While I am glad you feel happy with the service you got, there is nothing they do for you that you could not do yourself with a few hours of research. In my opinion, compnaies like this are just preying on people who they think are already desperate and gullable and ultimately just end up taking more of your money.
While we are preparing a number of tax returns for Pinnacle investors, I agree with the above post that information is king. Here is the relevant tax code section for your review. While difficult to understand in some parts (like almost all IRS Code), the information is as follows:
§ 165. Losses
(a) General rule
There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
(b) Amount of deduction
For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
(c) Limitation on losses of individuals
In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
(d) Wagering losses
Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions.
(e) Theft losses
For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
(f) Capital losses
Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections 1211 and 1212.
(g) Worthless securities
(1) General rule
If any security which is a capital asset becomes worthless during the taxable year, the loss resulting therefrom shall, for purposes of this subtitle, be treated as a loss from the sale or exchange, on the last day of the taxable year, of a capital asset.
(2) Security defined
For purposes of this subsection, the term “security” means—
(A) a share of stock in a corporation;
(B) a right to subscribe for, or to receive, a share of stock in a corporation; or
(C) a bond, debenture, note, or certificate, or other evidence of indebtedness, issued by a corporation or by a government or political subdivision thereof, with interest coupons or in registered form.
(3) Securities in affiliated corporation
For purposes of paragraph (1), any security in a corporation affiliated with a taxpayer which is a domestic corporation shall not be treated as a capital asset. For purposes of the preceding sentence, a corporation shall be treated as affiliated with the taxpayer only if—
(A) the taxpayer owns directly stock in such corporation meeting the requirements of section 1504 (a)(2), and
(B) more than 90 percent of the aggregate of its gross receipts for all taxable years has been from sources other than royalties, rents (except rents derived from rental of properties to employees of the corporation in the ordinary course of its operating business), dividends, interest (except interest received on deferred purchase price of operating assets sold), annuities, and gains from sales or exchanges of stocks and securities.
In computing gross receipts for purposes of the preceding sentence, gross receipts from sales or exchanges of stocks and securities shall be taken into account only to the extent of gains therefrom.
(h) Treatment of casualty gains and losses
(1) $100 limitation per casualty
Any loss of an individual described in subsection (c)(3) shall be allowed only to the extent that the amount of the loss to such individual arising from each casualty, or from each theft, exceeds $100.
(2) Net casualty loss allowed only to the extent it exceeds 10 percent of adjusted gross income
(A) In general
If the personal casualty losses for any taxable year exceed the personal casualty gains for such taxable year, such losses shall be allowed for the taxable year only to the extent of the sum of—
(i) the amount of the personal casualty gains for the taxable year, plus
(ii) so much of such excess as exceeds 10 percent of the adjusted gross income of the individual.
(B) Special rule where personal casualty gains exceed personal casualty losses
If the personal casualty gains for any taxable year exceed the personal casualty losses for such taxable year—
(i) all such gains shall be treated as gains from sales or exchanges of capital assets, and
(ii) all such losses shall be treated as losses from sales or exchanges of capital assets.
(3) Definitions of personal casualty gain and personal casualty loss
For purposes of this subsection—
(A) Personal casualty gain
The term “personal casualty gain” means the recognized gain from any involuntary conversion of property which is described in subsection (c)(3) arising from fire, storm, shipwreck, or other casualty, or from theft.
(B) Personal casualty loss
The term “personal casualty loss” means any loss described in subsection (c)(3). For purposes of paragraph (2), the amount of any personal casualty loss shall be determined after the application of paragraph (1).
(4) Special rules
(A) Personal casualty losses allowable in computing adjusted gross income to the extent of personal casualty gains
In any case to which paragraph (2)(A) applies, the deduction for personal casualty losses for any taxable year shall be treated as a deduction allowable in computing adjusted gross income to the extent such losses do not exceed the personal casualty gains for the taxable year.
(B) Joint returns
For purposes of this subsection, a husband and wife making a joint return for the taxable year shall be treated as 1 individual.
(C) Determination of adjusted gross income in case of estates and trusts
For purposes of paragraph (2), the adjusted gross income of an estate or trust shall be computed in the same manner as in the case of an individual, except that the deductions for costs paid or incurred in connection with the administration of the estate or trust shall be treated as allowable in arriving at adjusted gross income.
(D) Coordination with estate tax
No loss described in subsection (c)(3) shall be allowed if, at the time of filing the return, such loss has been claimed for estate tax purposes in the estate tax return.
