357 cash - An Overview
357 cash - An Overview
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Lawful disclosures and important regulatory details Lawful disclosures and critical regulatory information and facts
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Just need a actuality check on the proper procedure of a transaction. My client is vast majority operator in four entities (C-Corps) that agreed to contributed property and liabilities to a whole new C-Corp (NewCo). Several of the entities had liabilities in excess of property. Even though, in accordance with § 351 and § 357, we dealt with this as tax free of charge exchange and didn't report any gain because the four entities been given no cash proceeds and retained equally control and retained Most important liability to the transferred liabilities. I just received a phone through the NewCo CPA stating they have been likely to report a action up in basis to FMV around the NewCo tax return and was questioning why we didn't report a attain.
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List down below financial loans to officers, staff members, or customers which at any time throughout the reporting interval exceeded $250 and checklist all financial loans to organization enterprises no matter amount of money. (A)
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