The Internal Revenue Service defines an S-Corp as a “corporation that elects to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S-Corps report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual…
Category: CS Blog
No contest clauses in Florida wills are unenforceable. Frequently, no contest clauses are referred to as in terrorem clauses. Historically, many lawyers would draft wills with no contest clauses in order to discourage individuals from challenging the wills. A typical no contest clause would state that if a beneficiary under…
The Florida Fourth District Court of Appeal upheld a settlement agreement executed by an alleged incapacitated person prior to the hearing adjudicating that person’s incapacity.
Under Florida law there is no requirement to probate a will. When determining whether or not to probate a will it is important to consider the following: What assets must be transferred out of the Decedent’s name? If there are no probate assets there would be no reason to probate…
For tax purposes, the basis of an asset generally equals its purchase price, and an asset’s basis determines the gain or loss when sold. If, for example, you purchase stock for $50 that you later sell for $75, you have a $25 taxable gain (i.e., $75 sale price less your…
