Bruce Givner’s Answers

Bruce Givner

Los Angeles Tax Lawyer.

Contributor Level 18
  1. Will the FTB go after me personally for my inactive partnership's late filing penalties?

    Answered about 1 year ago.

    1. Bruce Givner
    2. Dana Howard Shultz
    3. Janet Spiro Martin
    4. Richard Gordon Stack
    4 lawyer answers

    Mr. Shult and Ms. Martin have given you good advice. In the past the FTB has not gone after the owners of closely held businesses for the failure of the entity to pay its minimum franchise tax (with the rare case where the owner took out money which made the business unable to pay the tax).

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  2. What are the tax implications on sale of real estate property in Hong Kong where the owner is a US citizen and resides in US?

    Answered about 1 year ago.

    1. Bruce Givner
    2. Charles Adam Shultz
    3. Phillip Monroe Smith
    3 lawyer answers

    Messrs. Shultz and Smith have given excellent answers. In short, the U.S. citizen must pay capital gains tax on the sale of the property. The cost basis is the basis that the donor had at the time of the gift, increased by any gift taxes paid (presumably none) and increased by any improvements made.

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  3. Are residential properties that are included in a Trust settlement subject to payment of property taxes, etc.?

    Answered almost 2 years ago.

    1. Bruce Givner
    2. Cathleen Anne Dettmann
    3. Steven J. Fromm
    3 lawyer answers

    Property taxes are a lien on the property. Property taxes are a lien on the property whether the property is owned by a person, a corporation, a trust or a dinosaur. Property taxes are not a personal liability of an individual. If your husband becomes the "executor" of his father's trust (executor is not the correct term - he would become the "trustee"), then he has the duty - as trustee - to make sure that the property taxes are paid. However, he has no personal liability to the county/...

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  4. Do I need to pay any taxes on a money gift?

    Answered about 2 months ago.

    1. Bruce Givner
    2. Milda Uogintaite Goeriz
    3. James Charles Daloisio
    3 lawyer answers

    No you need not pay taxes on this gift. See the instructions to IRS Form 3520.

    5 lawyers agreed with this answer

  5. With a S Corp can the IRS place a levy on the corp for an officer's personal back taxes owed?

    Answered 7 months ago.

    1. E. Martin Davidoff
    2. Bruce Givner
    3. Thomas J. Wagner
    4. Michael T Warshaw
    5. Anna Barsegyan
    5 lawyer answers

    No.

    5 lawyers agreed with this answer

  6. IRS said they would contact me regarding my offer in compromise by 12/16/2013 - still no contact. What to do?

    Answered 7 months ago.

    1. Bruce Givner
    2. Robert Jan Suhajda
    3. Thomas J. Wagner
    4. Robb Adam Longman
    5. Joshua Robert Miller Driskell
    5 lawyer answers

    The fact that the IRS missed its self-imposed deadline does not give you any advantage. You should contact anyone for whom you have a phone number.

    5 lawyers agreed with this answer

  7. Tax return. Is there anything wrong or unlawful about a separated couple filing jointly? ex. 1 spouse earns and lists the other

    Answered 10 months ago.

    1. Thomas J. Wagner
    2. John P Corrigan
    3. Bruce Givner
    4. Zaher Fallahi
    4 lawyer answers

    You are permitted to file jointly even though separated. However, as Messrs. Corrigan and Wagner suggest, is it wise?

    5 lawyers agreed with this answer

  8. Will my husband's over 1million IRS debt be my responsibility if he pass away?We have separate bank account, separate tax filing

    Answered 11 months ago.

    1. Evan A Nielsen
    2. Phillip Monroe Smith
    3. Bruce Givner
    4. Anna Barsegyan
    5. Anastatia Quirk Ellis
    5 lawyer answers

    Messrs. Smith and Nielsen have given you good advice. You should hire one of them before you go further.

    5 lawyers agreed with this answer

  9. My mother and I own a duplex we purchased as JTWROS. What taxes will apply when one of us dies?

    Answered 11 months ago.

    1. Bruce Givner
    2. Max M Alavi
    3. James P. Frederick
    3 lawyer answers

    First of all, if the decedent's estate is worth less than $5,250,000, then there will be no Federal Estate Tax. Second, there will be no California tax on death because California has repealed its inheritance tax. Third, Internal Revenue Code Section 2040 - entitled Joint Interests - presumes that 100% of a property held jointly is included in the estate of the first joint tenant to die. However, whatever the surviving joint tenant purchased for fair consideration is excluded. So if you and...

    5 lawyers agreed with this answer

  10. How do I treat (for tax deduction purposes) a $370,000 Roth IRA loss resulting from a ponzi –scheme "Madoff type" investment?

    Answered about 1 year ago.

    1. Evan A Nielsen
    2. Bruce Givner
    3. Linda Simmons Campbell
    4. Robert V Cornish Jr.
    4 lawyer answers

    The basic rules are in Revenue Ruling 2009-9. IRS Information Letter 2009-0154 explains that you will not get a loss unless you have basis in your IRA. Since you converted to a Roth IRA you should have basis, so you should be able to take a loss. We have a lot of experience with Ponzi scheme losses, not just Madoff, but ones in the Pakistani and Korean communities as well.

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