Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #124
Date: Sat, 7 Feb 1998 14:27:38 -0500 (EST)
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persfin-digest Saturday, February 7 1998 Volume 04 : Number 124
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX BROADCAST SERVICE
UGMA / UTMA in CA?
Re: Will Impeachment Talk Affect Investments?
Re: stock ex dividend - Reflected in Share Price?
Re: 28% cap gains distributions
Re: Cost Basis Formula?
Commercial Rental Tax Question
Re: Taxes on Inherited Securities
Social Security Question
Re: Capital Gain Distributions, Massachusetts, and Vanguard
credit card APR - loan transfer
Employee-owned publically traded companies or founder = CEO
transferring stock for college expenses
Q's on mileage ded., honorariums, etc.
AT&T online service question
Re: 28% cap gains distributions
re: stock ex dividend - Reflected in Share Price?
Credit Card Inquiry
Can You Cash a Check That Isn't Signed?
Re: Unpaid vacation
How To Get Credit Card?
How To Calculate Gain/Loss on Mutual Funds in Excel?
Shopping for Insurance
Dow 9000?
Geodesic dome mortgage?
Quicken vs. Money reviews
Moving relative to rest home
Any success with Ken Roberts commodities course?
Roth IRA Conversion
YUM stock tax issue
Has anyone had experience with AgriPlan/Bizplan employee benefit
Tax Question - Work Related Expense Deductability?
software question re: sale of pc
Need affordable health insurance for my mom
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Date: Sat, 7 Feb 1998 13:58:18 -0500 (EST)
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------------------------------
Date: Sat, 7 Feb 1998 13:59:08 -0500 (EST)
From: Shankar.Prasad@Eng.Sun.COM (Shankar Prasad)
Subject: UGMA / UTMA in CA?
I have a couple of questions on custodial minor accounts in CA.
1. I do not know whether UGMA or UTMA is applicable to California.
Reading of CA Probate code Sec 3900 - 3925 seems to say that
the UTMA is applicable, and UGMA is replaced with UTMA. It also
appears to say that the age for termination of the custodianship
can be chosen (by the donor or custodian ?) to be from
ages 18 - 25. Is this correct ? As a parent, can I open
a bank account or mutual fund / brokerage account as a custodian
for my minor child with termination set to age 25 ?
2. Same CA Probate code Sec 3914 seems to say that the custodian
(parent ??) can use the account or income from the account to
pay for expenses for the minor's benefit. It does not define
what types of expenses would be permissible - it seems to say
that any expenses for the minor's benefit would be valid. Is
this understanding correct ?
from http://www.leginfo.ca.gov
>> 3914. (a) A custodian may deliver or pay to the minor or expend for
>> the minor's benefit as much of the custodial property as the
>> custodian considers advisable for the use and benefit of the minor,
>> without court order and without regard to (1) the duty or ability of
>> the custodian personally, or of any other person, to support the
>> minor or (2) any other income or property of the minor which may be
>> applicable or available for that purpose.
3. Assuming that the above is correct, what sort of expenses would
be reasonably considered suitable to be covered from a custodial
account ? I imagine that covering (partial) rent or food or
clothing from the custodial account would be a bad idea.
What about private preschool tuition or extra classes etc ?
We are considering a private preschool for my daughter which runs
to about $300 or so /month. Would it be permissible to make
payments for this tuition from a custodial account ? If this
will work, we can consider transferring some income-producing
assets to my daughter's custodial account and use the income
from them to cover these expenses. As the child is a minor,
the benefit will be to soak up the kiddie tax on income of upto
$650 (tax-free) + $650 (15%) with the rest taxed with our incomes.
Finally, I am clear about how Federal taxes treat custodial accounts.
i.e. file a separate return, with a deduction of $650, another $650
taxed at 15%, rest taxed at the parents' marginal rate. How does
CA treat the minor's income ? Any references ?
- --
Regards
Shankar Prasad
sprasad@Eng.Sun.Com
------------------------------
Date: Sat, 7 Feb 1998 13:59:47 -0500 (EST)
From: hrj@juno.com
Subject: Re: Will Impeachment Talk Affect Investments?
I would like to thank Grady for the review of how Watergate affected the
market. I agree that earnings and the economy in general should dictate
more how the market will react than will Clinton's troubles. In 1973 and
1974, inflation was high and the economy was not as rosy as it is now.
The market would probably have gone down in spite of Watergate,
especially assuming we still would have had an oil embargo. Without
Watergate, the oil embargo may not have happened if Nixon had been giving
World events his full attention.
Also, in the Roth IRA Vs. 401-K example I sent in, I had a minor
mistake(minor because it didn't have an effect on the conclusions). My
example assumed a 300% increase which I said would result in $2000
becoming $6000. That should be 200% increase.
Harold Justice
------------------------------
Date: Sat, 7 Feb 1998 14:00:08 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: stock ex dividend - Reflected in Share Price?
>I own stock in pfizer. They declared a dividend payable on March 12, to
>all holders of record on 2/6/98. The dividend is 3/16 per share. The
>question is- When will this dividend be reflected in the share price?
The stock will go ex-dividend three business days before the record
date. Why? Because with T+3 settlement, anyone who buys the stock
after three business days before the record date will not be an owner
of record by the record date.
All other things being equal on the ex-dividend day, the stock will
drop 3/16. In fact, quoting systems build this in to their quotes on
ex-dividend day. If the stock dropped 1/2 on that day, it'll be
reported as only dropping 1/8 (because it was "expected" to fall 3/16
by virtue of going ex-dividend).
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Sat, 7 Feb 1998 14:00:30 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: 28% cap gains distributions
>>I don't know what other fund families are doing, but I just got my
>>1099-DIVs from Vanguard today. They have explicitly reported the
^^^^^^^^^
>>mid-term gains on the form (saving you the trouble of having to
>>multiply cap gains distributions by percentages given in a
^^^^^^^^^^^^^^^^^^^^^^^
>I have a problem with this process. I own some Fidelity and American
>Century mutual funds outside of tax sheltered savings. They assume that
>you use FIFO for determining your sale cost basis. But FIFO is
><underline>not</underline> required. I generally use specific
Your point is irrelevant. The tax status (i.e. mid-term vs. long-term)
of *capital gains distributions* (which is what is reported on 1099-DIV)
depends soley on how the FUND chose to sell lots of the securities that
the FUND owned. This has absolutely nothing to do with any shares of
the fund that you might have sold during the near (and those sales would
be reported on a 1099-B, not a 1099-DIV).
>gains using their method of costing these securities. For most people it
>is simple just to use their calculations, but you aren't required to do
>so. Did you ever check to see if their calculation was correct? I would
You have no choice but to use their calculations unless you plan to
request a copy of the FUND's Schedule D (or its equivalent) and see
how much long-term and mid-term gains the fund realized and then pro-rate
that out to the capital gain distributions you received. I'm willing to
trust the fund's calculation on this one.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Sat, 7 Feb 1998 14:00:59 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Cost Basis Formula?
> What is the formula to calculate the cost basis of stocks?
>
> I buy and sell odd amounts of shares many times a year.
>
> (I may buy 3 shares one month, sell 10 the next, buy 2 the
>next... etc) I also reinvest the dividends.
>
> One trick is that I get a 10% discount on the purchase that
> is reported as income to me on W2.
There is no set formula. For stocks, unlike mutual funds which have
the option (but not requirement) of an average cost method, basis (and
therefore loss or gain) must be computed on a lot-by-lot approach.
In general, your basis is what you paid for the stock (including
commission). However, since you bought it at a discount and the
discount was reported to you as W-2 income, you can adjust the basis
of each lot up by the amount of the discount. So in effect your basis
ion each lot was the actual market value at the time of the purchase.
Reinvesting dividends is just another form of purchase. It creates
additional lots each with their own basis. The basis for such a lot
will in general be the amount of the reinvested dividend.
As for gain or loss, that depends on what lots you elect to sell.
If you are not giving any instructions to your broker at time of sale
of what lots you are selling, you are deemed to be selling the oldest
lots first for purposes of computing gain and loss.
If you want to be able to choose the lots you are selling (so as to
best control the gains or losses you want to realize), you must
specify to the broker AT TIME OF SALE which lots you are selling, and
the broker must note the instruction on the trade confirmation or on a
reasonable cotemporaneously send letter. Alternatively, if you
receive each lot as a separate physical stock certificate, you can
simply hand over (after first copying it for your records) the
certificate representing the lot you want to sell.
For more details see IRS Publication 550.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Sat, 7 Feb 1998 14:01:57 -0500 (EST)
From: geneand@wtrt.net
Subject: Commercial Rental Tax Question
We bought an older brick building as a commercial rental property in 1997, and
our accountant feels that since the building is about 50 years old, it could be
set up on an accelerated depreciation schedule of 15 years or thereabouts
instead of the standard 39-year depreciation. However, our Quicken Turbo Tax
apparently allows no provisions for any exceptions in the rule for commercial
rental property. Does the IRS allow accelerated depreciation for older
properties, and if so, why doesn't Turbo Tax provide for it?
Thanks,
S. J. Anderson
------------------------------
Date: Sat, 7 Feb 1998 14:02:52 -0500 (EST)
From: "rip west" <rip@montrose.net>
Subject: Re: Taxes on Inherited Securities
Gigi Kent said....
<<
The letter I received states that I will be responsible "for paying taxes on
the increased value of the securities and dividends distributed to you after
that date (of death)." What does this mean? Certainly I'd be responsible
for increases related to dividend and interest, but what do they mean by
"value of the securities"? What is the cost basis in a living trust?
>>
You are talking about two different taxes here, inheritance and income. The
estate is responsible for any inheritance taxes which will be figured on the
basis of the worth of the estate as of the date of death. Any stocks that
you subsequently receive will have a cost basis of the date of death value,
and the only additional tax to be paid on increase in such value will be if
you sell the stocks distributed to you for more than the date of death
value. You will be responsible for income taxes on any dividends received on
stocks distributed to you.
In addition, after the date of death, the estate will have income in the
form of dividends, etc. The tax burden on these dividends will be split
between the estate and beneficiaries in ratio to the distributions to
beneficiaries for the year to the entire portfolio. In other words, if the
estate receives dividends and then distributes stock to you, you will report
taxable income applicable to dividends earned on the stocks distributed to
you. That's a simplification, but the idea holds.
<<
Since my uncle died in 1997, will I have any tax consequences in 1997 as a
result of the inheritance? The assets will be distributed beginning in
1998.
>>
Since you received no distribution in 1997, you should have no income tax
consequences for the year.
rip
------------------------------
Date: Sat, 7 Feb 1998 14:04:21 -0500 (EST)
From: "Sheth, Kalpesh" <sheth@lucent.com>
Subject: Social Security Question
Hi,
I have a rather stupid question. Which many might know, but since I
don't, so please bear with me.
Question:
I know there is a limit on your yearly income upto which SS + Medicare
is taxed. I believe in 1997 it was on the income up to around $63K
(yearly) you pay SS and any income above it, you just pay medicare (which
is around 1.45% (or something like that).
Now, who is supposed to take care of this limit and deduct from
your pay accordingly. In my case I switched job in Oct'97 and both
employer decucted total 7.65% of my gross as usual. How do I calculate
what I should have paid and how do I get my money back, if I overpaid?
How should I take care of this for the next year (assuming I will
surpass whatever is the new limit for SS)?
I would appreciate advice from veterans like you guys.
thanks,
- -Kalpesh Sheth
Member of Technical Staff
Lucent Technologies
------------------------------
Date: Sat, 7 Feb 1998 14:04:48 -0500 (EST)
From: Jim McGrath <jimm@hi.com>
Subject: Re: Capital Gain Distributions, Massachusetts, and Vanguard
I got a sheet in the mail from Fidelity yesterday breaking out the
percentages for all of their funds. Has anyone seen anything of this
sort from Dodge & Cox?
Jim
> I wanted to report that Vanguard has sent out supplemental sheets listing
> the percentage of 1099-DIV Box 1c cap gains distributions that qualifies
> for each rate of taxation (as stated only the 5% and 4% rates currently
> exist).
>
> Does anyone know if other fund families are giving MA shareholders these
> breakdowns? Does anyone know if the funds are doing it as a customer
> service or if MA law requires them to do so?
------------------------------
Date: Sat, 7 Feb 1998 14:06:00 -0500 (EST)
From: sreeni@isi.com (Sreeni Tellakula)
Subject: credit card APR - loan transfer
Hi
I have several offers from credit cards with APRs around 3.9 to
4.9% for at least 6 months.
I also have a auto loan at a credit union at 7.5%.
If I transfer the amount (I will be paying back the amount before the
6 months) to credit card, will I save? Is the interest calculating
method at credit cards is any different from the method at
credit unions?
The scenario, I am considering is as follows: My monthly payment
at credit union is around $500. I want to transfer about $3000
to credit card from auto loan. Then pay the credit card, the monthly
payment of around $500.
Thank You.
- --
Sreeni Tellakula
sreeni@isi.com
------------------------------
Date: Sat, 7 Feb 1998 14:06:25 -0500 (EST)
From: Jim_Shoenfelt@USFG.COM
Subject: Employee-owned publically traded companies or founder = CEO
Does anyone know how I can find out
1) the employee ownership of publically traded companies (percentage and
dollar)
2) which companies are being run by (President/CEO) the company founder?
Any advice/information would be appreciated.
------------------------------
Date: Sat, 7 Feb 1998 14:07:32 -0500 (EST)
From: hgoh@orion.eng.hou.compaq.com (Han Goh)
Subject: transferring stock for college expenses
Say my parents wanted to fund my college expenses by transferring $20,000
worth of highly-appreciated stock to me every year, beginning 1 year before
I started school. I would sell the stock to pay my school fees and only
incur a low (<15%) tax compared to my parents long-term capital gains rate
of 20%. One could extend this to mutual funds as well.
If this is legal, what would stop parents from transferring ownership of their
mutual funds to their children to pay for college expenses? (Abiding by the
$10k/person/yr limitation) One can realize potentially significant savings due
to lower tax rates imposed on the child.
Of course, this all assumes the child is responsible enough not to spend the
$20K on something else. And it also assumes that the family is not eligible
for financial aid as well. (Fin aid expects 35% of a child's assets and 5.64%
of parents' assets to count as family contribution, so giving lots of money to
a child hurts chances for financial aid).
Thanks in advance.
------------------------------
Date: Sat, 7 Feb 1998 14:08:02 -0500 (EST)
From: Gina Leong <ginal@csufresno.edu>
Subject: Q's on mileage ded., honorariums, etc.
I have a few questions:
1. The first question I have is regarding mileage deductions. I have
heard that if I use my car to help pick people up for church or other
ministry-related activities, the mileage is deductable. I am not employed
by the church but am just a member. Also, are the miles I drive to get to
a soup kitchen at which I am volunteering deductible?
2. I received an honorarium for a project I did for an educational
competition. How do I report this? Or do I even need to report this? It
was for $250.00.
3. My husband and I (no children) both work full-time. These last two
years, we've each been claiming "1" on our W-4s. We wind up owing almost
$2000 in federal and state taxes combined. What's the best way to avoid
owing taxes? Should one of us claim "1" and the other "0"? Or both claim
"O"? Or have extra money taken out each paycheck? It would be nice to
have a refund instead. I haven't done our taxes for this year yet. I'm
kinda nervous... :(
Gina Leong
gina_h_leong@csufresno.edu
http://zimmer.csufresno.edu/~ginal
------------------------------
Date: Sat, 7 Feb 1998 14:08:53 -0500 (EST)
From: Ryo Imamura <imamura@elwha.evergreen.edu>
Subject: AT&T online service question
I use AT&T online service and Netscape Communicator to scan the Web for
financial info. While I was away on a trip, my son decided to try MSN
(the free diskette they send via the mail) and changed my AT&T mail and
news servers to the MSN ones. My news server now says something like
msnnews.msn.com instead of the AT&T code. I want to get my AT&T mail and
news server (including Usenet acess) up and running again. Can someone
provide the mail and news server codes to type into the setup screens for
Netscape? Thanks.
Ryo Imamura
imamura@elwha.evergreen.edu
------------------------------
Date: Sat, 7 Feb 1998 14:09:21 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: Re: 28% cap gains distributions
>>>I don't know what other fund families are doing, but I just got my
>>>1099-DIVs from Vanguard today. They have explicitly reported the
> ^^^^^^^^^
>>>mid-term gains on the form (saving you the trouble of having to
>>>multiply cap gains distributions by percentages given in a
> ^^^^^^^^^^^^^^^^^^^^^^^
>
>>I have a problem with this process. I own some Fidelity and American
>>Century mutual funds outside of tax sheltered savings. They assume that
>>you use FIFO for determining your sale cost basis. But FIFO is
>><underline>not</underline> required. I generally use specific
>
>
>Your point is irrelevant. The tax status (i.e. mid-term vs. long-term)
>of *capital gains distributions* (which is what is reported on 1099-DIV)
>depends soley on how the FUND chose to sell lots of the securities that
>the FUND owned. This has absolutely nothing to do with any shares of
>the fund that you might have sold during the near (and those sales would
>be reported on a 1099-B, not a 1099-DIV).
>
>>gains using their method of costing these securities. For most people it
>>is simple just to use their calculations, but you aren't required to do
>>so. Did you ever check to see if their calculation was correct? I would
>
>You have no choice but to use their calculations unless you plan to
>request a copy of the FUND's Schedule D (or its equivalent) and see
>how much long-term and mid-term gains the fund realized and then pro-rate
>that out to the capital gain distributions you received. I'm willing to
>trust the fund's calculation on this one.
>
>Rich Carreiro
My point isn't irrelevant, but I see we are talking about apples and
oranges. I was talking about the capital gain/loss that the mutual fund
would calculate, if I sold shares. They do this as a service. they
aren't required to do that. You are talking about capital gains
distributions from the mutual fund where they sell shares and are required
to make a distribution to me. I certainly agree, you have to go with
their accounting. Sorry for the confusion.
Steven M. Foulks, CPA, CFP, PhD
Professor of Accounting & Finance
Northern Michigan University
<http://www.acs.nmu.edu/instruct/business/sfoulks/default.html/>
------------------------------
Date: Sat, 7 Feb 1998 14:10:01 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: re: stock ex dividend - Reflected in Share Price?
>
>I own stock in pfizer. They declared a dividend payable on March 12, to
>all holders of record on 2/6/98. The dividend is 3/16 per share. The
>question is- When will this dividend be reflected in the share price?
>
>Thanks,
>Steve K.
On the record date the stock will drop by 3/16 per share, but other news
coming out on that date will cause other effects, so it is impossible to
say what the combined effects of all news would be on the company's stock
price.
Steven M. Foulks, CPA, CFP, PhD
------------------------------
Date: Sat, 7 Feb 1998 14:10:36 -0500 (EST)
From: "John S. Rullo" <jsrullo@enteract.com>
Subject: Credit Card Inquiry
Hi all,
Does anyone have any experience with the Bank One Platinum MasterCard.
It's put out by First U.S.A. Bank. Would appreciate any good or bad
experiences you might have had. I'm thinking about applying and am just
being cautious. Feel free to email me directly.
Thank you, John
------------------------------
Date: Sat, 7 Feb 1998 14:11:21 -0500 (EST)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Can You Cash a Check That Isn't Signed?
I recently read in a Money magazine that you can cash a check even thought
it is not signed. They said all you needed to do is write 'OVER' on the
blank signature line and on the back of the check write "LACK OF SIGNATURE
GUARANTEED" and they your signature.
Does anyone know if that will work?
BOB FORD
BOB_FORD@COMPUSERVE.COM
Editor 57-56-55 CHEVY list
------------------------------
Date: Sat, 7 Feb 1998 14:11:49 -0500 (EST)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Unpaid vacation
>From: "mike morehouse" <mikemore@hotmail.com>
>Subject: Claiming Loss On Taxes Due to Unpaid Vacation
>
>Dear Persfinners,
>
>I'm not asking for tax advice just for personal experience. I was laid
>off by my former company in late Aug. 1997. We received no severance of
>any kind. At that time I had 2 wks, of accrued vacation that I had not
>used. At the Company, vacation was earned in one year to be used in the
>next.
>
>Since this was a benefit I was due but had not used - would the dollar
>value of that (about $2000.00) be deductible on my taxes as a loss?
>
>Any ideas or info would help. I will likly end up asking a tax
>accountant this question but I'd be interested in any responses.
>
Not sure where you live, but in CA your former employer owes you cash money
for any vacation accrued at the time of severance (and within 72 hours of
departure). Accrual is through the year
IN CA complaints regarding final pay checks are made to the State Labor
board and are expensive for the company (they have to send a lawyer to a
hearing)
If not in CA check for an equivalent state agnecy
Avrum Lapin
Upland., CA
------------------------------
Date: Sat, 7 Feb 1998 14:13:25 -0500 (EST)
From: LadyLezah@aol.com
Subject: How To Get Credit Card?
Hello,
I'm requesting to be able to post on your board . It refers to how people can
obtain a credit card if they have had trouble getting one. Please send e-mail
to me informing me if it would be ok. Again thank you for your time and
consideration.
Hope to be hearing from you soon!
God bless, ladylezah
------------------------------
Date: Sat, 7 Feb 1998 14:14:57 -0500 (EST)
From: "Larry Archer" <bullfrog@infoserve.net>
Subject: How To Calculate Gain/Loss on Mutual Funds in Excel?
Using Excel, what formula would I use to determine the percentage increase
or loss of my mutual funds? I hope my old math Teacher isn^Òt reading
this...
Thanks,
Larry
Larry Archer
Maple Ridge, B.C.
bullfrog@infoserve.net
------------------------------
Date: Sat, 7 Feb 1998 14:15:51 -0500 (EST)
From: "Gary M. Oppenheimer" <GOPPENHEIMER/0002180241@MCIMAIL.COM>
Subject: Shopping for Insurance
I'm exploring getting disability and more life insurance, and had a visit
from someone recommended to me.
In their effort to get estimated pricing for these services, they are
seeking to talk to my doctor (again, they are getting me estimates, not
acually signing me up).
No prior insurance sales rep has every wanted to talk to my Dr. until we
were ready to purchase.... which is normal practice?
Also.... if anyone has any thoughts on companies offering esp. good
prices/services on Term Life and Disability, that info would be
appreciated too.
Thank you,
Gary
------------------------------
Date: Sat, 7 Feb 1998 14:16:32 -0500 (EST)
From: "Grady" <gcash@volusianet.net>
Subject: Dow 9000?
I'm the guy who forecast Dow 8000 by Jan 1998 last February
when the Dow stood at 6600. Here's my best shot to out guess
the market in 1998.
For those who want to skip the details, here's the forecast. Bull
Market continues in 1998.
For the past 50 years, January has been a remarkable forecasting
tool for investors.
