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Business Use of Car

CLG Professional Services
June 22, 2011
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If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use. You can generally figure the amount of your deductible car expense using one of two methods: the standard mileage rate method or the actual expense...

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Exchange of Policyholder Interest for Stock

CLG Professional Services
June 22, 2011
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A mutual insurance company is owned by its policyholders and has no stock. When a mutual insurance company demutualizes and becomes a stock company, a policyholder's ownership interest in the mutual insurance company may be exchanged for shares in a stock insurance company and/or cash. The exchange does not cause the policies to change, except for the name of the issuing company. The basis of your equity interest in the mutual...

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Qualified Tuition Programs (QTPs)

CLG Professional Services
June 22, 2011
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A Qualified Tuition Program (QTP) also called "529 plan", formerly called a Qualified State Tuition Program (QSTP), is a program established and maintained by a state, or agency or instrumentality of a state, to allow either prepaying, or contributing to an account established for paying a student's qualified higher education expenses at an eligible educational institution. Eligible educational institutions can establish and...

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