Skip to content

MENU

Farrell Fritz, P.C. logo
HomeResourcesSubscribeContact

Tax Law for the Closely Held Business

Legal Updates & Commentary for Tax & Estate Planning

Section 482

Subscribe to Section 482

I Own the Business, The Business Owns the Assets, I Own the Assets, Right?

By Farrell Fritz P.C. on November 4, 2019
Posted in Federal

Personal Use of Business Assets

“But it’s my business. I own it.”

How many times have you heard this response from the owners of a business entity after you’ve advised them that they should not treat the entity as their personal bank account?

Too often, I’d wager.

What’s more, the response is not limited to…

Shifting Business Activities Between Related Entities?

By Farrell Fritz P.C. on May 21, 2018
Posted in Federal Tax Issues

Metamorphosis      [i]

By now, most readers have heard about the benefits and pitfalls of “checking the box” or of failing to do so. Of course, I am referring to the election afforded certain unincorporated business entities to change their status for tax purposes. Thus, for example, an LLC with one or more members – which…

Like-Kind Exchanges, The “Productive Use in a Trade or Business” Requirement, and Related Party Transactions

By Farrell Fritz P.C. on June 6, 2016
Posted in Federal Tax Issues

Come Fly With Me
What is a like-kind exchange? Many would respond that it is a transaction by which a company exchanges one real property that it has used in its trade business for another property that will also be used by the company in its trade or business.

Generally speaking, this response would be…

Stay Connected

LinkedIn RSS

Subscribe By Email

Topics

Archives

Recent Updates

  • How Dealings between Related Parties Doomed a Captive Insurer
  • Corporate Tax Hike on the Horizon: Using Reasonable Compensation to Withdraw Value
  • Leaving New York? Plan for the Taxation of Deferred Compensation
  • The Biden Presidency: How Will Cannabis Business Be Taxed?
  • Statutory Residence for the “Former” New Yorker

Farrell Fritz Blogs

  • All About eDiscovery
  • Federal Government Civil Litigation
  • Long Island Land Use & Zoning
  • NY Business Divorce
  • NY Commercial Division Practice
  • NY Health Law
  • NY Trusts & Estates Litigation
  • NY Venture Hub
Copyright © 2023, Farrell Fritz, P.C. All Rights Reserved.
Privacy PolicyDisclaimer
LinkedIn RSS
Attorney Advertising
Law blog design & platform by LexBlog LexBlog Logo
Farrell Fritz, P.C. (main office): 400 RXR Plaza, Uniondale, NY 11556-3826 (516) 227-0700