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I have a real mess. I received our marital sub S corp in divorce. During this year we foreclosed on a business and 2 properties we held mortgages on in the corp name incurring long term capital gains. Its still up on the air as how much stock I have. I had 50, thought my ex had 50 but he filed an amended financial affidavit the day we were in mediation swearing he owned 100 marital AND 50 non marital to my 50 nonmarital because he never signed the back of stock #1 for 100 shares in his name as president voiding it as was intended when we issued #2 and 3.
I didn't know this financial affidavit existed until a year later.
His attorney prepared an affidavit transferring 50 shares in mid Nov so I thought I had all as the settlement read.
I didn't know tax would be due on the foreclosures. The new accountant I hired was told of the foreclosures but didn't figure any tax for them and I'm now told I owe 22,000. Is any of this his tax liability as according to him he owned 75% of the corp for almost the entire year and still owns 50% despite the settlement if his sworn affidavit is true?
During this year he "fired" me as corp secretary, treasurer and took a lot of money from the corp in many forms, check, cash, depositing directly to his account, paid himself back for purchases with no receipt or written on paper and removed and sold many of its assets, keeping the money the week I took over. I got very little. The corp showed a year end loss of over $100,000. Would these be distributions and if so in excess? Neither of us took a salary. He actively participated but I didn't often as he removed records and income.
Tax returns for prior years were incorrectly filed showing he owned 100%.

2nd question - I inherited stock in a S corp from my father which then split.  I just sold them. Can you tell me how figure an estimate of what the tax will be?

Thanks for any information and advice.

I advise you to (quickly, immediately, and sooner) go hire a good local cpa or someone with a head on their shoulders ad your new accountant does not sound like a winner..

I would make sure they know about innocent spouse law and how to approach the amended returns which should be filed for the earlier years and for the period when your ex ran the business and stole the cash...

you have lots of stuff in front of you and a free chat board is NOT the way to a clear and accurate and correct resolution.

send me a NEW inquiry and mark it private and I'll give you my contact information for off line discussion if you want.


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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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