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  • Not so good for the person who is giving the property back. Forgiven debt is taxable income and not only will he not only have given the property back, but he will owe the taxes on the $37K of forgiven debt. If I was the attorney for the purchaser...

  • The rules as to basis in the case of a gift do not allow for a stepped-up calculation and they depend upon whether the basis is being calculated for purposes of gain or loss. For determining gain, the basis is the same as it would have been in the...

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    RE: Detached Office Space

    First you stated that the building was built with S-corp income and then you say a portion was from person funds. Can not have it both ways at the same time. If you want to consider the building as owned by the S-corp, make the owner's contribution...



Main Street Practioner Latest Issue

August 2015

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In This Issue

  • Top 5 Myths of Third-Party Designations on Tax Returns

  • Focus on Networking During the Slow Season

  • Riches in Niches: A Three-Step Plan to Build a Specialty Focus

  • Gearing Up for The Great American Accounting Opportunity

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