Ask Experts Questions for FREE Help !
Ask
    Wonderwhy101's Avatar
    Wonderwhy101 Posts: 7, Reputation: 1
    New Member
     
    #1

    Nov 11, 2012, 08:17 PM
    Ex did not transfer all stock in close corp-still responsible corp debt?
    I was to receive all stock in 2 closely held corps in div settlement.Years ago when we formed trusts we voided original 100 in his personal name, issued 2 new for 50 each to each of our trusts. He filed amended FA I never saw claiming owned 150 as he never signed bk of 100, claimed nonmarital, as president voiding. Transferred 50 after divorce (still didn't sign stock) and "all other interest he had in corp". Other corp only 50 issued to each these words not added. Think amended FA, claiming much as nonmarital, done so judge didn't question unequal settlement I didn't question transfer as never knew claimed to own 150. Found deferred capt gain tax owed, many hidden bills on take over. Am suing divorce attorney for many other mistakes so don't know what to do with this. Does "all other interest" release him of liability or does he legally still own half my corp and responsible for helf the debt including mortgages he signed for and taxes? As with what was hidden my settlement was a negative so if I can recoup anything would like to.
    Right now I don't know if I own all or how to file returns or who to ask.
    Any help appreciated.

Check out some similar questions!

Explain me the you.S Tax Terms (W2, 1099, Corp to Corp). [ 4 Answers ]

Hi there, Could anyone please explain me what does these U.S Tax Terms (W2, 1099, Corp to Corp). Looking forward for a good explanation. Thanks, Sam.

Me and my spouse own 100% of stock in my c corp. Can the corp pay us dividends? [ 0 Answers ]

Is it deductible to my corporation and how do I compute this number

Looking to close my s corp (a daycare). [ 1 Answers ]

I am the only shareholder. I currently owe about 8,500 in credit card debt for the business. What happens to that? Better to get a loan w/ low interest rate to pay back? Have excellent personal credit, d not want to mess that up!

S Corp 100% owner in LLC (Taxed as S Corp), How do I account for LLC on S Corps books [ 1 Answers ]

I have an S Corp that is a 100% owner in an LLC (which is taxed as an S corp). I am preparing the taxes for the companies and have run into a problem. I have given the S corp the k-1 from the llc and put the $'s into "other income" (Income section, line 5 1120s schedule). However, in filling in...

Stock Transfer FL C Corp - one owner [ 1 Answers ]

A friend of mine wants to transfer 100% of his FL Corporate shares to me. He is the only owner (100% of shares belong to him). It is a micro family type home business. Should he: 1. Endorse the share by signing on it and filling our the required information. 2. Update the Corporate Records...


View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.