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Posted by Salto Jorge on March 31, 2008, 11:04 am
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Human egg donors receive a 1099-misc for income tax purposes,
Are these eggs being "farmed" for human reproduction so is this business
a farming business or
scientific business ?
Due to the dangers, Is the hosts body a depreciable asset.
Basis is the number of years they can produce eggs for this purpose
i.e., donation for payment ( 18
yo - 30 yo ) and the estimated value of the person, Most are required
to be college students and
highly educated. Most are doing this since they are in severe financial
straights. A fair value for
one such person could be over $1,000,000 depending on the gene pool that
they are part of.
Donors typically are 18 to early-30s, when women are most fertile and
eggs are healthiest. They
must pass medical and psychological tests before brokers and clinics
shop their information among
prospective parents.
Donating eggs is time-consuming, uncomfortable, and potentially risky
process.
Oocytes are usually donated for reproductive purposes, not for research.
According to the
Centers for Disease Control and Prevention, donor eggs were used in
13,183 (11.4 percent) of
the 115,392 procedures involving assisted reproductive technology that
were started in the United
States in 2002. Women are routinely paid $4,000 to $5,000 per cycle and
in some cases
considerably more
Protocols for stimulating the development of multiple ovarian follicles
typically involve daily
subcutaneous hormone injections over a period of 7 to 10 days
The ethics committee of the American Society for Reproductive Medicine
cites an estimate that
egg donors spend "56 hours in the medical setting, undergoing
interviews, counseling, and medical
procedures related to the process
references
http://content.nejm.org/cgi/content/full/354/4/324
http://www.usatoday.com/money/industries/health/2006-03-15-egg-donors-usat_x.htm
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Posted by Paul Thomas, CPA on March 31, 2008, 12:01 pm
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> Human egg donors receive a 1099-misc for income tax purposes,
>
> Are these eggs being "farmed" for human reproduction so is
> this business a farming business or scientific business ?
I personally don't see it as a business, so it would fall to Other Income -
Line 21.
If this is a real issue of concern, ask the IRS for a Private Letter Ruling
(PLR).
> Due to the dangers, Is the hosts body a depreciable asset.
No. Not a snowball's chance in........audit history.
Snip remainder of non-questions.
Any medical related expenses would fall to Schedule A.
--
Paul A. Thomas, CPA
Athens, Georgia
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Elle on March 31, 2008, 1:45 pm
Please log in for more thread options > Human egg donors receive a 1099-misc for income tax
> purposes,
>
> Are these eggs being "farmed" for human
> reproduction so is this business a farming
> business or scientific business ?
After discussing blood plasma donations here not long ago, I
think the first question that needs to be answered is
whether the donor "regularly and continuously" (IRS wording)
participates in this activity. If not, then she cannot count
the 1099-misc income as self-employed business income, and
so issues like depreciation etc. are moot.
I would be asking how many times in the past the donor has
done this; does she intend to keep doing it; how much time
during the year did she give to this activity; was this time
spread out and in what way; does she participate in other
activities that involve selling her body for time, like
blood plasma sales or menial labor. That is, is the donor
scrambling to make a living any way she can with her body,
and has she done so for years or plans on continuing to do
so?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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