As a tax advisor, you will need to employ different strategies when you are representing a buyer vs. seller in the sale of a company, since what is advantageous for one is often disadvantageous for the other. On top of that, you will also need to consider how different entity types are treated from a […]
In a previous blog, we discussed tax basis—the amount that a taxpayer has invested in business assets, which determines the gain or loss when the asset is sold. Remember that a taxpayer must have sufficient basis to deduct a business loss on their tax return. Another set of tax rules that can be overlooked is
In a previous blog, we discussed how a shareholder in an S corporation or a partner in a partnership needs sufficient tax basis to claim a business loss. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. If the
Debt Recourse and Tax Deductions for Partnerships and S Corporations Read More »
Understanding tax basis is key to maximizing tax deductions, especially for shareholders or partners involved in an S corporation or partnership. Tax basis refers to the amount that a taxpayer has invested in business assets, calculated by taking the purchase price and subtracting any accumulated depreciation. This value will determine the gain or loss when
Overcoming Limits to Tax Deductions for S Corporation or Partnership Losses Read More »