CASE STUDY.

Hackl v. Commissioner of Internal Revenue

Mr. & Mrs. Hackle decided to start a tree farming business, so they created an LLC. Over the years they gifted portions of their business to their children and other family members, trusts, etc. The Hackls claim that their gifts valued less than the annual exclusion and thus were not reportable to the IRS. The judge ruled that because of issues of control, the gifts were actually future interests and did not qualify for the annual gift exclusion. The IRS and courts levied heavy tax penalties that ended up costing them hundreds of thousands of dollars.

Make sure your conducting business correctly. Become a Corporate Correct Client today.

SOS Lookup

Links to your states Secretary of State Business entity lookup. Double check to make sure your in good stating with your state If your a foreign company. Doing business over state lines. Check that all other states your registered in are in good standing as well. Corporate Correct monitors our clients standing on a regular basis. Having your Corporation or LLC status revoked, expired, or permanently revoked will result on loss of protection.

Clicking on the link will open a new browser window. You may need to temporarily disable your pop up blocker.

SOS lookup links to all 50 states:

Disclaimer: Corporate Correct, LLC is not a law firm, its officers, employees and agents are not attorneys nor do they possess formal legal training. The information provided in this website is not legal advice, but general legal information given without any warranty of any nature. Parties reading this website may require the advice of a licensed attorney and the information presented in this website is not a substitute for an attorney or law firm. Accordingly, this site cannot create an attorney-client relationship, and by using www.corporatecorrect.com, no attorney-client relationship will be created with www.corporatecorrect.com, or its parent entity or any affiliate thereof.

	LOGIN
Username:
Password: