Tax Corner

Avoiding Debt Discharge Income by Limited Liability Company

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?

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Joint Tenancy Account as a Will Substitute

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?

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