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Video instructions and help with filling out and completing Tax consequences of dissolving an s corporation

Instructions and Help about Tax consequences of dissolving an s corporation

Shareholder basis a shareholder basis we talked about earlier from an S corporation is originally calculated to be the same shareholder basis it would be for a C shareholder will add net income to that basis will add net separately stated items and subtract non-deductible expenses and distributions a shareholder share of liability what about the shares of liability partnerships get to add them to their bases S corporation shareholders do not they do not get to add them to their basis because they're not liable for them an exception exists if a shareholder actually puts money into the company in the form of a bonafide loan but the guarantee of a corporate loan in and of itself is not enough to add to shareholders basis until the shareholder actually has to pay the loan for shareholders stock basis can never be zero there are my people there 0000 cannot be lower than zero can a basis in a partnership fall below zero no partnership losses are deductible only to the extent of the partners outside basis if a partner receives a cash distribution in excess of outside basis that excess is taxed as a capital gain as a review of corporations can a basis in stock of a regular corporation fall below zero no corporate losses do not reduce basis only dividends do and if dividends come from capital because earnings are exhausted these are liquidating dividends we take them against basis bringing the capital down to but not below zero and any excess liquidating dividends beyond the basis being exhausted are taxed as capital gains so I EP can fall below zero and as an example where a EP was low was lower than zero to begin with and then we have an nol when that happens ordering rules are needed and we have ordering rules for regular corporations what are the ordering rules for an S corporation well the AAA account is distributed first AAA is distributed first which is good for you as a shareholder because that's tax-free distributions existing accumulated earnings and profits from years when the corporation was operated as a c-corporation go next and we bring the APA EP down to zero but it cannot go below zero because of the because of a distribution it can only go to 0 with a distribution and below zero because of an nol when it was a c-corporation been any cash coming in goes against the shareholders basis and when the shareholders basis is exhausted any excess cash goes against capital gains what if we have both distributions and net losses what if we made a district the first of the year thinking we would be profitable forever and then we have a really bad year and nol distributions are taken before losses are applied so net 0 losses may only be taken to the extent of stock then loan basis but may be carried forward and deducted by the same shareholder remember that.

FAQ

How can I do my income tax return filing without the help of an auditor?
You can do the same, by using online tools available, free chat forums and with the help of professionals that are ready to help at Quora. Even i try to answer all the queries that are posted on QuoraHowever, a word of advise, do not try to do your self. The filing of return, apparently has been simplified. But the correlation in returns from external source of information is so much that filing one-self(unless you are a professional) can be dangerous
How do you fill out an income tax form for a director of a company in India?
There are no special provisions for a director of a company. He should file the return on the basis of his income . If he is just earning salary ten ITR-1.~Sayantan Sen Gupta~
The company I work for is taking taxes out of my paycheck but has not asked me to complete any paperwork or fill out any forms since day one. How are they paying taxes without my SSN?
WHOA! You may have a BIG problem. When you started, are you certain you did not fill in a W-4 form? Are you certain that your employer doesn’t have your SS#? If that’s the case, I would be alarmed. Do you have paycheck stubs showing how they calculated your withholding? ( BTW you are entitled to those under the law, and if you are not receiving them, I would demand them….)If your employer is just giving you random checks with no calculation of your wages and withholdings, you have a rogue employer. They probably aren’t payin in what they purport to withhold from you.
I need to pay an $800 annual LLC tax for my LLC that formed a month ago, so I am looking to apply for an extension. It's a solely owned LLC, so I need to fill out a Form 7004. How do I fill this form out?
ExpressExtension is an IRS-authorized e-file provider for all types of business entities, including C-Corps (Form 1120), S-Corps (Form 1120S), Multi-Member LLC, Partnerships (Form 1065). Trusts, and Estates.File Tax Extension Form 7004 InstructionsStep 1- Begin by creating your free account with ExpressExtensionStep 2- Enter the basic business details including: Business name, EIN, Address, and Primary Contact.Step 3- Select the business entity type and choose the form you would like to file an extension for.Step 4- Select the tax year and select the option if your organization is a Holding CompanyStep 5- Enter and make a payment on the total estimated tax owed to the IRSStep 6- Carefully review your form for errorsStep 7- Pay and transmit your form to the IRSClick here to e-file before the deadline
How do I understand the 1040 U.S. tax form in terms of an equation instead of a ton of boxes to fill in and instructions to read?
First the 1040 is an exercise in sets:Gross Income - A collection and summation of all your income types.Adjustments - A collection of deductions the tax law allow you to deduct before reaching AGI. (AGI is used as a threshold for another set of deductions).ExemptionsDeductions - A collection of allowed deductions.Taxes - A Collection of Different collected along with Income TaxesCredits - A collection of allowed reductions in tax owed.Net Tax Owed or Refundable - Hopefully Self Explanatory.Now the formulas:[math]Gross Income - Adjustments = Adjusted Gross Income (AGI)[/math][math]AGI - Exemptions - Deductions = Taxable Income[/math][math]Tax Function (Taxable Income ) = Income Tax[/math][math]Taxes - Credits = Net Tax Owed or Refundable[/math]Please Note each set of lines is meant as a means to make collecting and summing the subsidiary information easier.It would probably be much easier to figure out if everyone wanted to pay more taxes instead of less.
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