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For White Shadow---- re incorporation
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Wile e coyote
Posted 12/17/2014 11:44 (#4246604 - in reply to #4246556)
Subject: RE: For White Shadow---- re incorporation


Greensburg, IN		The check is made out to me from the grain or livestock buyer. I have to reimburse the corp for feed and yardage for the number of days the animals where on feed to the corp. The IRS says you have to show the corp has transferred ownership to the employee and said employee has to have ownership for at least 14 days before selling. I usually use 21 days. The transfer price is my wage basis and any gain or loss on the sale is ordinary income minus the expenses incurred for the 21 day period. I believe the basis transfer price is reported on a W-2 but not sure. I know it is reported on some type of form. I also take a 5000 dollar cash wage so I can be eligible for disability.
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