Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: honeydog Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: repayment over $3,000, claim of right Date: 4/13/2001 5:51 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Bought nominee shares in closed C corp (prohibited new investors) using Egypt uncle's funds wired illegally from Egypt early 80's -we thought funds were his sister's who died in 1994. He sued us in 1994 with good proof funds were his. C Corp changed to S Corp in 1998 and paid huge div in 2000 for 20+ yrs retained earnings. Settled out of court w. uncle for amount equal to cost basis shares + $X. We keep profitable shares. Wonder if possible to claim $X as a 2000 tax credit under 'claim of right'per pub 525, p. 27? $X plus 2000 legal fees much less then the 2000 dividend. S corp also paid K-1 distributions. Will hand over to CPA but wanted your off top of head opinion.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Dividend Growth Investing

Good Time for Dividend Champions?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement