0
votes
3answers
36 views
What exemptions are available for the franchise and excise tax in the state of Tennessee?
I am a CPA in Ohio and I have a client that established an LLC in Tennessee and closed down before starting any operations. They never earned any income, and I was informed there m …
2
votes
6answers
95 views
Single-owner LLC, starting up, no profit…estimated income taxes
I am in the process of starting a business and have filed as a single member LLC. I have not done any sales through this business yet and have made zero profit. I am also employe …
1
vote
4answers
721 views
Creating a new LLC with one foreign member
A client of mine wishes to create an LLC with 4 members (maybe 5).
Three (perhaps four) of the members will be from the USA with one of the members being a Canadian resident/citiz …
2
votes
2answers
301 views
Partnership - Forgiveness of debt
I have a partnership (LLC) client who had equipment taken back by the bank and sold at auction.
Unfortunately, the proceeds from the sale didn't cover the loan amounts so I have t …
3
votes
1answer
176 views
Basis for a partner in an LLC what is limited liability, suspended loss or ??
This item is certainly up for debate. But has anyone have access to a PLR that addresses how to adjust for true basis for a member in an LLC for debts incurred by the LLC?
Since …
2
votes
3answers
172 views
MMLLC does this not blow the S election?
SMLLC's can elect S status and no blowing the election, but how about a MMLLC? Since one of the prerequisites for an S corp is that only REAL persons (not including partnerships) …
3
votes
4answers
258 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 …
1
vote
4answers
197 views
Rental property in LLC. Needs to short sell personally.
A client of mine has a rental property in an LLC. He has been renting out the property for about 4-5 year and now needs to short sell it.
BUT... in order to short sell it he firs …
2
votes
2answers
101 views
LLC Elected to be Taxed as S Corp - how to revoke?
LLC created 10/2008 and prior account elected S corp tax treatment. Taxpayer now wants to be taxed as disregarded entity. Do I follow the same procedure as I would if revoking S …
2
votes
2answers
237 views
Do single member LLC’s file quarterly payroll and sales tax returns?
Since a single member LLC is disregarded for income tax purposes does the entity still file quarterly payroll and sales tax returns?
2
votes
3answers
176 views
Spouse dies in 2 person California Partnership LLC
A husband and wife each owned 50% of a California LLC formed in 2004 and elected to be taxed as a partnership.
The husband died this year (in 2009).
Does this terminate the partn …
1
vote
5answers
86 views
Two member LLC problem. Please advise.
In a 2-member LLC, one partner puts in 75% of the money, the other puts in 25%. However, BOTH have a 50/50 company interest.
Partner one has a 50% profits interest, 50% company in …
0
votes
2answers
32 views
Creating LLC instead of Donating to 501(c)(3)
If donors to a 501(c)(3) would rather create an LLC, with the 501(c)(3) as the single class A holder and the donors instead being class B investors, and the LLC renting a building …
3
votes
3answers
50 views
LLC Ownership vs. Revenue Share
Does the Revenue Shared by partners in an LLC have to relate directly to percent of ownership? For example, can there be three owners: 51%, 25% and 24% who then share revenue dif …
1
vote
1answer
31 views
Schedule K Partners - Distributive Share Items for hedge fund LLC.
In a tax return for a LLC which invests in hedge funds, are the interest income, dividends and capital gains on the Schedule K Partners' Distributive Share Items that portion of th …
