Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

Tax state S-Corp, and I file Income Tax in NJ. Please advise

Customer Question
Tax for NY state S-Corp...
Tax for NY state S-Corp, and I file Income Tax in NJ.
Please advise for NJ & NY state tax and Federal tax,
on whether corporate tax reporting for S-Corp asset sales
and reflecting it into personal tax return that I prepared
are correct.
It's a small business (purchased on 2007) and I don't need to report Schedule L
but maintain for my own information:
Schedule L information before sales,
Equipment: 0 (21,725 - 21,725 deprecated)
GoodWill: 211,407 (No Amortization, acquired with business purchase)
Loan from Shareholder: 104,000
Other liabilities: 5,407
Capital Stock: 254,000
Ratained Earning: -152,000
Store was sold at 70,000 (30K for Equipment & 40K for Good will).
=== Corporate Return 1120S
* In Corporate Return, form 4797:
- Equipment Sale went to Part III
Line 20: 30,000
Line 21&22: 21,725
Line 23: 0 (Ingored sale cost for now)
Line 24: 30,000
Line 25 a&b: 21,725
Line 30: 30,000
Line 31: 21,725
Line 32: 8,275
- Goodwill Sale went to Part I
Line 2 d: 40,000 e: 0 f: 211,407 g: -171,407
Line 6: 8275 from Part III
Line 7: -163,13240000
Line 13&17: 21,725
- Loss from Business (other than asset sales) for 2015: -1,000
* Schedule K-1 (from 1120S)
Line 1 (Ordinary Income): 20,725 (21,725 - 1,000)
Line 9 (Net section 1231 gain/loss): -163,132
=== Personal 1040
- Schedule E part II
Line A(j), D(j), Line 30, 32 & 41: 20,725 (from K-1 Line 1)
=> This went to 1040 Line 17
- Form 4797
Line 2(g), 7, 11, 17 & 18b: -163,132 (from K-1 Line 9)
=> This went to 1040 Line 14
=========== Questions
1. Could you verify whether the way I handled asset sales
in Corporate & Personal report is correct?
2. My ex-accountant did not amortize goodwill, is it correct
to calculate loss with 0 amorization?
3. As you can see, stock value is 254K. But, if I add this year's
loss (+20725 - 163,132 = -142,407), retained earning
will become larger than stock value
(-152,000 - 142,407 = -294407) as shown below.
How do I handle this?
- Schedule L after sales:
Equipment: 0
GoodWill: 0
Loan from Shareholder: 34,000 (70K repaid with sales proceed)
Other liabilities: 5,407
Capital Stock: 254,000
Ratained Earning: -294,407
4. In connection to item 3 above, there's 34K loan from shareholder
and retained earning larger than stock value.
How do I report Corporate Liquidation/Disolve
in personal return?
1. Stock liquidation
2. Loss from Loan which cannot be repaid by Corporation.
5. This large loss from K-1 creates Net-Operating-Loss in personal return.
Is there any way to re-direct goodwill loss from
asset sales to Capital Loss so I can carry all (except -3K) over
instead of offsetting this year's other personal income?
I know I can carry NOL back or forward, but would like to
know whether I can make asset sales loss capital loss.
Submitted: 1 year ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 2 hours by:
3/7/2016
Financial Professional: PDtax, CPA, MBA replied 1 year ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4,714
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from just answer. I'm PDtax. I can assist.

This is very hard to work with, and the amount offered life for the number of issues.

I'll post an offer of premium service for an hour professional time. Accept, and I can work with you privately through a special link.

Ask Your Own Finance Question
Customer reply replied 1 year ago
I doubt that my questions are so complex and requires such service that you propose. You can either answer or tell JustAnswer you're not taking my question.
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 12,878
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Oh sorry ... I clicked on this by mistake. When the previous expert opts out the question pops back out the the question list.

...

I would however concur. This is FAR underpriced ... you've essentially asked for the tax return (the only complex or in doubt portions) to be done for you. My firm does not do returns for less than $500, and when several schedules or 1120-S AND personal are affect much more.

...

I'd advise that you up your offer here, or you may get the quality that's commensurate with whhat you've offered here.

...

