This document contains temporary regulations regarding the determination of the basis of stock or securities in a reorganization where no stock or securities of the issuing corporation is issued and distributed in the transaction. These temporary regulations clarify that, in certain reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction, the ability to designate the share of stock of the issuing corporation to which the basis, if any, of the stock or securities surrendered will attach applies only to a shareholder that owns actual shares in the issuing corporation. These temporary regulations affect corporations engaging in such transactions and their shareholders. The text of the temporary regulations also serves as the text...
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations that provide guidance regarding the determination of the basis of stock or securities in a reorganization where no stock or securities of the issuing corporation is issued and distributed in the transaction. These regulations clarify that, in certain reorganizations where no stock or securities of the issuing corporation is issued and distributed in the transaction, the ability to designate the share of stock of the issuing corporation to which the basis, if any, of the stock or securities surrendered will attach applies only to a shareholder that owns actual shares in the issuing corporation. These regulations affect corporations engaging in such transactions and their s...
Personal service corporations using cash basis accounting can minimize the built-in gains tax that may result from conversion to S corporation status by using a planning provision of the IRC section 1374 regulations. Built-in gains can be offset by deductions or losses for amounts paid in the first 2 1/2 months of the built-in gain recognition period or paid to shareholders with less than 5%. If possible, bonuses and wages should be paid within that first 2 1/2 month period.
Crusader Energy has received bankruptcy court approval to tap cash collateral, pay royalty and working-interest owners and make other expenditures on an interim basis while its Chapter 11 case proceeds in a Texas bankruptcy court. The oil and gas company was granted interim authority to use cash to pay obligations outlined in a budget presented to the court, for activities such as lease operating expenses, payments to continue open projects, certain contingency payments, general and administrative needs, payroll, professional fees and interest payments and debt service.
We are continuing to talk about the fourth area that makes up the five areas of every business in the world which is billing. You will remember the other four areas are: Clients or customers; Administration; Getting the work done; and Collecting. This week we are going to talk about a form we use in our office that is called a Daily Cash Sheet. By now, you will understand that since this form has the word cash in it, this must be one of my very favorite forms. I must admit there is absolutely no substitute for knowing where you are at from a cash point of view on a daily basis no matter what kind of business it is that you are running. If you are an entrepreneur at heart, you will want to know exactly where you are at so you can figure out where it is that you are going!
... methods used for record-keeping: the cash basis and the accrual basis. Small business owners...
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