In terms of a business transaction, such as an asset sale, stock sale or otherwise, how would you define fair market value and why do we care?  One could define fair market value as what a knowledgeable and willing buyer under no compulsion to buy would pay and what a knowledgeable and willing seller under...Read More

What is a limited liability partnership?  Limited liability partnerships (LLP) were initially developed in Texas as a response to the liability faced by partners of legal and accounting firms for failures of the savings and loan associations.  An LLP could be considered a form of a general partnership.  Under the legislation creating the LLP, an...Read More

When Section 1250 property is transferred in a 1031 like kind exchange, is there Section 1250 gain from the transaction?  This was a recent research issue I came across, and thought it would make a nice informational article for those considering a 1031 like kind exchange.  Thus, the article below discusses issues related to Section...Read More

What is a sole proprietorship?  By definition a sole proprietorship is a business with a single owner.  Thus, there are not multiple partners, shareholders or individuals working together for a profit such as with a partnership or corporation.  I am surprised at how often I see individuals operating as sole proprietorship and I have seen...Read More

The article below has been drafted by a tax attorney at The McGuire Law Firm to provide information regarding Real Estate Investment Trusts and 1031 Exchanges.  Please note the article below is for informational purposes and you should always consult a tax attorney, business attorney or another attorney experienced with your issues before entering into...Read More

There are many types of partnerships such as limited liability companies, limited liability limited partnerships, limited partnerships, general partnerships etc.  The article below has been drafted by a business attorney at The McGuire Law Firm to discuss a general partnership.  If you have questions related to your business, please contact The McGuire Law Firm. A...Read More

An 1120S is a corporate income tax return and the Schedule L is a balance sheet for the corporation.  The balance sheet will state the corporation’s assets such as cash, land, depreciable assets, loans to shareholders etc.  Furthermore, the balance sheet will state the corporation’s liabilities such as mortgages, accounts payable, loans from shareholders and...Read More

As a business attorney, John McGuire counsels small to medium sized businesses on a variety of issues and transactions.  Below is a short outline of some of the matters in which your business may be able to use the services of a business attorney. Business Formation & Structure The formation and structure of your business...Read More

What is Section 1245 property?  The article below has been drafted by a tax attorney at The McGuire Law Firm to provide information on section 1245 property. Section 1245 property is property that is or has been subject to an allowance for depreciation or amortization.  Gain on section 1245 property is treated as ordinary income...Read More

In previous articles the issue surrounding a variance in inside and outside basis has been discussed and examples provided.  Now the question arises, can the issue be fixed?  The article below has been prepared by a Denver tax attorney at The McGuire Law Firm to further this discussion and to discuss the 754 election. In...Read More