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2. Carryover basis - Wikipedia

   en.wikipedia.org/wiki/Carryover_basis

   The partnership's basis in the contributed capital asset will be the same as the basis of the partner who contributed the asset. [6] In corporate taxation, carryover basis occurs when a person contributes a capital asset to a newly formed corporation controlled by the transferor or to an existing corporation in which the transferor gains ...

3. Corporate tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Corporate_tax_in_the...

   Example: John and Mary are United States residents who operate a business. They decide to incorporate for business reasons. They transfer assets of the business to Newco, a newly formed Delaware corporation of which they are the sole shareholders, subject to accrued liabilities of the business, solely in exchange for common shares of Newco.

4. Limited liability company - Wikipedia

   en.wikipedia.org/wiki/Limited_liability_company

   It is a hybrid structure that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise. An anonymous limited liability company is an LLC for which ownership information is not made publicly available by the state.

5. What Are The Tax Consequences of Transferring Stock to ... - AOL

   www.aol.com/tax-consequences-transferring-stock...

   The post The Tax Consequences of Transferring Stock to a Trust appeared first on SmartReads by SmartAsset. There are significant tax implications associated with this strategic decision that you ...

6. Flow-through entity - Wikipedia

   en.wikipedia.org/wiki/Flow-through_entity

   However, if one is the sole member of a domestic limited liability company (LLC), one is not a sole proprietor if one elects to treat the LLC as a corporation. [5] In the United States, sole proprietors "must report all business income or losses on [their] personal income tax return; the business itself is not taxed separately.

7. Liability (financial accounting) - Wikipedia

   en.wikipedia.org/wiki/Liability_(financial...

   In this case, the bank is debiting an asset and crediting a liability, which means that both increase. When cash is withdrawn from a bank, the opposite happens: the bank "credits" its cash account and "debits" its deposits account. In this case, the bank is crediting an asset and debiting a liability, which means that both decrease.