Securities and Exchange Commission v. Nadel et al

Filing 37

DECLARATION of Receiver, Burton W. Wiand re #36 Unopposed MOTION for miscellaneous relief, specifically expansion of the receivership to include Laurel Mountain Preserve, LLC, Laurel Preserve, LLC, Laurel Mountain Preserve Homeowners Association, Inc., and the Marguerite J. Nadel Revocable Trust UAD by Burton W. Wiand. (Attachments: #1 Exhibit 1, #2 Exhibit 2, #3 Exhibit 3, #4 Exhibit 4, #5 Exhibit 5, #6 Exhibit 6, #7 Exhibit 7, #8 Exhibit 8, #9 Exhibit 9, #10 Exhibit 10, #11 Exhibit 11, #12 Exhibit 12, #13 Exhibit 13, #14 Exhibit 14)(Morello, Gianluca)

Form 1065
Department of tle Treasuiy
Internal Revenue Serice

U.S. Return of Partnership Income
For caL. year 2007, or tax year beg.
,2007, and end.

OMS No. 1545-0099

,20
D

2007
Employer identification no.

~ See separate instructions.
Use the
Otherwise, g,int or pe.
IRS labeL. Name, Number, street. room/suite no., CityfTown. state, and zip code

A Principal busiess activity

R/E

DEVELOPMNT

LAUREL PRESERVE,

LLC

86-1160858

B Principal product or serviCe

REAL ESTATE
C Biisiness coe number

MAIN STREET SARASOTA FL 34236-5811

1618

~(Q~~

irE
F

Date business started

02/23/2006

Total assets (see the ¡nstr.)
$

233110
G
H

5,703,716.

Check applicable boxes:
Check accounting method:

(1) ~ Initial return (2) U Final return (3) LJ Name change (4)U Address change (5) 0 Amended return
(1)

Cash

(2) 0 Accrual (3) 0 Other (specify) ~

I Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year ~ 1
J Check if Schedule M-3 attached .............................................................................................................. .0

Caution. Include only trade or business income and expenses on lines 1 a through 22 below. See the instructions for more information

1a Gross receipts or sales ........................................................1 b Less returns and allowances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
2
Ql

1a 1

1b 1

1c
2
3

Cost of goods sold (Schedule A, line 8)

.5

E 0 0

3

4 5
6

Gross profit. Subtract line 2 from line 1 c Ordinary income (loss) from other partnerships, estates, and trusts (attach statement). . . . . . . . . . . . . . . . . . . . . . . .

.................................................................... ..................................................................
................

Net farm profit (loss) (attach Schedule F (Form 1040))

.~ ............... .......................................
5 6 7 8
9

Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)........ . . . . . . . . . . . . . . . ~ . . .

7
8

Other income (loss) (attach statement) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . .

(i c:
''¡

9

Total income (loss). Combine lines 3 through 7 ...................-.. . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . Salaries and wages (other than to partners) (less employment credits)...... ..................................
Guaranteed payments to partners Repairs and maintenance

-----

0

10
11

~ § ~ S
;¡ .S
Q)

:5

12 13 14 15

!!
i: 0 :u p
VI

Q) Ql

16a
b

id:l
Cl

::

17 18 19 20
21

22

.......................................................................... 10 3, 113. .................................................................................. 11 Bad debts ................................................................................................ - 12 Rent ............................................................ .... ...................................... 13 26, 362. Taxes and licenses ............................................. ..... ...... ...........................,.... 14 268, 315. Interest............ ... .... ... ...... ....... ....... ..... ...... .... ...... .... ......................._......... -15_. 9,265. ........ Depreciation (if required, attach Form 4562) ..................... 16c ---------~ , 265. .. ..Hll----. Less depreciation reported on Schedule A and elsewhere on return Depletion (Do not deduct oil and gas depletion.) .......... ..... ........................................... .................... ....... ..... 18 ...__.. ..- .... Retirement plans. etc. .............. .... .... ..................-.. -.......... 19 1-----------_.._--Employee benefit programs ............................... ... ...... 151, 115. Other deductions (attach statement) .............,.................. ..... ................................... ~- ---458, 170. 21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 .... . . . . . . . . . . . . . - - . . . (458, 170. ) .............................................. 22 Ordinary business income (loss) Subtract line 21 from line 8

.--

~

---_..-

Sign Here

Under penalties of perjury, I declere thel I have examined this return. including accompanying schedules and staiements. and to the basi of my knowledge and belief. it is tnJe. corect. and complete. Oeclaratíon of preparer (olher than general panner or limiied liabilíly company member manager) Is based on all Information of which preparer has any knowledge. May the IRS discuss this return with

~

--

~1 0 / 1 4 ,I 2 0 0 8
Date

Signature of general partner or limited liability co. member manager
Pre parer's

(see instruclions)? Yes No
Check if self- 1 Preparer's SSN or PTIN

the preparer shown below lX n

Paid Preparer's
Use Only

signature
FIm's name (or
yours if self.

employed),
address, and
zip code

5037 w.LLOW LEAF WAY ~ SARASOTA FL 34241-6234

7'~_~ Z~R
M

..
&

Date
I

10/13/2008
---

I

D

ACCTG

TAX SVCE

employed ~!X EIN ~
Phone no.

POO063529

941 -379-0003
Form 1065 (2007)

For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.

SCA Copyright form software on, 2007 Universal Tax Sysiems. tnc. All rights reserved_

US 1065$1

Rev 1

EXHIBIT 3

LAUREL PRESERVE, LLC
1

86-1160858

Page

2

Cost of Goods Sold (see the instructions) Inventory at beginning of year ........................................................... _ . . . _ . . _ . . . . . . .. . . . .. 1
Purchases less cost of items withdrawn for personal use ............................. _ . . . . . . . . . . . . . . . . . . . . . . . . 2

2
3

Cost of labor ...................................... _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 3
Additional section 263A costs (attach statement) .............................................................. 4

4
5 6 7

Other costs (attach statement) . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 5

TotaL. Add lines 1 through 5 ......... . . . .. .. .. .. . . .. .. . . . . ........ . . .. .. ... . .. . .. ...... . .. . . .... .. . .. .. . . . .. .. 6
Inventory at end of year ....................................................... .............................. 7
here and on page 1, line 2 .............................. 8

8 Cost of goods sold. Subtract line 7 from line 6. Enter 9a Check all methods used for valuIng closing inventory:

(i) ~ Cost as described in Regulations section 1.471.3
(ii) Lower of cost or market as described in Regulations section 1.471-4

(ii) Other (specify method used and attach explanation) ~
b Check this box if there was a wntedown of "subnormal" goods as described in Regulations section 1.471-2(c).......................... ~

c Check this box if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) ....... . . .. . . . . . . . . . ~
d Do the rules of section 263A (for property produced or acquired for resale) apply to the partnership? ............................8 Yes

No No

e Was there any change in determining quantities, cost, or valuations between opening and closing inventory.?. .. . . .' . .. . . . .. . . . . . Yes If "Yes," attach explanation.

m: Other Information

1 What type of entity is filing this return? Check the applicable box'

Yes No

a ~ Domestic general partnership fbd ~ Domestic limited partnership

c Domestic limited liabilty coinpany Domestic limited liabilty partnership

e Foreign partnership Other ~
2 Are any partners in this partnership also partnerships? ............................................................................

3 During the partnership'S tax year, did the partnership own any interest in another partnership or in any foreign entity that was disregarded as an entiy separate from its owner under Regulations sections 301.7701-2 and 301. 7701-3?

If "Yes", see instructions for required attachment. . . . ... .. . . ....... . . . .. . . . . . .. . . ..... . . . . . . . . . .. . . . . . . .. . . . ... . ... . . . . . . . . . ... . . . .
4 Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under section
6231

(a)(1)(B)(ii) for partnership-level tax treatment, that is in effect for this tax year? See Form 8893 for more details.................

5 Does this partnership meet all three of the following requirements? a The partnership's total receipts for the tax year were less than $250,000;

b The partnership's total assets at the end of the tax year were less than $600,000; and
c Schedules K-1 are fled with the return and furnished to the partners on or before the due date (including extensions) for the partnership return. If "Yes," the partnership is not required to complete Schedules L, M-1, and M-2; Item F on page 1 of Form 1065; or
Item L on Schedule K-1. ........................................................................................................

6 Does this partnership have any foreign partners? If "Yes," the partnership may have to file Forms 8804, 8805 and 8813.
See the instructions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 8 9

Is this partnership a publicly traded partnership as defined in section 469(k)(2)? ....................... . ..... . . . . . . . .. . . . . . . . . . . . . ..
Has this partnership fied, or is it required to file, a return under section 6111 to provide information on any reportable transaction? . . .
At any time during calendar year 2007, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial accounl)?
See the instructions for exceptions and filng requirements for Form TD F 90-22.1. If "Yes," enter the name of

x

the

foreign country. ~
10 During the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to. a foreign

x

trust? If "Yes," the partnership may have to file Form 3520. See the instructions. . . . . . . . . . .. . . . . . . . . . ., ... . . . . . . .. ... .. ... .. . .. . .. . ..
11 Was there a distribution of property or a transfer (for example, by sale or death) of a partnership interest during the tax year? If "Yes," you may elect to adjust the basis of the partnership's assets under section 754 by attaching the statement
described under Elections Made By the Partnership in the instructions ............................................................

