Bank Security Interest The Seventh Court of Appeals has ruled that a lower court’s decision resulting in the IRS having an inferior lean to a superior bank lean was incorrect. In the case, the property had a bank lien on…
Bank Security Interest The Seventh Court of Appeals has ruled that a lower court’s decision resulting in the IRS having an inferior lean to a superior bank lean was incorrect. In the case, the property had a bank lien on…
Q: What forms do we file to report a loss on the sale of a rental property? A: Rental property is income-producing property and as such, considered business property. Report the loss on the sale of rental property on form…
Introduction Recently we’ve been writing a lot about valuing and exiting your business. Today we turn to what happens after you decide to sell your business and before signing the letter of intent. In the excitement of the process, one…
This is the sixth – and last – in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #10: An ESOP will remedy all of my company’s problems. While the Employee…
Valuations Include Everything Recently the Tax Court ruled that vacation and sick pay are compensation items to be included as income tax when paid to a taxpayer. In the facts, the taxpayer was a police officer on a city police…
Q: I purchased stock from my employer under a § 423 employee stock purchase plan and received a Form 1099-B for selling it. How do I report this? A: Under a § 423 employee stock option plan, you have taxable…
How are you going to end the relationship with your business? Believe it or not, that day will come. Fortunately, you have a number of options to plan your exit and watch your legacy continue. Four good, viable options exist…
This is the fifth in a series of articles that will attempt to dispel ten common misconceptions, or fables, about ESOPs. ESOP Fable #8: I fear that my employees can sell their stock to someone else. Another common fear of…
Valuations Include Everything The Tax Court upheld a stock valuation in a closely held business. The taxpayer transferred nearly 10,000 shares valued at roughly $220 per share into 20 irrevocable trusts. The IRS disagreed with the valuation and believed it…
Q: If I lease office furniture with the option to buy, when do I depreciate the purchase price? A: You must first determine whether the agreement is a conditional sales contract or a lease agreement. If you gain equity or…
