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Can sale of free standing C corporation be done with 338(g)
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I'm looking at the answer about tax consequences of a c
I'm looking at the answer about tax consequences of a c corporation merged into an s corporation. If the merger is strictly for stock I don't see any tax consequences which would make your published a… read more
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How do you determine a sole shareholders basis or corporations
How do you determine a sole shareholders basis or corporation's basis in "Goodwill" in a S Corp.??? A "S Corp." is selling all of it's assets and has a A.A.A. account of over $500,000. If "goodwill" i… read more
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Hi Lev: Since my friends father is the sole owner of the
Hi Lev: Since my friend's father is the sole owner of the C corp which holds tax basis $87500 (per form1120) with retroactive appraised value of 1.6 million (and sold at 2 million on 2/27/13). Based o… read more
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I formed a new S-Corp in February 2010. I was the sole stockholder
I formed a new S-Corp in February 2010. I was the sole stockholder and it was never a C-corp. In 2012, I sold 25% of the stock to an individual. In 2013, the same individual wants to purchase another … read more
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For Lane only: Hi, could you please explain the difference
For Lane only: Hi, could you please explain the difference between 'inside basis' and 'outside basis' as it relates to the Section 338 sale? As mention we are a S Corp for 20 years that owns an S Corp… read more
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What is a purchase of shares of a company with an election
What is a purchase of shares of a company with an election under Section 338(h)(10) of the Internal Revenue Code of 1986 , as amended, in connection with the transaction? This is the language used in … read more
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Client is shareholder in S Corp. S Corp sold all of its assets
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We are acquiring an S-Corporation based in PA. There are
We are acquiring an S-Corporation based in PA. There are assets and goodwill involved. I require guidance as to the specifics on the allocation of the purchase price and the tax consequences of the de… 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
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Louise, who died in January 2011, was survived by her husband,
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An S corp owned a C Corp for a number of years and decided
An S corp owned a C Corp for a number of years and decided to make the C Corp an S Corp. In most of the years up till the changeover, the Corp incurred losses and when profits occured, the basis of S … read more
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I have a client that has sold his business....I want to make
I have a client that has sold his business....I want to make sure I book this correctly...it was sold for the assets which have a book value of $241k but he received $50k for the business...it is an S… read more
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seller sells S corp stock, 100%, and takes Sect 1202 exclusion
seller sells S corp stock, 100%, and takes Sect 1202 exclusion of gain for 1244 stock. buyer elects Sect 338 and steps up goodwill to equal purchase price. will this make seller owe more tax on sale w… read more
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Hi, I am interested in buying a company. I would pay $1.8
Hi, I am interested in buying a company. I would pay $1.8 million. That will buy me $1.2 million of accounts receivable and $200,000 worth of equipment (fair market value). I will have to assume $200,… read more
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For S-corps under section 338(h)(10) why is it said that the
For S-corps under section 338(h)(10) why is it said that the old target shareholder stock is disregarded?… read more
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Client purchased US corp whose asset is a panama business with
Client purchased US corp whose asset is a panama business with assets of 700000 after depreciation. they paid 1,050,000 for the acquisition. is there a way to step up the assets under sect 338 and if … read more
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I am doing a paper for a tax class about About.com being ...
I am doing a paper for a tax class about About.com being acquired by the NY Times in a section 338 acquisition. Do you know if it was a 338g or 338h(10)? Do you know where I can get more info? Thank y… read more
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