2023 has been a relatively quiet year from both a tax standpoint, and an overall economic standpoint for the United States. After 2022 saw historically high inflation as the economy rebounded from the impacts of the pandemic, inflation has cooled somewhat, and it appears that the chances of a recession have abated. On the tax […]
Category: Tax Planning
Eligibility to Elect S Corporation Status
If you are interested in operating your new business as an S corporation, it is important to be aware that only corporations that meet certain criteria are eligible to elect S corporation status. Therefore, here are the basic requirements for eligibility as an S corporation. The corporation must be a domestic corporation (i.e., a corporation […]
2023 Tax Planning: Basis of Property Acquired Under Code Secs 1031 or 1033
In certain types of transactions there are opportunities for taxpayers to defer gain on the exchange of property, including like-kind exchanges and involuntary conversions. Like-kind exchanges offer tax planning opportunities to defer gain on the exchange real property held for business use or for investment in exchange for similar replacement property. An involuntary conversion is […]