by Bruce E. Bell | Jan 1, 2015 | Bruce E. Bell, Tax Corner
Question: I want to reward a key employee with additional compensation. I am concerned that the covenant not to compete which I am asking the employee to sign will not be enforceable. Any suggestions on how to deal with this?Answer: Restrictive...
by Bruce E. Bell | Dec 1, 2014 | Bruce E. Bell, Tax Corner
Question: Since I am the sole owner of my company and the sole participant in my company profit sharing plan, can I use profit sharing funds to hold a mortgage on the residence which I intend to purchase?Answer: The answer to your question is no. You...
by Bruce E. Bell | Nov 1, 2014 | Bruce E. Bell, Tax Corner
Question: How do I pass my estate to my children upon my death and exclude my children’s spouses?Answer: Any assets you leave outright to a beneficiary will pass as your beneficiary directs. One cannot dictate what a beneficiary does with assets...
by Bruce E. Bell | Oct 1, 2014 | Bruce E. Bell, Tax Corner
Question: I am one of two equal shareholders in a corporation and we are in the process of implementing a buy/sell agreement. Are there any reasons why the business should not own insurance on our lives to provide funds to purchase the shares of the deceased...
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...
