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We have a sale of S corp assets and subsequent liquidation.
We have a sale of S corp assets and subsequent liquidation. There is existing treasury stock. How can we use the cost of the treasury stock? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a c corp. i have internally developed software
I have a c corp. i have internally developed software assets. I'm planning to transfer those to another C-Corp. Is that taxable to to either party? If so, why and how do you avoid the tax?Thank you… read more
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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
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How to zero out Retained earnings about 9,000 and Share
How to zero out Retained earnings about 9,000 and Share Capital $1,000 in a C corporation (having a single shareholder) so as to minimize income tax when the Illinois corporation is being dissolved in… read more
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I need to dissolve a company. The balance sheet is the following Cash:
I need to dissolve a company. The balance sheet is the following Cash: 270.75 (debit) Liabilities:Owner of the company 27,200 (credit) Company A 60,000 (debit) Company B 40,000 (credit) Total Liabilit… read more
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I am preparing a final C- Corp tax return for a client. They
I am preparing a final C- Corp tax return for a client. They have assets as follows - 1) Loans to S/H -- $37,000 2) Fixed Assets - $85,000 (Fully Depreciated) and liabilities of the following: 1) Capi… read more
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We, four shareholders, own 100% of A corp which owns B LLC.
We, four shareholders, own 100% of A corp which owns B LLC. May we transfer to our own individual names B LLC shares in the same % of ownership in A corp without consideration? Would it have any tax c… read more
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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
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Bachelor's Degree Equivalent
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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
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gain.I have a question about step up in basis. Mr. X dies and
gain.I have a question about step up in basis. Mr. X dies and he is divorced. In his will he leaves everything to his four children. He is a farmer and owns 4 C Corporations. Shareholders at the date … read more
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Lev
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How are the conversion of business use depreciable assets to
How are the conversion of business use depreciable assets to personal use reported? Business closed, had some assets that were not fully depreciated that were converted to personal use and others that… read more
Lev
Lev
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After the corporation sells all the assets and close out the
After the corporation sells all the assets and close out the corporation(c corporation), how do we distribute the remaining cash (about 20,000.00)? Can we do a liquidating distribution instead of payi… read more
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How are the assets passed down to shareholders if S-corp is
How are the assets passed down to shareholders if S-corp is liquidated... would this result in capital gains for shareholders?… read more
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"question for BK-CPA" what are the tax differences between
"question for BK-CPA" what are the tax differences between selling assets to shareholders or dissolving and liquidating the assets?… read more
BK-CPA
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Difft topic-- Im a shareholder in 2 companies. The 1st is
Diff't topic-- I'm a shareholder in 2 companies. The 1st is in the process of closing, and don't know what the requirments are (if any) for transferring ownership of equipment to the 2nd.… read more
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What would the entries look like if one C Corp was dissolving
What would the entries look like if one C Corp was dissolving and transferring everything to a new C Corp owned solely by the same shareholder and this shareholder keep the same set of books for the n… read more
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What entries are required to close an S Corp. that is in the
What entries are required to close an S Corp. that is in the process of liquidating? Following is a schedule of the pertinent (I think) amounts: Total assets ..........................................… read more
RD
RD
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Master's Degree
5,572 satisfied customers
We have an LLC that is treated as an S corp for tax purposes......we
We have an LLC that is treated as an S corp for tax purposes......we have been using the retained earnings as a regular S corp, if that is ok...instead of member capital. Also, should the capital stoc… read more
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RD
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