Posted by Breezze on March 03, 2003 at 11:48:30:
Thank you so much Ernest.
Tax implications - Posted by Breezze
Posted by Breezze on February 28, 2003 at 12:15:46:
Are there any tax implications on dealing mobile homes in a S corp. Do I have to worry about any capital gains tax if all the transactions occur between the buyer and the S corp.
Re: Tax implications - Posted by Ernest Tew
Posted by Ernest Tew on March 01, 2003 at 13:00:42:
For income tax purposes, S corporations are treated as a partnership or ‘conduit.’ That is, they don’t pay income taxes. Normally, stockholders are required to pay taxes on any taxable income–whether or not there are any distributions.
For income tax purposes, we are a ‘dealer’ when we buy mobile homes with the intent to resell at a profit. The entire gain is fully taxable in the year of sale, even though it may be collected over a period of years.
A much better approach is to net lease with an option to buy. If you would like to have an article that explains that, please send me an email.
Re: Tax implications - Posted by Breezze
Posted by Breezze on March 03, 2003 at 08:28:36:
Thank you Ernest for your response. Yes could you please send me the article. By the way are you the Ernest Tew who wrote “How to Get Rich Helping Others.”
Re: Tax implications - Posted by Ernest Tew
Posted by Ernest Tew on March 03, 2003 at 10:25:41:
Breezze, I’m sending you an email and how to get the article you requested.
And, yes, I’m the Ernest Tew who wrote the manual, “How To Get Rich Helping Others.”