Greg, You point is well taken. I don't know for sure if Paul runs groupstudy like a business or if it's something he does personally. I assumed (evil, I know) that Paul ran this as an individual. Having said that, I bounced this off of my wife (the CPA, hehe) and although she mentioned that "Paul COULD take the "donations" and treat himself to a relaxing trip to the "Cisco Islands!!" " just as you pointed out, she gave me the info I posted on this topic. So even if this were a business, if gifts were given to Paul as an individual, the same tax benefits would apply, however, we would give up the right to cry about it when Paul posts from the Cisco Islands. Hehe...
Mike W. Greg Macaulay wrote: > Be careful about dispensing "legal" advice -- unless of course, > you are a > member of the Bar, or a CPA or even an H&R Block Graduate > . Whether > there is any "tax" due depends on a number of factors -- and > quite frankly > we don't have enough information to make any determination > about this -- at > this time. But -- "assuming" Paul runs this as a business, > taxes are only > due to George W. if there are "profits." Hence, if all the > "donations" are > actually used to support "GroupStudy," there probably is no tax > liability. > However, once again, I caution -- this is simply a > "hypothetical" based on > an "assumption." (Of course, Paul COULD take the "donations" > and treat > himself to a relaxing trip to the "Cisco Islands!!" It > is NOT > INTENDED to be legal advice of any type. Message Posted at: http://www.groupstudy.com/form/read.php?f=7&i=29126&t=28901 -------------------------------------------------- FAQ, list archives, and subscription info: http://www.groupstudy.com/list/cisco.html Report misconduct and Nondisclosure violations to [EMAIL PROTECTED]
