I deal with the Federal Communications Commission on a daily basis, we have a FCC attorney in Washington to "test the waters' on how things are being interpreted at the FCC if we are looking to do something in a gray area (interpretation is a major part of what really happens).Attorneys are great at finding out how laws are being interpreted, but getting anything actually changed is a different story.Even having to get our FCC attorney involved in a simple call letter change, that ask for an 'exception' to one small rule, cost tens of thousands of dollars (he bills us at $565 an hour).Trying to get anything changed in Washington is EXTREMELY expensive, its better to find out what they are actually going to enforce and interpret the law.

As much as you or I would like it to be black or white what they are saying is they think the HUD interpretation is mainly from Anglo-Saxon values where people aren't supposed to share bedrooms with the opposite sex, but that in other cultures they do so that using HUD is discriminatory.

.- So in the final analysis, there is discussion room and interpretation - one of my mottoes that drive the successes in life is "What you see depends on what you look for".

Here is a response that I posted in the past about this subject with some relevant information on your situation: As a California resident, you will still be subject to the California LLC franchise tax, even if your rental property is located outside California due to CA's broad interpretation of "doing business in California."

For those familiar with Form 725, a quick question (which wasn't easily interpretable for me from the instructions that go along with the form - although the instructions did help on other sections):Page 1, Part I - Kentucky Net Distributable Income: These only pertain to the LLC, correct? 

He was also worried about the language that says he won’t do anything dangerous because it’s too broad and can be interpreted in many ways.

Sure, the flush language of R&TC Sec 23101(a): “Doing business” means actively engaging in any transaction for the purpose of financial or pecuniary gain or profit.Therefore, "doing business" in CA means: actively engaging in any transaction for the purpose of financial or pecuniary gain or profit in CA.You may disagree with my interpretation. 

I will be trying very soon to change my LLC to series.Is that your interpretation of the abstract?

@rob horonThe Internal revenue code is large and some CPA"s interpret the law one way while other CPA's interpret the code another way.That is why you will have differing in opinions.Some CPA's do not look at court cases which I think is scary. reading on court cases are great because it tells you what other taxpayers tried to get away with and what the IRS deemed to be correct/incorrect and why.

Everytime I hear a "rule of thumb" valuation metric I cringe...lolAnd that is exactly what the 1% metric is.I have valued everything from public companies, private companies, human capital, hybrid debt, credit unions, etc and they all have rules of thumbs to use in their valuations....And...Unless you understand how to interpret the rule of thumb metrics it is useless and has so much risk because you don't know the numbers.Take the time to understand the numbers line by line and then you will be able to use the rule of thumb metrics and will be able to create your own rule of thumb metric for the specific types of deals you like.