Week #8 - Case Studies

24/10/2022 2h 2min
Week #8 - Case Studies

Listen "Week #8 - Case Studies"

Episode Synopsis

Send us a textSee the Video Recording here: https://us02web.zoom.us/rec/play/sOzhkPpQ6KMaXNkqUZPzdt-Mj8zPok3RuHw1_lb_nFRg_IiNmRgwPINc6JLnHOEyX8RO5BTeHl9Acx6A.Wxp12b1K0FByqXyE?autoplay=true&startTime=1670346095000Access the Live Transcript here: https://otter.ai/u/TH0kHWTNjhFlSbu4mYu43yfxV0MArticles of Formation: https://docs.google.com/document/d/11VpfHWuOvwH8c8AlafFAQEZWzgx97S3d/edit Instructions for Subject To: https://docs.google.com/document/d/1A3rxcA1nQG3f8VX9KG1v8G0-8UyFCKZ6htHdWokhlE0/editInstructions for Creating Divisions to own Real Estate from Decanting Land Trust: https://docs.google.com/document/d/1WeQf8rDeQe_ScnapcA4v_ZOE31loc-TEXMicpmGjDzM/editWyoming LLC Domestic Conversions: https://sos.wyo.gov/Business/Docs/Wyoming_Business_Entity_Conversion_Information.pdfWyoming LLC Instructions: https://sos.wyo.gov/Forms/Business/FLLC/Series-FLLC-ArticlesContinuance.pdfOutline:Background on the sale of the property.-2:30What is the money flow of this transaction?-7:36What’s the difference between a business trust and a personal trust?-17:04Why would you want to get a bank account under the business trust EIN even if it’s a management company division?-22:49Can you do the same thing with an EIN of an LLC that’s formerly outside of a trust?-26:15Does she need to do anything about the past or should she just incorporate it as a disregarded entity on the business trust tax return going forward?-32:41Are the properties listed individually or are they listed together?-37:53What the IRS says and what it doesn’t say in the instructions on income or loss from rental real estate.-42:31What does your tax accountant do with your tax return?-43:49What to do if the agreement for deed is still not in your name.-45:55Can you get a quantity discount on your report?-51:44How to remove the seller from the interest of the business trust.-59:46How do you know if you’re doing your paperwork correctly?-1:06:24Decanting from the personal trust to the business trust .-1:14:25The interest holder is the interest holder of the specific trust .-1:31:55What is a certificate of continuation?-1:39:41Can we change the name of the LLC if it’s an old LLC?-1:51:25