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.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee