What is the name of your state (only U.S. law)?
Connecticut/New York
I have some property in NY state which may provide a substantial income as a result of mineral rights. There is a potential annual income from this same process which would be more manageable that the bonus. If taken as income this will result in a significant tax bill, which I would like to minimize.
Is it possible to have this income paid to a corporation which would then re-invest that money as well as pay a small salary to my spouse or myself? I believe I would first have to 'sell' my mineral rights ot my corporation. The corporation, I think, would then have the ability to invest its income from the mineral rights in other real assets and not pay income taxes on that money invested.
I will clearly need an attorney to make all this happen. I am at this point checking the concept.
Connecticut/New York
I have some property in NY state which may provide a substantial income as a result of mineral rights. There is a potential annual income from this same process which would be more manageable that the bonus. If taken as income this will result in a significant tax bill, which I would like to minimize.
Is it possible to have this income paid to a corporation which would then re-invest that money as well as pay a small salary to my spouse or myself? I believe I would first have to 'sell' my mineral rights ot my corporation. The corporation, I think, would then have the ability to invest its income from the mineral rights in other real assets and not pay income taxes on that money invested.
I will clearly need an attorney to make all this happen. I am at this point checking the concept.