12 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to
this return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . ~
Designation of

o

Tax Matters Partner(see the instructions)

Enter below the general partner designated as the tax matters partner (TMP) for the tax year of this return:

Name of ..
designated TMP r
Address

Identifying ..
ARTHUR NADEL 3966 COUNTRY VIEW DRIVE SARASOTA FL 34233
US1062

of ..

numberofTMP r

tz.oÆO~O
Form 1 065 (2007)

designated TMP r

BeA Copytillo sotware only. 207 Universal Tax Syslems. Inc. All rits reserved.

Rev. 1

Form 1065 (2007) LAUREL PRESERVE, LLC Partners' Distributive Share Items S'chedule K
1 Ordinary business income (loss) (page 1, line 22)......................................................

8 6 - 11 60 8 5 8 Page 3

Total amount

1 (458,170.)
2 ( 6, O.?.?_:_)

2 Net rental real estate income (loss) (attach Form 8825) .. .. . . . . . " .. . . .. . . . . . . . . .. .. . . . .. .. .. . . . . . . . . . .

3a Other gross rental income (loss) . . ... . . ... .. .. . .... ...... ... .. . .. ... .. 3a
b Expenses from other Tental activities (attach statement). . . . . . . . . . . . . . .. 3b

c Other net rental income (loss). Subtract line 3b from line 3a . . . .. .. . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . .

3c
4
5

íñ I/

4 5
6

Guaranteed payments. . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income ......................................................................................

3,075.

~
Q)

Dividends: a Ordinary dividends ................................................................
b Qualifed dividends ................................ 6b

6a
7
8

E
.E

o o

7 Royalties........:.......:...........................................................................
8 Net short-ìenn capital gain (loss) (attach Schedule D (Form 1065)) ....................................
9a Net long-tenn capital gain (loss) (attach Schedule D (Form 1065))......................................

9a

b Collectibles (28%) gain (loss) ........................................ 9b
c Un

recaptured section 1250 gain (attach statement).................... 9c

10 Net section 1231 gain (loss) (attach Form 4797) ......................................................

10
11

11 Other income (loss) (see instructions) Type ~

13a b Investment interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13b 13c(2) "0 Q) 13d d Other deductions (see instructions) Type ~ 14a O~ 14a Net earnings (loss) from self-employment ............................................................ 14b ~ ë"æ b Gross fanning or fishing income ...................................................................... 14c tlUJ E c Gross nonfarm inCome .............................................................................. 15a 15a Low-income housing credit (section 420)(5)) .......................................................... b Low-income housing credit (other) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15b J! 15c c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468) ............................ =ö 15d ~ d Other rental real estate credits (see instructions) Type ~ 15e e Other rental credits (see instructions) Type ~ 15f
13a Contributions........................................................................................

i: .2 Õ ::

II

12 Section 179 deduction (attach Form 4562) ............................................................

12

o

c Section 59(e)(2) expenditures: (1) Type ~ (2) Amount ~

-..

(458,170.)

o

__....__ _.!_9ther credits (see instructions) .____.__.__..._.___.__._!ype ~_
16a Name of country or U.S. possession ~
b Gross income from all sources .'. . , . . . . . . . . .

II

o
i:

i:

c Gross income sourced at partner level ........................................ . . . . . . . . . . . . . . . . . . .
Foreign gross income sourced at partnership level

16b 16c
16f

:g
II
to

d Passive category ~ e General category ~
Deductions allocated and apportioned at partner level

f Other

~

lu.

~

g Interest expense ~ h Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~
Deductions allocated and apportioned at partnership level to foreign source income

16h

t: .0) ~

í Passive category ~ Ö' General category ~

k Other

~

16k
161

o

I Total foreign taxes (check one): ~ Paid Accrued 0
m Reduction in taxes available for credit (attach statement) ..............................................

16m

n Other foreign tax information (attach statement). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Q) X I/ 17a Post-1986 depreciation adjustment ....... . . . . . . . . . . . . . .. . . . .. . . . .. . . . . . . .. . .. . .. . .. . . . . . . .. . . . . . . . . .
.?:~ E b Adjusted gain or loss ................................................................................ 1g E~ c Depletion (other than oil and gas) ....................................................................

