section 897 capital gain

Hello, I have a Section897 Capital Gain for American Tower however do not see a drop down for Income Type in Bivio. Any idea what I should input as?
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On Feb 19, 2022, at 8:53 AM, Lee Weygandt via <user*> wrote:

Market Miners Investment Club added this clause to our bylaws:

  1. In special circumstances, partners may call for a vote for a purchase or sale of assets to be taken via e-mail ballots. After a detailed proposal is sent to all members, there shall be a three day waiting period for rebuttal and discussion. Votes will be collected by the Senior Partner and the Treasurer. When they are in agreement that a majority of the full partnership has cast their ballots to authorize a specific action, the order for a purchase or sale will be placed with the broker and the partners will be notified of the actions taken.

Lee Weygandt, MMIC Treasurer

On 2/18/2022 8:27 PM, Peter Dunkelberger via wrote:
We have it written in our partnership agreement that between meetings, two officers can propose a sale or purchase and it must approved by email by a majority of the partners.

Peter Dunkelberger 
Sumner stock Selectors Investment Club

On Fri, Feb 18, 2022 at 4:54 PM ira smilovitz via <user*> wrote:

I'm not a lawyer, so I can't provide legal advice. However, as a tax professional with decades of experience, I've seen too many instances where things have gone wrong and when the lawyers do get involved, they look for the paperwork. The fact that your club has discussed this and agreed to the procedure by a documented vote is good. it would seem to be a "belt and suspenders" move to amend the appropriate club governing document so there can be no future question that this was approved by the club.

Ira Smilovitz

On Fri, Feb 18, 2022 at 7:11 PM jeff clark via <user*> wrote:
Our Club does it by email.  We have 9 partners and try to make sure everyone has read the email and we have a quorum before any purchases.
This process is not in our Partnership Agreement,  We discussed and voted on the process during a regular meeting about a year ago and the discussion and vote is documented in our minutes for that meeting.
Is this sufficient, or is it recommended or required that the process be in the PA?



On Friday, February 18, 2022, 04:18:10 PM CST, ira smilovitz via <user*> wrote:

If you think you might have to do this, you should have a documented procedure that is part of your Partnership Agreement or Bylaws. Any deviation from your adopted rules can lead to conflict and potential legal issues if a member feels injured by the action.

Ira Smilovitz

On Fri, Feb 18, 2022 at 4:47 PM Dianne Hirt via <user*> wrote:
How do clubs handle a members request to buy or sell a stock
that they feel should be done before the next meeting.