Question: I am one of several members in a limited liability company treated as a partnership for tax purposes which is being sold. If we sell our membership interests to the buyer, can the gain be reported as capital gain?
Legal gambling on pro and college sports outside Nevada hit the jackpot on May 14 when the U.S. Supreme Court struck down the Professional and Amateur Sports Protection Act passed by Congress in 1992.
Question: My father died holding all of his assets in a revocable trust. Must the trust’s tax returns be filed using a calendar year-end?
Airplane travel is nature’s way of making you look like your passport photo. — Al Gore
Like rain on a day off or coffee spilling on your shirt on the way into a client meeting, air travel delays seem inevitable.
Question: I have been pondering converting my traditional IRA to a Roth IRA for many years and question whether the new tax law makes a conversion more or less beneficial?
With surprising regularity, principals are taking legally flawed positions when reps must resort to legal action to collect commissions due, particularly following a termination.
Question: My spouse and I are about to divorce. Can I deduct any alimony payments I make to my spouse?
The past four spring training columns have each covered the progress of a class-action lawsuit in which minor league players sought to obtain what Major League Baseball, supreme ruler of the minor leagues, was unwilling to provide: a living wage. Many minor leaguers earn less than $7,500 a year, some less than $3,000, but barring action by the Supreme Court, their suit appears concluded.
Question: I have historically itemized my deductions on my personal income tax returns, a meaningful portion of which consist of charitable contributions. What if anything can I do now that my charitable contributions will not provide any tax benefit to me?
Tipping after a meal is a highly individual preference. Some food lovers will leave huge tips even if the soup arrives cold and the beer warm with the waitstaff nowhere to be found, while other customers tip frugally after receiving five-star service at a busy restaurant.
Question: I am a partner in a two-person partnership which holds two condominium units for rental. Can we dissolve our partnership without paying tax on the appreciation in the condominium units?
Sales rep lawsuits commonly seek to recover unpaid commissions following the termination of a rep contract.
Question: I own a 50% membership interest in a limited liability company (“LLC”) which is taxed as a partnership and I also own stock in a S corporation. The corporation advanced funds to the LLC in 2017. Since the LLC is no longer in business, do I as a LLC member have to report income from the non-repayment of the advance?
Question: I will be renting out my vacation home for part of the 2018 year. If I have income from the rental, do I have to pay tax on the income? Alternatively, if I have a rental loss, can I deduct the loss?
Question: With most of my estate consisting of cash in a bank account, I am considering retitling the account in joint tenancy with my daughter who is my only child. Isn’t this much simpler than preparing a Will and having my assets probated?
Unscrupulous principals might originally plan to pay the agreed-upon commissions to their reps, and will perhaps honor the contract terms for a while, or at least until the orders start coming in reliably.
So in our pride we ordered for breakfast an omelet, toast and coffee and what has just arrived is a tomato salad with onions, a dish of pickles, a big slice of watermelon and two bottles of cream soda. —John Steinbeck
When John Steinbeck penned, in his 1952 novel “East of Eden,” that “I believe there are monsters born in the world to human parents,” few readers could have envisioned that he might someday become one of those parents.
Question: I recently lost my job and need to withdraw funds from my somewhat sizeable individual retirement account for living expenses. Since I have not yet attained age 59 ½, is there a way to avoid the 10% penalty tax on my IRA distributions?
“Hey, Adam,” begins many an incoming office call, “the principal who owes me back commissions didn’t remember that our contract says Tennessee law (or Utah, Colorado, New Jersey, Georgia, etc.) applies. I can get triple commissions, right?”
“Well,” begins the formal, technical response to many such calls, while stalling for time. Then, the very first legal phrase taught in law school is invoked: “That depends.”
Many independent reps are familiar with sales rep protection statutes. These state laws are generally intended to help level the playing field with their principals when a commission dispute arises.
Question: I am unwinding the cross-purchase buy/sell agreement I have in place with the other 50% owner of my corporation. What are the tax consequences when we receive back from each other the policies of insurance on our lives?