1
vote
3answers
23 views
Can I deduct the cost of replacing an existing failed well?
I have an LLC that rents a building to a business and a house to a family. The well was tested and found to be unfit for human consumption. I drilled a new one. can I claim an extr …
1
vote
2answers
39 views
Deducting full cost of computers as expense or depreciating it?
I have an LLC that is taxed as a disregarded entity and I use the cash accounting method. I bought some computers that are used by the LLC during 2009 and am trying to work out if …
1
vote
0answers
14 views
Transfer of Property with Mortgage in LLC
I need help in sorting out whether this is a taxable event and how to handle the transactions that transpired. Below is the circumstance:
1) Six individuals transferred land with …
1
vote
1answer
17 views
Research and Development since 2008 but business not started yet. How to report loss?
I think I know the answer but keep thinking there is something I'm forgetting. I hope to soon have a client. He has been working on an idea, not patented yet - still in R & D …
1
vote
1answer
37 views
Tax treatment of LLC incentive units
We are forming an LLC and giving certain key employees incentive units which vest over time.
How are these treated for tax purposes to the employee receiving the units?
When we …
3
votes
6answers
308 views
election for single member llc to taxed as corp
Single member LLC formed Jan, 2008. Filed 2008 tax return as disregarded entity on Form 1040, Sch C., will do same for 2009. Form 8832 was not filed, used the default rules. Now …
1
vote
2answers
69 views
Setting up a branch office in USA
My overseas client wants to setup a branch office or subsidiary in USA. I know the best corp. type would be an LLC, however, how can he open a bank account here and what would be t …
1
vote
1answer
119 views
Closing an LLC Partnership
I'm dealing with a client who has an LLC (my client and his father) that they rolled over into their new company.
They would like to close/cancel the old LLC.
What is the proper …
3
votes
4answers
155 views
LLC taxed as a Corporation - Recordation & Reporting Issues
When an LLC elects to be taxed as a corporation (whether as a C corp or an S corp) which recordation rules are they subject to. Specifically:
LLCs usually are not required to ho …
3
votes
3answers
188 views
What forms do we need to fill out for LLC.
My 2 sisters and I formed an LLC in NJ to purchase a piece of land in South Carolina. We currently have an interest only loan and I am wondering 2 things:
Can we write off the m …
2
votes
2answers
74 views
LLC ownership of another LLC
What is the correct way to record the ownership of a portion of one LLC by another LLC? Are funds transferred from the parent LLC to the child LLC (or vice versa) treated as Partne …
1
vote
1answer
21 views
Judgement for future rent
My client went out of business and closed their shop at a local shopping center.
The landlord sued for breach of contract and unpaid future rent.
The Landlord was awarded five ye …
1
vote
1answer
108 views
Status of California LLC Fee for Gross Receipts
What are the current implications with regards to the LLC fee and gross receipts? Is it solely based upon CA gross receipts instead of worldwide gross receipts in an LLC doing busi …
2
votes
3answers
105 views
Check the box election
Is it possible to elect to treat a CFC with the following ownership structure as a disregarded entity: 95% owned by US LLC (a D.R.E.); 5% owned by US Corp.; and US Corp. owns 100% …
2
votes
3answers
110 views
LLC electing S Corporation status
What reason would a new entity have to be an LLC and then elect S Corporation status? If you wanted the liability protection, why wouldn't you just be an S Corporation from the in …
