Attn: Lynn Freer -Sale of S-Corporation Assets for 25 Cap Gain 5 Mil Loss - Spidell

Attn: Lynn Freer -Sale of S-Corporation Assets for 25 Cap Gain 5 Mil Loss

Log in to Post

Message Board Attn: Lynn Freer -Sale of S-Corporation Assets for 25 Cap Gain 5 Mil Loss

Viewing 3 reply threads
  • Author
    Posts
    • #317088
      JACQUELINE ROWE
      Participant

      Hi Lynn,

      Lacerte software is flagging subject to excessive loss limitation. Is there any exception for loss limitation Calif. because it is due to sale of Asset, 25 mil. For Feds there is Cares act. California?

      This is urgent for my client at Stone and Gomez. My telephone number is 626-382-2216.

      I really appreciate your expertise in this area. I would love to hear your voice.

      Thanks a million.

      Jacky Rowe

    • #317140
      Lynn Freer
      Participant

      CA doesn’t conform to the CARES Act. Sorry I’m unable to call as, like you, we are extremely busy.

    • #317164
      William Dewberry
      Participant

      Business gains and losses reported on Form 4797[, <i>Sales of Business Property</i>] and Form 8949[, <i>Sales and Other Dispositions of Capital Assets</i>] can be included in the excess business loss calculation. They also include pass-thru income and losses attributable to a trade or business. [IRS, “Excess Business Losses,” available at tinyurl.com/y6mchk22]

    • #317167
      William Dewberry
      Participant

      If a business is being sold in an applicable asset acquisition, ordinary income and Sec. 1231 gains should be attributable to a trade or business even if Sec. 1231 gain ultimately ends up as a net capital gain and is reported on Form 8949.

Viewing 3 reply threads