We have argued

[outwest]

Amen brother...

Thanks, BTW for reminding me about section 1231. I haven't read that section for a while and the refresher was good. Wish I could get CPE for this somehow.

[George Boutwell]

Do we use a spoon, or a fork?

Do we use a spoon or a fork when we put words in our client's mouth?

What section of Circular 230 tells us that we must not ask our clients about their intentions when they undertook a transaction?

Well, I suppose I should abandon the moral high ground, since it's lonely up here. I don't see this situation very often, of a do-it-yourself general contractor without a license, but I do see the fixer-upper from time to time. If you can buy a $300,000 house for $250,000 because it needs $5,000 of materials and a couple hundred hours of your own labor, is that a business or an investment?

[OldJack]

>>is that a business or an investment?<<

George... it would appear that the answer depends upon who you ask. If you do as some clients like to do.. call the IRS and ask them. You are bound to get a correct answer from the IRS.

[George Boutwell]

Eventually

[QUOTE=OldJack;37420You are bound to get a correct answer from the IRS. [/QUOTE]

And if you don't like the first correct answer you get, you can always call back for a second and third one.

[jainen]

any answer you need

>>you can always call back for a second and third one<<

Now that Pub 17 is on-line as a pdf file, you can easily cut-and-paste any answer you need!

[George Boutwell]

I prefer HTML

Now that Pub 17 is on-line as a pdf file, you can easily cut-and-paste any answer you need!

It's not easy they are set up does it, unless
to cut and paste in three columns you know some-
pdf files when the way IRS thing I don't.