WITAXLADY

BY George I think I (may have) got it...

you mentioned stock value of $100 or $1 per stock - will this have bearing?

If the assets are basis of $1000 or $10,000 - does that make a difference or is this now capital contributed?

I really did take 2 classes on S corps...

D

the stock price was referred to in the post about switching the Sch C to an S corp - how does that tie in please?

Thx D

I just sent mine in as well

I get the doing it wrong part Sold it for -0- and no gain...

started in S Corp at ending basis of Sch C

But year of sale - depreciation is 1/2 so compensated for that with Sch C loss and less value of capital vs personal as -0- and same value of assets

Same $$$ amount

Wouldn't it be more correct to be treating it as a sale and taking 1/2 depreciation?

Thx

I think I like my way better - makes sense -

deals with the closing of the business

deals with the sale of the assets

been doing for 10 years

clean and neat

gives basis for new S Corp

no double numbers - ie basis

simple transaction

Besides how do you get the assets out of the Sch C? if you do not have a sale in 2013?

Thx D

the ? comes into play as to how to treat the assets of the Sch C and getting them into the S Corp -

Wouldn't they have to be sold and purchased? Hopefully for the amount of $$'s left on depreciation for a $0 transaction?

What happens tho' by doing it thru the Sch C - you get 1/2 depreciation as loss on the Sch C and the value of the assets are then less for the S corp - sort of all comes out in the wash...

He says use a 351 election.

How would you actually show a tax-free transaction? What forms, etc on the 1040?

Thx D

very nice

it is so hard to work on a tax return as I still get the retry server error - mostly upon opening a return , creating an e-file and saving and/or closing a return!

Will this ever get fixed?

If I renew ATX again, I think my hubby will shut me down

d

I have always "sold" the assets when changing entities...

WI LLC single member filing as a Sch C now doing payroll and filing as a S corp so the assets need to be moved.

Is this correct? Can it be done this way? Is there a better way?

Had a CPA question me on it as the S Corp started Jan 1 and therefore no Sch C depreciation but the Sch C did not dissolve in the prior year - not until the S corp started in the new year was there a change or sale....

I need to be able to answer the CPA please.

Comments, advice?

Thank you,

D

oh thank you... duh!

and I cannot get past the e-file error saying no SE income

Financial Advisor said S corp counts and the $$ amount was established with her wages

Was he wrong?

Any options? S corp also did 3% matching as employee...

She needs deduction.

Thank you

so we are starting to create extensions and as I go thru the list - some of these I am just getting done... but how do I get them uncreated? They have not been e-filed and I have deleted the 4868 but they are still there in the e-file mgr???

Thx

went to asset global settings and deselected bonus

then it always quickly calculates - 5 minutes later it still is and of course it is locked up...

OK, thx all - I told him that I thought he had lodging...

but does it change with location - the per diem

and yes sometimes you really have to pry that per diem out of them!

and truckers are $59/day normally -but there is still a chart that shows higher rates on gsa but not the high rates they have??

thx all

oops - it is gsa.gov

WELL not sure as I know they get the 80% and we follow the CSA.gov set up...

I guess I will not print this and ask them at 8:30 am when they come in...

still 12 returns to do today for pick-up and 1 1065 and finish a S corp - someone way over scheduled

thinks I am super person and that's is so not so!

thx

what is OEM?

trucker gives me a list of every night he stayed and the $$ amount he wants to take..

Oak Grove, MO - $108 -

majority of them are $83 - what did I miss>

I thought per diem was $46/day...and thru CSA higher up to $71 - is he allowed this table

have I been cheating my truckers?

Thx for any insight.

D

No I get the WI H - if I "file" the return - it uses the loss up... so if not required to file then do not have to use loss...

ok,so I am refilling the Brother toner and it is printing nicely - I thought

only printed about 50 copies and says need new toner

Is there a way to reset the printer to think this is new?

Another tip or trick I should be using?

I got 2 new Brothers and only get abut 600 copies instead of 2600! out of any kind of toner - ???

Thx D

so I'm thinking - very dangerous this time of year..

as I am amending WI Homesteads from 2009, 2010

(wondering what happened to the resolve to do in the summer - oh right that was the 2012 ATX program issue - I digress)

and if a Sch D, or state Sch D is not needed as the income is too low can it be carried forward to the next year and the next until they sell something at a gain? The form does use it "up". but it really was not used.

I believe someone did ask this but wondering...

Sincerely,

D

ps - do not blast me for asking this.

thx

bought pbutter, broccoli, celery, hummus and yogurt bars last night... for the week - yogurt bars almost eaten up by hubby! No bread - forgot cuz only use flax bread.

have to dig into the Easter candy I guess

Steve says you just wanted a reason to get out of the house (buy a hamper)

My dishwasher broke and the septic froze up - with employees and pumping 1x every 8-10 days - not washing anything!

Not planning to eat out after lunch today until the 16th - nose to the keyboard!

had a prior year - 06 office and cannot get it off the list of assets and it will not let the current 2011 house show up. I finally deleted it all and added it back.

Guess what - the 06 is still there in white!

Any ideas?

Thx D