Comments on: Ask Paul http://www.farmcpatoday.com/2009/08/11/ask-paul/ A blog for farmers & others involved in the agricultural industry. Mon, 06 Feb 2012 14:30:17 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Hlopez http://www.farmcpatoday.com/2009/08/11/ask-paul/comment-page-1/#comment-4399 Hlopez Fri, 03 Jun 2011 18:46:40 +0000 http://www.farmcpatoday.com/?p=423#comment-4399 The new LLC will be owned by me and the current owner of the S Corp. We will both own 50% fo the LLC as members. We are going to cease the operations of S corp. The current onwer of the S corp wants/will transfer the equipment from the S Corp to the new LLC as paid-in capital, if that's possible. The new LLC will be owned by me and the current owner of the S Corp. We will both own 50% fo the LLC as members. We are going to cease the operations of S corp. The current onwer of the S corp wants/will transfer the equipment from the S Corp to the new LLC as paid-in capital, if that’s possible.

]]> By: Paul Neiffer http://www.farmcpatoday.com/2009/08/11/ask-paul/comment-page-1/#comment-4397 Paul Neiffer Thu, 02 Jun 2011 15:58:40 +0000 http://www.farmcpatoday.com/?p=423#comment-4397 If the new LLC is going to be owned by the S corporation, then the transfer will not create any tax liabilities. It will be disregarded for tax purposes. If the new LLC is going to be owned by you or another entity, then it is much trickier. Let me know on this. If the new LLC is going to be owned by the S corporation, then the transfer will not create any tax liabilities. It will be disregarded for tax purposes.

If the new LLC is going to be owned by you or another entity, then it is much trickier.

Let me know on this.

]]> By: Hlopez http://www.farmcpatoday.com/2009/08/11/ask-paul/comment-page-1/#comment-4396 Hlopez Thu, 02 Jun 2011 15:23:22 +0000 http://www.farmcpatoday.com/?p=423#comment-4396 How to I transfer equipment (Tractor and Trailer) between two entities. Current Entity with ownership is an S-Corp. Would like to transfer equipment to new LLC. How to I transfer equipment (Tractor and Trailer) between two entities. Current Entity with ownership is an S-Corp. Would like to transfer equipment to new LLC.

]]> By: David Hagstrom http://www.farmcpatoday.com/2009/08/11/ask-paul/comment-page-1/#comment-3451 David Hagstrom Sat, 22 Jan 2011 23:58:42 +0000 http://www.farmcpatoday.com/?p=423#comment-3451 Paul Today is the first time I have seen your website . My question is this: I was told by my CPA that a check that I received from my farm casualty policy for damage caused by a hailstorm last summer is schedule F income. I maintain that it should not be subject to social security . Where can I report it so I do not have to pay self employment tax on the $13,000 , or can I defer it until I get the repairs to the buildings completed? David Paul
Today is the first time I have seen your website .
My question is this: I was told by my CPA that a check that I received from my farm casualty policy for damage caused by a hailstorm last summer is schedule F income. I maintain that it should not be subject to social security . Where can I report it so I do not have to pay self employment tax on the $13,000 , or can I defer it until I get the repairs to the buildings completed? David

]]> By: Robert Mulliken http://www.farmcpatoday.com/2009/08/11/ask-paul/comment-page-1/#comment-2900 Robert Mulliken Mon, 20 Dec 2010 01:31:49 +0000 http://www.farmcpatoday.com/?p=423#comment-2900 I am 28 and have a line of machinery paid for four rental houses and have prepaid all expenses for next year. I am married and would like to know if O died will my wife have to pay taxes when she sells the machinery since I have been depreciating it I am 28 and have a line of machinery paid for four rental houses and have prepaid all expenses for next year. I am married and would like to know if O died will my wife have to pay taxes when she sells the machinery since I have been depreciating it

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