(E) Claim required to be filed in certain cases
Any loss of an individual described in subsection (c)(3) to the extent covered by insurance shall be taken into account under this section only if the individual files a timely insurance claim with respect to such loss.
(i) Disaster losses
(1) Election to take deduction for preceding year
Notwithstanding the provisions of subsection (a), any loss attributable to a disaster occurring in an area subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act may, at the election of the taxpayer, be taken into account for the taxable year immediately preceding the taxable year in which the disaster occurred.
(2) Year of loss
If an election is made under this subsection, the casualty resulting in the loss shall be treated for purposes of this title as having occurred in the taxable year for which the deduction is claimed.
(3) Amount of loss
The amount of the loss taken into account in the preceding taxable year by reason of paragraph (1) shall not exceed the uncompensated amount determined on the basis of the facts existing at the date the taxpayer claims the loss.
(4) Use of disaster loan appraisals to establish amount of loss
Nothing in this title shall be construed to prohibit the Secretary from prescribing regulations or other guidance under which an appraisal for the purpose of obtaining a loan of Federal funds or a loan guarantee from the Federal Government as a result of a Presidentially declared disaster (as defined by section 1033 (h)(3)) may be used to establish the amount of any loss described in paragraph (1) or (2).
(j) Denial of deduction for losses on certain obligations not in registered form
(1) In general
Nothing in subsection (a) or in any other provision of law shall be construed to provide a deduction for any loss sustained on any registration-required obligation unless such obligation is in registered form (or the issuance of such obligation was subject to tax under section 4701).
(2) Definitions
For purposes of this subsection—
(A) Registration-required obligation
The term “registration-required obligation” has the meaning given to such term by section 163 (f)(2) except that clause (iv) of subparagraph (A), and subparagraph (B), of such section shall not apply.
(B) Registered form
The term “registered form” has the same meaning as when used in section 163 (f).
(3) Exceptions
The Secretary may, by regulations, provide that this subsection and section 1287 shall not apply with respect to obligations held by any person if—
(A) such person holds such obligations in connection with a trade or business outside the United States,
(B) such person holds such obligations as a broker dealer (registered under Federal or State law) for sale to customers in the ordinary course of his trade or business,
(C) such person complies with reporting requirements with respect to ownership, transfers, and payments as the Secretary may require, or
(D) such person promptly surrenders the obligation to the issuer for the issuance of a new obligation in registered form,
but only if such obligations are held under arrangements provided in regulations or otherwise which are designed to assure that such obligations are not delivered to any United States person other than a person described in subparagraph (A), (B), or (C).
(k) Treatment as disaster loss where taxpayer ordered to demolish or relocate residence in disaster area because of disaster
In the case of a taxpayer whose residence is located in an area which has been determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, if—
(1) not later than the 120th day after the date of such determination, the taxpayer is ordered, by the government of the State or any political subdivision thereof in which such residence is located, to demolish or relocate such residence, and
(2) the residence has been rendered unsafe for use as a residence by reason of the disaster,
any loss attributable to such disaster shall be treated as a loss which arises from a casualty and which is described in subsection (i).
(l) Treatment of certain losses in insolvent financial institutions
(1) In general
If—
(A) as of the close of the taxable year, it can reasonably be estimated that there is a loss on a qualified individual’s deposit in a qualified financial institution, and
(B) such loss is on account of the bankruptcy or insolvency of such institution,
then the taxpayer may elect to treat the amount so estimated as a loss described in subsection (c)(3) incurred during the taxable year.
(2) Qualified individual defined
For purposes of this subsection, the term “qualified individual” means any individual, except an individual—
(A) who owns at least 1 percent in value of the outstanding stock of the qualified financial institution,
(B) who is an officer of the qualified financial institution,
(C) who is a sibling (whether by the whole or half blood), spouse, aunt, uncle, nephew, niece, ancestor, or lineal descendant of an individual described in subparagraph (A) or (B), or
(D) who otherwise is a related person (as defined in section 267 (b)) with respect to an individual described in subparagraph (A) or (B).
(3) Qualified financial institution
For purposes of this subsection, the term “qualified financial institution” means—
(A) any bank (as defined in section 581),
(B) any institution described in section 591,
(C) any credit union the deposits or accounts in which are insured under Federal or State law or are protected or guaranteed under State law, or
(D) any similar institution chartered and supervised under Federal or State law.
(4) Deposit
For purposes of this subsection, the term “deposit” means any deposit, withdrawable account, or withdrawable or repurchasable share.
