Posted by Jason-DTX on November 03, 1998 at 10:56:06:
I’m not a lawyer or cpa, this is just what I have learned.
A “S” corp is taxed more like a partnership, The corp files an informational return and the rest is filed on your personal return. (I’m not 100% sure on this, I use a C corp.) I just know that I don’t want anything with dealer status anywhere near my personal return.
I do know that a land trust is invisible to the IRS. (Bronchick’s site has the IRC #) So if you own the beneficial interest personally then it goes on your return. If a corp owns the beneficial interest then it goes on a corp return.
If you plan on doing a lot of flips then you need to get with a CPA that is experienced with REI.