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Pinnacle Development Partners, LLC
30 October 2009 | 1569 replies
(l) Treatment of certain losses in insolvent financial institutions (1) In general If— (A) as of the close of the taxable year, it can reasonably be estimated that there is a loss on a qualified individual’s deposit in a qualified financial institution, and (B) such loss is on account of the bankruptcy or insolvency of such institution, then the taxpayer may elect to treat the amount so estimated as a loss described in subsection (c)(3) incurred during the taxable year. (2) Qualified individual defined For purposes of this subsection, the term “qualified individual” means any individual, except an individual— (A) who owns at least 1 percent in value of the outstanding stock of the qualified financial institution, (B) who is an officer of the qualified financial institution, (C) who is a sibling (whether by the whole or half blood), spouse, aunt, uncle, nephew, niece, ancestor, or lineal descendant of an individual described in subparagraph (A) or (B), or (D) who otherwise is a related person (as defined in section 267 (b)) with respect to an individual described in subparagraph (A) or (B). (3) Qualified financial institution For purposes of this subsection, the term “qualified financial institution” means— (A) any bank (as defined in section 581), (B) any institution described in section 591, (C) any credit union the deposits or accounts in which are insured under Federal or State law or are protected or guaranteed under State law, or (D) any similar institution chartered and supervised under Federal or State law. (4) Deposit For purposes of this subsection, the term “deposit” means any deposit, withdrawable account, or withdrawable or repurchasable share. (5) Election to treat as ordinary loss (A) In general In lieu of any election under paragraph (1), the taxpayer may elect to treat the amount referred to in paragraph (1) for the taxable year as an ordinary loss described in subsection (c)(2) incurred during the taxable year.
Ben Hughes
Partnership with Relative
4 May 2013 | 11 replies
We threw a sibling in to make it a 3 person llc with a 1% so that they can be a decision maker.
Ricky Lee
Can someone teach me the business?
27 June 2013 | 25 replies
By family I mean, siblings, parents, aunts - their all just as lost as I am and need help.
Kevin C.
So I went to an Estate Sale Today....
18 April 2011 | 18 replies
What if siblings don't pay taxes on the property?
Lynn Henley
Vacant land is Land-Locked
14 February 2013 | 20 replies
It's presently owned by 4 siblings, scattered all over the country.
Travelle Mason
Experience with REDlining
17 February 2018 | 17 replies
They mentioned Farroul's mothers ability to get loans for Farroul's and her siblings' education, which implies that while the mother may make a good salary in the education field, she may also be deeply in debt paying for her children's education too.
Michael Fundaro
What's your why? Why are you after financial freedom?
10 April 2023 | 35 replies
They never got to see their parents/siblings, we never went to dinner or spent time as a family because they were always working, and they never got to do anything they liked/enjoyed.
Tom Keller
Thoughts about investing in Rocky Mount
7 June 2021 | 31 replies
Hi BP - first time poster... just getting started on this journey...Hannah, I'm from Rocky Mount, my parents and 2 siblings are still there...
Shaun Reilly
Protecting Your Personal Assets
6 March 2015 | 26 replies
A spouse or adult child maybe a sibling or parent or a friend.
Nisrine Shehadeh
Best strategy to enter NoVA market with 300k capital
15 September 2023 | 18 replies
Our financial goals are to supplement my and my 2 siblings’ incomes in the short term, and contribute to our retirement income in the long term.