(5) Election to treat as ordinary loss
(A) In general
In lieu of any election under paragraph (1), the taxpayer may elect to treat the amount referred to in paragraph (1) for the taxable year as an ordinary loss described in subsection (c)(2) incurred during the taxable year.
(B) Limitations
(i) Deposit may not be federally insured No election may be made under subparagraph (A) with respect to any loss on a deposit in a qualified financial institution if part or all of such deposit is insured under Federal law.
(ii) Dollar limitation With respect to each financial institution, the aggregate amount of losses attributable to deposits in such financial institution to which an election under subparagraph (A) may be made by the taxpayer for any taxable year shall not exceed $20,000 ($10,000 in the case of a separate return by a married individual). The limitation of the preceding sentence shall be reduced by the amount of any insurance proceeds under any State law which can reasonably be expected to be received with respect to losses on deposits in such institution.
(6) Election
Any election by the taxpayer under this subsection for any taxable year—
(A) shall apply to all losses for such taxable year of the taxpayer on deposits in the institution with respect to which such election was made, and
(B) may be revoked only with the consent of the Secretary.
(7) Coordination with section 166
Section 166 shall not apply to any loss to which an election under this subsection applies.
(m) Cross references
(1) For special rule for banks with respect to worthless securities, see section 582.
(2) For disallowance of deduction for worthlessness of securities to which subsection (g)(2)(C) applies, if issued by a political party or similar organization, see section 271.
(3) For special rule for losses on stock in a small business investment company, see section 1242.
(4) For special rule for losses of a small business investment company, see section 1243.
(5) For special rule for losses on small business stock, see section 1244.
JustinD wrote
While I am glad you feel happy with the service you got, there is nothing they do for you that you could not do yourself with a few hours of research. In my opinion, compnaies like this are just preying on people who they think are already desperate and gullable and ultimately just end up taking more of your money.
Sorry to disagree with your assessment above. The Fraud Recovery Group specializes in this type of recovery and if you think you can do a few hours of research and do a return like this and not get nailed by the IRS, I think you are sadly mistaken. Are you prepared to send an attorney's opinion in with your return that you would do in a few hours? You need this opinion to submit with your return. I would rather not take the chance of missing something and then being dragged into a lengthy audit. That is one of the main things I am paying Fraud Recovery Group for. You need to do a little research on a company before you make accusations like above.
While I am glad you feel happy with the service you got, there is nothing they do for you that you could not do yourself with a few hours of research. In my opinion, compnaies like this are just preying on people who they think are already desperate and gullable and ultimately just end up taking more of your money.
Sorry to disagree with your assessment above. The Fraud Recovery Group specializes in this type of recovery and if you think you can do a few hours of research and do a return like this and not get nailed by the IRS, I think you are sadly mistaken. Are you prepared to send an attorney's opinion in with your return that you would do in a few hours? You need this opinion to submit with your return. I would rather not take the chance of missing something and then being dragged into a lengthy audit. That is one of the main things I am paying Fraud Recovery Group for. You need to do a little research on a company before you make accusations like above.
Do you work for the company? I dont have any problem with the comopany really. They offered you a service and you accepted. I just think you got ripped off. Do you not see the post right above from another company that states the same as I did? ANything you send in with your return has no bearing on whether you get audited. Nothing that company does will prevent a audit. Like I said, I am glad you feel you got something for your money but in my opinion you just pissed away more money. There is no "majic" involved in filing such a return. There is more than ample documentation on the Recievers website that you could use as justification for your filing if indeed you were to be audited. Do not really feel you would need a "attorneys opinion" to determine there was fraud here but whatever makes you feel content is most important I guess.
JustinD wrote:
Do you work for the company?
I am a doctor in private practice for 26 years. I posted the info for The Fraud Recovery Group to relate my positive experience with them in dealing with my Pinnacle loss. It was meant as info to the others here who are not sure how to recoup some of their losses. That's it. That was my intention pure and simple and for my trouble I get a jackass who tells me I got ripped off and that they are a scam.
Unlike you apparently, I do not have the time or inclination to do the legwork to prepare the needed documentation to do this specialized return. Nor do I have the time to deal with an IRS audit should it come up. That's why it was well worth the small percentage I paid to have this done for me. If I get audited, they handle it at their cost and if we should lose, their fee is refunded. If you think they are a ripoff, well I guess everyone is entitled to their opinion.
