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As usual, a gift of continued full employment for those who have to manage what those we elect regurgitate.

Reports are that the new bill is coming out at 5:30 Eastern Time. Sen. Corker and Sen Rubio, who were potential holdouts, signaled they will vote for it. That should give the senate enough votes (along with VP Pence if needed) to pass it in that chamber. The house is pretty solid on voting for it. Looks like we may get a new tax code after all. I am scheduled for a tax update class on 1/5. I bet I will need to take another one sometime during tax season. Buckle up folks, we have to learn a new set of laws, learn how to interpret them, and advise our clients on the best tax moves they can make, all while trying to get our 2017 returns out the door. It is going to be an interesting year to say the least. Tom Modesto, CA

Everything we "think" we know now is maybe not what it actually is and can change once complete picture is finalized. /// all in perspective :

If he transfers the truck, it would be considered a distribution to him at FMV and the 2-member LLC would report the gain taxed at ordinary rates. I forgot to ask if there is a liability against the truck, and if so, that would reduce the amount of the distribution. Could the S corp actually purchase the truck from the 2-member LLC for its FMV? That would bring cash into the LLC that could be distributed to the owners to help cover the tax effect. I think that this LLC wouldn't be prevented from structuring this as an installment sale since your client owns exactly 50% and not "more than 50%", meaning that the S corp isn't considered a related party. If I'm wrong on that, someone here will correct me. If the S corp doesn't have the resources to purchase it, what about the S corp leasing the truck from the LLC? Would that be something they'd consider?

As I understand it, some exchanges WILL provide a 1099 if they collect the required data AND you bought or sold $20k at any one time. Most exchanges don't collect the data because of privacy issues and the fact they are foreign based. In my opinion it's like old stock cost basis, they provide you with the details and you have to trust them.