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The Tax Court has held that disbursements from a limited liability company, which was engaged in consulting and taxed as a partnership, to its primary owner who performed all of its services were guaranteed payments. As a result, in a separate partne… Read More

Some legal issues that are particular to IRAs have to be known and understood by the LLC investor and/or their professional advisors. An IRA cannot invest in an LLC in which the IRA owner and/or any other “disqualified persons” already own 50% or… Read More

Receivership is a commonly used practice in Rhode Island to liquidate the assets of a troubled business under the supervision of the Superior Court. Receiverships are state court proceedings that differ from Chapter 7 Bankruptcy cases in many procedu… Read More

What is the difference between a regular IRA and a self directed IRA? A self directed IRA and a regular IRA are similar in many ways. The major difference is that with a self directed IRA, you are allowed to make the investment choices versus a custo… Read More

The earliest landowners probably demarcated their property by saying, “I own my cave and 100 steps in every direction from its entrance.” Over time, as the number of humans increased, the law had to evolve in order to regulate more complex owners… Read More

Trust: What’s in a word? The word “trust” has several meanings but at the core of all its definitions is one concept – loyalty. And loyalty is very strong in the trust law setting. Historically, trust law in the United States… Read More

More Than a Fraction of the American Dream: Vacation Home Ownership The American dream could be said to have existed as far back as the founding of the thirteen colonies. People risked crossing the dangerous Atlantic waters in order to begin a new li… Read More

As year-end approaches, our clients and their CPAs are scrambling to determine if individual clients should shift income and deductions between this year and next, a task made complicated by uncertainty over 2011 tax rates triggered by the looming EG… Read More