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If A US Citizen Starts A Business In A Foreign Country And Pays Taxes To That Country, Does The Earnings From That Started Entity Have To...
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

Yes. There is no exception as to where the income is made as US Citizens are responsible for reporting their income no matter where it is earned. Whether or not tax is owed is another matter and can only be...   Read More
Client Filed An LLC Return For 2011. Tax Preparer Filed With Incorrect Information About The Business And Incorrect Amounts Throughout The...
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

If information was incorrect on the original 2011 return, a new amended 2011 return should be filed with the correct information. After the 2011 return is filed new 1040s may need to be filed for the partners...   Read More
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

Assuming that the land was a capital or 1231 asset; that it was the only property distributed; and that section 751 does not apply to the distribution...then generally the land would take a basis equal to your...   Read More

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