User talk:MSTguy
From TaxAlmanac
This page is where you can leave a message for MSTguy. MSTguy will be notified of messages the next time they access TaxAlmanac.
Please make sure to sign your message by adding four tildes: ~~~~ at the end of your message.
If you are actually MSTguy, this is your page. Feel free to edit your discussion page to add or remove anything you'd like.
Capital Gains on Rental Property
Thank you for the information.
Career Change
MSTguy,
I am sorry that I did not get back to you sooner. The 9/15 corporate deadline was driving me nuts.
Back to our discussion. I am actually heading to Ernst & Young as a level 3 senior tax associate in early November. When I interviewed with them, they specifically told me that this is a demanding and high-stress job with 20% or more overtime on top of the regular 40 hours each week. Also, there will be a lot more social activities and functions than smaller firms such as school recruiting events, inter-office meetings and training sessions that are not part of the regular 40 hours. So, in my opinion, although working for a big firm is no doubt a good experience and an excellent reference on the resume, the hours will be crazy and it comes down to what you want to achieve in life.
My current boss is very open-minded. I have been working here for 2 full years now and he basically knew from the beginning that I would leave some day. When I told my boss of my decision, he just thanked me for my work here and that's about it. He knew that he simply could not match what a big four firm could offer in terms of training and career prospect. But honestly, the tax/accounting profession is a high turnover industry. People come and go and I think each firm should have a back-up plan to deal with the turnover.
Hope it answers your concerns!
Kody
Leasehold Improvements discussion in July 2006
Hi MSTguy,
I am working on the same leasehold improvement situation as you were in July 2006. I agree with you that taking a loss on the termination of the lease is not the right way to go.
On your S-Corp liquidation, did you show the leasehold improvements as a distribution to the shareholders?
My situation involves a C-Corp. Any distribution will either be a taxable dividend or liquidating distribution, so it would have a tax impact on my client.
The reason I'm confused about this is that the Action Distributing case kept mentioning that he LHI aren't liquidating distributions. This case, however, was before the repeal of General Utilities. And that fact may be why the court kept saying the LHI were not liquidating distributions.
Thanks a million,
MMVCPA
