357 cash for Dummies
357 cash for Dummies
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If The solution is never to report a attain, then we you take the cash and N/P off the books, what is the other facet on the entry - I believe retained earnings.
It can be my knowledge that the transferor/shareholder will acknowledge a achieve when assets is transferred to a corporation & the liabilities assumed with the corporation are in extra of foundation with the home.
Just require a actuality check on the correct remedy of a transaction. My client is greater part proprietor in 4 entities (C-Corps) that agreed to contributed belongings and liabilities to a whole new C-Corp (NewCo). Many of the entities experienced liabilities in excess of belongings. Nevertheless, in accordance with § 351 and § 357, we treated this as tax free exchange and did not report any get because the 4 entities acquired no cash proceeds and retained both of those Manage and retained Major legal responsibility over the transferred liabilities. I just got a contact from your NewCo CPA saying they ended up planning to report a phase up in foundation to FMV about the NewCo tax return and was questioning why we didn't report a acquire.
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ACH – This stands for automatic clearing property, which is especially a technique utilized to transfer funds to and from bank accounts.
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