COVID-19 forced a substantial portion of employees to work from home. In what is becoming a common situation, companies are allowing the work-from-home model on a more permanent basis, and as a result people are finding themselves with the freedom to move away and live somewhere else while still maintaining…
A formal definition of a “close” corporation reads a “corporation [that] does not exceed a statutorily defined number of shareholders and is not a public corporation… The main benefit of a close corporation is that it will be exempt from a number of the formal rules which usually govern corporations.”…
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…
S corporation stock, whether owned individually or by a trust, merits special attention upon death. Congress presumably did not want a shareholder’s death to terminate an S election, so an estate of a deceased S corporation shareholder is a permitted shareholder during the period of administration. If the executor transfers…
What happens in Florida if someone gets divorced and then dies without updating their estate plan? Depending on the asset, Florida law provides a set of rules governing the effect of a divorce on that particular asset. Last Will & Testament Florida law provides that all provisions in favor of…
