Henry is a tax attorney. He could defend you and then take you cakes while you are in prison. And a good lubricant.

What a career change for Henry! I remember when he played Ponzi or "the Ponz" on "Happy Days".

Regarding the tax code, do you think that is grounds for an automatic filing extension - needing more time to read it?

I tend to look at it this way. I started reading War and Peace in 1985 and am a little over half-way through. I am scheduled to finish in 2026. If we simply extrapolate, it would take me almost 500 years to read the tax code. Of course, by then it could be 154,676 pages long, unless you good people have the good sense to elect me President. Now, let's say you read twice as fast as I, you could easily finish the code in 250 years or so. Not too bad.

So yes, file for an extension. Do not expect the IRS to wait 250 years however. Trust me on this one.

Here is a small sample of the tax code. This is part of the code that deals with Alernative Minimum Tax.

TITLE 26, Subtitle A, CHAPTER 1, Subchapter A, PART VI, Sec. 59.
STATUTE
(a) Alternative minimum tax foreign tax credit
For purposes of this part -
(1) In general
The alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under section 27(a) for such taxable year if -
(A) the pre-credit tentative minimum tax were the tax against which such credit was taken for purposes of section 904 for the taxable year and all prior taxable years beginning after December 31, 1986,
(B) section 904 were applied on the basis of alternative minimum taxable income instead of taxable income, and
(C) the determination of whether any income is high-taxed income for purposes of section 904(d)(2) were made on the basis of the applicable rate specified in subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies) in lieu of the highest rate of tax specified in section 1 or 11 (whichever applies).
(2) Limitation to 90 percent of tax
(A) In general
The alternative minimum tax foreign tax credit for any taxable year shall not exceed the excess (if any) of -
(i) the pre-credit tentative minimum tax for the taxable year, over
(ii) 10 percent of the amount which would be the pre-credit tentative minimum tax without regard to the alternative tax net operating loss deduction and section 57(a)(2)(E).
(B) Carryback and carryforward
If the alternative minimum tax foreign tax credit exceeds the amount determined under subparagraph (A), such excess shall, for purposes of this part, be treated as an amount to which section 904(c) applies.
(3) Pre-credit tentative minimum tax
For purposes of this subsection, the term "pre-credit tentative minimum tax" means -
(A) in the case of a taxpayer other than a corporation, the amount determined under the first sentence of section 55(b)(1)(A)(i), or
(B) in the case of a corporation, the amount determined under section 55(b)(1)(B)(i).
(4) Election to use simplified section 904 limitation
(A) In general
In determining the alternative minimum tax foreign tax credit for any taxable year to which an election under this paragraph applies -
(i) subparagraph (B) of paragraph (1) shall not apply, and
(ii) the limitation of section 904 shall be based on the proportion which -
(I) the taxpayer's taxable income (as determined for purposes of the regular tax) from sources without the United States (but not in excess of the taxpayer's entire alternative minimum taxable income), bears to
(II) the taxpayer's entire alternative minimum taxable income for the taxable year.
(B) Election
(i) In general
An election under this paragraph may be made only for the taxpayer's first taxable year which begins after December 31, 1997, and for which the taxpayer claims an alternative minimum tax foreign tax credit.
(ii) Election revocable only with consent
An election under this paragraph, once made, shall apply to the taxable year for which made and all subsequent taxable years unless revoked with the consent of the Secretary.
(b) Minimum tax not to apply to income eligible for credits under
section 30A or 936
In the case of any corporation for which a credit is allowable for the taxable year under section 30A or 936, alternative minimum taxable income shall not include any income with respect to which a credit is determined under section 30A or 936.
(c) Treatment of estates and trusts
In the case of any estate or trust, the alternative minimum taxable income of such estate or trust and any beneficiary thereof shall be determined by applying part I of subchapter J with the adjustments provided in this part.
(d) Apportionment of differently treated items in case of certain
entities
(1) In general
The differently treated items for the taxable year shall be apportioned (in accordance with regulations prescribed by the Secretary) -
(A) Regulated investment companies and real estate investment
trusts
In the case of a regulated investment company to which part I of subchapter M applies or a real estate investment company to which part II of subchapter M applies, between such company or trust and shareholders and holders of beneficial interest in such company or trust.
(B) Common trust funds
In the case of a common trust fund (as defined in section 584(a)), pro rata among the participants of such fund.
