Redneck wrote:

- quote -

Thereby converting SE income to non-SE income? No, per Code
Sec 162(a)(3), but see Cox v. Commissioner, KTC 1997-272
(8th Cir. 1997). Under the self-rental rules, the income
isn't passive, either.

Phoebe

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"Redneck" <redneck[at]redneckworkshop.com> wrote:

- quote -

If husband and wife are the only partners in the LLC, I
don't see how this could help anything. I say this because
the profit from the LLC goes into their personal return as
does the rental income from the LLC.

Wayne Brasch, CPA, M. S. Taxation

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redneck[at]redneckworkshop.com (Redneck) writes:

- quote -

no

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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Clients, husband and wife, own building. Clients have LLC
filing as a partnership. Can the clients lease the building
to the LLC and claim the income on their personal and take
the rental expense on the LLC.

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