Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Can sale of free standing C corporation be done with 338(g)
can sale of free standing C corporation be done with 338(g) election … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
How can I record a S corp buyout transaction(sole owner) on
How can I record a S corp buyout transaction(sole owner) on stock sale? Should I record Treasury Stock / Cash for outgoing owner then Cash / Treasury Stock for new owner's transaction?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I recently sold my dry cleaning route customers to a local
I recently sold my dry cleaning route customers to a local competitor. My company is a c-corp. I had built my customers up over 6 years. should I record the sale as an ordinary income? I have loss car… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
The c corp had a stock sale. The seller (sole shareholder)
The c corp had a stock sale. The seller (sole shareholder) received cash $100,000. and retained earnings of $30,000., shareholders loan to corporation of $50,000., and Vehicles $6000. He also received… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
How to show the sale of a corporation that continues to
How to show the sale of a corporation that continues to exist. The sales contract shows the dollar amount paid for inventory, common stock (not paid in excess), equipment, goodwill and covenant not to… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
If you pay $450 to purchase stock in a small sub s company
if you pay $450 to purchase stock in a small sub s company and the purchase agreement is split as follows: stock $18 goodwill $200 inventory $200 A/R $32 Can the goodwill, inventory and a/r be treated… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
Shareholder sells his stock in Sub s to someone. The was 179
Shareholder sells his stock in Sub s to someone. The was 179 expense taken by the shareholder in the prior year. Does the shareholder have recapture of 179?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
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
taxmanrog
taxmanrog
Master's Degree
2,960 satisfied customers
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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
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
PDtax
PDtax
Owner
Master's Degree
9,540 satisfied customers
Client is shareholder in S Corp. S Corp sold all of its assets
Client is shareholder in S Corp. S Corp sold all of its assets in a contingent sale (an insurance agencies book of business) in 2012 and took back a note. The K-1 reports the entire gain on the sale (… read more
PDtax
PDtax
Owner
Master's Degree
9,540 satisfied customers
Can a "C" Corporation that has elected "S" status as of 6/01/2011,
Can a "C" Corporation that has elected "S" status as of 6/01/2011, using the accrual basis of accounting, sell its entire business in 2012 to a buyer that is buying the stock of the business use the i… read more
PDtax
PDtax
Owner
Master's Degree
9,540 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
1,326 satisfied customers
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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
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
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
4,666 satisfied customers
I created S-Corp in 1999 for a retail business, and have always
I created S-Corp in 1999 for a retail business, and have always been the sole shareholder; it was never a C-corp. I am contemplating asset sale, where allocation of price will be to fixtures/equip, in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
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
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I hava a new corporate client. In the Balance sheet there
I hava a new corporate client. In the Balance sheet there is a loan to him from the corporation of $102000. and in the Equti section there is a $171,774 additonal paid in capital. I am thinking of off… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x