Bruce Givner’s Answers

Bruce Givner

Los Angeles Tax Lawyer.

Contributor Level 18
  1. I own a small, one person business. Can I give my wife my business and still run it myself? I would have zero income, hence

    Answered over 1 year ago.

    1. Bruce Givner
    2. Samuel G Lockhart
    3. William F. Bernard
    3 lawyer answers

    Yes you can give your business to your wife and still run it. However, if you provide services, then some portion of the profit is fairly taxable to you for your services. I don't think your wife will be able to claim you as a dependent: read IRS Publication 501 for the rule on that exemption - http://www.irs.gov/publications/p501/ar02.html. As a couple you will end up paying the same tax since your wife will be paying it.

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  2. Should I start an LLC or S-corp for my Yoga Business in california

    Answered 8 months ago.

    1. Bruce Givner
    2. Christian K. Lassen II
    3. Daniel M Genet
    4. Samuel D Brotman
    5. Ili J. Subhan
    6. ···
    6 lawyer answers

    First, you should hire a competent CPA to give you this advice. Second, in the absence of that, you may not need to form an entity at all. It may be fine to operate as a sole proprietorship, reporting the revenue on your Schedule C. Third, if you want to operate as an entity, e.g., for liability protection, the most likely choice is going to be a Sub "S" corporation or an LLC.

    11 lawyers agreed with this answer

  3. Taxes in the event of a spouse's passing.

    Answered over 1 year ago.

    1. Bruce Givner
    2. Frank R Sariol
    3. Christine James
    3 lawyer answers

    You need to see a high quality estate tax lawyer. Your estate planning documents should provide that upon his death the assets are left in a qualified domestic trust for your benefit, which means that a U.S. person needs to be the trustee. That will avoid estate tax on his death. Whether you should consider becoming a citizen depends, among other factors, on the size of your estate. This is not something to decide based on an internet site. Sit down with a quality lawyer for a couple of...

    11 lawyers agreed with this answer

  4. Should a trustee provide accounting statements to beneficiaries

    Answered over 5 years ago.

    1. Bruce Givner
    1 lawyer answer

    The answer to your question is that your rights as a beneficiary include the right to receive an accounting. However, you probably do not have the right to receive an accounting more often than annually. To know how often you have to first check the trust instrument and see what it provides. Otherwise, state law limits the timing to once per year. Some of the relevant code sections are printed below for your convenience. You can find the rest of them at Findlaw.com. If your interest in...

    4 lawyers agreed with this answer

    12 people marked this answer as helpful

  5. What year does tax liability occur for lawsuit settlement?

    Answered 8 months ago.

    1. Bruce Givner
    2. James D. Wade
    3. David Ian Schoen
    4. Robert Bruce Kopelson
    5. Kevin Matthew Sayed
    6. ···
    6 lawyer answers

    That's a good question. I am not 100% positive but here is my best guess. Your attorney is your agent. Once your attorney receives the funds as payment of the settlement, that is the same as you receiving the funds. Therefore, you are taxable on receipt by your attorney even if the attorney sends the check to you in the following year. However, I would like to research the question to see if there is a good argument that because you are a cash basis taxpayer you can postpone taking it into...

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  6. I am trying to form a private foundation to donate and get tax write off for 2013. But it takes years now to get IRS approval

    Answered 8 months ago.

    1. Bruce Givner
    2. Michael C. Dallo
    3. May Lynn Harris
    4. Richard Gordon Stack
    4 lawyer answers

    You can deduct the contribution in 2013 even though the IRS favorable determination letter is received in 2014.

    9 lawyers agreed with this answer

  7. Can I sue online magazines like Radaronline for purposely misrepresenting my work to the public, thereby affecting sales?

    Answered 8 months ago.

    1. Bruce Givner
    2. Vadim R. Alden
    3. Maurice N Ross
    4. Daniel Nathan Ballard
    5. Bruce E. Burdick
    5 lawyer answers

    As long as you have the filing fee ($435) to get into superior court, you can file a lawsuit against anyone. Of course, that does not mean that your case has any merit. Even if your case has merit, you may have a problem collecting if you win. In terms of having an attorney represent you for nothing, anything is possible. There are 170,000 lawyers in California and perhaps some of them would take your case for free. The question is how to find those lawyers. You can try calling an...

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  8. Capital gains tax from sale of property in a trust. can I use MY PERSONAL loss carry forward to offset the gain in the trust???

    Answered about 1 year ago.

    1. Michael Leo Potter
    2. Bruce Givner
    3. James P. Frederick
    3 lawyer answers

    I need to read the trust. It may well be a "grantor trust" for income tax purposes which means that it is disregarded for income tax purposes (it is not a separate taxpayer even though it is irrevocable). If that is the case, then you will be able to use your personal loss against the gain on the sale.

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  9. My partners and I own a small business, formed as a general partnership, we gave our books & documents to our preparer, but

    Answered almost 2 years ago.

    1. Bruce Givner
    2. John Ryan Charles Burt
    3. Michael Charles Doland
    3 lawyer answers

    You need to immediately hire a CPA who is competent in representing taxpayers who have tax problems, including unfiled returns. Preferably this CPA used to work for the IRS. As the other lawyers suggested, you should try to reason with the police department. However, on the assumption that the entreaties to the police prove unhelpful, you need to take action. You will need to reconstruct your income and expenses from other sources, e.g., bank records; vendors; your memory. You want to...

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  10. Should my wife retain an attorney to represent her in a tax deficiency case?

    Answered 10 months ago.

    1. Bruce Givner
    2. Richard Gordon Stack
    3. Phillip Monroe Smith
    4. Zaher Fallahi
    4 lawyer answers

    How much money is involved? If it is enough then, of course you should buy an hour's time from a competent lawyer. In San Diego try Steve Boner, Esq. at 619-295-7100. Otherwise, if ING made a mistake and it was a rollover, then you will have pain and anguish dealing with the IRS but you really shouldn't have any liability. However, if it was really a rollover then your only damages should be the time and effort of convincing the IRS. So, if the dollar amount is small, I would give ING the...

    7 lawyers agreed with this answer

    1 person marked this answer as helpful

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