(2) Differently treated items
For purposes of this section, the term "differently treated item" means any item of tax preference or any other item which is treated differently for purposes of this part than for purposes of computing the regular tax.
(e) Optional 10-year writeoff of certain tax preferences
(1) In general
For purposes of this title, any qualified expenditure to which an election under this paragraph applies shall be allowed as a deduction ratably over the 10-year period (3-year period in the case of circulation expenditures described in section 173) beginning with the taxable year in which such expenditure was made (or, in the case of a qualified expenditure described in paragraph (2)(C), over the 60-month period beginning with the month in which such expenditure was paid or incurred).
(2) Qualified expenditure
For purposes of this subsection, the term "qualified expenditure" means any amount which, but for an election under this subsection, would have been allowable as a deduction (determined without regard to section 291) for the taxable year in which paid or incurred under -
(A) section 173 (relating to circulation expenditures),
(B) section 174(a) (relating to research and experimental expenditures),
(C) section 263(c) (relating to intangible drilling and development expenditures),
(D) section 616(a) (relating to development expenditures), or
(E) section 617(a) (relating to mining exploration expenditures).
(3) Other sections not applicable
Except as provided in this subsection, no deduction shall be allowed under any other section for any qualified expenditure to which an election under this subsection applies.
(4) Election
(A) In general
An election may be made under paragraph (1) with respect to any portion of any qualified expenditure.
(B) Revocable only with consent
Any election under this subsection may be revoked only with the consent of the Secretary.
(C) Partners and shareholders of S corporations
In the case of a partnership, any election under paragraph (1) shall be made separately by each partner with respect to the partner's allocable share of any qualified expenditure. A similar rule shall apply in the case of an S corporation and its shareholders.
(5) Dispositions
(A) Application of section 1254
In the case of any disposition of property to which section 1254 applies (determined without regard to this section), any deduction under paragraph (1) with respect to amounts which are allocable to such property shall, for purposes of section 1254, be treated as a deduction allowable under section 263(c), 616(a), or 617(a), whichever is appropriate.
(B) Application of section 617(d)
In the case of any disposition of mining property to which section 617(d) applies (determined without regard to this subsection), any deduction under paragraph (1) with respect to amounts which are allocable to such property shall, for purposes of section 617(d), be treated as a deduction allowable under section 617(a).
(6) Amounts to which election apply not treated as tax preference
Any portion of any qualified expenditure to which an election under paragraph (1) applies shall not be treated as an item of tax preference under section 57(a) and section 56 shall not apply to such expenditure.
(f) Coordination with section 291
Except as otherwise provided in this part, section 291 (relating to cutback of corporate preferences) shall apply before the application of this part.
(g) Tax benefit rule
The Secretary may prescribe regulations under which differently treated items shall be properly adjusted where the tax treatment giving rise to such items will not result in the reduction of the taxpayer's regular tax for the taxable year for which the item is taken into account or for any other taxable year.
(h) Coordination with certain limitations
The limitations of sections 704(d), 465, and 1366(d) (and such other provisions as may be specified in regulations) shall be applied for purposes of computing the alternative minimum taxable income of the taxpayer for the taxable year with the adjustments of sections 56, 57, and 58.
(i) Special rule for amounts treated as tax preference
For purposes of this subtitle (other than this part), any amount shall not fail to be treated as wholly exempt from tax imposed by this subtitle solely by reason of being included in alternative minimum taxable income.
(j) Treatment of unearned income of minor children
(1) In general
In the case of a child to whom section 1(g) applies, the exemption amount for purposes of section 55 shall not exceed the sum of -
(A) such child's earned income (as defined in section 911(d)(2)) for the taxable year, plus
(B) $5,000.
(2) Inflation adjustment
In the case of any taxable year beginning in a calendar year after 1998, the dollar amount in paragraph (1)(B) shall be increased by an amount equal to the product of -
(A) such dollar amount, and
(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting "1997" for "1992" in subparagraph
(B) thereof. If any increase determined under the preceding sentence is not a multiple of $50, such increase shall be rounded to the nearest multiple of $50.

