Bill Bronchick! Bulletproof Corp Question - Posted by Bert G
Posted by Bert G on March 12, 2000 at 10:54:07:
Bill, I tried to post this on Legalwiz, but your server is still being a pest. Its about Bulletproof Corp and Sec 1244 stock.
My accountant called this morning asking if I’d filed the form 2553 to be an S corp. I told her I’m not an S, I’m C. “Then why do you have that resolution for Sec 1244 stock?”. Gee, I don’t know, I’ll have to read the book again.
OK, I read the book, now I’m a tad confused. The section on 1244 stock (Chapter Eight, “Shareholder Issues” Page 71, sec B) doesn’t contain the words “S corporation”. The previous section A. “The S Corporation election” doesn’t contain the words “small business”. Thus, I assumed them to be completely separate issues.
For this years taxes its pretty much a moot point, as I didn’t do any business in the corp in 1999, there was no income, a few expenses, and total assets of about $700.00 BUT I want to get the books in order just in case the IRS ever comes a’callin.
(I’ll cut the accountant some slack. She’s my best friend, just took the CPA exam, and is doing my taxes gratis to help pay off a loan. The only drawback is that she’s a Democrat, and might not understand capitalism.)
Bert G in ND