Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it […]
Today TaxMama hears from Scott in the TaxQuips Forum with this question. “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?