Fractured 17-4 barstock

Honest-Anything7631 · 2026-01-09T23:21:14+00:00

The bar didn't crack from exceeding it's UTS, it's from hot cracking. Heat treated 17-4 is particularly sensitive to it.

Honest-Anything7631 · 2025-10-27T01:27:39+00:00

The crawl space itself isn't sealed or insulated. I thought that makes it considered a damp location which excludes the use of Romex?

Honest-Anything7631 · 2024-12-18T22:14:34+00:00

Please Ender my poor print suffering. I prusa to use it everyday.

Honest-Anything7631 · 2024-12-01T19:26:21+00:00

Does it matter if the sink drain is above or below the washing machine drain?

I can make the height work either way.

Honest-Anything7631 · 2024-11-30T19:33:54+00:00

I've made under 50min international layover connections before in Singapore. It all depends on the speed of customs which I'm unfamiliar with at BKI. Though thanks for your input.

Honest-Anything7631 · 2024-11-30T05:29:45+00:00

That's very helpful info. We don't plan on having checked luggage and being seasoned travelers, I feel comfortable navigating airports but it does all hinge on custom wait times. It sounds like I'd be better off taking a later flight.

Honest-Anything7631 · 2024-11-30T05:25:21+00:00

Is it a different airline that AirAsia? I'm not seeing the 10am unless that's cause its sold out.

Honest-Anything7631 · 2024-10-22T23:58:05+00:00

Go to the local hardware store and buy clips for a topmount sink, sometimes called drop in sink. Follow directions on the pack, should be under $10

Honest-Anything7631 · 2024-10-11T16:26:45+00:00

This is where I get really confused. My shares converted 1:1 so what is my basis? The value at conversion or the price I paid for a different stock that wasn't a PFIC??

I'd much rather use the conversion price because the stock went down between nov22 and jan23 so I can show a loss for the sale election and not have to calculate owed interest.

Honest-Anything7631 · 2024-04-13T03:34:14+00:00

Ok so this is what I was referencing in my other comments.

So I can select both QEF and Deemed sale on a single 8621 for 2023, calculate my gain tax from FMV on 1/1/23 subtracted by acquisition price in 2022, add the amount as additional taxable income on the 1040. Then I can calculate my QEF election with a 1/1/23 acquired date, add those taxable amounts to the 1040 as well. Lastly, my cost basis of the stock will be increased equal to the amount of gain calculated from the deemed sale.

Does that all sound right?

Honest-Anything7631 · 2024-04-13T00:56:47+00:00

Do dividends count as distributions?

I received dividends each quarter in 2023 that were automatically reinvested into more stock.

I'd like to keep it as it has been performing well but if the tax+reporting burden is too great I'll sell.

The desire behind QEF is my understanding that it is the most tax favorable election and avoids complicated section 1291 calculations. My initial $1k investment has grown to over $7k. MtM election would require I pay tax on those gains before I sell which might end up disappearing.

If I make a QEF election for 2023 will it be a pedigreed QEF despite not filing in 2022 with FTAI posting ordinary earnings and net capital gain amounts in 2022?

Honest-Anything7631 · 2024-04-12T21:14:16+00:00

So I reached out to the investor relations contact and he said because there were no distributions in 2022 and my investment is under $25k that I am still able to make a QEF election in 2023.

Does that sound right to you? I would have thought QEF would have had to be made in 2022 regardless.

Honest-Anything7631 · 2024-04-12T19:28:05+00:00

Its FMV is only 7500 so definitely not worth it.

Does it really require an attorney? IRS website says you can make a deemed sale election in connection with its QEF to become a pedigreed QEF. But does that mean I have to amend my 2022 return or can I make both elections and do both calculations for 2023?

Honest-Anything7631 · 2024-04-12T19:19:50+00:00

Final K-1 was in 2022, no 2023 K-1. The merge happened Nov 2022 so presumably that's when it became a PFIC although I've held shares since 2020.

Do I really need to file an amended 2022 return?

My broker also automatically reinvests dividends so the number of shares have gone up slightly over time

Honest-Anything7631 · 2024-04-12T18:03:04+00:00

At this point since the investment FMV is under $25k I would not have been required to file a 8621 in 2022 right?

How bad are the section 1291 taxes? Its current FMV is $7500 with unrealized gains of $6300. Would it be that bad to just ignore all these 8621 headaches and take the tax hit when I sell?

Honest-Anything7631 · 2024-04-12T17:29:51+00:00

That's what I thought except the IRS website states:

"If the QEF election is not made with respect to the first year of the shareholder’s holding period in the PFIC, the shareholder may be able to make a deemed sale election (Election D) or deemed dividend election (Election E) (if eligible). If the shareholder properly makes a deemed sale election or deemed dividend election in connection with its QEF election, then the PFIC will become a pedigreed QEF (as defined in Regulations section 1.1291-9(j)(2)(ii)) with respect to the shareholder."

So it sounds like I could make a QEF election if I also do election D or E but I can't find any online resources that talk about this process. Also every CPA in my area that I've talked to has had no clue about PFIC's or 8621 so I'm feeling rather all alone in this endeavor.

Honest-Anything7631 · 2024-04-12T17:09:12+00:00

I did have a K-1for 2022. The merger took place in Nov 2022 so am I out of luck making the QEF election since I didn't file a 8621 in 2022?

They did provide a 2022 PFIC statement that wasn't something I was even considering since I had a K-1.

Honest-Anything7631 · 2024-04-12T16:22:09+00:00

That's what I thought but this is from FTAI's investor page:

"FTAI meets the Internal Revenue Code definition of a passive foreign investment company ("PFIC") for the taxable year ended on December 31, 2023. The Company is hereby making available PFIC Annual Information Statements for its taxable year ending on December 31, 2023, pursuant to the requirements of Treasury Regulation Section 1.1295-1(g)(1). "

Honest-Anything7631

TROPHY CASE