Doug Youmans
Sale of Stock or Assets. Stock. A stock sale is simpler than an asset sale, and will result in one level of tax to the selling shareholders of a C-corporation. With an S-corporation that does not have C-corporation earnings and profits, or in the case of an unincorporated business treated as a partnership for federal […]
READ MOREThis proposed topic is submitted on behalf of the Estate and Gift Tax Committee of the Taxation Section of the State Bar of California. Summary of Proposed Topic Under the “check-the-box” regulations, entity classification is simplified. Under these rules, single member LLCs are, by default, disregarded for income tax purposes. These rules, however, do not […]
READ MOREThe main purpose for creating a special needs trust (SNT) is to preserve public benefits for disabled and/or aged beneficiaries. Generally, public benefits that are “asset sensitive” are relevant to the planning of an SNT. There are a number of reasons for creating an effective SNT, some of which include: The statutes and regulations relating […]
READ MOREWith over 3,000 members, the Taxation Section of the California State Bar is one of the largest tax sections in the country. Perceiving that our members can provide valuable insights on various substantive and procedural issues in the tax law of specific concern to California tax practitioners and taxpayers, almost 25 years ago, the Taxation […]
READ MOREA. Basic Requirements. A corporation is eligible to elect and maintain S status only if it qualifies as a small business corporation. For purposes of Subchapter S, a small business corporation: is a domestic corporation; has no more than 75 shareholders; has no shareholders other than: individuals who are citizens or residents of the United […]
READ MORETypes of Insolvency Proceedings Assignments for the Benefit of Creditors. Common law provides that a debtor can make a general assignment of all of its property to a trustee, with authority to liquidate the property and distribute the proceeds equitably to creditors. An assignment is the functional equivalent of liquidation under Chapter 7 in that […]
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