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Lev, I am still working on preparing the final return for
Good morning Lev, I am still working on preparing the final return for this particular client. Per your instruction, I converted the loan to the shareholder to paid in capital and on the balance sheet… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
C corp sold all assets to an unrelated party will recogonize
C corp sold all assets to an unrelated party will recogonize gain on the sale is there any way to get this gain to the shareholders without double tax? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
I need to prepare a short year tax return where the only
I need to prepare a short year tax return where the only stockholder of a corporation died in 2014. 1 child inherited it all and she could not make up her mind as to what to do. Really grieving for th… read more
PDtax
PDtax
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I need your help in deciding which way client should go as
Hi I need your help in deciding which way client should go as when one of the shareholders is exiting entity: should they do a cross-sale or a redemption. Pros and cons please. There were total 4 shar… read more
Jonathan Tierney
Jonathan Tierney
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Are there any way to transfer fixed assets from one S corp
Are there any way to transfer fixed assets from one S corp to other S corp ( both of them are owed by same shareholders) without sales transaction, which would result in an ordinary gain, because of t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
2015 asset liquidation year corporation. Husband and the
2015 asset liquidation for calendar year corporation. Husband and the wife, only shareholders: 50/50. Requesting guidance with the disposition of the assets @ 12.31.2015. Details follow.Office in the … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
A partnership is dissolving and they purchased about 20K of
A partnership is dissolving and they purchased about 20K of furniture and equipment in 2014. SInce this is the last year of the partnership and we want to minimize taxes is it ok to use the section 17… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Buy Vehicle from owned business before selling business
I have a LLC business which files as an S-Corp. I am the 100% shareholder and I have a business "truck" in its 3rd of 5 years of depreciation and I am going to sell the business. (2014 will be 4th yea… read more
jgordosea
jgordosea
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Bachelor's Degree
2,885 satisfied customers
I am the "family" trustee of my Alaska Generation Skipping
I am the "family" trustee of my Alaska Generation Skipping QSST (i.e. Dynasty Trust). The trust was created by my Father who passed in 2009. The trust is designed to allow transfer of shares in our fa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Hey Steve! hope youre staying cool out there. I have a dissolved
Hey Steve! hope you're staying cool out there. I have a dissolved S corp. One shareholder with no stock basis. Almost all the assets at the date of dissolution were fully depreciated, but have some FM… read more
taxmanrog
taxmanrog
Master's Degree
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I have a C corporation. It owns land. I want to get the land
I have a C corporation. It owns land. I want to get the land out by starting another subsidiary corporation, transfer the land via sec 351, then do a sec 355 spin off, elect S on the new one and have … read more
Lev
Lev
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Bachelor's Degree Equivalent
27,813 satisfied customers
On an S corporate final year return it is necessary to zero
On an S corporate final year return it is necessary to zero out the following items shown in the beginning balance of the prior year return: Loan from Shareholder, AP, Notes payable > 1 year, and c… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
my wife and I are the sole stockholders in a C corp. The C
my wife and I are the sole stockholders in a C corp. The C corp's only asset is an office building that we rent out. Can we dissolve the C corp without selling the building? Would dissolution be a tax… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
In New York state, is it legal to transfer all the money from
In New York state, is it legal to transfer all the money from an "S" corp to a "C" corp then close the "S" corp? Or should that money be divided among the "S" corp shareholders instead?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
A client sells the assets of the S Corporation. The goodwill
A client sells the assets of the S Corporation. The goodwill portion of the sale was split equally between the sole owner of the S Corportaion and the S Corporation entity. The owner was key to the tr… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
I am looking for some clarification on the Built in Gains Tax.
I am looking for some clarification on the Built in Gains Tax. Please answer with sources. Assume an S election and the following occur during the 10 year window following the election. Do they trigge… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
I am involved in a Family corp that owns farm land. I wish
I am involved in a Family corp that owns farm land. I wish to get out of the corp. They have proposed trading my stock for land. How should this be structured?… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
We are owners of a C Corporation that has accumulated losses
We are owners of a C Corporation that has accumulated losses of $210,000. We now have a sudden get $1.2M profit from the sale of stock. 1) Should we be able to deduct our cost basis for the stock, bas… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
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