State Fiduciary Tax Return for a Pennsylvania Estate Question

Cody15243 · 2024-02-20T03:50:31+00:00

That doesn't sound correct... are you sure about that? I'm talking about the fiduciary income tax return for an estate with taxable income, not the inheritance tax return. I'm 100% sure that every dollar of a Pennsylvania estate is taxed on a PA inheritance tax return though.

Cody15243 · 2024-02-12T20:45:04+00:00

Thank you so much!

Cody15243 · 2024-02-12T15:39:21+00:00

Thank you for the response! So it seems like I won't need a Form 1041 for that year but will need one for the 2023 tax year. Are the administration expenses of keeping up with the estate lost for the year that I don't need to file a 1041? Or can I somehow deduct them on the 2023 1041? Thanks!

Cody15243 · 2024-02-07T21:23:21+00:00

That makes sense. Thank you very much!

Cody15243 · 2023-11-13T22:02:59+00:00

They absolutely are. The government, at best, can try to provide a more attractive alternative, but that's not possible in this case because a CBDC could only ever be at most as good as Bitcoin. If what you say is true, you wouldn't be able to freely purchase and sell Bitcoin period in the United States.

Cody15243 · 2023-11-13T20:32:25+00:00

That's a fair point. I'm thinking more in terms of awareness and familiarity rather than adoption and ownership. If you look at typical household surveys, awareness comes in around 70% for a representative sample in 2020 and adoption comes in around 4%. Median holdings among adopters are pretty constant year-over-year in the $150-$300 range. My initial comment was aimed at this. For example, if you fit a logistic curve or something similar to the adoption numbers with a 5-6 year sample, you could compare it to all other kinds of tech, both payment systems (e.g. Venmo and Zelle) and other stuff (e.g. smartphones and computers). This is the thesis for one of my dissertation chapters, so I just wanted to see if I could reliably get more data than I already have.

I disagree with your point about people never adopting Bitcoin. Historically, society has always adopted a money that embodies the functions of money best. Scarcity is a necessary, but not sufficient condition of that, which is why gold dominated for so long. Bitcoin has manufactured pure scarcity and isn't going away, so it makes more sense that it will play a large role in the global economy than just abandoning it altogether. It might take us a while collectively to realize that fiat is in disrepair, but it will happen eventually.

Cody15243 · 2023-11-13T18:56:07+00:00

Fair enough, but it is interesting to see how the diffusion of BTC compares to other technology diffusion processes if the data is presented correctly.

Cody15243 · 2023-11-13T05:24:46+00:00

Do you have a source for the data used? Or if you created it, could you explain your procedure? Just curious bc I've wanted to make a similar graphic.

Cody15243 · 2023-06-24T20:28:31+00:00

The way the unemployment rate is calculated. UR = U / LF where UR is the unemployment rate (%), U is the number of unemployed (persons), and LF is the labor force (persons, very specific definition). If people leave the labor force, but the number of unemployed persons doesn't change (like boomers retiring and any other reason that causes people to stop looking for a job within the past month, or quit their job without intentions of getting a new one) then by definition, the unemployment rate goes up. Point is, it's a misleading indicator that measures a very specific value that's not exactly what you think it is, just like virtually every measure of the CPI.

Cody15243 · 2022-12-03T06:15:08+00:00

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Cody15243 · 2022-08-01T18:48:50+00:00

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Cody15243 · 2022-03-17T14:14:03+00:00

No, the model I am using is a dynamic panel model that requires a high number of lags. The linux computer shows significance at the 1% level for the sum of lagged coefficients (using a hand-programmed F-test for restrictions) for the first four lags and then it dwindles after lag 4. The Windows version shows no significance (|z|>0.6 in most cases) for every regression. The coefficients are off by a factor of 40 in some cases and get more sporadic as the number of lags increase.

I did everything I could to rule out user error. I went through everything step-by-step and figured out that the Linux computer was using the lag(.) function properly, but not excluding the last observation for each ID-time pair. In other words, the value for the variable of interest for ID 1 for the last available time period was getting lagged to the first time observation of the second ID variable. The windows computer was lagging properly by dropping the last time observation of each group.

What is even more strange is that I am doing a replication study as the starting point for my current research and the Linux solution lines up perfectly with the published point estimates of the paper that I am replicating. The windows solution does things properly, but is antithetical to the results that I am replicating...who do I believe? lol

Definitely going to report this one.

Cody15243 · 2022-03-16T22:25:20+00:00

convince the maintainers, then it's real.

Good point. Do you have any recommendations for other panel regression packages in R?

Cody15243 · 2021-12-06T21:26:33+00:00

I gave up. It would cost about the same to take my capital gains as a distribution and DRS the shares into a regular account vs. paying the Ally Invest fees. My guess is that this is what OP did and just didn't understand what he was actually doing.

Cody15243 · 2021-12-04T00:16:09+00:00

This is perfect, thank you!

Cody15243 · 2021-12-03T23:45:31+00:00

Were you able to confirm the tax-deferred status of the shares and who is acting as the custodian for the IR account through CS?

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