What is a capital asset?  What is not a capital asset?  These are important questions, especially when selling, transferring or exchanging assets because the sale of a capital asset creates capital gain.  The article below discusses capital assets and non-capital assets. It is likely that the majority of your personal possessions and investments are capital...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

In a previous article a tax attorney at The McGuire Law Firm drafted an article regarding inside and outside basis in a partnership to later further a discussion on IRC Section 754.  The article below will continue to discuss inside and outside basis and the problems or issues that can occur as we move forward...Read More

In a previous article we discussed the characteristics (issues to consider) of a business in general.  The article below has been drafted by a Denver business attorney at The McGuire Law Firm as an overview to the characteristics of a corporation that were mentioned in a previous article. Corporate Formation: a corporation can only be...Read More

Recently an issue came about regarding IRC Section 754 and it’s application to partnership matters.  The article below has been drafted by a Denver tax attorney at The McGuire Law Firm to initially discuss inside and outside basis, which will help to understand IRC Section 754. When you hear the term “outside basis” in reference...Read More

As you may or may not know, a partnership is a pass through entity whereby items of income, gain, loss, deduction or credit are passed through to the individual partners and reported on their 1040 individual income tax returns.  The article below has been drafted by a Denver tax attorney at The McGuire Law firm...Read More

In previous articles, a Denver business attorney at The McGuire Law Firm has discussed certain types of mergers.  Recently, a client inquired as to who votes in statutory merger and such question or issue deserves some attention.  The article below has been prepared by a business attorney to provide general information regarding corporate voting issues...Read More

What is Section 1231 property?  What is Section 1231 gains or losses?  Recently I was asked these questions as I mentioned 1231 property to a client who was preparing to dispose of certain assets.  A tax attorney at The McGuire Law Firm has prepared the article below to discuss 1231 property and hopefully the article...Read More