It seems to me that the IRS is leaving itself open for a class action lawsuit. It is a bit like saying "sing this contract but you don't really need to see all the terms and conditions first". Isn't that coercion?

This is one of the reasons I hate to install software on my computer. I don't read that fast and it takes me forever to read all those terms and conditions before I press the "accept" button. It can take me a week just to install Internet Explorer updates.

Of course the other reason I hate to install more software is the mass of the "1's" which make my computer weigh so much more. I'm still counting so I haven't quite worked out the mass of a 1 just yet. I understimated. There are way more than a few thousand on the HD. This could take some time. Maybe I could find a program to actually count the 1's for me. Of course, then I would have to read the T's and C's during installation. Six of one - half dozen of the other...

Seems pretty straightforward. What's your point?

Hi Pio...I may regret asking...but since I do wear jewelry...better know what I am in for! <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" /> <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" />

I wear, supposedly, gold and silver and....other metals which I just buy because I like....

Now...I know that short-term it can't be fatal....since I am still alive...I would guess the problem must be long-term...

soooo....shoot, Pio, what am I in for? <img src="/ubbt/images/graemlins/frown.gif" alt="" /> <img src="/ubbt/images/graemlins/frown.gif" alt="" />


Larousse....wish I could....I am going to have to go to the record store and see if I can buy the record..... you, OTOH, given all the information I provided...can you not figure out how...since you seem to know more about 'computers' than me?....actually....ANYBODY probably knows more about 'computers' than me.... what can I say... my 'beautiful' eyes compensate for the lack of my computer knowledge!?!?!?! <img src="/ubbt/images/graemlins/cool.gif" alt="" /> <img src="/ubbt/images/graemlins/cool.gif" alt="" />

...and I don't suppose there is any such thing as TG in Mexico? <img src="/ubbt/images/graemlins/confused.gif" alt="" /> <img src="/ubbt/images/graemlins/confused.gif" alt="" />

Hi Beth...nice to hear you had a great TG... I am a little jealous about the surfing part.... up here it's getting very cold....would a 'jump' in the pile of leaves do? <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" />

Todd...the tax code seems to be excellent reading for going to....sleep....so...just lost my vote on your one-proposal platform!

Good morning folks!,

It's looking like a decent weather day. I'll be working at an art association for their holiday show & sale. It's been going on for 15 plus years & started out as strictly pottery. It's still mostly pottery with little bits of this a that throw in. People have been coming for years collecting their favorite potters' works.

The best part is when I'm working at the check out area & I sell a friend's work or my own. It's always nice to see people enjoy our work.

You know things are REEEEALLY SLOOOOW when Todd breaks out the tax code.

Beth - you sound in great spirit! Good for you. You are clearly a strong woman.

I remember one Thanksgiving we spent as a family just after telling our boys we were separating but I hadn't told my father yet. We have Thanksgiving at his house. Quite the dog & pony show. On the one hand it felt like it had for the past 20 years. On the other it felt like one huge lie.

My father lives about a 2 hour drive away & the ride home was very emotional for me. I usually drove but I had to sit in the passenger seat so my crying wouldn't interfere with my driving. All done in silence because my boys were sitting right behind me. I remember wondering how ex could so easily walk away from the family.

Just like Todd, this was a much better Thanksgiving than that one.

