John Michael Goralka’s Answers

John Michael Goralka

Sacramento Trusts Attorney.

Contributor Level 7
  1. Shall I notify Sec of State or IRS about sale of my LLC?

    Answered over 1 year ago.

    1. Christopher William Peterson
    2. Robert Neil Newton
    3. John Michael Goralka
    3 lawyer answers

    First, I am not familiar with the reporting requiements in the state of Texas. However, a single member LLC is a disregarded entity for federal inome tax purposes. What that means is that the Single member LLC does not file a separate federal income tax return and is not a recognized entity for federal tax purposes. As a result, the federal income tax ocnsequneces from the sale of the entity will be treated in the same manner as the sale of assets from a sole proprietorship irrespective of...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  2. In the state of California , what are the procedures for opening a safe deposit box after someone has died? Does the executor of

    Answered over 1 year ago.

    1. Raphael Samuel Moore
    2. Eric Jerome Gold
    3. John Michael Goralka
    3 lawyer answers

    if there is a probate estate, then the executer or administrator can obtain access by presenting to the bank a certified copy of the letters testamentary ( if there was a will) or the letters of administration if there is no will. That document will permit access to the safe deposit box. The executer or other personal representative of the estate should inventory the contents of thebox and provide that list to the appropriate heirs. I recommend that the personal representative always take...

    1 person marked this answer as helpful

  3. What are the tax implications of converting an S-Corporation into a C-Corporation?

    Answered over 1 year ago.

    1. Dana P. Shaffner
    2. Evan A Nielsen
    3. John Michael Goralka
    3 lawyer answers

    More information is need to understand the true focus of your question. However, the conversion of an S corporation into a C corporation would have a profound effect upon the manner in which that corporation is taxed. A subchapter S corporation is essentially a corporation that has elected to be taxed in a manner similar to a partnership. Such an election avoids the double taxation of income at both the corporate level and the individual shareholder level. An S Corporation effectively pays...

    2 lawyers agreed with this answer

  4. What happens in a revocable trust, when the primary trustee no longer has full mental capacity to make decisions?

    Answered almost 2 years ago.

    1. Daniel Mcgraw Little
    2. Steven M Zelinger
    3. John Michael Goralka
    3 lawyer answers

    A careful review of the trust terms should be made. Typically, the power of attorney is used to provide control over assets outside the trust. By the trusts terms, the successor trustees named in the trust instrument govern the priority of the persons who may act on behalf of the trust. Even if a person is named as a successor trustee, he or she must agree to do so and to uphold and follow the terms of the trust. The trust instrument should also specifically establish the rules for...

  5. Can I personally be held responsible for tax debt of a dissolved corporation?

    Answered 11 months ago.

    1. Craig Bernard Mitchell
    2. Patrick Craig Morrow Jr
    3. John Michael Goralka
    3 lawyer answers

    First, that is a question under state law since you indicated that the collection notices were from the state for state income tax. California law limits the collection of a corporate tax debt to corporate assets with the exception of payroll tax withholding and transferee liability. A 100% penalty will be assessed for failure of a corporation to pay over the taxes with held from an employees check but not actually paid to the tax authorities. Transferee liability arises when assets are...

    1 lawyer agreed with this answer

  6. Trust fund accounting

    Answered over 1 year ago.

    1. John Michael Goralka
    2. Eric Jerome Gold
    2 lawyer answers

    First you should review the trust regarding any provisions governing the accountings that are required by the trustee and the format for those accountings. Then you should make a written request for the accounting. If necessary, you may petition the court for the accountings to be provided. Then you should request the original source documents needed to verifiy or substantiate the information presented in the accounting. An attorney in your area may be better able to guide you through this...

    1 lawyer agreed with this answer

We're ready to help. Contact us today.

916-440-8036