User talk:Glmpllc

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- Tim Doyle, TaxAlmanac Moderator - Talk to me 22:26, 6 December 2006 (CST)

shareholder loans

Thank you for your reply. Unfortunately there is no written note or debt instrument. The corporation only had 2 shareholders and both have made equal contributions up to this time. The trust received the shares belonging to the grantor but there is no mention of capital contributions or loans to the corporation in the Trust documents. In reviewing last year corporate tax returns I see a reference to "shareholder's loans" in certain sections and "officer loans" in others. Does either classification help determine whether the trust or estate should be owed these contributions?--NewTrustee 23:36, 9 February 2007 (CST)

Offensive Post

Yes, one of the things with wikis is that nothing is ever really completely gone, which can be both good and bad. There will still be a history there for those who want to go dig for it, but at least it's been removed from the main page.

- Tim Doyle, TaxAlmanac Moderator - Talk to me 12:08, 18 February 2007 (CST)

LLC & SE Tax

Thanks for your input to my question. Do you have a link to the proposed regs that you mentioned? Thanks, David

ExGovtAuditor re 1120S

Thanks for the encouragement. I hated to add that I actually worked for the IRS for 8 years, but that was back in the 1980s. I spent the rest of my career with the Defense Contract Audit Agency -- as you might guess I was auditing defense contracts, contractors, and contractor proposals. So taxes aren't my specialty, at least not any longer!

I hate to poke the sleeping tiger by amending returns. But the lack of employment tax returns will eventually catch up with my friend (and will later fall on me to handle!) Plus, he really needs to get his social security situation straight before he retires. He'll be 65 next month, and due to his own procrastination, he won't have enough quarters to qualify unless he gets his returns filed! He may end up closing his business before then if things don't take a turn for the better!

Once again, Thanks!ExGovtAuditor 23:10, 12 March 2007 (CST)

done!

ok gastric and potato, nice to talk with you over the last few weeks. I am now done. I will be online a bit today and tomorrow while I do some of my own housekeeping stuff and then I am not turning on this computer for at least a week, maybe two. I hope you are both coasting to a nice and profitable end to this season. from the dungeon.

Attorney Trust Account

I am very puzzled and need some help understanding the Attorney Trust/IOLTA account. Example: at the end of a year, does the money held in the Client Trust account ever become taxed to the partners of the law firm? Example: the firm I work for had 67,000.00 in the Trust/IOLTA account and the CPA for the firm gave the partners a $50,000.00 distribution and $17,000.00 loan on their personal taxes. I asked for clarification and the Accountant said he had to do this. I still do not understand why. My understanding is that the Client Trust/IOLTA account is never owned by the Legal Firm, but is monies held in Trust and owned by the clients to use to pay for legal fees and any remaining monies in each client's account is to be refunded to the client. Is there any exceptions to this rule?

1031 - Is sales commission rebate a boot?

In my recent 1031 exchange, i net 532k (529k from property sold, and 3k interest from the 529k held in 1031 company). I then bought the replacement property for 640k. During the process, my real estate agent charged me 5% commission but rebate me 5k. The problem is that they gave me the 5K after escrow had closed. Now that the 1031 company told me that it is a boot, subject to tax withhoilding and I have to wait till the end of the 180 days to received the money. Even more confusing, they said that had I included the 5k in the escrow, evrything will be okay. My thinking is that, the "boot" is the cash one received from the sales, the extra money not used towards the purchase. If all my 532k went into purchase, why is the money from a third party considered a "boot", the agent is not a buyer nor a seller, they only provided the service to me, and has nothing to do with the sales or. Worst yet, why would it be okay if it was handled within the escrow?

Thanks again.