Posted by Penny on December 14, 2007 at 05:43:19:
Put the building in an LLC, then have your C-corp continue to lease from the LLC. This gives better asset protection and the LLC allows passive income flow thru to members.
I learned this stuff by talking with my business attorney. Search the legal forum archives and you’ll find a lot of info on this website.
As for books, “Corporations, Partnerships, Estates and Trusts” by West Federal Taxation is an excellent reference for understanding the various entities and how they are taxed. I found a used 2007 copy from a used book website. My CPA cousin recommended this one. However, it’s not light reading!