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This is really a journal entry question, however I'm sure it…

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This is really a...

This is really a journal entry question, however I'm sure it will involve tax implications

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I'll outline with a timeline bc it get a bit confusing...in 7/16 I purchased a company for 15k, in 10

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Then 10/16 I took on a equal partner, then we took on another llc as an investor, in 4/17 all parties agreed to buyout the LLC's interest, by a newly formed llc that my partner and I own, we also agreed for one of the investors to stay on at 15%, then in 8/17 agreed to buy out his interest over 24mths

Submitted: 5 months ago.Category: Tax
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Answered in 12 hours by:
11/17/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 months ago

You're right, the transactions will have tax consequences, and they will depend on how the ownership was purchased each time. And it could mean short year tax returns to file.

There are 5 different transactions here, and each will have tax consequences. The analysis of each is beyond what we typically offer here.

I can help via our Premium Service Offering. For an additional fee, I can assist with the entries, and advise about the tax consequences of each.

The prompt for a premium service is not opening on my end. I will ask site management to assist so that I can offer the service I suggest.

Customer/p>
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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