9(b)(2)] can be a nuanced and complicated question to answer as it depends on a handful of specific facts and circumstances.Â Many people have built impressive residential real estate portfolios...

A man holding up a bicycle in front of mountains.

31 Jan Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

Posted at 00:00h in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation

Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers. My friend Roger BotterbuschÂ recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs)....

23 Oct General Rules for S-Corporation Distributions A Random Walk Down IRC 1368

Posted at 00:00h in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

Unless you elect different treatment, for shareholder income tax purposes S corporation distributions are applied in the following order: 1. To reduce the Accumulated Adjustment Account (AAA) determined without regard to any net negative adjustment for the tax year but not below zero. According to IRC 1368Â if...

A sun shining through the trees in autumn.

25 Sep Accumulated Adjustment Accounts and the Subchapter S Corp

Posted at 00:00h in Accumulated Adjustment Account, Capital Gain, Corporation, Partnership, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

This post represents some of my codified thoughts on Accumulated Adjustment Accounts and the Sub-chapter S Corp: IRS Form 1120-S Schedule M-3 Column (a), or in tax speak the AAA. Yes AAA could also be an acronym for Advanced Alcoholics Anonymous and maybe that is relevant...

29 Aug Investor or Trader

Posted at 00:00h in 1031 Exchange, 1231 Exchange, Business Expense, Business Income, Capital Gain, Capital Loss, Income, Investment Income, Mark to Market, Self Employ, Small Business, Tax Deductible Expenses

I have another new client who is a day trader and wow is he good at it! Even though he has another job he makes so much more money as a trader that this ultimately is his primary vocation. The following are a few things...

09 Aug Transfers of Property to a Corporation Internal Revenue Code Section 351

Posted at 00:00h in Basis, Capital Gain, Capital Loss, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation

According to IRC 1001 you generally recognize a gain or a loss when you sell or dispose of property. However, there are a number of exceptions, specifically transfers of property to a corporation. For example under IRC 351a no gain or loss is recognized if property...

25 Jul Traders in Securities

Posted at 00:00h in Accounting Method, Business Expense, Capital Gain, Capital Loss, Cost Basis, Investment Income, Mark to Market, Paying Taxes, Self Employ, Tax Guidance & Preparation

If you are an individual who buys and sells securities you may qualify as a â€œtrader in securities,â€ for tax purposes. This post attempts to explain how traders must report the income and expenses from being in the trading business. First though it is important to...