User talk:Warren

From TaxAlmanac

Welcome

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

As you begin to interact on TaxAlmanac, your changes will be linked to your personal user page. We encourage you to edit this page and add a short description about yourself. This will allow others to better understand your background and qualifications as they review any replies or information that you submit. I see that you've already added information to your user page - thank you!

We also suggest that you introduce yourself to the other members of the TaxAlmanac community on the User Introduction Discussion Forum.

If you can think of anything we can do to make TaxAlmanac a more useful resource to you, please feel free to give us your feedback on the TaxAlmanac Feedback Discussion Forum.

I hope you enjoy being a member of the TaxAlmanac community! If you have any questions, see the help pages or ask me on my talk page. Again, welcome!

- Tim Doyle, TaxAlmanac Moderator 10:57, 9 February 2006 (CST)

1031 on second home

Warren,

Thanks for your response. I've heard the exact same thing. I've scoured the code and the regs and haven't found any site that say's it can't be done. Is there any site that you know of that I may have missed.

Thank again for the help,

Dan Kavanaugh

religious school tuition

Warren,

Thanks for your advice.

Howardlcpa Howardlcpa 21:04, 7 April 2006 (CDT)

homeowner list by zip code?

Who did you buy this list from? How would I go about buying a list like this in my area?

Thanks!

Debt forgiveness on foreclosure

How do you hand debt forgiveness on a foreclosed property. The client has received a 1099 from the bank for the amount (difference between the loan balance and the amount the property sold for or was value at.

C Corporation non-compete question

Warren,

Hi my name is Mike. I am currently one of 4 shareholders in a C Corporation. I am the majority shareholder at 52%. We are in the process of selling real estate (a hotel) inside the corporation. I read a thread about reducing capital gains that you responded to. You mentioned something about the corporation paying the shareholder a significant amount of money for a non-compete agreement. Can you explain how exactly this works and how it would reduce my capital gains? Is the buyer of the property paying us? Are we (the c corp) paying ourselves (shareholders)? In that past thread, you mentioned someone was selling a business for 800k and had a 300k non-compete. We are selling ours for 2.25m. It is a hotel. What would be a reasonable (defensible) non-compete for us?

Thanks

Mike

Offer in Comproise revisions

Dear Sir:

Unfortunately you will not receive the 20% deposit back in the event your Offer is denied, however the 20% for the offer amount will go to overall balance,once the Offer is Denied.

Donald Collins Priority Tax Relief 888-776-7770

Ideal Corporate Structure

Hello Warren,

Thank you for taking the time to read my question.

I found this website and after reading a few of the discussion forums and reading about your background, I deciced to give you a brief background of my current situation and see if you could shed some light on the best next steps to take.

I recently got involved with a private company that is incorporated in the United States and has an office in Vietnam.

The company has been strategically formed to take advantage of each of our unique experiences and our network. We realize that as things progress, we will have to retain the services of a big4 accounting firm. For now, we just want to get some advice and opinion on the best approach to form our company.

At present, the company has several subsidiaries including:

A website that sells our products - similar to Overstock.com Company DEF - 50/50 JV spilt with Vietnam partner) Toovi Inc. - Our ownership of this company is 40%

Specifically, with Company DEF about 20% of the volume and profits stemming from these deals we envision keeping off shore in Vietnam with complete transparency for investors. The profit/losses will be reported in a consolidated basis for accounting purposes. Our goal is to avoid paying U.S. taxes for business generated and earned overseas.

I need your opinion on the best way to structure the company regarding: Tax liability basis Taking the company public Overall Liability Investors preference

I envision the best approach to is to have all of our subsidiaries and subsequent collaborations with new business partners rolling up under the company umbrella incorporated in United States rather than setting up an LLC for each new opportunity.

Please let me know if you need any additional information.

Thank you Warren. Peyton - peytonmajors@gmail.com Peytonmajors 20:32, 11 March 2008 (CDT)

End of the forum

You may have heard by now that the Tax Almanac ( www.taxalmanac.org ) web site forum is permanently closing its doors effective June 1. Perhaps you have seen the pink bombshell “Important Service Announcement” when logging in.

Long-time TA user ChrisV2 has volunteered to set up a new website where TA users may continue the discussion. The site is up and running now and has an active base of contributors.

We invite you to take a look www.taxprotalk.com and join your fellow TA refugees.

Frankly (TA member and new member of TaxProTalk)