~):E.. d Oil. gas, and geothennal properties - gross income. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . :_ Q
:æ- f Other AMT items (attach statement) ..................................................................
18a Tax-exempt interest income..........................................................................

.:'c:æ e Oil, gas, and geothermal properties - deductions ......................................................

c(._c(

_E o ~ b Distributions of other propert ........................................................................
.e

s: to 19a Distributions of cash and marketable securities........................................................

ø+: .
i:

b Other tax-exempt income ............................................................................

o c Nondeductible expenses . . . . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .. . . . . . .

.E 20a Investment income .................................................................................. b Investment expenses ................................................................................
c Other items and amounts (attach statement) ..........................................................

17a 17b 17c 17d 17e 17f 18a 18b 18c 19a 19b 20a 20b
Form 1 065(2007)

BeA Copyii~1 form software only. 2007 Ullversal Tax Sysleins. inc. All righlS reserved.

US1063

Rev. 1

, Form 1065 (2007) LAUREL PRESERVE LLC Analysis of Net Income (Loss)
1

86-1160858 Page4

~:~~n1~~;0~~~s~'3~~;:~n~6~c.h.~~~~~ .~: ~i~.~~ .1. ~~~~~~.~ .1.~.. ~~~~. t.~~ .r~.s.~i~,. ~~~.t~~~ .t~~. ~~.~. ~~ .~~~~.~~i.~ ~'. . . . . . ..11 I

(461,158.
(vi)
..

2

Analysis by
partner type:

(i)

Corporate

(ii) Individual

(ii) Individual
(passive)

(active)

(iv) Partnership

(v) Exempt organization

Nominee/ Other

a General partners
b Limited partners .. Balance Sheets per Books

(461,158.)
Assets
Beginning of tax year Ib) (a)
End of tax year

.~

Ie)

(d)

1

Cash .. .... ,.. ....................... ......

12,775.

7,056.

2a Trade notes and accounts receivable. . . . . . . . b Less allowance for bad debts 3 Inventories 4 U.S. government obligations. . . . . . . . . . . ., . . .
5
6 7 8

.............. ................................

Tax-exempt securites......................

Other current assets (attach statement). . . . . .
Mortgage and real estate loans. . . . . . . . . . . . . .

Other investments (attach statement). . . . . . . .

Sa Buildings and other depreciable assets. . . . . .
b Less accumulated depreciation

............

176,456. 1,070.

175,386.
_ 5, 2S3, 49£:.

246,250. 10,335.

235,915.
I-~, 460, 745.:.

10a Depletable assets. . . . . . . . . . . . . . . . . . . . . . . . . . b Less accumulated depletion ........... . . . . .
11
Land (net of any amortization) ..............

12a Intangible assets (amortizable only) b Less accumulated amortization. . . . . . . . . . . . . .
13 14
15 16
Other assets (attach statement) . . . . . . . . . . . . .
Total assets.. . . . . . .. .. . . . . . . . . . . . .. . . . . . . . .

........

5,471,567.
SEE STMT

5,703,716.

Liabilties and Capital
Accounts payable..........................

Mortgages, notes, bonds payable in less than 1 year. . .. .. .. .. .. . .. . .. . . . . . . . . . .

17 18 19 20
21

Other current liabilties (attach statement). . . .

All nonrecourse loans ............. . . . . . . . . .
Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach statement) . . . . . . . . . . .

............................

1,164,166. 4,500,000.
1-.

2,548,786.
3,800,000.
(653,757.) 5,695,029.

Partners' capital accounts ............. . . . . .

(192,599.)
5,471, 567.

22 Total liabilties and capital. .. . . .. . . .. . . . . . . . Reconciliation of Income Schedule M.1
1 Net income (loss) per books................

(Loss) per Books With Income (Loss) per Return
( 4 6 i, 158 . ) 6 Income recorded on books this year not

Note Schedules M-3 may be required instead of Schedule M-1 (see instructions)

2 Income included on Schedule K, lines 1, 2,
3c, 5, 6a, 7, 8, 9a, 10, and 11, not recorded on books this year (itemize):

included on Schedule K, lines 1 through 11

(itemize):
a Tax-exempt interest $

3 Guaranteed payments (other than health ins.

4 Expenses recorded on books this year not
included on Schedule K, lines 1 through 13d, and 161 (itemize):

7 Deductions included on Schedule K, lines 1 through 13d, and 161, not charged against book income this year (itemize):

a Depreciation $

a Depreciation ........ $
b Travel/entertainment $

5 Add lines 1 through 4 ......................

(461,158.

