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Tax Management Portfolio, Real Estate Mortgages, No. 592-2nd, analyzes the tax consequences of one of the basic financing tools in the field of real estate — the mortgage. This Portfolio explains the effects of a mortgage on property basis. Instead of paying a dividend (in the case of a C corporation) or a distribution (for an S corporation) in cash, you may be tempted to distribute property (car, computer, etc.) out of the corporation. If an S corporation distributes appreciated property to its shareholders, the difference between the fair market value and the property's basis will result in a gain that will be passed through to the shareholders. (an S corporation) owns a truck that was purchased for ,000.
This data base includes the following information: The business section of public libraries may have this directory.Madison must recognize a ,000 gain (all ordinary income).The gain is passed through to the shareholder and has to be reported on his tax return.However, FIRPTA may require withholding tax on the total amount realized.All withholding certificate applications and FIRPTA tax returns are filed at the Philadelphia Service Center (PSC).