greg9876a[at]googlemail.com wrote:
- quote -

Line 1.

ChEAr$,
Harlan Lunsford, EA n LA

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On Mar 17, 4:13 pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
- quote -

Correct.

- quote -

Work that I did but mostly work that I *will* do in the next 3
years...

Is it still line 1?


- quote -

Services rendered and services that *will* be rendered. In the future.

If I am not mistaken, there is an IRS term called "good will". I
wonder if this is the case here.

Still line 1?

Or line 6?

Thanks,
Greg

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

greg9876a[at]googlemail.com wrote:
- quote -

Since you indicate/suggest that you are already a proprietor, If said
shares were received as compensation for work you did in connection with
the startup, e.g. an accountant/lawyer assisting with business formation,
then it's line 1 only.

But if not for services rendered, just what the heck do you mean by
"cooperation agreement"?

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Last year I received some shares of a private company (startup) as
part of a cooperation agreement. I already determined that despite
being non-cash (and despite not being traded in the free market and it
is not easy to convert them into cash) I need to enter their FMV as
non-capital-gain income (for the year they were received).

But where do these go in Schedule C?

Line 1 (Gross receipts or sales) ?
Line 6 (Other income)?
Something else?

Thanks,
Greg

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >