Peyton Hunley Robinson’s Answers

Peyton Hunley Robinson

Salt Lake City Tax Lawyer.

Contributor Level 12
  1. I invested in a Co. that went out of business. How can I claim this stock loss on my taxes; what's that proper code description?

    Answered almost 2 years ago.

    1. Peyton Hunley Robinson
    2. Michael Charles Doland
    3. Bruce Allan Wilson
    3 lawyer answers

    See IRS Publication 550, Chpt 4 -- Worthless Securities -- http://www.irs.gov/publications/p550/ch04.html#en_US_2012_publink100010315 You use Form 8949. You can see the instructions and form at -- http://www.irs.gov/uac/Form-8949,-Sales-and-Other-Dispositions-of-Capital-Assets If you realized the loss during 2012, then you can claim it on your 2012 return. But if occuring in 2013, then you'll have to wait you file the return for this year in 2014. As the other attorney mentioned,...

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  2. Can opposing attorney subpoena my income tax returns directly from state and federal authorities?

    Answered about 2 years ago.

    1. Peyton Hunley Robinson
    2. Paul D Friedman
    3. Evan A Nielsen
    3 lawyer answers

    Generally, tax return information is discoverable if relevant to a proceeding, but not through the IRS directly in the situation you describe (civil matter between private parties). So the other side would need to go through you. Internal Revenue Code 6103 prohibits disclosure by the IRS except as provided in the statute. You can read about the restrictions at the IRS web site -- http://www.irs.gov/Government-Entities/Federal,-State-&-Local-Governments/Disclosure-Laws Or see the code...

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  3. If opposing party admits failure to file individual income tax since 2006, who must prove it is/is not true?

    Answered about 2 years ago.

    1. Peyton Hunley Robinson
    2. Sema Yildirim
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    The Form 4506-T has to be signed by the taxpayer or his/her authorized representative. I do not think this will help you. Typically the best way to get to income (and perhaps ability to pay) is through normal court discovery procedures -- interrogatories, production of documents, perhaps a deposition -- but it depends on the situation. You need local counsel to be involved and help evaluate your strategy, goals, resources, and history to really get a proper answer.

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  4. Doing your own tax work when your attorney does not have time for you?

    Answered almost 2 years ago.

    1. Ronald J Cappuccio
    2. Peyton Hunley Robinson
    3. Andrew B Gordon
    3 lawyer answers

    I basically agree with the other attorneys' responses, but can add: 1 -- Any time one hires a service professional there are risks (doctors, lawyers, accountants, or others) that one will be disappointed. One can try and minimize the risk by doing research on the potential provider, by clearly defining the services and cost in the service agreement, and by spending enough in an appropriate way based on the research to hire the best one can afford. 2 -- You most certainly can hire another...

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  5. I am renting a room to a friend and he is going into the military. Do I need to claim this rent on my taxes?

    Answered about 2 years ago.

    1. Peyton Hunley Robinson
    2. Christopher Michael Larson
    3. C L Huddleston III
    3 lawyer answers

    Technically, yes, you should include the rental income as part your gross income on your tax return. Internal Revenue Code sec. 61(a)(5) specifically states "gross income means all income from whatever source derived, including (but not limited to) the following items:....(5) rent;" Depending on your circumstances, such as if you are regularly renting out rooms and have a rental business, you might be able to offset the income with some expenses; but in any case, it is gross income under...

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  6. How many things can be wrong on a ticket before someone says ok clearly this officer didnt know what he was doing

    Answered almost 2 years ago.

    1. Peyton Hunley Robinson
    2. Michael Douglas Shafer
    2 lawyer answers

    It is up to the prosecutor whether there are so many errors that he or she would not think the officer was reliable. In court, the officer could testify that he made some errors in the notice to appear and remedy the situation. However, with so many errors, doing so would affect his credibility, and the judge might acquit you of the charge. I suggest you try and talk to the prosecutor before going to court to explain all of the errors and to see if you can get the charges dismissed. If...

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  7. Taxes When Selling Internationally?

    Answered almost 2 years ago.

    1. Peyton Hunley Robinson
    2. Jonathan H Levy
    2 lawyer answers

    In the way you describe your operation ("really small business"), I would not expect you to be taxed in the other countries. You would be taxed in the US, of course, and as the other attorney noted, US rules would apply. If your business grows or something else changes, like you set up an office in Europe, then it would be a good idea to talk with someone like a tax attorney or accountant familiar with international business before you take such steps. If you want to get specific and...

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  8. Our home loan has a high interest. Is there any other options we have to lower our payment or interest rate besides modification

    Answered about 2 years ago.

    1. Peyton Hunley Robinson
    2. Raphael Samuel Moore
    3. Harry N. Konst
    3 lawyer answers

    There have been some legal actions in relation to onerous loans, high interest rates, and predatory lending, but without more detail as to why your situation provides a cause of action (for suit), then you are left with difficult financial decisions. You can decide not to pay the loan, or file for bankruptcy, but modification would be best, if poossible. Foreclosure and bankruptcy are serious actions. If you are going that way, you can try a local law firm for help, or the Utah State Bar's...

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  9. I recieved $25000.00 at the time of signing of seperation papers, it was a cashiers check. do i have to claim that as income?

    Answered almost 2 years ago.

    1. Peyton Hunley Robinson
    2. Evan A Nielsen
    3. Eduardo Guillermo Sanchez
    3 lawyer answers

    Under Internal Revenue Code sec. 71, gross income includes "amounts received as alimony or separate maintenance payments." "Alimony or separate maintenance payments" has several defined characteristics, one of which is "such payment is received by (or on behalf of) a spouse under a divorce or separation instrument." IF classified as such, it would be income to you and he would get a deduction under sec. 215. On the other hand, if there is no written document, transfers of property (...

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  10. Do I need to upgrade from a LLC to a Incorporation?

    Answered about 2 years ago.

    1. Peyton Hunley Robinson
    2. John F. Brennan
    3. Tara E. Nichol
    4. Daniel Joseph Miller
    5. Ronald Lee Bell
    6. ···
    6 lawyer answers

    For federal tax purposes, you can elect to be treated as a corporation. See -- http://www.irs.gov/businesses/small/article/0,,id=158625,00.html As well as Form 8832 and its instructions. These talk about making an election of your LLC's tax treatment, and specifically on the web page, discusses single member LLCs. I suggest you talk with a business accountant or tax lawyer about your situation. For example, corporate form adds another level of tax on any income. Is that really the best...

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