| Legal Ideas and Information - December 2001 |
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Winning The S Corporation Election
Many small businesses and start-up entrepreneuers consider using the S corporation as the entity of choice for running their business. The formation, management, and functioning of an S corporation is the same as, or very similar to, the formation of a C corporation. The primary difference between the S corporation and its sibling, the C corporation, is the way in which the shareholders elect to have the income of the corporation taxed. New Law Affects Claims Arising From Construction Defects Colorado has enacted a law affecting construction defect litigation. The Act, called the Construction Defect Action Reform Act, applies to actions filed on or after August 8, 2001. The Act has implications for real estate brokers to the extent they may be involved in disputes regarding construction defects in real property improvements. Some of the Act's provisions are discussed below as they relate to real estate brokers. Tax-Less Reproduction of The Single-Cell LLC I (Abby) am the sole member in an LLC. The sole asset of the LLC is a Rental Property with an adjusted basis for tax purposes of $150,000 and a fair market value of $400,000. My friend, Bob, wishes to purchase a 1/2 interest in the LLC for $200,000 in cash. How should we structure this transaction in order to minimize our federal tax liability? This publication is intended to provide accurate and authoritative information on the subject matter covered. It is distributed with the understanding that the publisher and distributor are not rendering legal, accounting or other professional service, and assume no liability in connection with its use. Copyright © 2001. This is an advertisement. |
IN THIS ISSUE
Joseph Adams Cope Achieves NBTA Certification
The National Board of Trial Advocacy is pleased to announce that Joseph Adams Cope, of the Boulder law firm Frascona Joiner Goodman and Greenstein, PC, has successfully achieved Board Certification as a civil trial advocate through NBTA. Mr. Cope, whose areas of practice include Water Law, Litigation, Aviation, Real Estate, and Equine Law, joins a growing number of trial attorneys that have illustrated their commitment to bettering the legal profession by successfully completing a challenging application process and providing the consumer of legal services with an objective measure by which to choose qualified and experienced legal counsel. Meet The Attorneys
G. Roger Bock Mr. Bock received his Juris Doctor from Arizona State University, College of Law, in 1982. His practice emphasizes Civil Litigation, including matters involving Real Estate; Professional Liability; and Employment Law.
Karen J. Radakovich Ms. Radakovich received her Juris Doctor from the University of Colorado School of Law, in 1981. Her practice emphasizes Commercial and Residential Real Estate Transactions, 1031 Tax-Deferred Exchanges and general Business Law. |
