11–20 of 20 posts
FYI, Thomas searches time out after 30 min; can you give a direct cite to the congressional record or a permalink? (Click Share/Save, e.g., " http://hdl.loc.gov/loc.uscongress/legislation.111hr4259 ) Good news, but yeah, would love to see exactly the bill that you are referring to. Thanks!
Unfortunately, I still haven't been able to get a straight answer on how this applies to founders (versus investors). What about co-founders contributing time or IP instead of cash? Previous discussion here: http://news.ycombinator.com/item?id=1972515 and http://news.ycombinator.com/item?id=1555363 and probably several others
My two cents (check with a good CPA or tax lawyer to make sure, as my specialty is not tax law, though I generally have a good working knowledge of the subject - be ready to get bleary-eyed, though, this is tax , and think of it as a basic overview only): For years (since 1993), section 1202 of the U.S. tax code has provided a partial exclusion of gain realized on the sale of "qualified small business stock" (QSB sto…
FYI, links to Thomas are dynamic and die after about 20 minutes - OP or mod should update with a permalink to this (final version of the bill, no partisan content): http://democrats.senate.gov/pdfs/MAT10785.pdf The party link is only because Harry Reid is still majority leader and it was up there first. Not a lawyer or accountant, but a very quick look says partnership/s-corp/homeowner (ha!) capital gains taxed at 0%…
That sounds exactly backwards from the previous (through 2010-12-31) exemption, and Grellas' discussion of what a 'qualified small business' is above. Typo?
FYI, links to Thomas are dynamic and die after about 20 minutes - OP or mod should update with a permalink to this (final version of the bill, no partisan content): http://democrats.senate.gov/pdfs/MAT10785.pdf The party link is only because Harry Reid is still majority leader and it was up there first. Not a lawyer or accountant, but a very quick look says partnership/s-corp/homeowner (ha!) capital gains taxed at 0%…
Reid is still Senate Majority Leader next month.
FYI, links to Thomas are dynamic and die after about 20 minutes - OP or mod should update with a permalink to this (final version of the bill, no partisan content): http://democrats.senate.gov/pdfs/MAT10785.pdf The party link is only because Harry Reid is still majority leader and it was up there first. Not a lawyer or accountant, but a very quick look says partnership/s-corp/homeowner (ha!) capital gains taxed at 0%…
...must be configured as an LLC. That sounds exactly backwards from the previous (through 2010-12-31) exemption, and Grellas' discussion of what a 'qualified small business' is above. Typo?
FYI, links to Thomas are dynamic and die after about 20 minutes - OP or mod should update with a permalink to this (final version of the bill, no partisan content): http://democrats.senate.gov/pdfs/MAT10785.pdf The party link is only because Harry Reid is still majority leader and it was up there first. Not a lawyer or accountant, but a very quick look says partnership/s-corp/homeowner (ha!) capital gains taxed at 0%…
...must be configured as an LLC. That sounds exactly backwards from the previous (through 2010-12-31) exemption, and Grellas' discussion of what a 'qualified small business' is above. Typo?
Unfortunately, I still haven't been able to get a straight answer on how this applies to founders (versus investors). What about co-founders contributing time or IP instead of cash? Previous discussion here: http://news.ycombinator.com/item?id=1972515 and http://news.ycombinator.com/item?id=1555363 and probably several others
I met with George Grellas at Grellas & Associates yesterday about exactly this, it's potentially a huge benefit for founders, I believe it does require some small cash amount along with IP. I am in the process of creating an entity through Grellas & Associates and was going to pay extra to have the process expedited to take advantage of this tax benefit that I believed expired at the end of this month. Can someone pl…
I have spent a lot of time on this over the past few weeks. I'm amazed at how few CPA's actually understand this legislation.
http://www.gpo.gov/fdsys/pkg/BILLS-111hr4853enr/pdf/BILLS-11...
SEC. 760. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN SMALL BUSINESS STOCK. (a) IN GENERAL.—Paragraph (4) of section 1202(a) is amended— (1) by striking ‘‘January 1, 2011’’ and inserting ‘‘January 1, 2012’’, and (2) by inserting ‘‘AND 2011’’ after ‘‘2010’’ in the heading thereof. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to stock acquired after December 31, 2010