I believe the following sentence from my post makes my point:

"In the case of any disposition of property to which section 1254 applies (determined without regard to this section), any deduction under paragraph (1) with respect to amounts which are allocable to such property shall, for purposes of section 1254, be treated as a deduction allowable under section 263(c), 616(a), or 617(a), whichever is appropriate."

Hello TKO.

I'm so glad you had a good Thanksgiving Beth.

BTW, Todd, the restaurant you went to looked gorgeous. I want to go there sometime!

Where has BigK gone now??? <img src="/ubbt/images/graemlins/confused.gif" alt="" />

Hi Stph20....

Actually...besides BigK....there are a few people that are 'absent' without permission... <img src="/ubbt/images/graemlins/mad.gif" alt="" /> <img src="/ubbt/images/graemlins/mad.gif" alt="" />

Since we are a 'bunch' of very 'emotionally' enjured people...in order to reduce the anxiety levels of everyone...on a voluntary basis...people are asked to 'excuse' themselves.... and inform us the exact time (year, month, day, hour, second) when we can expect to hear from them....so that if you do NOT report back as scheduled....then we could really go off and WORRY ourselves to death! <img src="/ubbt/images/graemlins/crazy.gif" alt="" /> <img src="/ubbt/images/graemlins/crazy.gif" alt="" /> <img src="/ubbt/images/graemlins/crazy.gif" alt="" />

Any questions?!?!?!? <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" />

Hi Stph,

I was not able to have TG dinner at Rays after all. DS1 hurt his back and could not sit so dinner was out of the question. I have eaten there many times and it is excellent. And the setting is beautiful. Geez, now I am getting hungry.

Too bad, Todd...but it does beg the question: with WHAT are you cooking these days? <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" /> <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" />

I agree!! <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" />


I'm sorry Todd, I must have misunderstood. I knew DS1 hurt his back and he couldn't go, but I thought you went with another DS. My mistake...oops!

I'll be driving through Atlanta on my way to Florida, maybe I'll stop and try it...you should join me!

How have you been feeling, BTW?

stph20...there is an 'unwritten' rule at MB....no fraternizing or sisternizing between members of the opposite sex <img src="/ubbt/images/graemlins/frown.gif" alt="" /> <img src="/ubbt/images/graemlins/frown.gif" alt="" /> <img src="/ubbt/images/graemlins/frown.gif" alt="" /> ....WITHOUT A CHAPERONE.... <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" />

...so...may I join you...LOL! <img src="/ubbt/images/graemlins/cool.gif" alt="" /> <img src="/ubbt/images/graemlins/cool.gif" alt="" /> <img src="/ubbt/images/graemlins/cool.gif" alt="" />


(hope my 'peppering' my posts with the instant graemlins is not getting on anybody's nerves....I know I overuse them....let's just say I am going through a 'phase''...LOL) <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" /> <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" /> <img src="/ubbt/images/graemlins/rolleyes.gif" alt="" />

Okay Luna, I am game and will cooperate.

In exactly 6.88732648 seconds, I will disappear for 12.388748 seconds. If I am late, I will update.

Okeydoke, Todd! <img src="/ubbt/images/graemlins/wink.gif" alt="" /> <img src="/ubbt/images/graemlins/wink.gif" alt="" /> <img src="/ubbt/images/graemlins/wink.gif" alt="" />

Yes! Please join us...it will be fun! The more the merrier!! Todd has two "dates"! <img src="/ubbt/images/graemlins/cool.gif" alt="" /> How fun is that!

I don't think there's anything to worry about though...Todd may be a little young for me. And his superhuman Superman powers scare me a little <img src="/ubbt/images/graemlins/blush.gif" alt="" />...not sure of his kryptonite! <img src="/ubbt/images/graemlins/grin.gif" alt="" />

....stph20...I have a hard time taking a guy who wears underwears on top... 'seriously' <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" /> <img src="/ubbt/images/graemlins/grin.gif" alt="" />

Good point...what can we do about that? Clark Kent?