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Does A Foreign Member Of An US LLC, Which Receive All Of Its Income From Foreign Sources, Needs To Report Its Income In The US?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Since it is a US LLC, it must report its income in the US. That income is considered effectively connected US income and is subject to income tax. Most likely, the LLC will be required to withhold tax from the...   Read More
I Have A Foreign Entity In Spain That Owns 100% Of A US C Corp. The US C-Corp Sells Furniture. They Also Own The Building That They Are...
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

The transfer of the building to the Spanish corporation would be treated as a sale for US tax purposes.   Read More
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Individual - Closed Partnership With $203,000 Ending Capital. I Did Not Do The 1065. Withdrew Bare Land. Then Did 1031 Exchange For 4...
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
Can A Real Estate Investment Trust ("REIT") Benefit From A Cost Segregation Analysis?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, a Real Estate Investment Trust (hereinafter "REIT") can potentially benefit from a cost segregation analysis. I would wholeheartedly recommend scoping the cost segregation opportunities on a property by...   Read More
What Are The Primary Differences Between A Cost Segregation Engagement And A Construction Tax Planning Engagement?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

There are many noteworthy differences between a Cost Segregation Engagement and a Construction Tax Planning Engagement. A Cost Segregation Engagement will methodically review property, plant and equipment and...   Read More
What Is The Current Status On Capitol Hill In Connection To The Tax Extenders Package?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

The Broad Tax Extenders Coalition (hereinafter “the Coalition”) are recommending to lawmakers on Capitol Hill to take immediate action on over fifty tax provisions that previously expired on December 31st of...   Read More
Form 2106- Employee Out Of Town Travel Expenses(construction Workers)on Temporary Jobs, Less Than 1 Year In Duration.Can He Use...
User Photo Gerald Nordland
Tax Professional Level: Tax Enthusiast

You need to remember that Depreciation is a BUSINESS expense for the investment needed to generate revenue, NOT a Personal expense. If his brother bought the trailer and rented it to him, the brother could deduct...   Read More
What Is The Current Status On The Hill In Connection To Changing The Federal-level Tax Compliance Due Dates For Better Tax Reporting...
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

On July 31, 2015, President Obama signed into law H.R. 3236 entitled The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (hereinafter the “Act”), that is anticipated to be...   Read More
An Irrevocable Foreign Trust (with US Beneficiaries) Owns 85% Of A Domestic US LLC. The LLC Received Dividends From A Domestic US...
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

Foreign trust with U.S. owners and beneficiaries are required to file Form 3520-A. This is the annual trust tax return for a foreign trust. The trustee then issues a statement to the beneficiary (similar to a K1)...   Read More
Is The On-line Application Window Open Yet For The New California Film & Television Tax Credit Program 2.0?
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Yes, the new on-line application portal is now open for the new California Film & Television Tax Credit Program 2.0 and has been accepting applications as of July 13th of 2015 at 8:00AM PDT and will remain open...   Read More


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