Sche l e M2 du - Anaiysis

of Partners' CaDital Accounts

1 Balance at beginning of year.. . . . . . . . . . . . . . . ( 1 92, 599 . ) 6 Distributions:
2 Capital contributed: a Cash. . . . . . . . . . . . . .

b Property ..........
3 Net income (loss) per books. .. .. . . . . .. .. . ..
4 Other increases (itemize):
8 Add lines 6 and 7 ..........................

5 Add lines 1 throuah 4 ......................

( 65 3 , 7 5 7 . ) 9 Balace at end of year. Subtreclli 8 from line 5 . .

(653,757.)
Form 1065 (2007)

BeA copyrit loon software ony. 207 Univers Tax Systems, Inc. All rights reseived.

US106$4 Rev. 1

651107

2007
Oeparment of Ine Treasury Intemal Revenue Servce

n Final K-1

n Amended K.1

OMB No. 1545-0099

Schedule K.1 (Form 1065)

For calendar year 2007, or tax

Partner's Share of Current Year Income,

year beginning

JAN 01,2007
DEC

Deductions, Credits, and Other Items
1

ending

31,2022

Ordinary business income (loss) 15

Credits

Partner's Share of Income, Deductions,

(458,170.)

Credits, etc.
A
B

~ See separate Instructions.

2 3

Net rental real estale Income (loss)

Information About the Partnership
Partnership's employer identification number

(6,063.)
Other net rental income (loss)

16

Foreign transactions

86-1160858
Partnership's name, address, city, state, and ZiP code

4

Guaranteed payments
Interest income

LAUREL PRESERVE,

LLC

5

3/075.

1618 MAIN STREET SARASOTA FL 34236-5811
C

6a

Ordinary dividends
Qualiied dividends

IRS Center where ¡;artnership filed return

6b
7

OGDEN UT
Royalties
D

0

Check if this is a publicly traded partnership (PTP)
8

Net short-term capital gain (loss)
Net

Information About the Partner
E

9a

long-term capital gain (loss) 17

Alternative minimum tax (AMi) items

59-3729017

Partner's identifing number
9b
Collectibles (28%) gain (loss)
Unrecaptured section 1250 gain
Net section 1231 gain (loss)
18
Tex.exempt inc. 8. nodeuctibie expo

F

Partner's name, address, city, state, and ZiP code

SCOOP CAPITAL,

LLC

9c
10
11

1618 MAIN STREET
SARASOTA FL

34236-5811

Other income (loss)

G
H

~ ~

General partner or LLC

member-manager Domestic partner

0 0
LLC

Limited partner or other

LLC member Foreign partner

19

Distributions

12 13

Section 179 deduction

I

What type of entity is this partner?

J

Partner's share of profit, loss, and capital:

Other deductions

20

Other information

Beginning
Profit

Loss Capital
K

100.000 100.000 100.000

%

% %

100.000 100.000 100.000

Ending

% % %

Partner's share of liabilties at year end:
Nonrecourse ........................ $

14
Jl

Self-employment earnings (loss)

(458,170.)

Qualified nonrecourse financing .'.....$

Recourse......... .... .......... .....$
L

6,348,786.
'See attached statement for add itional information.

Partner's capital account analysis:
Beginning capital account....... .....$
Capital contributed during the year....$

Current year increase (decrease). ... . .$
Withdrawals & distributions .......... $ (

(192,599.) ~ c 0 (461,158.) :f:/
Q)

)

Ending capital account

......... .....$

(653/757.)
Section 704(b) book

~

(/
u.

0

o GAAP
O er (explain) 8 Taxthbasis

0

For Paperwork Reduction Act Notice, see Instructions for Form 1065.
BCA Copghl form software only, 207 Universa Tax Systems. Inc. AD rights reserved.
US1065K1
Rev. 1

Schedule K.1 (Form 1065) 2007

OMB No. 1545-0172

Form 4562 Depreciation and Amortization
Department of the Treasury

2007
Attachment

.(Including Information on Listed Property)

Interl Revenue Serv ~ See sa arate instructions. ~ Attach to your tax return. Name(s) shown on return Business or activity to which this form relates

Sequence No. 67
Identifying number

LAUREL PRESERVE, LLC EAL ESTATE LAND DEVELOPMENT
Election To Expense Certain Propert Under Section 179
Note: If you have any listed propert, complete Part V before you complete Part i. Maximum amount. See the instructions for a higher limit for certain businesses .................... 2 Total cost of section 179 propert placed in service (see instructions)
1

86-1160858
1

.......-...... ............................... .............

125,000. 500,000.

