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#1970328 - 10/17/14 07:18 PM Tricky CTR Question
devsfan Offline
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We have a business account of a corporation that is owned by a husband and wife. The wife conducts a cash deposit of $8,200 to the account of the business and also a cash deposit of $1,000 to the joint personal account of she and hubby. Hubby then comes with a cash deposit of $4,200 to the business. The CTR will have a person record for the corporation with Box 2c and 3 checked with the amount of $12,400. Wife will have a person record with Box 2a and 3 with the amount of $9,200. My confusion is with the person record for the husband. Do we check Box 2b or 2c and what amount do we show: $4,200 or $5,200? Any help would be appreciated.

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#1970334 - 10/17/14 07:27 PM Re: Tricky CTR Question devsfan
rlcarey Online
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rlcarey
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Galveston, TX
The $1,000 deposit to the joint account is not reportable.
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#1970336 - 10/17/14 07:30 PM Re: Tricky CTR Question devsfan
John Burnett Offline
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John Burnett
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Start by determining WHY you have to file the CTR. It's not because hubby made a $4200 deposit. It's not because wife made a total of $9,200 in deposits. It's only because cash deposits totaling $12,400 were made on behalf of the business. Because the business is a corporation, transactions on its behalf are not considered completed on behalf of its owners.

So the persons on the CTR:
Person 1: Corporation, 2c, 3, $12,400
Person 2: Hubby, 2b, not 3, $4,200
Person 3: Wife, 2b, not 3, $8,200

The $1,000 deposit to the joint account isn't reported at all, since neither of the owners of the account had more than $10,000 conducted on their behalf, and the conductor of the joint account deposit didn't conduct cash transaction of over $10,000.
Last edited by John Burnett; 10/17/14 07:32 PM.
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#1970342 - 10/17/14 07:37 PM Re: Tricky CTR Question devsfan
devsfan Offline
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OK, but let's change the amounts a bit. If the wife deposited a total of $10,200 with $8,200 to the corporation and $2,000 to the joint account, how would the CTR be prepared? Would the joint account now be considered, and, if so, what should each person record show?

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#1970349 - 10/17/14 07:49 PM Re: Tricky CTR Question devsfan
John Burnett Offline
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John Burnett
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Cape Cod
Person 1: Corporation, 2c, 3, $12,400
Person 2: hubby, 2b, 3, $6,200
Person 3: wife, 2a, 3, $10,200

Assumes that hubby still made the $4,200 deposit to corporate account. And you select 2b for him because it trumps 2c.
Last edited by John Burnett; 10/17/14 07:52 PM.
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