Demosthenis Zeppos’s Answers

Demosthenis Zeppos

Irvine Business Attorney.

Contributor Level 7
  1. It seems our family trust executor postpones the death declaration of Father "forever" in order to move money behind us.

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. John Noah Kitta
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    You need to file a petition with the probate court to demand an accounting and compel the trustee to act. When you say 'trust executor' to do you mean the trustee of the trust, or executor of a will. The trustee must disclose the terms of the trust to all beneficiaries, and likewise with a will, file a probate with the Court if the estate is large enough, or at least a simplified or summary petition if the estate is small. In either event, if a reasonable period of time has elapsed since...

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  2. If I formed my LLC in October of 2012, do I need to pay LLC fee for the year of 2012? Or just 2013, at the time of tax filing?

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Dana Howard Shultz
    3. John Noah Kitta
    4. Janet Spiro Martin
    4 lawyer answers

    Yes. You have to pay the $800 tax for 2012 on 4th month of following year. April 15 2013

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  3. After I transfer a real estate property to another person via quit claim deed, do I own any tax on the transfer/property?

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Janet Spiro Martin
    3. E. Martin Davidoff
    4. Michael Raymond Daymude
    5. Brian Leigh DeWitt
    6. ···
    6 lawyer answers

    There are two real estate state/county taxes to consider (and for Orange County - applicable). If this transfer is for consideration (sale- you are receiving cash or other amounts to transfer it), then the tax is based upon a transfer tax at $1.10/ per $1000 of consideration received by Seller (Transferor for money). If there is no consideration, then I don't believe any tax is owned/ The other issue is if it is a gift, and the beneficiary is not an exempt class (i.e. -parent-child transfer...

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  4. Hello, my CA LLC ended business in 2005 (paying all taxes due then). But then I never actually dissolved the LLC.

    Answered about 1 year ago.

    1. Demosthenis Zeppos
    2. Dana Howard Shultz
    3. Henry Daniel Lively
    3 lawyer answers

    Your accountant is correct. If you don't ever seek to use the corporation or LLC, and there are no outstanding debts or obligations of the entity, leaving it 'alone' is typically the course of action. Of course, if you ever needed to revive the delinquent corporation or LLC (it held on to a contract, or forgotten property), you would need to pay the accrued franchise tax, plus interest/penalties, and thus, it would get expensive. Otherwise, leave it alone, but the preferred course of action...

    5 lawyers agreed with this answer

  5. How does a CA corporation appoint its directors?

    Answered over 1 year ago.

    1. Dana Howard Shultz
    2. Demosthenis Zeppos
    3. Michael Charles Doland
    4. Jeff Hoang Pham
    5. Craig Evan Rothburd
    6. ···
    6 lawyer answers

    When you say "he filed the articles off incorporation", I presume you mean he was the "incorporator" and he signed the Articles when they were filed. Did he resign and appoint a director? You say that the corporation has no bylaws, officers or directors. If so, typically, the incorporator needs to appoint a director or directors. From there, a first meeting of directors is held, bylaws are adopted, and shares are issued. You mention that you are the 'only shareholder'. I don't think you...

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  6. My now deceased husband bought our house & put it in a 'S' Corporation prior to our marriage. I am now the only shareholder .

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    1 lawyer answer

    I would probably leave it (based upon certain factual assumptions). The reason is that the S corporation, unlike a partnership/LLC does not allow for the 'inside basis' - being the assets held by the S corp (the home), to get a 'step-up' to fair market value at the date of your husband's death. Although the basis in the stock is getting a step up at your husband's death, the assets held within the trust do not. I would hold on to it, unless you really need to move out of the house and sell...

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  7. I plan to transfer a house I owe that is paid off to my two children. Will they have to pay any Federal tax now?

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Michael Raymond Daymude
    3. Brian Joseph Munson
    3 lawyer answers

    Since the home is free an dclear, you can either 'gift' it to them, and file a Form 709 showing the gift, or keep it and have it as part of your estate plan as part of your inheritence. There should be no income tax/gift tax or property tax reassessment provided that following critera are met: (1) that you have not already used your $5.25million gift tax exemption, and that you can thus gift it to your children, and (2) that upon transfer to your children, it will not be reassessed (for...

    4 lawyers agreed with this answer

  8. I need to file an overdue tax return. I lent money, as a business using an LLC, hard money loans on non owner occupied homes,

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Bruce Givner
    2 lawyer answers

    Its really hard to tell but I see a few issues to consider, both buisness and tax. From a business perpsective, are you a qualified lender exempt from the Usury laws, which means, not charging interest above 10% per year (current rate)? Second, from your facts, you state that your LLC lent the money to non owner occopied homes, and that you charged interest. If they paid you interest, then you would have been 1099 possibly, or should have been, but in any event, the itnerest income you...

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  9. Can a non physical therapist own an S corporation in California that is a physical therapy clinic

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Alicia Simone James
    2 lawyer answers

    The s corporation election is an IRS tax election and has no relevance on who can be a shareholder of a professional corporation engaged in physical therapy. The office manager would need to be licensed as a physcial therapist to own shares or be an officer of the corporation

    3 lawyers agreed with this answer

  10. Minimum California franchise tax for final year of corporation

    Answered over 1 year ago.

    1. Demosthenis Zeppos
    2. Frank R Sariol
    3. John Noah Kitta
    4. Janet Spiro Martin
    4 lawyer answers

    Yes. The 800 minimum tax is due for each year the corporation is in existence. There is no way not to pay this unless you let the corporation go into suspension. ( which isn't necessarily bad). It will be due in 2013 with the final return

    3 lawyers agreed with this answer