What type of tangible work product meets the requirement of not being considered taxable income in exchange for company stock?

The term "property" is not specifically defined for a Section 351 transaction of property into a corporation to receive nonrecognition treatment. ...

Did I word everything wrong about tax question.

If you are married on the last day of the tax year you must file as married filing jointly or married filing separately. If you are not married...

How can I have my son use my mortgage (VA) interest, property taxes, etc. as a tax credit?

To qualify to take these expenses it is required that the Taxpayer be on title and pay for the items. Any individual seeking legal advice for...

Divorce an income tax implications

Your tax filing status is determined by your status on the last day of the tax year. If your divorce was final before the end of the year you are...

Is she out on a loophole?

This is really not a tax law question. It is a question that should be addressed with your family law attorney with regard to interpretation of...

I have a business, an attorney proposed a tax mitigation structure but wants to chage 1/3 of the tax savings. Ethical? Legal?

I agree with the other attorneys. This is not ethical for an original filed return. It is also a violation of circular 230. Any individual...

Is there a penalty for filing taxes near the end of the year if you don't owe anything?

Typically no, if you do not owe anything you will not be penalized. Hopefully, you filed an extension and have until October 15 to file your...

How long can you claim a teenager on your taxes if they are not working?

Please refer to my legal guide entitled Claiming your Children as Deductions. Any individual seeking legal advice for their own situation should...

My daughter is 20 if she collects food stamps can we still write her off on our taxes (she's disabled)

Please refer to my legal guide regarding claiming your children as deductions. Any individual seeking legal advice for their own situation...

Yes. By how much depends on the planning you have done. This question is too open ended to give you a better answer. Any individual seeking...