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TAX BREAK FOR CATTLE
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<blockquote data-quote="HerefordSire" data-source="post: 618020" data-attributes="member: 4437"><p><em>Triple....</em></p><p><em></em></p><p><em>I think you could run into legal equity issues between family members the way it is set up now (as in disagreeing amongst members). For example, do your other family members make rent payments to you for their portion of the land (please don't answer this)? This could become tedious and overwhelming to keep straight. You might want to consider creating a sub-chapter S corporation or a limited liability company. The profit or loss flows through to the individual. You can do this online and the turn around time is reasonable. Establish a business license and checking account and run all the finances through the company. The percentages of ownership can be determined up front. I am not positive, but I think you could do this for this last tax year even though the year has ended.</em></p><p><em></em></p><p><em>One alternative, would be to always have to seperate and pro-rate every single item between each member. This could be a nightmare.</em></p><p><em></em></p><p><em>Generally, I wouldn't think the IRS spends allot of resources on small people. The software programs are the catchers. Therefore, if you have a computer, grab Intuit's accounting software for farmers and ranchers. This software program should catch most, if not all, IRS red flags. Did I miss a question or do you have any others?</em>.</p></blockquote><p></p>
[QUOTE="HerefordSire, post: 618020, member: 4437"] [i]Triple.... I think you could run into legal equity issues between family members the way it is set up now (as in disagreeing amongst members). For example, do your other family members make rent payments to you for their portion of the land (please don't answer this)? This could become tedious and overwhelming to keep straight. You might want to consider creating a sub-chapter S corporation or a limited liability company. The profit or loss flows through to the individual. You can do this online and the turn around time is reasonable. Establish a business license and checking account and run all the finances through the company. The percentages of ownership can be determined up front. I am not positive, but I think you could do this for this last tax year even though the year has ended. One alternative, would be to always have to seperate and pro-rate every single item between each member. This could be a nightmare. Generally, I wouldn't think the IRS spends allot of resources on small people. The software programs are the catchers. Therefore, if you have a computer, grab Intuit's accounting software for farmers and ranchers. This software program should catch most, if not all, IRS red flags. Did I miss a question or do you have any others?[/i]. [/QUOTE]
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