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Supreme Court makes it easier for developers to skirt state usury laws

Article Abstract:

The Supreme Court has ruled that a corporation can be a nontaxable 'true' agent, even if it is acting on behalf of its shareholders. This ruling allows partnerships to use a corporation to avoid state usury laws safely. The following factors are used to establish that a corporation is the agent of a partnership rather than a separate taxpayer: the corporation should operate in the name of and for the account of the principal; the principal should be bound by the actions of the corporation; money received by the corporation should be transmitted to the principal; the income received by the corporation should be attributable to the assets of the principal or to services performed by employees of the principal; and the business purpose of the corporation should be to carry out the normal duties of an agent.

Author: Krevolin, Douglas P.
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1988
Interpretation and construction, Real estate developers

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Choices now available for a partnership that wants to incorporate its operations

Article Abstract:

Incorporation of an existing partnership is discussed from the taxation viewpoint. The three forms of incorporation available are: (1) a contribution of assets by the partnership to the corporation in return for stock in the corporation, which is then distributed to the partners, (2) liquidation of the partnership, and the contribution of partnership assets by the partners to the corporation in exchange for stock in the company, and (3) the contribution of assets by the partners to the corporation in exchange for stock in the company.The tax consequences of each of these methods of incorporation are discussed, as are the reasons for wanting to incorporate in the first place.

Author: Feldman, Herbert F., Hotek, Jeff
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1986
Analysis, Management, Partnership, Partnerships, Incorporation

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How to ensure that the corporate entity will be recognized for federal tax purposes

Article Abstract:

Tax impacts vary significantly when the corporate entity is disregarded, as opposed to treating a firm and its stockholders as separate entities. Disregarding the corporate entity involves looking beyond the corporate form of a transaction so as to hold an individual or corporate stockholder responsible for corporate debts or actions. The most common reason for disregarding the corporate 'tax veil' is because a firm engages in a transaction for no business purpose, for tax evasion, or for some other sham purpose. A list of ten suggestions is presented for ensuring that the corporate entity is not disregarded.

Author: Krevolin, Douglas P.
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1987
Economic aspects, Disregard of corporate entity, Disregarding corporate entity

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Subjects list: Taxation, Corporate taxes, Corporations
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