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Article Date:
September 2007


Word Count:
464

 

 

S Corporations Fail with Assignment of Income


Edith Arnold, a Realtor associated with Coldwell Banker, and Edward Arnold, an accountant and tax return preparer, operated their individual businesses as S corporations.

 

In all her dealings with Coldwell Banker, Edith used her personal name. Thus, Coldwell Banker wrote the commission checks to Edith Arnold, not to her S corporation.

 

Edward operated his accounting and tax preparation business as Pacific Controller, Inc. (PCI), an S corporation. Customers made payments to Edward personally and Edward then endorsed the checks to his ... Log in to view full article.

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