As documented in Yale Hirsch's 1997 Stock Traders Almanac, in
the past 48 years, 29 out of 31 times when the S&P500 finished
January higher than it started, the stock market closed higher at
the end of that year. (The Dow Industrials closed slightly lower
this year, but the Dow has not been as accurate as the broader
S&P500 in forecasting the market. Also, in years in which the Dow
and the S&P500 disagreed, as in this year, the S&P500 accurately
forecast the market direction. The Dow did not.)
In spite of the asian crisis, Iraq, and talk of impeachment, the
S&P500 closed January 1.0% higher.
When the January gain was less than 2%, as it was this year, the
average gain was 11.8%. That projects to Dow 8,841.
So I'm forecasting another up year, with a Dow close on Dec 31,
1998 near Dow 8,841.
Disclaimer: For me, this is mostly an intellectual exercise. You
should make your own investment decisions rather than base
them on one person's opinion.
Grady Cash, CFP
------------------------------
Date: Sat, 7 Feb 1998 14:17:36 -0500 (EST)
From: thelaw@ix.netcom.com (Raphael Moore)
Subject: Geodesic dome mortgage?
I own and live in a 2 level geodesic dome. Despite the fact that it is
more structurally sound than most 'conventional' homes, it does not
qualify for 'normal' mortgage programs. Does anyone know of a lender
who will refinance ?
Mr. Moore
thelaw@ix.netcom.com
------------------------------
Date: Sat, 7 Feb 1998 14:17:57 -0500 (EST)
From: Jason Kaufman <JHK@copper-mt.com>
Subject: Quicken vs. Money reviews
For those of you who are still undecided about whether to use Quicken or
Microsoft Money, here is some information found on-line:
PC Magazine conducted a thorough evaluation of the latest versions of
Intuit's Quicken and Microsoft Money.
http://www.zdnet.com/pcmag/features/finance_desktop/_open.htm
related page: http://www.investorguide.com/Software.htm
Jason H. Kaufman
Copper Mountain Trust Corporation
1211 Southwest Fifth Avenue, Suite 1900
Portland, Oregon 97204
(503) 295-3600x324
(503) 228-7305 FAX
1 (800) 343-5345 Toll Free
E-mail: JHK@copper-mt.com
Company Web Page: http://www.copper-mt.com
------------------------------
Date: Sat, 7 Feb 1998 14:18:58 -0500 (EST)
From: "Dana Forest" <dana_forest@hotmail.com>
Subject: Moving relative to rest home
Within about a month I will be assisting my mother in relocating
to an assisted living center (she suffers from presenile dementia).
I've never been faced with this situation before - could those
of you who have post your experiences and "learning experiences."
Any issues I should keep in mind? I'm especially concerned with
selling her house and property - I've never bought or sold a
house before and I have little idea apart from an auction on how
to best sell her furniture and other personal property.
I do have all the legal authority necessary (durable POA, trustee
of living trust, etc.)
I also will need to rebalance her portfolio for income
production - I am planning on working with a local fee-only
planner on this one, but again are there any hidden issues
anyone else has run across.
I am also interested to hear the responses on the deductibility
of her monthly fees - didn't the Kennedy-Casslebaum bill make
these long-term care expenses explicitly deductible?
Please share your experiences. Thanks!
------------------------------
Date: Sat, 7 Feb 1998 14:19:25 -0500 (EST)
From: "Field Searcy" <field_searcy@email.msn.com>
Subject: Any success with Ken Roberts commodities course?
Is there anyone that has used the Ken Roberts course on commodities trading?
I would be interested to know what kind of results you have acheived. I
have received his marketing book several times over the years. Of course,
it contains several pages of positive endorsements from his students.
F. Searcy
Roswell, GA
------------------------------
Date: Sat, 7 Feb 1998 14:20:19 -0500 (EST)
From: Peter & Karen Diamond <diamond@vsi.net>
Subject: Roth IRA Conversion
Hello everyone,
I am trying to find out some specific details about the calculation of
the tax on a Roth IRA Conversion. No one I have talked to so far has any
paperwork on exactly how the calculation will be done. All I've been
able to get is that it is basically the same as the 8606 calculation and
it is done at the date of conversion.
My problem is that I have a non-deductible and a rolled over deductible
IRA (that I do not contribute to). According to the 8606 numbers it
seems to make more sense to make all my 1997 and 1998 contributions to
the non-deductible IRA before converting it. It looks like that will
reduce the percentage of the distribution that is taxable.
Does anyone know if this is correct? Does this strategy make sense?
Thanks for any help.
Peter Diamond
------------------------------
Date: Sat, 7 Feb 1998 14:21:46 -0500 (EST)
From: "Jackson, Anthony D." <JacksAD1@central.SSD.JHUAPL.edu>
Subject: YUM stock tax issue
All,
As some of you may know Pepsico (PEP) divested resturant
business and shareholders got YUM stock. PEP gave you whole shares and
paid and fractional share amounts in cash. The fractional share amount
was reported to IRS as a cap gains distribution. The questions is Where
and how should this be reported? Schedule D under short term with the
date acquired and date sold the same? Also the sale price and cost basis
equal so there's no gain or loss? Or just attach the letter they gave
that basically says its a "push"?
"TJ"
------------------------------
Date: Sat, 7 Feb 1998 14:23:12 -0500 (EST)
From: "alkon" <alkon@hal-pc.org>
Subject: Has anyone had experience with AgriPlan/Bizplan employee benefit
I have been looking for a way my small business (my wife and I) could
save on taxes with respect to our health insurance premiums and our
annual health expenditures. I was recently introduced to
AgriPlan/Bizplan which apparently sets up a plan so that small
businesses that is structured like mine (my wife is my only employee)
can deduct health insurance premiums and medical expenses. I would
appreciate it if anyone who is familiar with this program could give
me some idea of his experience with it. Please respond to my e mail
address as well as resonding here.
Thanks, Al Kondo
------------------------------
Date: Sat, 7 Feb 1998 14:24:21 -0500 (EST)
From: Steve0465@aol.com
Subject: Tax Question - Work Related Expense Deductability?
My son is working in NY for a TV production company. His position is
characterized as a "freelance production assistant" even though he works there
4-5 days a week. He is paid a day rate ($75!) which doesn't vary - his shifts
vary between 8 and 15 hours, and he can easily put in a 65 hour week. He is
not considered a part- or full-time employee, and doesn't receive any
benefits. He is paid on a W2. My question is this: Can he deduct work-
related expenses for Income Tax purposes?
------------------------------
Date: Sat, 7 Feb 1998 14:25:05 -0500 (EST)
From: "Mangiero, Susan" <MangieroS@sacredheart.edu>
Subject: software question re: sale of pc
If I sell my pc, loaded with windows 95, etc., should I sell the pc with
the software (makes it more marketable)? If so, should I inform the
software companies that there has been a sale of my pc? Does this
preclude my getting upgrades at reduced prices? I want to sell my pc and
buy a new one but don't want to have a liability associated with selling
the software with it and not formally transferring "title" of the
>software. I'm not sure what to do. Any advice?
------------------------------
Date: Sat, 7 Feb 1998 14:25:37 -0500 (EST)
From: nowak@comm.mot.com (Mark Nowak)
Subject: Need affordable health insurance for my mom
Hi,
I'm hoping someone can help me out there. My mother is retired
and her COBRA health coverage is running out. She has 14 months
before she's eligible for Medicare. Can anyone out there
give me some suggestions as to what our options are for
affordable health care and what approach would make the most
sense.
Any help would be appreciated. Thanks!
Mark
- --
Mark Nowak Chicago, Illinois
Motorola: nowak@comm.mot.com
IIT: mnowak@ece.iit.edu http://www.ece.iit.edu/~mnowak/index.html
http://www.geocities.com/Paris/1092/
------------------------------
End of persfin-digest V4 #124
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