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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Pierre who wrote (461)1/15/1998 3:32:00 PM
From: Colin Cody  Read Replies (2) | Respond to of 5810
 
Pierre, You should make yourself AWARE that S-Corps can have a TRAP if they have INVESTMENT INCOME. There may have been some new modifications with the 1997 Tax Act that I'm not up to speed on yet, but for S-Corps that had earnings in prior years as a C-Corp you stand to lose your S-Corp status for having a prohibited activity - PASSIVE OPERATIONS.
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Have your CPA check it out to make sure you are OK.
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Colin


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