Eduardo Guillermo Sanchez’s Answers

Eduardo Guillermo Sanchez

City Of Industry Business Attorney.

Contributor Level 11
  1. In CA, when husband and wife transfer their joint tenancy property to a revocable living trust, who owns the property?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Michael Ross Lykken
    3. Richard J. Chertock
    4. Michael Austin Hackard
    4 lawyer answers

    The wife does not own the property. The Trust owns the property. Title vests in the Trust. Cal. Rev. and Tax. Code Section 63-64 would not treat the transfer to the surviving spouse as a change of ownership when the spouse dies. The property reverts back to one of the original joint tenants. The Preliminary Change of Ownership statement that is required to be filed with the Affidavit-death of Trustee has a box to check that will not cause a reassessment for property tax purposes.

    12 lawyers agreed with this answer

  2. May a trust be the sole member and the sole managing member of an LLC?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Jeff Hoang Pham
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    A Trust may be the sole member and managing member of an LLC. The Membership Certificate is issued in the name of the Trust. The Operating Agreement mentions that the Trustee of the Trust will act on behalf of the sole member Trust. It is simple. Not very complicated. It happens all the time.

    11 lawyers agreed with this answer

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  3. How many meetings to hold annually for a S-Corp?

    Answered over 1 year ago.

    1. Michael Charles Doland
    2. Eduardo Guillermo Sanchez
    3. Michael T Millar
    4. Mark Joseph Guay
    4 lawyer answers

    California law requires that the shareholders elect the directors and the directors elect the officers. This is required to be done once a year. The California Secretary of State requires that you annually report any changes in these position by filing a Statement of Domestic Stock corporation. This is done by filing online on the Secretary of State page. The fee is $25. The annual director minutes electing the officers (President, Secretary and Chief Financial Officer) should also...

    9 lawyers agreed with this answer

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  4. LLC Formation / Living Trust Question

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Douglass S Lodmell
    3. Larry Dale Webb
    4. Carmine John Giardino
    4 lawyer answers

    The Operating Agreement will name the Trust as the sole owner of the membership interests. The Operating Agreement will require the signature of the sole owner. The Trustee will sign in his/her capacity for the Trust.

    8 lawyers agreed with this answer

    1 person marked this answer as helpful

  5. Is it a reason to convert Nevada LLC to the C-corporation?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Dana Howard Shultz
    3. Carmine John Giardino
    3 lawyer answers

    Many reasons could exist for doing this. More facts would need to be known. But, the obvious one is that one or more of the members does not want "flow-through" taxation to report the profit or loss on their own tax return. Sometimes non-US resident do not want this for various reasons.

    7 lawyers agreed with this answer

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  6. My friend died owing California $53,000 and the IRS $1,495. His personal property is worth virtually nothing. What now?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. L. Maxwell Taylor
    3. John P Fazzio III
    3 lawyer answers

    When your friend died, it appears that the debt would also die because he has nothing to collect on. This happens.

    7 lawyers agreed with this answer

    1 person marked this answer as helpful

  7. How is the amount of a credit shelter trust determined?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Steven J. Fromm
    3. Douglas R Holbrook
    4. James P. Frederick
    4 lawyer answers

    You would need to determine the formula clause in the Trust allocating shares among the distinctive sub-trusts. If a pecuniary credit shelter-residuary marital trust, then the credit shelter trust would be allocated all the assets with the marital trust portion not getting anything. Please have an attorney review your trust.

    7 lawyers agreed with this answer

  8. S-Corp/C-corp - California state tax and Federal tax issue

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Michael Leo Potter
    3. Andrew B Gordon
    3 lawyer answers

    A IRS Revenue Procedure exists that will allow for your late election to be approved. You mark Form 2553 with a note on the top of the form that it is being filed pursuant that Revenue Procedure. If you did not do this, the IRS will usually send you a letter requesting clarification on this matter. When you receive the form have a competent CPA or attorney assist you with the matter.

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  9. Can you use someone elses tax id number to do a job on a car?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Kevin Lewis King
    3. Daniel Lee O'Neil
    3 lawyer answers

    You can't use someone else's tax id number. It is fraud. With that said, if your friend agreed ahead of time to subcontract you to do the work. Then, you could possible argue that you were doing a job for your friend. They pay your friend and your friend pays you for your services.

    6 lawyers agreed with this answer

  10. Can I subpoena the IRS for heavily redacted tax returns?

    Answered over 1 year ago.

    1. Eduardo Guillermo Sanchez
    2. Phillip Monroe Smith
    3. John P Fazzio III
    3 lawyer answers

    No. The IRS will not allow disclosure for that reason.

    6 lawyers agreed with this answer