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When C-corp received 1099-Div with amounts posted to 1a
When C-corp received 1099-Div with amounts posted to 1a (Ordinary Dividends) and 1b (qualified dividends). Where on Schedule C of 1120 those are reported?… read more
Lane
Lane
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Doctoral Degree
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Nickel Dime Corp has 100 shares of stock outstanding owned
Nickel Dime Corp has 100 shares of stock outstanding owned by the following taxpayers:Mr. Nickel 50 Mrs. Nickel (Mr. Nickel's wife 10 Brian (the Nickels' son) 10 Lisa (the Nickels' daughter 10 N & N P… read more
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I am looking into purchasing a Corporation that has made the
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taxmanrog
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Maybe, NY, ?? supporting evidence for waht? husband and wife
husband and wife owned s corp stock. wife dies and husband inherits wife's stock. two months later (within same tax year) all s corp assets sold at a large gain and corp liquidated. how does husband avoid depreciation recapture due to stop up in basis?… read more
Lev
Lev
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Lane, Just to confirm - if the 2 S corporation stockholders
Lane, Just to confirm - if the 2 S corporation stockholders purchase the policies on each other & 80% of the proceeds go to the Corporation & 20% to their family upon their passing, is the 80% also ta… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,926 satisfied customers
I'm just trying to confirm that a Sub-S Corp owned by my wife
I'm just trying to confirm that a Sub-S Corp owned by my wife and I can 100% own a second S-Corp. It looks like the answer is "yes" i.e. a Qualifying S-Corp. Is that correct? And from the IRS standpoi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Lev, I live in PA and I'm a single member LLC. I file my
Lev, I live in PA and I'm a single member LLC. I file my taxes as a disregarded entity purposes. But I'm confused about this requirement in PA to file a separate corporate tax return. Do you know abou… read more
Lev
Lev
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1) When wife transfers 30% of ownership to Husband as a gift
1) When wife transfers 30% of ownership to Husband as a gift No reporting is required for transfers between spouses as advised. So does it mean wife does not require any sch D or form 8949 in her 1040… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Wife and husband each own 50% of an S- corp (small size
Wife and husband each own 50% of an S- corp (small size pizza store). Wife wants to transfer 30% of ownership to Husband as a gift and transfer 20% of ownership to her friend as selling stock. 1) When… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a C corporation. It owns land. I want to get the land
I have a C corporation. It owns land. I want to get the land out by starting another subsidiary corporation, transfer the land via sec 351, then do a sec 355 spin off, elect S on the new one and have … read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
Now I own 100% of my S Corporation and 80% of the C Corporation.
Now I own 100% of my S Corporation and 80% of the C Corporation. If I sell 80% of my C Corporation to my S Corporation, it appears, we could do a consolidated federal tax return. The question I have i… read more
USTaxAdvising
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I am looking for some clarification on the Built in Gains Tax.
I am looking for some clarification on the Built in Gains Tax. Please answer with sources. Assume an S election and the following occur during the 10 year window following the election. Do they trigge… read more
Lev
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I have a tax client who owns 100% of the stock in two corporations,
I have a tax client who owns 100% of the stock in two corporations, 50% in a third corporation and 25% in a fourth corporation via a partnership which owns the 4th corporation. I assume this scenerio … read more
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Can I force a conversion to C Corp if I donate some of my stock
Can I force a conversion to C Corp if I donate some of my stock to various charities or to an unqualified corporation?… read more
PDtax
PDtax
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I have a small S corp business I would like to sell. the total
I have a small S corp business I would like to sell. the total that I am selling it for is $200,000. The buyer has only $25,000.00. What I was thinking of doing is to let him buy in as a working partn… read more
jgordosea
jgordosea
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Can someone PLEASE give me an illustrative example of how the
Can someone PLEASE give me an illustrative example of how the "Lease Value Rule" (IRS Pub.15B) would work based on the following factors: Vehicle is owned the S-Corporation. ALL vehicle expenses are p… read more
Anne
Anne
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Can a LLC that has elected S-corp status be a wholly-owned ...
Can a LLC that has elected S-corp status be a wholly-owned subsidiary of a LP and file a consolidated return with the LP?… read more
RD
RD
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Master's Degree
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LLC (stock investing) avoid tax as Personal Holding Company
My extended family (ten family members) recently created an LLC (in Texas) to invest in publicly traded companies. We want to avoid being a Personal Holding Company, and know the two criteria the IRS … read more
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