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Article Date:
September 2006


Word Count:
496

 

 

Assignment of Personal Commissions to His Corporation Crushes Insurance Agent


This 2006 Tax Court case shows what happens when you make an assignment of income. If you want your commissions taxed to another business entity, that business entity must earn the commissions.

 

Here’s what happened in this 2006 case, which involved 2001 and 2002.

 

Daniel C. McManus, a licensed insurance agent, had agency agreements with various insurance companies. Under these agreements, McManus worked as an independent contractor, soliciting applications for long-term health care insurance.

 

On April 23, 1999, McManus entered ... Log in to view full article.

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