Speaking of which, since you are very quick to give your opinion, are you actually a Pinnacle investor sitting on a loss like the rest of us or are you just spouting opinions only? If this is the case, I invite you to Shut The ---- Up and waste someone elses time. Don't bother answering this as I am done with you unless you just gotta have the last word.
Do you work for the company?
I am a doctor in private practice for 26 years. I posted the info for The Fraud Recovery Group to relate my positive experience with them in dealing with my Pinnacle loss. It was meant as info to the others here who are not sure how to recoup some of their losses. That's it. That was my intention pure and simple and for my trouble I get a jackass who tells me I got ripped off and that they are a scam.
Unlike you apparently, I do not have the time or inclination to do the legwork to prepare the needed documentation to do this specialized return. Nor do I have the time to deal with an IRS audit should it come up. That's why it was well worth the small percentage I paid to have this done for me. If I get audited, they handle it at their cost and if we should lose, their fee is refunded. If you think they are a ripoff, well I guess everyone is entitled to their opinion.
Speaking of which, since you are very quick to give your opinion, are you actually a Pinnacle investor sitting on a loss like the rest of us or are you just spouting opinions only? If this is the case, I invite you to Shut The ---- Up and waste someone elses time. Don't bother answering this as I am done with you unless you just gotta have the last word.
I did not personally asault you or call names, but only gave a opinion. I am sorry if you cannot handle that without name calling. If you are truly a doctor (god help us all) I can only hope you are better at medecine than you are at investing.
Justin and Yag -
Your little debate ends now. This is unacceptable behavior and this is your one and only warning. If you want to battle, do it elsewhere. This site is not the place for your personal battles.
Now, back to Pinnacle . . .
For all who thought that Gene O'Neal is going to get a slap on the qrist, read on....
This guy from Atlanta thought it was also going to be light.
http://www.washingtonpost.com/wp-dyn/content/article/2007/04/09/AR2007040901463.html?referrer=emailarticle
Just copy & past the link.... :mrgreen:
There is a interim payout scheduled for May. I think Hays posted a note in regards to that.
I did a google search, and it looks like they are under investigation. If it sounds to good it usually is.
Little lady, please can you give more info on the google search you did.
I was caught offguard on your message post.
I think Little Lady must not have read any of the previous posts. We know that Pinnacle is under investigation. That's what the last 10,000 threads are concerning. Thanks for your inputs though.
I, too, am waiting on the interim payout....and to see that Mr O'Neil gets whats coming to him. :chicken:
The best way to find out if a company is legit is to contact the Better Business Bureau. Most likely, they will have a file on them if there have been numerous complaints. It will also state if they have corrected any issues from their clients.
Another way is to go directly to Pinnacle and ask for references. Three references is a good numbers to use to get what you need.
Hope this helps!
If Polygraph results are not admissible in any court of law, what make you think that Congress will make a law requiing polygraphs in the first place?
:violin:
yeah, well all the what ifs are in the past. What I would like to see happen in the future is for Mr O'Neils wages from whatever current scam he's running, continue to be garnished until each of us have received atleast our initial investment back. And although that is unrealistic, I'm sure it would be doable......not that I wouldn't like to see him to some jail time too.
Are his profits from this venture being garnished,or is this wishful thinking?It would be nice to get that lawyer of his Kunkel.He was with him untill the last few weeks.This dude HAD to know money was really coming in as the early checks in our books show.There are checks from Kunkel to O Neal for large amounts.There are three checks that total 189,000 dollars.These are early checks dated around 5-19 05.This was the early days of pinnacle.That scare letter from Kunkel to us was so we would not ask any questions amoung us.
What scare letter from Kunkle? I never saw it. Can I still see it?
The letter was dated dec 5 -05.It read, TO potential,pinnacle development partners,llc.investors. By way of introduction,I am Christopher M Kunkel,legal consultant for pinnacle.I am an attorney,licensedin the state of Georgia,who has specialized in real estate law since 1984.I have been legal councel to pinnacle for approximately two years.As a condition to investing with pinnacle,we have a restriction designed to protect the privacy of our investors.We request that.prior to contacting any party,other then those on the reference list,you contact this attorneys office and advise us to the party you request to contact and the nature of your inquiry.Failure to follow this request WILL result in dismissal from the investment group and a return of ONLY your initial capital contribution. Thats it. We where not to talk to each other.
Does anyone know any new information on the distribution? I have left messages and emails to Hays consulting, but haven't received any answers. Can someone give more info?
:whistle1:
You can contact, [email protected] last e mail from her said end of may.
What e-mail message from sloane? I never saw it. Can you send it to me? :shock: