I learned a little more about the safe harbor at a NATP session and my client I wrote about last year would qualify for this.
He invested $100k and lost $68k in the final analysis.
I have the rev proc 2009-20 and have filled out the appendix A to attach to the return.
Do I understand this correctly, that even though small amounts are trickling in, I can go ahead with the safe harbor claiming "75% of line 5 for investors with potential third party recovery" as stated on line 6?
That is how I understood it in class.
He invested $100k and lost $68k in the final analysis.
I have the rev proc 2009-20 and have filled out the appendix A to attach to the return.
Do I understand this correctly, that even though small amounts are trickling in, I can go ahead with the safe harbor claiming "75% of line 5 for investors with potential third party recovery" as stated on line 6?
That is how I understood it in class.