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jjoseph

Posted 3/8/2010 16:57 (#1110775)
Subject: LLC corp buying land

SW minn

Live in minnesota , want to start a LLC corp with my wife and two kids as stock holders. The corp is going to buy land and farm it. My tax man told me that corp should not own land because when you liquidate the corp and sell the land , it will get double taxed. Anybody have first hand experience with this?

LLC corp buying land - jjoseph : 3/8/2010 16:57
- RE: LLC corp buying land - seth47591 : 3/8/2010 18:06
  - The only rental income subject to SE taxes is that from ag land, producing a commodity---Sec 1402. - jakescia : 3/8/2010 19:12
    - RE: The only rental income subject to SE taxes is that from ag land, producing a commodity---Sec 140 - seth47591 : 3/8/2010 20:41
      - Lets tie down the communication, so we don't lose anything in the translation........... - jakescia : 3/8/2010 21:25
        
        RE: Lets tie down the communication, so we don't lose anything in the translation........... - seth47591 : 3/8/2010 21:59
        
        If I were an IRS agent, I would attack that from perspective that the structure was set up.......... - jakescia : 3/9/2010 11:52
        RE: Lets tie down the communication, so we don't lose anything in the translation........... - jjoseph : 3/9/2010 13:30
        
        RE: Lets tie down the communication, so we don't lose anything in the translation........... - jakescia : 3/9/2010 13:54
- RE: LLC corp buying land - jakescia : 3/8/2010 18:40
- If you want to talk with a tax attorney---- I know of a good one in small town north of Minneapolis. - jakescia : 3/9/2010 11:55

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