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My wife owned some shares in ETP that she bought in May
My wife owned some shares in ETP that she bought in May 2018. Then, in June, she transferred these shares to my account with same broker. She received a K-1 for that period from ETP. How would she rep… read more
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Another K-1 (1120S) question: On the K-1 (1120S), where is
Hello again Alexander. Another K-1 (1120S) question:On the K-1 (1120S), where is the shareholder's (100% ownership) contributions (cash and/or property) to the corporation for a given tax year recorde… read more
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Is section 1377 still in effect as regards electing to close
Is section 1377 still in effect as regards ***** ***** close an S corporation tax year as opposed to weighted average method when 1 shareholder sells out completely? If the "2 tax years" is elected wh… read more
Dr. Fiona Chen
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My wife (referred here as LDG) was once had the power of
My wife (referred here as LDG) was once had the power of attorney in some property her former husband had (he served time in prison for tax evasion) her son took over the business and she had 51% of t… read more
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I have a single member LLC which I must close this month. It
I have a single member LLC which I must close this month. It never made enough to pay myself a salary, but I did accumulate a few thousand dollars in the business account over the 5 years in business.… read more
Lev
Lev
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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
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Tax Experts: Wife created s-corporation in 2013 and was 100%
Tax Experts:Wife created s-corporation in 2013 and was 100% owner. On 01/01/2016 she assigned all her shares to her husband. They are filing joint tax return. What are tax reporting requirements for: … read more
Lane
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S corp has only 2 shareholders ( me and my friend: 50%:50%
S corp has only 2 shareholders ( me and my friend: 50%:50% shares for each). I gave up my all shares in June 2015 for some reasons. Should schedule K be issued to me for 2015 or not ? The other shareh… read more
Lev
Lev
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Does shareholder stock basis need to match (pro-rata) in an
Does shareholder stock basis need to match (pro-rata) in an S-Corp? Please provide documentation related.… read more
Lev
Lev
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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
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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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**I am unable to attach a word file in this window (with the
**I am unable to attach a word file in this window (with the schedule of stock sales) I'm afraid the info in the format below will be too confusing for you.*** Hi, Regarding 1202 QSBS exclusion, I am … read more
Lev
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I have a client (S-corporation) whose shareholders, a married
I have a client (S-corporation) whose shareholders, a married couple divorced September 30. The wife was ordered to transfer her shares to her ex-husband. When preparing the K-1 form I believe I shoul… read more
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There is a 3 person S-Corp. 2 of the shareholders are buying
There is a 3 person S-Corp. 2 of the shareholders are buying out the third. How do I report the buy back of the stock on the 1120S?… read more
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I am preparing a K-1 for the first year of a partnership (started
I am preparing a K-1 for the first year of a partnership (started september 2011) that was supposed to be simple, however one partner sold his share and I am second guessing my work. There were origin… read more
CGCPA
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I am helping a small S Corp with their taxes. There were 2
I am helping a small S Corp with their taxes. There were 2 stockholders for most of the year. On December 31, the 49% shareholder purchased the 51% stockholder's interest for $1400.00. He then issued … read more
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For 9 months of 2008 I was a 25% shareholder of an AZ S corporation
For 9 months of 2008 I was a 25% shareholder of an AZ S corporation business which showed a substantial loss at their year end on 12/31/08. I sold my shares on 10/1/08. Although I was not a shareholde… read more
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Lev
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I am President of a S corporation I want to retire,and ...
I am President of a S corporation I want to retire,and hand over my shares to my spouse, What are my or my spouses tax ramifications… read more
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