Comments for Tax Strategies

Comment on Important Michigan Update Regarding Pass-Through Entities with Non-Resident Owners by Anonymous

Anonymous — Wed, 25 Jan 2012 14:46:04 +0000

What do you think the best approach might be to situations involving tiered partnerships? Or nonresident trusts? Based on the limited info available, do you think it is better to encourage withholding at a corporate rate (higher) when there are multiple levels of distribution? When there are trusts/estates involved, are you planning to encourage withholding upon these entities too? (not by them, but for them)

Comment on Personal Goodwill Received in Sale of PSC Was Corporate Asset by Jay Feller

Jay Feller — Thu, 12 Jan 2012 21:43:56 +0000

It is a facts and circumstances situation. Did mom’s estate have to file a state inheritance or federal gift tax return? Was any personal Goodwill value shown on these returns? I have not seen this. Probably a stretch. A great answer if it does with step up in value of personal Goodwill if not a taxable estate. Sell at no gain after death. Very aggressive.

Comment on Personal Goodwill Received in Sale of PSC Was Corporate Asset by John Manske

John Manske — Mon, 09 Jan 2012 22:37:09 +0000

I have a C corp owned 50% by mon, 30% by dad and 10% each be 3 children. None of the children is interested in owning the business, so the business is up for sale. Mom is the driving force for the success of the business. An offer has been received for the business as a asset purchase. The fmv of the hard assets is approximately 350,000 out of a total sales price of 1,100,000, so clearly a case for personal good will. The problem is mom died last July and dad inherited her 50% ownership. Any thoughtd if mom’s goodwill survives her death?

Comment on Extension of Lower Capital Gains and Dividend Tax Rates Through 2012 by Steve Shoemaker

Steve Shoemaker — Thu, 08 Dec 2011 13:53:31 +0000

Larry - If the home was never a primary residence, then it would be a taxable gain transaction.

Comment on Extension of Lower Capital Gains and Dividend Tax Rates Through 2012 by Steve Shoemaker

Steve Shoemaker — Thu, 08 Dec 2011 13:52:37 +0000

Dave–the information on this IRS web site may provide you with the information you need: http://www.irs.gov/newsroom/article/0,,id=106799,00.html

Comment on Extension of Lower Capital Gains and Dividend Tax Rates Through 2012 by Steve Shoemaker

Steve Shoemaker — Thu, 08 Dec 2011 13:51:33 +0000

Michelle–regarding the farm, part could be excluded if it qualifies as a primary residence.

Comment on Extension of Lower Capital Gains and Dividend Tax Rates Through 2012 by Larry

Larry — Tue, 29 Nov 2011 20:35:00 +0000

Tennessee couple bought Arkansas Lake home in 1997 for 190K, neither party has lived in the home as “primary residence” couple divorced 2011. Man wants to sell home, although valued at by county taxes at 277K asking 399K. Concerned about capital tax gains, what can you share. Home going on market soon

Comment on Proposed Deduction Limits on Charitable Contributions by Charity Tax Deduction

Charity Tax Deduction — Mon, 28 Nov 2011 06:14:09 +0000

wow ! Great article I like this article.

Comment on Proposed Deduction Limits on Charitable Contributions by Charity Tax Deduction

Charity Tax Deduction — Sat, 26 Nov 2011 11:39:11 +0000

hi
this grate information for tax deduction ,
I thinks if give charity for children your income tax are some save which recite by government policy.

Comment on Extension of Lower Capital Gains and Dividend Tax Rates Through 2012 by dave

dave — Wed, 23 Nov 2011 20:47:47 +0000

how come on the 2010 schedule d, when i fill in $2007 for long term cap gains it then adds that to line 13 and it becomes part of my income on line 22 and then taxed accordingly? i thought the rate was 0 for those in the 10 or 15% bracket. so shouldn’t that amount be subtracted somewhere or not even added on? i was at 15%.