09-13-2005, 07:28 AM
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 Re: S Corp Tax Questions "Kelly" <kgilbert[at]interactionassociates.com> wrote - quote - > A husband and wife hold shares in the S corp jointly and are
No.> both officers. This is the husbands full time job. The > wife occassionally performs services for the company. In > addition to being paid a salary for the work she does for > the company, does she have to receive compensation for being > a (passive) officer of the company? - quote - > The company will most likely have a loss for the current
If they have basis. The term "par value" is meaningless as> year. This is the first year. The shares have a $0 par > value and the husband and wife are the only shareholders. > Will they be allowed to deduct the loss? to the basis. If they don't have any basis, they can carry the loss forward till there is basis. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
09-12-2005, 10:49 PM
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| S Corp Tax Questions I am looking for a good reference book or website for general S Corp tax guidelines. Does anyone have any suggestions they could pass along? A couple of specific questions I have are... A husband and wife hold shares in the S corp jointly and are both officers. This is the husbands full time job. The wife occassionally performs services for the company. In addition to being paid a salary for the work she does for the company, does she have to receive compensation for being a (passive) officer of the company? The company will most likely have a loss for the current year. This is the first year. The shares have a $0 par value and the husband and wife are the only shareholders. Will they be allowed to deduct the loss? Thanks in Advance for your help! Kelly << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| corp, questions, tax |
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