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How do I find out what tax bracket an LLC corporation is in?
Posted on 2/29/16 at 9:22 pm
Posted on 2/29/16 at 9:22 pm
My brother and I are currently liquidating a corporation we own. It has lost money the last few years and have no experience on how to figure this out or what steps need to be taken to aquire this info.
2
Posted on 2/29/16 at 11:41 pm to shoelessjoe
You need to speak to a CPA, especially since from the sound of it you don't know what kind of entity it is that you and your brother are trying to dissolve.
I'm guessing it's an LLC, not a S Corp or C Corp, but it's still impossible for a poster on this board to tell you what your possible tax liability could be based on the information provided.
I'm guessing it's an LLC, not a S Corp or C Corp, but it's still impossible for a poster on this board to tell you what your possible tax liability could be based on the information provided.
Posted on 3/1/16 at 7:17 am to shoelessjoe
You need professional advice, but...
1) Is it really is an LLC taxed as a C corporation?
2) If you are liquidating it now, you will have a 2015 return and also a 2016 return (assuming it's on a calendar year)
3) If you have zero taxable income in a year, the tax bracket for that year is zero.
4) If you are liquidating, why are you worried about tax brackets? Did you have a big sale of assets or something before liquidation?
1) Is it really is an LLC taxed as a C corporation?
2) If you are liquidating it now, you will have a 2015 return and also a 2016 return (assuming it's on a calendar year)
3) If you have zero taxable income in a year, the tax bracket for that year is zero.
4) If you are liquidating, why are you worried about tax brackets? Did you have a big sale of assets or something before liquidation?
Posted on 3/1/16 at 6:50 pm to LSUFanHouston
Prolly depends on tax brackets of the owners
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