Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

When closing a non-profit museum what are guidelines

Customer Question
?...
When closing a non-profit museum what are guidelines ?
If we owe money can we declare bankruptcy?
What is best way to liquidate assets,displays,diaromas,gift shop items?
If a board member has lent several hundred thousand dollars to museum is it legal to try to pay down debt by selling assets of museum or do we give assets to him and let him do the selling?
Submitted: 8 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 hours by:
6/22/2010
Tax Professional: Wallstreet Esq., Tax Attorney replied 8 years ago
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 17,267
Experience: 10 years experience
Verified
a non profit can file a chapter 11 or 7 bankruptcy the best way to do what you want is to file a chapter 7 corporate bankruptcy, in this case the trustee will sell the assets in an auction to pay off your creditors
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 17,267
17,267 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

17,267 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
This is about unrelated business income for a nonprofit
This is about unrelated business income for a nonprofit 501(c)(3). A local historical society owns several properties. Most are used for display of artifacts or to sell donated antiques with society m… read more
Carter McBride
Carter McBride
LLM
1,224 satisfied customers
I have company that closed in 2/17. Shareholder loans of $
I have company that closed in 2/17. Shareholder loans of $ 150,000. Basis # is about $79.000. Is my only option to have capital loss of $ 3,000 per year on $79,000. From my knowledge cannot use a S co… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Lane, We have an LLC with 3 members, currently we are
Hello Lane, We have an LLC with 3 members, currently we are discussing the possibility to close the company. In our operating agreement in case of dissolution we have to hire a liquidating agent to se… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
It's Gwen, we talked yesterday on the phone. I wanted to
Good Morning, it's Gwen, we talked yesterday on the phone. I wanted to pass some ideas by you: Scenario 1: Move the money that Marcie and Jeremy took from subcontractor expense to a loan to each of th… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I have a business value question. We are a 4 man LLC
I have a business value question. We are a 4 man LLC software consultancy firm with an exiting member so we wish to buy out his shares. We elected as an S corp. this year. Our only assets are cash in … read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
I bought out my business partner and gave m "clear blue sky"
I bought out my business partner and gave him "clear blue sky" (which I sent him a 1099 for), then I gifted him a shop and pickup (which I sent him a 1099 for). Then I bought all the rest of the equip… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My business is closing today. We are an LLC, with two partners,
My business is closing today. We are an LLC, with two partners, and we are the sole employees of the business. It's a sandblasting business and the partners are my brother and me. Our shop is housed o… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I am in Chapter 7 Bankruptcy. I have turned over all of the
I am in Chapter 7 Bankruptcy. I have turned over all of the required assets. One of the assets was my 50% ownership in an LLC. The LLC has physical assets. My wife owns the other 50%. My wife doesn't … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband and I filed personal bankruptcy last year. We had
My husband and I filed personal bankruptcy last year. We had an LLC that filed as a partnership, with only my husband and myself as members. The LLC did not file bankruptcy. We received a 1099-C in ou… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I have invested in a classic 1977 Egg Harbor sport fisherman.
I have invested in a classic 1977 Egg Harbor sport fisherman. Including purchase price, I have invested between ninety and one hundred thousand dollars to date. The boat is not used personally and is … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IF YOUR COMPAY IS AN LLC (LIMITED LIABILTIY COMPANY) AND YOU
IF YOUR COMPAY IS AN LLC (LIMITED LIABILTIY COMPANY) AND YOU ARE FILING FOR A CHAPTER 7 BANKRUPTCY DOES THAT CLOSE THE BUSINESS?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
We are currently a Texas LLC looking for institutional expansion
We are currently a Texas LLC looking for institutional expansion capital. I received a term sheet today, relatively favorable except they want us to convert to a C corp. The tax consultant for the pri… read more
socrateaser
socrateaser
1,031 satisfied customers
I have a former friend/realestate agent, who lent me money
I have a former friend/realestate agent, who lent me money to pay the mortage. The house went down.In an effort to Soften the fiancial blow he had me sign orrienous 1099s for several thousands. He gav… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I recently sold my S corp as an asset sale. One hundred fifteen
I recently sold my S corp as an asset sale. One hundred fifteen thousand of the total sale is in a promissory note from the buyer's S corp to my S corp. I want to close down the S Corp. How do I distr… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
We are a social club with dues as our main income source with
We are a social club with dues as our main income source with assets of about 3 or 4 thousand dollars . We purchase educational and entertainment presentations that relate to our mission of sharing a … read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
My ex-wife has declared bankruptcy thus avoiding making a divorce
My ex-wife has declared bankruptcy thus avoiding making a divorce court ordered payment to me of $70,000 on a marital agreement we signed in 2000. Is the loss that I will incur tax deductible and if s… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
My boyfriend and I bought a home together several years ago.
My boyfriend and I bought a home together several years ago. He now wants to quit-claim it to me. Would I be liable for gift tax, as we are not married?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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