NASSAUSUFFOLK

 View Only

  • 1.  TAX BASIS

    Bronze Most Valuable Member
    Posted 02-26-2015 03:05 PM
    This message has been cross posted to the following Discussions: NASSAUSUFFOLK and ncCPAp on the GO! .
    -------------------------------------------

    Client purchases stock in a C corporation. The corp only owns one asset which is a building with basis of $400,000.

    Client( silly boy) pays $1.2 milllion for  the stock becuase that is the FMV of the building.  Anyway before or after he buys the Stock to get the basis in the building to the $1.2 million.  Can an LLC BUY the stock???

    any thoughts?
    516-739-0221
    ------------------------------
    Andrew Langus
    CPA
    ANDREW M. LANGUS, CPA
    Garden City NY
    ------------------------------



Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.