I have a South Dakota farm held in an S Corporation. The wife and husband are shareholders, and the husband is elderly. The heirs want the land, not the stock. The heirs do not get along and each wants parcels of the property. Could a reorganization be done to issue new stock shares to each of the new heirs (her children) and his child? Would this trigger a gain on either the corporate end or the individual end? Is a tax-free reorganization possible, and if so, would it defer taxation until the eventual sale of the property?

January 29th, 2024

I make $19.00 an hour and work 25.5 hours a week, filing married with zero deductions. Can you tell me my final take-home pay?

April 22nd, 2023

What are the federal income tax implications when a non-resident sells a house in the U.S., including any withholding requirements and how to potentially reduce or prevent such withholding?

May 28th, 2024

I had a 401k set up by a past employer in 2018, and I was only with them for 2 months. Can I still make a contribution for 2018? Additionally, if I can contribute to my own Roth IRA, is it better to withdraw the $96.00 from the 401k and close it out, or should it be rolled over to my existing IRA?

April 22nd, 2023

I purchased a property with a dwelling on it that was not livable, so I donated the house to be burned down by the local volunteer fire department. They used 160 training hours to practice and burn the house down. Since they are volunteer firemen, am I still able to claim the hours at the national rate of $27.00 per hour as a tax donation?

April 20th, 2024