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Recent Corporate Tax questions

What needs to be included on a c-corporation dissolution

What needs to be included on a c-corporation dissolution plan to the IRS?From IRS form 966: "Attach a certified copy of the resolution or plan and all amendments or supplements not previously filed." I want to file the final corporate tax return for this entity. Thanks.

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Lane

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Doctoral Degree

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One S Corporation had three shareholders. One fled the

One S Corporation had three shareholders. One fled the country because of some personal legal problems and nowhere to be found. The corporation had financial difficulties. Another shareholder declared bankruptcy. And third shareholder is left holding the bag. Since the third shareholder has co-signed the loans for the corporation, he is asked to pay the loan. Third shareholder is paying the liabilities and operational expenses? The corporation has no income and is not liquidated. In this situation, who is responsible for filing the tax returns? Has a technical termination? All the shareholders have equal share.The third shareholder who is paying all of the operational expenses and liabilities, how much share of them can he get on his k-1?

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Dr. Fiona Chen

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How is this distribution to an S-corporation taxed: Basis at

How is this distribution to an S-corporation taxed:Basis at the beginning of the year $10,000Income 3,000Tax exempt interest 1,000Distribution 20,000Non deductible expenses 2,000Section 179 deduction 5,000How much is gain and how are the non deductible expenses treated?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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HOW TO PREPARED FINAL YEAR CORPORATE TAX RETURN WITH 3.8

HOW TO PREPARED FINAL YEAR CORPORATE TAX RETURN WITH 3.8 MILLION NEGATIVE RETAINED EARNINGS AND 3.8 UN PAID LOANS

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PDtax

Owner

Master's Degree

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I have a client that was a C Corp that elected S Corp status

I have a client that was a C Corp that elected S Corp status in 2013. They are now looking to sell the S Corp. Basis was never tracked, so now I have to go back and do so. I am having a problem (brain dead today) on calculating the begging stock basis. Any assistance would be appreciated

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I have a Wyoming LLC where I am 99% member and my son is 1%

I have a Wyoming LLC where I am 99% member and my son is 1% member. I am the manager of the LLC. This LLC wants to invest in a Texas LLC that has several other individual members to build a hotel. I would rather invest through my Wyoming LLC rather than as an individual. The Texas LLC wants to elect S corp tax status. My accountant and the accountant for the Texas LLC are going back and forth as to if this is possible. My accountant is not sure if this is possible since I have a multi member LLC. She recommends that I make the LLC a sole member LLC. The Texas LLC accountant thinks this is possible if we say that the Wyoming LLC is a disregarded entity and both me and my son will get direct K-1 from the Texas LLC. Please advise. Thanks.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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I am closing my NY city business and have a loss carry over

I am closing my NY city business and have a loss carry over from 2015. For 2016, we will have a large profit from selling assets. Can we use the full loss carryforward against the gain for the NY City taxes? I am getting mixed answers and just wanted to clarify

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PDtax

Owner

Master's Degree

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I have a question regarding IRS tax form 8846-- Credit

Hello!I have a question regarding IRS tax form 8846-- Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Does this form need to be completed by the employer alone? If so, why is it included within the personal tax forms for those who have worked in the restaurant industry? I appreciate any clarification you can provide.Thank you for your help!

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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If a person transfers the stock of an S-Corp to another

Hello. If a person transfers the stock of an S-Corp to another for no consideration, does the new owner take on all outstanding debt such as unpaid withholding taxes, overdue vendor payments, etc. How about responsibility for any audits which mat arise for a prior period?

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Lev

Retired

Bachelor's Degree Equivalent

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