__._,_.___
Hello –
I just met w/ a guy whose C Corp will have @ $300,000 NI at the end of 2008. There is only one person that owns 100% of the stock. I am not sure but I believe they would be considered a personal Service Corp. The go into businesses and set up "Lighting Programs." Basically all they do is have their computer log onto a company's security system and program lights when they come on and go off.
There are a couple of things they want to do. One of them is that they want to buy a residential house as an investment. The property would be rented to an unrelated party.
Can they do this? I thought they could but he was told by another preparer that he can't because that isn't the corp's primary source of income. I thought they could it would be a separate division in the corp.
Also, he wants to invest in various stocks for the corp. Again he was told he couldn't but I thought he could.
If anyone has any input on the above issues or any suggestion on how to reduced their tax liability I would appreciate the input. The majority of my clients don't have this problem!
Thanks for the help.
Cris
No virus found in this outgoing message.
Checked by AVG.
Version: 7.5.524 / Virus Database: 270.7.1/1688 - Release Date: 9/24/2008 6:29 AM
IRS Circular 230 Disclosure: Unless expressly stated otherwise in this transmission, any tax advice contained herein, forwarded with or attached to this message was not and is not intended to be used, nor may it be relied upon or used, by any taxpayer for the purpose of (1) the avoidance of any tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any tax transaction or tax-related matters that may be addressed herein.
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
