Disclaimer:
 

I am neither a CPA, nor an Attorney.  I cannot give legal or tax advice.  I tried giving legal advice to my cat once when the dog sued him.  It didn’t turn out well for the cat and all the dog got out of the settlement was a used litter box.

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My advice and opinions are based on my personal experiences in both good a/c  partnerships and one that was in a “flat spin, out of gas  and didn’t know it” mode when I naively bought into it.