Blog Posts
Education Credits
Concise Takeaway Two higher‑education credits are available: the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). A taxpayer may claim one credit per student per year, based on qualified education expenses, MAGI limits, and student...
C Corporation Return Requirements (Form 1120)
A domestic corporation must file an income tax return for every year it exists, even if it has no...
Section 351 Exchanges: Property for Stock
A Section 351 exchange lets a taxpayer transfer property to a corporation in return for stock,...
Businesses Taxed as Corporations
Certain entities are automatically taxed as corporations under federal law, while others may elect...
Like‑Kind Exchanges (Section 1031)
Section 1031 allows nonrecognition of gain when a taxpayer exchanges real property held for...
Basis of Property
Basis is a taxpayer’s investment in property for tax purposes. It determines: Gain or loss on sale...
Depreciation Rules for Business Property
Depreciation is the recovery of the cost of business property over time. Property with a useful...
Get in touch