I'll opt out now

Ask Your Own Finance Question
Customer reply replied 1 year ago
I'm not asking you to prepare my return. I prepared the return as I listed in the question, you can review, and advise on other questions. If you don't like the price, you shouldn't have taken this answer and you should say so to JustAnswer. Do not waste my time. Either you reject JustAnswer's price or I inform JustAnswer what happened, review this Q&A and get someone else. That sounds fair to me. I would appreciate your update on what you want to do with this question.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2,608
2,608 Satisfied Customers
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Rakhi Vasavada is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,919 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I had a question on moving an IRA account from a bank IRA to
I had a question on moving an IRA account from a bank IRA to a brokerage IRA. My uncle went to his local bank and let them know he wanted to move his account. They issued him a check but it's thebfina… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Help with choosing provider for a solo 401k self directed.
Help with choosing provider for a solo 401k self directed. It's for me and my partner who have a new llc . We plan to open 2 but have no background in investment ie knowing what to purchase etc . The … read more
Curtis Mathews
Curtis Mathews
President
MBA
0 satisfied customers
We have a situation with an irrevocable trust. The bank is a
Hello.We have a situation with an irrevocable trust. The bank is a co-trustee and national.. The money has been in a money market account that has been FDIC insured. The bank is dissolving these and n… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
In a suburb 30 miles north of New York City what is the
In a suburb 30 miles north of New York City what is the going rate or reasonable rate for commercial office space annual lease increases? not including any TAX/CAM increases. I am negotiating a lease … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I'm trying to fill out a W4 and i'm working on the 2
Hi, I'm trying to fill out a W4 and i'm working on the 2 earners/ multiple job section. my total withholding needed is $5050. It then says to divide that by the number of pay periods left in the year.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
Daniel Blade(Snr Financial Advisor for Trade Financial) has
Daniel Blade(Snr Financial Advisor for Trade Financial) has been talking to me Re: Shares etc in stock market and cryptocurrencies. Is he in the SCAM business or is he legit? … read more
abci168
abci168
Principal
27 satisfied customers
My mother moved into my house 7 months ago. She's 85 years
My mother moved into my house 7 months ago. She's 85 years old and gets $614 in Social Security each month.My mother will not give me any money because my sister needs the money to pay for a long term… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have revenue of more than 300K in my c corp, I have less
I have revenue of more than 300K in my c corp, I have less than 50K in expenses, how can i save taxes or avoid paying taxes on the remaining 250K, will buying assets reduce my revenue footprint… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I was wondering if I could talk to a CPA online? I need to
I was wondering if I could talk to a CPA online? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I need to conduct an interview with a CPA JA: Is ther… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,230 satisfied customers
I own a Partnership Business with my brother in law and in
I own a Partnership Business with my brother in law and in August he Wanted out. We wrote up a contract agreeing to remove his name from the business and agreed to continue to pay on his personal cred… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Husband and wife submitted a joint tax return. However
This question is for Lev. Husband and wife submitted a joint tax return. However husband in a year prior to his death opened an art business with him as a painter. Thus, he attached schedule C to the … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have done quickbooks for years. We are trying to go into a
I have done quickbooks for years. We are trying to go into a new partnership and we do oilfield work. The job we do is billed at a daily rate of about 5800.00 per day. The new partners want to know wh… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
A person was an artist fro 10 years and over those years he
A person was an artist fro 10 years and over those years he painted a large number of paintings. One year prior to his death he decided to be a professional artist. He filed a Schedule C for that year… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I recently got divorced. As part of the divorce decree I was
I recently got divorced. As part of the divorce decree I was to make a one time payment of 10k to my wife that was to represent her equity in the house. I was unable to do a cash out refi because we d… read more
abci168
abci168
Principal
27 satisfied customers
If I have to issue a 1099 to someone that will apply for
If I have to issue a 1099 to someone that will apply for ITIN number, can I issue the 1099 with no social security or ITIN number?… read more
socrateaser
socrateaser
1,031 satisfied customers
I own a company with the stock symbol AGNC. I am looking for
I own a company with the stock symbol AGNC. I am looking for advice on whether or not this stock has a high probability of bankruptcy. I've owned it for over 6 years and currently have a paper loss. I… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
What would the best life insurance policy be and my partner
What would the best life insurance policy be it's me and my partner his earning potential ya about 150k per year mine is about 40k . We are both in our late 30s with little savings. We still rent and … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
I am 70 years old taking care of my mother who is 88. I have
My name is***** am 70 years old taking care of my mother who is 88. I have a mortgage of 50,000.00. I live in a very rural town of 320 residents. My mother and I probably will not live long enough to … read more
Curtis Mathews
Curtis Mathews
President
MBA
0 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x