User talk:Kmikeburns
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72-t
Yes, I think the whole thing is blown up and he should stop taking out immediately because every payment will be subject to the 10% penalty.
Who/What firm was his financial planner with? Or is he a do-it-yourself guy?
I also don't see the problem with the fundamental issue...purchased some real estate in an S...it appreciated, sell it at a profit, take the profits out as a distribution...is there a problem with that? Appreciate your thoughts.
Usually real estate is in an LLC...but why is the above no good.
Regards, Ira
One big problem when people make LLC's into S-Corporation is that the operating agreements aren't consistent with the rules of S-Corporation..mainly one class of stock...just had that problem
Am I missing something?
Doesn't an S corp pass gains through to the shareholder as long as it is not unrelated business activity? I had a corporation which sold a business severaly years ago. The prior preparer had shown them as a C corp. We went back and used the S election in order to pay capital gains at the individual level. We did not liquidate the S corporation but we sold assets and the gain passed to the individuals
HRB spreadsheet
Hi there, You requested the spreadsheet....but didn't give me an email address.
Also, when you send someone a message, you should start a new topic AND be sure to sign off with the four Belle 18:04, 23 May 2008 (CDT).....otherwise it takes some sleuthing to find out who left the message.
Thanks,
Belle 18:04, 23 May 2008 (CDT)
AZ Audit
Hi Mike,
I appreciate your response on the discussion page. Thank you for your input. The RA in this instance is: Joselyn Albers. I have not worked with her previously, but any input is greatly appreciated.
My firm is relocating from Phoenix, to Scottsdale at the end of August. I will be working on Scottsdale Road and Lincoln. Where are you located at? Anywhere close?
Thanks again, Brenda
On the POD... JTROS
Mike: the lawyer will put language in the deed to make it "joint tenants with right of survivorship", if that turns out to be the needed designation. I know a lot of tax people that need some backgroud in real estate law, and there's not many good books on the real property law for lay people. However, it's probably worth checking with your local library/librarian. I have found that some books written for would-be agents to pass the real estate exam cover real estate law pretty well on a basic level. The topic your question concerns is called "conveyancing". I would ask to speak with the reference librarian for such a book. Good luck with it! CrowJD 17:20, 19 August 2008 (CDT)
Mike, my apologies to you
It's me that needs to read a book, and not you. See Riley2's response to your question about the deed.CrowJD 22:32, 19 August 2008 (CDT)
