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    Drusser's Avatar
    Drusser Posts: 1, Reputation: 1
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    #1

    Feb 23, 2007, 08:46 AM
    Income Taxes Paid
    If an individual owns and operates several corporations and that income flows over into his personal financials, does the proerty taxes for his personal residence appear on his own Proft & Loss statement?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 25, 2007, 09:57 PM
    Not under Generally Accepted Accounting Principles.

    Corporations are considered totally separate entities for both legal and tax purpsoes. There should be NO mixing of assets.
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