The IRS has established procedures to simplify taxpayers’ choice of entity for tax purposes. The procedures are referred to as the ‘‘check-the-box’’ regulations. Use the Internet to find articles or discussions about these new rules and how they are applied. Trace the steps you use in locating such sources (search engine, tax directory, or Web site, etc.). Write a summary of the information you find, including the URL of the Web site that contains the information you use for your summary.
Answer to relevant QuestionsLarry is interested in acquiring a business owned by Jane. If Jane's business is organized as a corporation, what options are available to Larry in acquiring the business? Explain to Larry the difference in the options.What is the general rule for determining when the holding period of an asset begins?Alberta owns 5 acres of land shepurchased several years ago for $6,500.A new housing development is being built on the north side of her property.The owner of the development needs part of Alberta's land to run utility and ...Recently, there has been a lot of discussion about what is commonly referred to as “corporate tax shelters’’ as a means of corporations’ avoiding paying income tax. Discussions in Congress may lead to legislation ...Taxpayers can structure transactions through third parties that qualify as like-kind exchanges if certain time requirements for identifying the properties and closing the transaction are met. This type of exchange is ...
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