Business Administration

Tag: Bankruptcy

Negative Basis in Business – Tax Shelters

Apr 21, 2015

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by

David J Hoare MSA

in Terminology

Negative basis in business refers to the value of the equity investment in the company. It literally means you have no actual equity investment and worse you owe somebody money because other parties have fronted the necessary capital to make the business viable.
Form 1099-C: Cancellation of Debt

Jun 16, 2014

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by

David J Hoare MSA

in Income Taxes

If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’ Well, the answer is ‘it depends’. Not what you want to hear but there are a lot of variables involved in answering this question.