2 3

3 Threshold cost of section 179 propert before reduction in limitation 4 Reduction in limitation. Subtract line 3 from line 2. If zero or less. enter -D5 Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married

............................................ .................... ..-..........-....
..................
Elected cost

4
5

fiing separately, see instructions. . . . . . . . . .... . .. . . . . . .. . . . . . . . . .. . . . . . .. . .. . . . . . .. . . . .. . . .. . . . Ie) (b) Cost (business use only) (a) Description of property
6 7
Listed property.

8

Total elected cost of section 179 property. Add amounts in column (c),

Enter the amount from line 29 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . lines 6 and 7

I7

9 10

Tentative deduction.

Enter thesmallerof line 5 or line 8

............................ ......................................................
..........................

8

-

Carryover of disallowed deduction from line 13 of

your 2006 Form 4562 ..........................................

9 10
11

11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instructions) . .

12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 13 Carryover of disallowed deduction to 2008. Add lines 9 and 10, less line 12 ........ ~

12

113

Note: Do not use Part II or Part II below for listed propert. Instead, use Part V. S eciaJ De reciation Allowance and Other De reciation(Do not include listed roperty. (See instructions.)
14 Special allowance for qualified New York Liberty or Gulf Opportunity Zone property (other than listed propert)
and cellulosic biomass ethanol plant property placed in service during the tax year (see instructions). . . . . . . . . .. . .. . .14 ----.---15 Property subject to section 168(f)(1) election .................................................................... 15

16 Other depreciation (including ACRS) .......................................................................... 16
Im MACRS Depreciation

(Do not include listed propert.) (See instructions.)
Section A

17 MACRS deductions for assets placed in service in tax years beginning before 2007 ............................. .1171 8, 687 .

18 If you are electing to group any assets placed in service during the tax year
into one or more general asset accounts, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~.D

Section B-Assets Placed In Service During 2007 Tax Year Using the General Depreciation :;vstem (c) Basis for depr. (e) (b) Month and (d) Recovery (fl Method year pla~ed in (businesslnvestmenl use Convention period (a) Classification of property on!y. see instructions)

s

service

(g) Depreciation deduction

19a b

3-year property

5.y~~!.P!.£~.________._._...__
7-year property

._----_......_._._--_.._.__._.

__..oP___' ------_.._--_.

--...._--......_- _.----_.._----_.-----_._.

c
d

10-year property
15-year property

e
f
g h
i

20-year propert

25-year property
Residential rental

25 yrs.

S/L
MM MM

27.5 yrs.

SIL

propert

27.5 yrs.
39 yrs.

S/L
S/L

Nonresidential real SIL MM property Section C-Assets Placed in Service During 2007 Tax Year Using the Alternative De~ reciation System
Class life
SIL
12 yrs.
I

MM

20a
b

c ..
21

12-year 40-year

SIL
MM

40 yrs.

S/L
21

Summary (see instructions)

22
23

Listed property. Enter amount from line 28 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21.
For assets shown above and placed in service during the current year, enter the r J

..............................................................-...

578.

Enter here and on the appropriate lines of your return. Partnerships and S corporations - see instructions. . . . . . .

22

9,265.
Form 4562 (2007)

portion of the basis attributable to section 263A costs. . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . 23

For Paperwork Reduction Act Notice, see separate Instructions.
BCA Copyriht form software ony, 2007 Univesal Tax Systems, Inc. All rights resered.

US4562$1 Rev. 1

Form45622007 LAUREL PRESERVE, LLC 86-1160858
Listed Propert (Include automobiles, certain other vehicles, cellular telephones, certain computers, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, completenly
24a, 24b, columns (a) through ec) of Section A, all of Section B, and Section C if applicable.

Page 2

Section A-Depreciation and Other lnfonnation (Caution: See the instructions for limits for passenaer automobile~ 24b If "Yes," is the evidence written? 24a Do you have evidence to support the busnlinvestment use claimed? IXI Yes I I No (e) (c) Busn.! (h) (b) (g) (f) (d) Basis for depr. (a) investment Depreciation Date Recovery Method/ Cost or Type of property (busnJinvestment period Convention use deduction placed in other basis use only) (list vehicles first) percentage service
25 Special allowance for qualified Gulf Opportunity Zone property placed in service . .1

XI Yes II No

Elected
section 179

(i)

cost

during the tax vear and used more than 50% in a qualifed business use (see instructions) . . . . .. .. . . .. . .' . .. 25 26 Property used more than 50% in a qualified business use:

27 Property used 50% or less in a Qualified business use:

i i U~
02/24/2006
0.0% 0.0%
O.O"A

II
5

USED JEEP

2,892.

