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New Client - Est. 30 years in NYC as C Corp for Real Estate :(

  • 1.  New Client - Est. 30 years in NYC as C Corp for Real Estate :(

    Posted 11-16-2023 02:25 PM
    Edited by Matthew R Savello 11-16-2023 02:26 PM

    Hey guys,

    I just recently obtained a new client who of course has a C Corp in NYC for real estate (makes me gag). The Corporation has been around since 1991 so their prior accountants clearly left some things to be desired. I still have to obtain prior returns and financials but it has been profitable for years and obviously has E&P, but they should not be paying city tax if it were an LLC. The taxpayer is an older gentleman so at this stage in the game is it even worth transferring everything to an LLC? I don't think there are any mortgages on the property and it is likely fully depreciated at this point so I think there would be a lot of consequences transferring it out this late in the game unless anyone can provide any tips or guidance on this. Note: the property has residential and commercial units

    Thanks!



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    Matthew R. Savello, CPA
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