TO: J Corporation FROM: Yizhen Gong RE: §357(c) gain IRS examination DATE: October 13, 2014 Facts Joe owns 100% of the stock of J Corporation. Joe plans on contributing a parcel of land to J co. having a fair market value of $1.5 million and a basis of $350,000. Further, the land is subject to a mortgage of $1.2 million. To avoid the gain that would result on this transaction, due to §357(c), Joe plans on contributing a promissory note to J Corporation of with a
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Abstract The following paper discusses hypothetically two separate businesses and how they must take into consideration taking control, taxation, and liability issues when starting their business. Each company will have to make decisions as it deals with employment laws and regulations, as well as identifying risk that may arise while they begin to conduct business. Restaurant/Bar Scenario Lou and Jose plan on opening a sports bar and restaurant with help from Miriam. The pair, Lou and Jose
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building with several employees and hundreds of clients. There are many duties and responsibilities assigned to me; most of them are the same as before. The preparation and completion of individual tax returns, corporations, partnerships, and sole proprietorships are expected to be finished in a timely manner. These are the primary means of income for this company, but I also prepare estate and trust returns when needed. Other duties and responsibilities assigned to me include the preparation
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Business Environment 2012 Business Environment 2012 ICBT City Campus Insaf Ismail Batch 40 ICBT City Campus ICBT City Campus Insaf Ismail Batch 40 ICBT City Campus Acknowledgement I would like to thank Mr. Anurugdha yapa for imparting great knowledge, assisting & believing in us & giving us a hand on experience & opportunity in making this assignment a success. Your guidance gave us the strength to get through many a trial in completing this assignment successfully. My
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options for Christina and David in terms of selecting a business structure. These are sole proprietor, partnership and company. Option 1: Sole proprietor A sole propriety is an option for the start-up whereby one individual of the pair would control and manage the business. For example, David starts up, controls and manages the business and Christina is merely employed by David. The registration requirements of a sole proprietor would include David as the owner applying for an Australian Business Number
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to suit the needs of the individual and the business type. A sole trader is an individual who sets up, controls and provides for their own business. They may throughout time look into employing other people however the individual will be the sole owner. The sole trader will have unlimited liability and they will be the exclusive decision maker and fully reliable for any debt that may occur throughout the full business lifespan. A sole trader organisation will have strong relationships with their
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8 roles of a business! To produce goods and services! Production refers to those activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants. Other functions! Profit! Profit is what remains after the business expenses have been deduced from the businesses sales revenue. Employment! To be able to purchase something you must pay money and to pay money you usually get that from your job, which are provided by businesses. The
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missions, goals and the strategic objectives of your chosen client organisation with a similar organisation. The main type of business organizations in the UK are: * Sole traders * Partnerships * Companies/ Corporations * Charities * Cooperatives * Franchises * Private Sector and Public Sector The sole trader organization is composed of one person who funds the business and also keeps 100% of the profits. Hence it being the most common form of organization. A partnership
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community with the help of Adidas to sponsor them. The scale of Aldersley Leisure Village isn’t big as it is only a local company who are funded by the government and only offer to the local community, also they would only have one owner, known as a sole trader or a few partners known as a partnership which is common in small scale tertiary company.
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|PLEASE TYPE OR PRINT CLEARLY | |LEGAL PROVIDER NAME AS FILED WITH THE SECRETARY OF STATE, INCLUDING DBA NAME (SOLE PROPRIETORS, INCLUDE NAME AND DBA NAME) | |Superior In Home Services LLC
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