S/L- HY
S/LSIL-

578. 578.

28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1. ........................1 28 ..................................................129 I 29 Add amounts in column (i), line 26. Enter here and on line 7, page 1. Section B-Information on Use of Vehicles a sofe proprietor, partner, or other "more than 5% owner," or related person. If you provided Complete this section for vehicles used by

vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. (f) (e) (d) (c) (b) (a)

30 Total businesslinvestment miles driven during the year (do not include commuting miles) .. 31 Total commuting miles driven during the year muting) 32 Total other personal (noncom miles driven 33 Total miles driven during the year. Add

Vehicle 1

Vehicle 2

Vehicle 3

Vehicle 4

Vehicle

5

Vehicle 6

-

................................

lines 30 through 32 ..........................

34 Was the vehicle available for personal
use during off-duty hours? . . . . . . . . . . . . . . . . . . . .

Yes X
X

No

Yes

No

Yes

No

Yes

No

Yes

No

Yes

No

35 Was the vehicle used primarily by a
more than 5% owner or related person? ......

36 Is another vehicle available for personal
use? ........................................

X

Section C-Questions for Employers Who Provide Vehicles for Use by Their Employees Answer these Questions to detecmine if.YOu)meet an exceptton to completing Section B for vehicles used by employees where not more than 5%
owners or relatèd persons (see instructiz,ns 37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting,

Yes

..................... by your employees? . . . . . . . . . . . .. . . . . . . .... . . .. .... . ... . . . . . . . . . . . . . . .. . . . . . .. . . . . . . .. . . . . . . .. .. . .. . . . . . . . .
See the instructions for vehicles used by corporate officers, directors, or 1% or more owners.................... ..................

No X
X

38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? 39 Do you treat all use of vehicles by employees as personal use? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the use
of the vehicles, and retain the information received?

X
X

............................................................................

41 Do you meet the requirements concerning qualified automobile demonstration use? (See instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . our answer to 37, 38,39.40, or 41 iG "Yes," do not com lete Section B for the covered vehicles.

Amortization
(a)
Description of costs

42 Amortization of costs that begins durino your 2007 tax year (see instructions):

43 Amortization of costs that began before your 2007 tax year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ., . . . . . . . . . . . . .143
44 TotaL. Add amounts in column (t). See the instructions for where to report ......................................i 44

1 I I1 I I
Date amortization Amortizable

(b) (c)

(d)

(e)
Amortization
peri or

(f)

begins amount

Code section

Amortzation for
this

perceniage

year

I

I

Form 4562 (2007)

SCA Copyriht form software only, 2007 Universal Tax Systems, Inc. AJt rights reserved.

U54562$2 Rev. 1

Page: 1

86-1160858
2007 ASSET DETAIL REPORT

Date
Prior Current Gain/

Rec.

Prior Current
Next Year

Description

Acqd

Cost

Bus. 179+ Use Spec.

------------ ----- -------

---

Cv Depr. Depr. ------ ------- ------- ---- -- ------- -------

Basis Methoà

Per.

AMT AMT Price

Sales Date Price Sold

Form: REAL ESTATE LA DEVELOPMNT Rental Property: N/A
SL
HY

Depreciation Class: Autos
5.0

In Service Year: 2006

USED JEEP

02/06

2892

---1070
578

-----202

1070
578

202

---

578

--578

Farro Totals:

2892

Form: US Partnership Income Tax Pg 4 Rental Property: N/A

Depreciation Class:
5.0
HY

Appliances - Rental

In Servi.ce Year:

APPLIANCES

Depreciation Class:
2546 SL
5.0 HY

02/07
524

2007 5237 100
255

5237 SL Furni.ture and fixtures rental

1047

524

In Service Year: 04/07 FURNITURE

Depreciation Class: Leasehold improvements res i.den ti.al
iao
27.5 MM
62011 £.iACRS

2007 2546 100

509

255
1597

In Service Year: 2007 LEASEHOLD 1M 04/07 62011

Depreciation Class: Real property resi.dential rental

2255

1597

In Service Year: 2006 MODEL HOUSE 09/06 i 73564 100

-----243358

------

173564
MACRS

27.5 MM

1842 1842

6311

6311 8687

1842

6311

Form Totals:

243358

10122

1842

8687

Form 8825
(Rev. December 2006)
Department of the Treasury Internal Revenue serve

Rental Real Estate Income and Expenses of a Partnership or an S Corporation ~ See instructions.
~ Attach to Form 1065, Form 1065-6, or Form 1120S.

