A recent Chief Counsel Advice (CCA) discussed the rules for individuals deducting interest on debt incurred to purchase stock in an S corp. Since this is a question that we get asked on a regular basis, this is an excellent chance to review the suitable rules. The first rule would be that the interest tracing guidelines apply, which provide that interest expense on a debt is allocated just as as your debt to which the interest expense relates is allocated. This mouthful from the Regulations simply means that to trace the interest, the proceeds must be accompanied by you.
It is also important to keep in mind that these guidelines are separate from the rules that determine the position of the S corp shareholder under the “passive activity” guidelines. For example, assume that of the interest expenditure is treated as “business interest” — if the shareholder “materially participated” available, then your Schedule E reporting would apply, as described above.
However, if the shareholder’s status was considered “passive,” then your interest would be reported on Form 8582 and become governed by the unaggressive activity rules. The conversation above is a brief history of the complicated guidelines that apply in this field. Please contact us if you have any questions about how exactly the rules apply to your situation.
- Run a competition that promotes user-generated content (UGC)
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- Medical debt
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A programmer friend suggested I take a look at Linux, therefore i do. I installed Linux on my old laptop and finally one of my old PC’s, and it was adored by me. It was stable and rock-solid, like the Sun workstations (Unix) I used to work with that you never had to reboot or restart. I had been significantly contemplating switching everything to Linux and ditching MSFT altogether.
Well, one of my favorite things is how easy it is to perform cron careers in Linux versus Windows; I hate the Home windows job supervisor really. A whole lot of other things are just a lot simpler to do off the command line in bash (although Powershell is getting pretty powerful, but it’s so clumsy/clunky, I don’t feel like learning how to utilize it properly). But OK, I abandoned Windows never.
But since switching to Windows 10, I have had very, hardly any problems I used to have. Random crashing, random freezing etc. I have not got that occur much at all and it’s been a pleasant surprise. Also, Windows 10 includes Ubuntu bash so if you like Linux command word line stuff, you can certainly do everything in a bash terminal directly on the Windows 10 machine and in those drives/folders that Windows runs on (goodbye cygwin?!).