Recent Content by Adam E. Spence CPA

  1. QBI Mechanics

    https://greentradertax.com/uncertainty-about-using-qbi-tax-treatment-for-traders/ As an update to this discussion, please see above link for an...
    Post by: Adam E. Spence CPA, Mar 9, 2019 in forum: Taxes and Accounting

  2. QBI Mechanics

    Thanks - tax reform is going to make things "interesting"; especially the business interest expense deduction limitation though I suspect it may...
    Post by: Adam E. Spence CPA, Feb 23, 2019 in forum: Taxes and Accounting

  3. QBI Mechanics

    Trading on your own account is not effectively connected with a US trade or business under IRC Section 864. Therefore, under Section...
    Post by: Adam E. Spence CPA, Feb 23, 2019 in forum: Taxes and Accounting

  4. QBI Mechanics

    Thanks - I am familiar with the article and the Section 199A regulations. Section 199A specifically precludes SSTBs, of which trading is one, and...
    Post by: Adam E. Spence CPA, Feb 23, 2019 in forum: Taxes and Accounting

  5. QBI Mechanics

    The mark-to-market income is probably not QBI - trading is generally not considered effectively connected with a trade or business conducted...
    Post by: Adam E. Spence CPA, Feb 23, 2019 in forum: Taxes and Accounting

  6. Trader Tax Status and Long Term Positions

    You can designate a security as being held for investment i.e. not for trading but it is done so when you purchase the security so the 475...
    Post by: Adam E. Spence CPA, Jan 24, 2016 in forum: Taxes and Accounting

  7. Trader Tax Status and Long Term Positions

    Adding "Non-475" to the account name would help document the fact pattern that its a separate from trading activities though the IRS could always...
    Post by: Adam E. Spence CPA, Jan 23, 2016 in forum: Taxes and Accounting

  8. Mark to market election experience for LLC

    A new taxpayer must place a statement in their books and records within the first 2.5 months of the first taxable year indicating the 475 election...
    Post by: Adam E. Spence CPA, Nov 13, 2015 in forum: Taxes and Accounting

  9. Do I declare the difference on taxes?

    Per the Form 2016 instructions: Commuting. Generally, commuting is travel between your home and a work location. However, travel that meets any...
    Post by: Adam E. Spence CPA, Nov 13, 2015 in forum: Taxes and Accounting

  10. Newbie Question

    Capital losses, 3K of which can offset non-capital income (e.g. interest, wages, etc) in year one are carried forward. E.g. 100K capital loss in...
    Post by: Adam E. Spence CPA, Jan 29, 2015 in forum: Taxes and Accounting

  11. trader vs. investor question

    Hi Robert, I think we may be essentially saying the same things. I've started a private feed so we can make sure there's consistency in advice...
    Post by: Adam E. Spence CPA, Dec 11, 2014 in forum: Taxes and Accounting

  12. trader vs. investor question

    Hi Robert, You are correct - it applies to the trade or business of trading, not all accounts. Specifically, 475(f)(3) indicates that the (f)(1)...
    Post by: Adam E. Spence CPA, Dec 11, 2014 in forum: Taxes and Accounting

  13. trader vs. investor question

    Generally speaking, the 475 election can be written in such a fashion that only the trade or business of trading is marked-to-market. The key is...
    Post by: Adam E. Spence CPA, Dec 11, 2014 in forum: Taxes and Accounting

  14. Prop Trader and Wash Sale Rule

    Only a 475 election or some other mark-to-market regime (1092, 1256) eliminates the hassle of wash sales. If you are a class b member of the firm...
    Post by: Adam E. Spence CPA, Dec 7, 2014 in forum: Taxes and Accounting

  15. trader vs. investor question

    It is less common that a 475 election is made at the individual level. It is usually seen within an LLC. That way, if the 475 election no longer...
    Post by: Adam E. Spence CPA, Dec 7, 2014 in forum: Taxes and Accounting