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What are the tax implications if I make my family trust the
What are the tax implications if I make my family trust the sole owner of my LLC? That means transfer all my interest in the LLC to the Trust … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I was just looking at an exchange you had a few years back
i was just looking at an exchange you had a few years back regarding qsst owner of an s corporation. My question is in preparing the K-1 for the qsst at the S corp level, do i use the qsst name and ID… read more
Scott Irving
Scott Irving
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Is a bypass trust with the decedents spouse as beneficiary
is a bypass trust with the decedents spouse as beneficiary automatically an s corp sharholder … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,570 satisfied customers
A complex trust has $90k in cash put in by the founder of
a complex trust has $90k in cash put in by the founder of the trust, during 2016 the earnings were $550. The 90k was distributed to the beneficiaries, is any of the distribution taxable? Gift Tax?… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
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I have a questions, my attorney created a trust I have one
I have a questions, my attorney created a trust I have one LLC of two members and one S corp . On my tax return from the trust the LLC has just became an single member LLC and the owner is the trust. … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,635 satisfied customers
My husband and I are 50% (500 shares each) shareholders of
My husband and I are 50% (500 shares each) shareholders of an S corporation. He passed away in August 2015, I am late getting my S corp return filed (due 9/15/16) and I am the only beneficiary of our … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,570 satisfied customers
I have 3 irrevocable gift trusts which received S corp stock
I have 3 irrevocable gift trusts which received S corp stock on 12/5/2014. I believe I need to file 2553 under rev proc. Since late, which rev-proc applies. Also file 1041 for short year 2014. Is this… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,570 satisfied customers
form 1041 capital gains are being allocated to K-1 by the amount
form 1041 capital gains are being allocated to K-1 by the amount that exceeds thr net loss in accounting income on Sch B - is that correct since I thought cap gains are allocated to corpus and not dis… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,635 satisfied customers
S corps and Living Trusts"There may also be tax reasons
S corps and Living Trusts "There may also be tax reasons for not transferring property to a trust. Subchapter S stock , for example, often does not fit well in a trust. " WHY? Deduction of losses may … read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
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dad died leaving 13 s corps in a qsst. even though we will file a 1041 can we enter the S
dad died leaving 13 s corps in a qsst. even though we will file a 1041 can we enter the S corp k-1 info directly on the individual 1040? Tis will allow us to track and limit passive losses… read more
Megan C
Megan C
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Master's Degree
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With regards XXXXX XXXXX Subchapter S Trusts (QSST), do you
With regards XXXXX XXXXX Subchapter S Trusts (QSST), do you have a specific code section, regulation or recent PLR that says there is no reporting requirement by the trust, Grantor Return or 1041? Tha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,570 satisfied customers
Form 1041 issue. The trust is from a decedents estate, this
Form 1041 issue. The trust is from a decedent's estate, this is the initial 1041. The Trust is comprised of an S-corp., $165,000 in trust cash, $900,000 of IRA's, 2 personal residences, and a boat. Th… read more
socrateaser
socrateaser
1,455 satisfied customers
I am preparing a 1041 simple trust return. There are interest
I am preparing a 1041 simple trust return. There are interest dividends and stock sales. The interest and dividends are not being taxed to the trust but are flowing to a K-1. Why doesn't the tax owed … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,635 satisfied customers
a c corp. had approx. $1.2 million in retained earnings, then
a c corp. had approx. $1.2 million in retained earnings, then elected s corp. status (approx. 1985). s corp has had losses the last 5 or so yrs. The sole stockholder(trust) inherited 80% stock in 1999… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
Hello My question involves the tax treatment for an individual
Hello: My question involves the tax treatment for an individual who owns a fractional interest in a LLC. FACTS: The LLC is taxed as a partnership The LLC interest is titled in a bifurcated QSST simple… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
client died on 11/25/2008 and had a revocable living trust
client died on 11/25/2008 and had a revocable living trust with an EIN. executor (and also beneficiary) elected to receive 2 lump sum distributions from 1099R (1 is a 401K and 1 is an IRA) with trust … read more
Bill
Bill
Master's Degree
3,132 satisfied customers
My brother and I own and operate a business together. Our parents
My brother and I own and operate a business together. Our parents started the business and have turned ownership over to us several years ago. My wife and I do not have any children so I have told my … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I hired an atty. to prepare wife & I revocable trust(s) One ...
I hired an atty. to prepare wife & I revocable trust(s) One for my wife and one for me. Once the trurst(s) were complete we have written directions on how to fund the trusts ie transferring our curren… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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