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Screen Ponzi - Revenue Procedure 2009-20 (1040)
Show all hidden content
Overview
Use this screen to enter information for Form 4684, page 3 (in lieu of Appendix A of Revenue Procedure 2009-20) to determine a theft loss deduction related to a fraudulent investment arrangement. The deductible theft loss amount on Form 4684, Section C, Part 1, line 51 will be reported on Form 4684, Section B, Part 1, line 28. The amount will also be reported as income-producing property on Form 4684, Part II, Summary of Gains and Losses.
The executed statement must be attached to Form 8453 for an electronically filed tax return.
General Information
Occurrence description
UltraTax CS uses the description entered in this field to identify the casualty or theft on Form 4684, Section B Business and Income Producing Property. This field is mandatory.
T, S, J
Use this field to identify the client to whom the statement belongs. If you leave this field blank, UltraTax CS defaults to the taxpayer.
Computation of Deduction
Casualty / Theft number
This field is not available for data entry. It displays the unique casualty or theft number that has been assigned to each separate unit of the Ponzi screen. This number does not transfer to the return.
Force holding period
Enter
1
for short-term or 2
for long-term. Entry in this field determines the holding period for the deductible theft loss amount reported on Form 4684, Part II, Summary of Gains and Losses. If you leave this field blank, UltraTax CS defaults to 2
for long-term.Initial investment
Enter the amount of the initial investment to be reported in Part II, Computation of deduction of the statement.
Subsequent investments
Enter the amount of subsequent investments, if any, to be reported in Part II, Computation of deduction of the statement.
Income reported in prior years
Enter the amount of income reported in prior years, if any, to be reported in Part II, Computation of deduction of the statement.
Withdrawals for all years
Enter the amount of withdrawals, if any, to be reported in Part II, Computation of deduction of the statement.
Does the taxpayer intend to pursue any third-party recovery?
Enter
1
if the taxpayer intends to pursue third-party recovery or 2
if the taxpayer does not intend to pursue third-party recovery. Entry in this field determines the percentage of qualified investment that is deductible in Part II, Line 6 of the statement. If 1
is selected for pursuing third-party recovery, the percentage of qualified investment is 75 percent. If 2
is selected for not pursuing third-party recovery, the percentage of qualified investment is 95 percent. If you leave this field blank, UltraTax CS defaults to 1
.Actual recovery of losses
Enter the amount of actual recovery of investment losses, if any, to be reported in Part II, Computation of deduction of the statement.
Potential insurance / SIPC recovery
Enter the amount of potential insurance or SIPC recovery, if any, to be reported in Part II, Computation of deduction of the statement.
Required Statements and Declarations
Name, Address, and Taxpayer identification number of responsible individual or entity
Enter the name, address, and taxpayer identification number (TIN) of the individual or entity that conducted the specified fraudulent arrangement.
Tax years and dates filed for returns that do not satisfy the conditions of Revenue Procedure 2009-20
Enter the tax years and dates filed for any previously filed returns or amended returns that did not satisfy the conditions of Revenue Procedure 2009-20. Information can be entered directly in the field or the statement attached to the field.