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Post# of 358440
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CHUNKY44

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CHUNKY44

Re: nufced post# 233834

Sunday, 05/06/2007 5:25:11 PM

Sunday, May 06, 2007 5:25:11 PM

Post# of 358440
Hi nufced. No income tax implications to the company (corporation), no income = no income tax.

I'm curious as to the record keeping associated with the stock issuances, loan documentation etc. If I were an IRS agent, I would treat all issuances of stock and cash as ordinary income to the recipients, unless contemporaneous documentation exists that refutes it. We could easily be talking about millions in back taxes plus some hefty penalties to boot.
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