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(the shotguns)
Join Date: Feb 2006
Location: Maryland
Posts: 21,733
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Attn S corp owners with basis issues
If your cpa has said the word 'basis' to you in past years and you are not going to be showing much profit (or possibly even a loss) this year be sure to talk about 'repayment of shareholder loans in excess of basis' with your cpa this winter (BEFORE the end of the year).
Simple version is there may be opportunities for taking excess (beyond basis) $$ out of your S corp and not feeling tax pain (cap gains) thanks to a temporary 0% rate for AGI's below a certain level. Tis a small thing and very situation specific BUT be sure to ask about it.
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***************************************** Well i had #6 adjusted perfectly but then just before i tightened it a butterfly in Zimbabwe farted and now i have to start all over again! I believe we all make mistakes but I will not validate your poor choices and/or perversions and subsidize the results your actions. |
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11-06-2008, 01:08 PM
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