by Bruce E. Bell | Sep 1, 2014 | Bruce E. Bell, Tax Corner
Question: I am selling my one remaining real estate investment property, have no mortgage on the property and a very low tax basis in the property. Is there a way I can defer the gain on the sale and reinvest the proceeds in stocks and bonds?Answer:...
by Bruce E. Bell | Aug 1, 2014 | Bruce E. Bell, Tax Corner
Question: What protection, if any, do I have now that the Supreme Court has ruled that IRAs are not exempt in bankruptcy?Answer: In Clark v. Rameker, the U.S. Supreme Court ruled that inherited individual retirement accounts (“IRAs”) do not qualify for the...
by Bruce E. Bell | Jul 1, 2014 | Bruce E. Bell, Tax Corner
Question: Since limited liability companies do not pay taxes, is there any reason why I should concern myself with the tax consequences of a limited liability company in which I am buying a minority interest?Answer: Tax due diligence is an important...
by Bruce E. Bell | Jun 1, 2014 | Tax Corner
Question: I am selling my business this year and will have significant income to report. I intend to make a meaningful gift to charity and would like the charitable deduction this year but do not yet know how I would like the money earmarked. Are there any vehicles...
by Bruce E. Bell | May 1, 2014 | Bruce E. Bell, Tax Corner
Question: I am a 50-year-old sole owner of a corporation, receive $200,000 per year in salary and have one employee who earns approximately $50,000 per year. My employee has no interest in contributing to a 401(k) plan. Am I prohibited from participating in a 401(k)...
