Recent content by Robert Branner

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    USA Negative capital in llc.

    Have a llc with negative capital but have basis due to notes payable. Want to convert to C Corp . That means tranferring in more liabilities than assets. Are they taxed on both the negative capital and the excess of debt over assets?
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    USA 501(c)(7)

    Country Club received the proceeds from demutalized Wellpoint stock from a state unclaimed property bureau.The State sold the stock and sent cash from the sale along with the dividends.This was stock received for employees health insurance paid for prior years. Should this be taxed as unrelated...
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    USA CPA

    Taxpayer finances poultry house . Loaning authority credits interest income on the full amount of the loan approved and issues a 1099-Int for that in 2014. He uses the loan to build poultry houses which are not in service in 2014. Therefore he is hit with a $50,000 interest income to report and...
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    USA CPA

    Does a professional ball player have to issue a 1099-MISC to ball handlers at stadiums if over $600.00? He is an employee and handlers are independent contractors. These payments are called clubhouse dues.
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