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Sure , no problem
Yes, the debt is in the name of the Corporation with formal agreements with bank and Shareholder. Other deductions would be closing costs (no finders fee).
Just to confirm . . . new cap gain rate is 20% and ord inc max is 39.6%? (rats)
Then there's the additional 3.8% Medicare tax (good article here)
Modified adjusted gross income (AGI with any foreign tax credit or Foreign excluded income added back in) thresholds for the additional Medicare tax are:
Suppose Fred and Wilma are married and file a joint tax return. They have $260,000 of salary income combined and $50,000 of investment income from dividends and capital gains. Their adjusted gross income is $310,000. They don't have any foreign income exclusions.
Let me know about the debt ... whether it's part of the basis or debt owed to third parties
Hi . . . thanks
The debt consists of both bank and shareholder. The shareholder loan goes back many years ago and no longer has basis (used in years of heavy losses) and never built up again.
Good Flintstones analogy