Family Limited Partnership The Ninth Circuit Court of Appeals confirmed a judgment from the Tax Court and took stood with a victory for the IRS. In the case fact pattern, a husband formed an LLC. The husband then funded the…
Introduction The leaves are turning, the temperatures are falling, and Christmas is only a couple months away. It is that time of year again! Many people don’t want to think about it, but (if you plan properly) the happiest time…
Q: I heard from a promoter that Family Limited Partnerships are the ideal way to set up a family business in most cases. Is this true? A: No. Many promoters push their product having very little knowledge of the subject content…
This is the first of a two-part article adapted from a Jan 2011 INC. Magazine article of the same title. Every business owner spends some time negotiating, whether it is with customers, suppliers, investors, or would-be employees. Most business owners…
Fracking In a Letter Ruling the IRS ruled that income from a hydraulic fracturing (fracking) activity is qualifying income for tax purposes when earned by a Publicly Traded Partnership. Under the Internal Revenue Code, a publicly traded partnership is treated…
Introduction In a time of transition in this country, it is unfortunate that the average small business owner knows little or nothing about valuing their business. Many believe they can take a multiple of their company’s annual profits (derived from…
Q: I am exchanging property in a 1031 “like-kind-exchange”. Can I exchange my one property for more than one property? A: Yes. As long as the property being exchanged is within the same class, you may exchange the property for more…
Most business owners are vaguely aware that Employee Stock Ownership Plans (ESOP’s) can provide substantial tax advantages when they approach retirement, but they don’t have a clear idea of how ESOP’s work, nor do they realize how ESOP companies typically…
Trustees Liable for Taxes A District Court ruled that trustees of an estate were liable for unpaid estate taxes. In the fact pattern, the estate came about when the decedent died in 1992, leaving behind large insurance policies and a…
Introduction Last month, we examined the selection of which entity to choose from based on the perspective of the proprietor through the lens of the Limited Liability Company. To recap last month’s conclusion: “Limited Liability Companies are becoming more popular. …
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