The Business Tax Return Handbook
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Learn how to extract key financial information in discovery with The Business Tax Return Handbook. A companion volume to bestselling 1040 Handbook, this is an invaluable tool for reviewing commercial business and professional practice returns to gather information and prepare a complete discovery plan for family law cases. A variety of hypothetical examples using business returns are used to illustrate points in the text, including the most common forms and schedules for partnerships, corporations, and unincorporated businesses.
This line-by-line guide can be used as a complete introduction to the family law aspects of business tax returns or as a quick reference for lawyers who want to concentrate on particular areas of business taxation. The author discusses fundamental tax issues that impact on family law matters and offer comments to explain line items and statements for all four types of business tax returns. Topics covered include:
- Determining discretionary cash flow and salary information
- Using key business and tax terms
- Locating missing information
- Evaluating the fair market value of a business entity
- Developing a list of questions to ask
- Spotting reporting irregularities
Common business fact patterns are accompanied by both explanation and commentary to assist in discovery. Covering many of the most common scenarios faced in family law cases, hypothetical tax returns are included for the following business types:
Unincorporated business reported on Schedule C of the personal tax return
- Sole practitioner
- Business involved in product
- Real estate limited partnership
- Service-oriented business
- Service-oriented business ("loan-out corporation")
- C corporation for a business involved in product sales
- S corporation involved in product sales
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