Recent content by PastaPrimavera

Thank you :)

thank you. it seems that the 1120-S generates a K1 which is the income prorated to each shareholder - regardless of distributions. and this buy-out was not income, or a distribution from the corporation. It was a cash payment form me (an individual) to another individual for his shares. He...

Our "tax pro" seemed uncertain - that is why I am asking the super pro's on this forum. thanks!

Thank you for your reply! I believe we have been filing the 1120-S every year for the S Corporation (a tax person completes this for us). I was told that this year, since both shareholders were not owners for the full year (I purchased shares in July) we would need to file a "prorated" form...

What is the name of your state? California Hello. I purchased all of the shares of a former 50% shareholder in an S Corporation (previously we were both 50% shareholders). Payment was by check. What form do I complete and send to the IRS to disclose the purchase and the amount that I paid...

Can anyone suggest a tax specialist who could help me with this situation in SF Bay area, or California? Or suggest some tax liturature I could read to get a better understanding on how this could be accounted for Thanks!

What is the name of your state (only U.S. law)? California Tax question There are two 50% owners in an S Corporation. One owner sues the other in a derivative action on behalf of the S Corp. As settlement, one of the owners relinquishes his share in the S Corp. to the other resulting in one...

What is the name of your state (only U.S. law)? My father dies in England many years ago. After many years, and exorbitant fees, the executor handling his estate is ready to make distributions to the beneficiaries; however, he is only willing to do this if the beneficiaries agree to sign a...

My father died a few years ago in England. His will gave general guidelines for distributions to his heirs. The attorney handling his estate proposed distributions in British Pounds about 7 months ago which he filed with the court in London. I have not yet received any money but the value of...

What is the name of your state (only U.S. law)? California Hello. I need help to protect my parents money. My parents entrusted me with most of their life savings. They did this to avoid conflict amongst their other children and to prevent any one of them from engaging in irresponsible...

What is the name of your state? California Sorry if this is a bit long. I am suing E*Trade Pro Se and would appreciate advice/opinions on my case. A couple of years ago, E*Trade engaged in a wholesale conversion of brokerage funds that were invested in Money Market accounts (invested in US...

What is the name of your state? CA I just discovered this wonderful website and all of the very helpful articulate posts. I have a difficult question I’m hoping someone can help me with. My father (a US citizen) passed away about 5 years ago and his estate is mired in litigation and tax...