Tax Impact – November/December 2011 (pdf)
Peterson Sullivan’s quotes of interest from this season’s tax newsletter:
- “Income tax applies to all forms of income, including COD. Think of it this way: If a creditor forgives a debt, you avoid the expense of making the payments, which increases your net income . . .”
- “There are significant advantages to characterizing these transactions as loans. But to enjoy those advantages, you must treat advances and withdrawals as bona fide loans and document them as such . . .”
- “Property held in joint tenancy with right of survivorship is co-owned and automatically passes to the surviving owner upon the death of the other party. But that doesn’t mean there aren’t other estate planning issues to consider . . .”
Peterson Sullivan provides tax, accounting, and business consulting services to a variety of clients including closely held businesses, publicly traded companies, nonprofits, auto dealerships, individuals, and many more. The following individuals lead our Tax Department: Jim Schneidmiller, John Smolke, Al Dunnell, Rob Keasal, Chris Ebert, Jack Pauw, and Brett Rice.
Please visit our company directory for links to their profiles.
