Archived
C-Corporation – For a Closely-Held C Corporation, can ordinary Operating Expenses be used to offset Portfolio Income?
John's answer
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Answered on January 23, 2014
no need for any "portfolio" classification in the c-corp realm as in the personal tax arena or for personal holding company income where there is...
Archived
What to do with a 1099C
John's answer
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Answered on January 22, 2014
You will have to file a tax return because IRS gets a copyof the 1099 and will send a notice if you do not file and their records show taxable...
Archived
What are trusts that more than the trustee knows about the trust.
John's answer
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Answered on January 22, 2014
Is this a riddle? What are you asking in plain English as your post is incomprehensible. Repost and give some facts to establish a context to grasp...
Archived
How do I remove a shareholder in an s corp? I have a 50/50 "partner" and do not want to be in business with her anymore.
John's answer
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Answered on January 22, 2014
Attorney Eastman gives accurate advice. I don't understand how you could have investors without a shareholder's agreement ......you also may have...
Archived
If i bought a business, am I liable for debts still owed from the previous sale of the business?
John's answer
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Answered on January 22, 2014
All depends on the loan and purchase agreements. If, in your example, I had represented Bob then I would not have allowed you (Joe) to be able to...
Archived
Gave $ to my parents to buy a home after a short sale. Got added to deed last April. Want to sell. Will they pay cap gains?
John's answer
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Answered on January 22, 2014
Simple answer.....first $500k of capital gain income on sale of a personal residence by a married couple is tax free. The fact that you are also on...
Archived
New York state question: Paying trustee attorney fees from the trust estate
John's answer
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Answered on January 22, 2014
All depends on the terms of the trust as to leniency as a trust grantor could have specifically allowed form errors in judgment (done in good...
Archived
Is it fair that an attorney gets 50% of an executor's fee and tells the executor to get zero? My parent's attorney did this.
John's answer
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Answered on January 22, 2014
Attorney Dippel gives excellent commentary. If you are co-executor and sole beneficiary then is silly to take an executor fee--even if entitled--...
Archived
My father had my sister listed as executor in 1996. He made me successor trustee in 2010. Which counts now that he's passed away
John's answer
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Answered on January 22, 2014
The word executor is for a will and the word trustee is for a trust. Not enough facts here to know how the two documents are connected or not. And...
Archived
Do I need to list my LLC bank account in mandatory disclosure for family court in Florida.
John's answer
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Answered on January 22, 2014
Yes you have to disclose and it all depends on what you spent the funds on....if valid business expenses then no issue but if you tried to...
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