Posted by Lloyd Cook, Los Angeles on April 09, 2002 at 09:15:55:
The co. is a C-Corp. We formed it 4 years ago for flipping houses, to be a management co. so the rents could be in the Co. name, not ours. And so we could have the Co. provide us benefits, trips, etc. Buying this amount of vacant land was mostly a mistake I am now trying to correct. Typical lot was bought at 3k and we are selling at 40k. we never did flip any houses so the Co. has shown losses for the first 3 years. It can sell two without any problem or taxes. The Co. has borrowed about 100k from its officers to buy the land and operate during this 3 y ears. My thoughts were to have the Co. sell the land to us at it?s cost to lower it?s debt.