Schmates 2015-2024 Form

First, the LLC operates as tax partnership (“TP”) as the default tax status if no election has been made as noted in Treasury Regulation Section 301.7701-3(b)(i). For legal purposes, we have a LLC. For tax purposes we have a tax partnership. Since we are discussing a tax issue here, we will discuss the issue from the perspective of a TP.A partner cannot under any circumstances be an employee of the TP as Revenue Ruling 69-184 dictated such. And, the 2016 preamble to Temporary Treasury Regulation Section 301.7701-2T notes the Treasury still supports this revenue ruling.Though a partner can engage in a transaction with the TP in a non partner capacity (Section 707a(a)).A partner receiving a 707(a) payment from the partnership receives the payment as any stranger receives a payment from the TP for services rendered. This partner gets treated for this transaction as if he/she were not a member of the TP (Treasury Regulation Section 1.707-1(a).As an example, a partner owns and operates a law firm specializing in contract law. The TP requires advice on terms and creation for new contracts the TP uses in its business with clients. This partner provides a bid for this unique job and the TP accepts it. Here, the partner bills the TP as it would any other client, and the partner reports the income from the TP client job as he/she would for any other client. The TP records the job as an expense and pays the partner as it would any other vendor. Here, I am assuming the law contract job represents an expense versus a capital item. Of course, the partner may have a law corporation though the same principle applies.Further, a TP can make fixed payments to a partner for services or capital — called guaranteed payments as noted in subsection (c).A 707(c) guaranteed payment shows up in the membership agreement drawn up by the business attorney. This payment provides a service partner with a guaranteed payment regardless of the TP’s income for the year as noted in Treasury Regulation Section 1.707-1(c).As an example, the TP operates an exclusive restaurant. Several partners contribute capital for the venture. The TP’s key service partner is the chef for the restaurant. And, the whole restaurant concept centers on this chef’s experience and creativity. The TP’s operating agreement provides the chef receives a certain % profit interest but as a minimum receives yearly a fixed $X guaranteed payment regardless of TP’s income level. In the first year of operations the TP has low profits as expected. The chef receives the guaranteed $X payment as provided in the membership agreement.The TP allocates the guaranteed payment to the capital interest partners on their TP k-1s as business expense. And, the TP includes the full $X guaranteed payment as income on the chef’s K-1. Here, the membership agreement demonstrates the chef only shares in profits not losses. So, the TP only allocates the guaranteed expense to those partners responsible for making up losses (the capital partners) as noted in Treasury Regulation Section 707-1(c) Example 3. The chef gets no allocation for the guaranteed expense as he/she does not participate in losses.If we change the situation slightly, we may change the tax results. If the membership agreement says the chef shares in losses, we then allocate a portion of the guaranteed expense back to the chef following the above treasury regulation.As a final note, a TP return requires knowledge of primary tax law if the TP desires filing a completed an accurate partnership tax return.I have completed the above tax analysis based on primary partnership tax law. If the situation changes in any manner, the tax outcome may change considerably. www.rst.tax

I am going to get pretty literal here. Please forgive meHow likely are you to win a car from filling out a form at a mall? In the US, at least, this is usually spelled out somewhere on the form or on a website listed on the form. If it is not, you could ask (and may or may not get a truthful answer). If none of this works, you could probably be able to guess using a few factors: * How many people take the time to stop and enter (what percentage of passers-by, multiplied by amount of typical or expected foot-traffic)?* Are multiple entries allowed? * How long will entries be accepted before the drawing? As a rule of thumb, if the odds aren’t stated (and usually, even if they are) the odds are probably staggering. If you multiply the amount of time it takes to fill out the form by the amount of forms you would have to fill-out before you had an even 1% chance of winning the car, you would likely do better using that time to get a second job. Oh, and lastly, realize that the reason they are enticing you with the chance to win a car is that they are collecting your personal information on the form. It usually is quite a cheap way to generate a LOT of personal data, add you to mailing/dialing lists, etc. They folks running the drawing often gather another great bit of psychology about you: person who fills out form likes to enter “something for nothing” type contests (the drawing itself). This can be valuable to advertisers.Who drives the new car home? By definition of “home” the owner (presumably the winner) would drive the car “home”. If the car is driven to your house by an employee of the company running the lottery, they would just be driving the car to the winners residence…not their “home”.Frankly, I am not sure of what is meant by this question. I would assume that any winner of the drawing would either pick up the vehicle and drive it themselves away from the drawing or other site where the prize was moved to, possibly prepped for delivery tot he winner, or someone would deliver it to the winner’s home by driving it or trucking it there.What are your chances to win another car again? Your chances of winning the next drawing you entered would be EXACTLY the same as they would be had you lost the previous one, as specified in item number one. The odds of winning/losing do not change based on previous outcome. Think about it this way: If I just flipped a coin and it landed on “heads” 50 times in a row, what are the chances that it will be “heads” on the 51st attempt? EXACTLY (assuming there is nothing about the coin or flip that favors one side over the other) 1 in 2 or 50%, just as it was the first flip, just as it will be on the 51st millionth.Now the probability of winning 2 drawings, each with 1 million entries is staggeringly small. But they are two separate events, each governed independently by their own set of probabilities. Landing on heads 51 times in a row or winning 2 cars in consecutive drawings would be matters of remarkable coincidence: respectively 50 1 in 2 or 2 one in a million events happening to share the same outcome.Good luck

I worked hard at school to get good grades, went to university, studied hard, graduated, got a series of better and better jobs, and finally transferred across as an international manager under an L1-A visa (executive management).After a year my lawyer submitted my green card paperwork, and a few months later I was approved.Your friends experience may differ - there are MANY ways of ending up with a green card - hard work, education, and business success is one of the easiest, but not the only way.You can be lucky (diversity lottery), rich (investment), talented (internationally recognised artists, athletes and scientists), or have family in the USA.ALL these options require you to either pay a lawyer, or actually learn the process yourself.Your friend should start by obtaining a visa which allows them to legally reside and work in the USA - that’s the first step in the process.Simply “wanting to come to the USA” isn’t enough - it’s a start. Now your friend needs to learn the process and apply themselves.U.S. Visas