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Summary- The provisions contained in IRC Sec 357 must be very carefully examined so the non-taxable status of your transfer of liabilities to your controlled corporation produced less than Sec 351 will not be jeopardized. According to Sec 351, a transfer of property to an organization in exchange for shares is not going to cause the recognition of any attain or loss delivered that the recipient in the shares will promptly acquire control of the Company.
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You can also withdraw cash early in case you’re more info completely and completely disabled. And if you die, your beneficiaries can withdraw resources with out penalty, Even though spouses commonly want to wait right until they’re fifty nine½.
Roland and bbrown - I stand corrected, even so- will not likely the obtain be the identical and will not The brand new CPA want the for each asset/for each note payable information and facts? Sorry to the confusion and glad you and Jon are providing comments on this thread. Remark
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