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Posted by Paul Thomas, CPA on March 30, 2007, 10:27 pm
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> We have discussed this before and I want to check to see if
> my understanding is still correct.
>
> Susan wrote a book that was published in 1991. It had one
> printing of 1,000 copies which have all been sold. She has
> not written a second book.
>
> Because a few professors copy pages out of her book for
> readings, she continues to get checks from a copy service.
> Because this is her one and only book, these checks are
> OTHER INCOME and do not go on a Schedule C.
>
> Although the tax consequence is less than $15, I need to
> know if this is still correct?
>
> You have to understand that Susan is a direct descendant of
> the Grand Inquisitor and one of her favorite pasttimes is
> interrogating me.
It's probably more like royalty income instead of other
income, but the tax implications are the same. If she were
actively promoting and selling the book, or still writing
other books, or editing that book for newer versions, then
schedule c is appropriate.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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