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Sub S Corps

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The Taxation professionals at ExpertsLand can answer your Sub S Corps questions like:

  • In september 2011, three subchapter S Corporations own a new Sub-Chapter S corportation. The new business has not been launched yet. Is it possible to skip the filing of 1120(s) for 2011 and capture the minimum expenses (i.e. domain name, insurance) in 2012?
  • We are in a process of liquidating a Florida sub-s corp, this is done in anticipation of contributing the net assets and the business to a Florida LLC. According to what i have read and understood i assume this as a two step transaction i.e. liquidation followed by contribution of assets and liabilities to the LLC. Is this correct?
  • I have a  problem which is as follows, Can more than 2% shareholders of a sub S corporation  make contributions to a SEP? If they are not allowed then in such case what should be done to resolve it?
  • A sub S corp owned by me just bought the shares from the primary shareholder (70%) and in lieq of it signed a promissory note showing 10 annual payments going to this person for purchase of this stock. In order to repay the first installment we have to borrow the money using a home equity loan. How does this get recorded? Loan from Shareholder?
  • A Tax planning expert is getting paid personally. After receiving the money she deposited the money into her personal account. After some time she moved all the money to her LLC which is being taxed as an Sub S corporation. i am in a confustion that won't she get double taxed?  Is there any way to deposit the money directly into her company?

 

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