OMB No. 1545-1186

Name

Employer identification number

LAUREL PRESERVE, LLC
1 Show the kind and location of each propert. See page 2 to list additional properties.

86-1160858

10 LAUREL COTTAGE - RENTAL & MODEL HOME A 10 LAUREL COTTAGE-LAUREL MOUNTAIN-FAIRVIEW NC
B

c
o
Properties
A

B

C

D

Rental Real Estate Income
2 3
Gross rents . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2
3

4,367.
915. 828.

4
5

Auto and travel

............................ ........................ Cleaning and maintenance ............
Advertising

Rental Real Estate Expenses

4
5
6 7

6 7
8

Commissions ..........................

Insurance............................. .
Legal and other professional fees ..-... Interest ..............................
Repairs.. .................. ............

9

10
11

8 9 10
11

Taxes... ..... ..........................

12 13

Utiities

..............................

12

Wages and salaries. . . . . . . . . . . . . . . . . . . . 13

14 15

Depreciation (see instructions). . . .. . . . . . 14 Other (Iist)~ 15

8, 687.

16

Total expenses for each propert.
Add lines 3 through 15..................

16

10,430.
.................
17 18
19
(

17 18 19

Total gross rents. Add gross rents from line 2, columns A through H . . . . . . . . . . . . . . . . . . . . ... . .
Total expenses. Add total expenses from line 16. columns A through H

4,367.
10,430.
)

..................... .................

Net gain (loss) from Form 4797. Part II, line 17, from the disposition of propert from rental real
estate activities ...........................................................................................

20a Net income (loss) from rental real estate activities from partnerships, estates, and trusts in which this
partnership or S corporation is a partner or beneficiary (from Schedule K-1) .............................

.....

20a

b Identify below the partnerships, estates, or trusts from which net income (loss) is shown on line 20a.
Attach a schedule if more space is needed:
(1 )

Name

(2) Employer identification number

21

Net rental real estate income (loss). Combine lines 17 through 20a. Enter the result here and on:
. Form 1065 or 1120S:Schedule K,line 2, or

l1L.

(6,063.)

. Form 1065-6: Part I, line 4 For Paperwork Reduction Act Notice, see instructions
seA Copyright fonn soflVlate only. 207 Universal Tax Systems. inc All rils reserved.
USBB25$1
Rev. 1

Form 8825 (12-2006)

,

86-1160858

US 1065
!LOANS PAYABLE

Schedule L. Line 17: Other Current Liabilities
Description
BeQinning of Year
End of Year

2007

1,164,166. 1,164,166.

2,548,786. 2,548,786.

Copyrighl form software only. 207 Universal Tex Systems. tnc. All rihts reserveci.

USSTP171

Form 7004
(Rev. December 2007)
Departent of the Traasiiiy

Application for Automatic 6-Month Extension of Time To Fila
Certain Business Income Tax, Information, and other Returns
~ File a separate application for each return.

OMS No. 1545-0233

iiilernal Revenue Serv
Type or

Name

¡Identifying number

Print
File by the due

LAUREL PRESERVE, LLC
Number, street, and room or suite no. (If P.O. box, see instructions.)

86-1160858

date for the
return for which an extension is

1618 MAIN STREET
City, town, state, and zip code (If a foreign address, enter city, province or state, and country (follow the country's practice for

requested. See
instructions.

entering postal code)).

SARASOTA FL 34236-5811

Note. See instructions before completing this form.
Enter the form code for the return that this application is for (see below) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
3

§J
o o

If the foreign corporation does not have an office or place of business in the United States, check here. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~
If the organization is a corporation or partnership that qualifies under Regulations section 1.6081-5, check here.. . . . . . .. ............ ~

, 20 _ ' and ending

,20

4a This application is for calendar year 20 0 7 ,or tax year beginning
b Short tax year. If this tax year is less than 12 months, check the reason:

o Consolidated return to be fied

o Initial return 0 Final return 0 Change in accounting period
5 If the organization is a corporation and is the common parent of a group that intends to fie a consolidated return, check here ~ ., . . . . . . . . 0 If checked, attach a schedule, listing the name, address, and Employer Identification Number (EIN) for each member covered by this application.

6 Tentative total tax................................................................................................ 6 0
7 Total payments and credits (see instructions) .................................................................... 1

8 Balance due. Subtract

line 7 from line 6. Generally, you must deposit this amount using the Electronic
8

Application I
is For:

Federal Tax Payment System (EFTPS), a Federal Tax Deposit (FTD) Coupon, or Electronic Funds

o
Form
I

Withdrawal (EFWl (see instructions for exceptions)

Form

Code

Is For: I Application

Code