How 357 cash can Save You Time, Stress, and Money.
How 357 cash can Save You Time, Stress, and Money.
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It is actually my comprehending that NewCo would file their return and point out in a very disclosure that they're getting a contrary situation for the predecessor entities. Given that the CPA with the 4 predecessor entities, I don’t have visibility into your new entity as that do the job is finished by means of another firm additionally I deem that we recorded it the right way. Am I mistaken In this particular regard or could it be Okay for the NewCo to report the step up when no achieve was described. Merely a bit out of my realm of latest knowledge. Any insight Substantially appreciated. "The toughest factor on the planet to know could be the income tax" - Albert Einstein
Just have to have a reality Verify on the right treatment of a transaction. My client is the greater part operator in 4 entities (C-Corps) that agreed to contributed assets and liabilities to a new C-Corp (NewCo). Several of the entities had liabilities in extra of assets. However, in accordance with § 351 and § 357, we handled this as tax free exchange and didn't report any get as being the four entities obtained no cash proceeds and retained equally Regulate and retained Key liability to the transferred liabilities. I just got a call from the NewCo CPA expressing they have been planning to report a step up in basis to FMV over the NewCo tax return and was questioning why we didn't report a acquire.
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