On Tuesday, March 5, 2019 at 8:47:09 PM UTC-5, Rod Speed wrote:
"trader_4" wrote in message
...
On Tuesday, March 5, 2019 at 3:06:48 PM UTC-5, Rod Speed wrote:
wrote in message
...
On Tue, 5 Mar 2019 20:30:00 +1100, "Rod Speed"
wrote:



wrote in message
. ..
On Tue, 5 Mar 2019 13:03:12 +1100, "Rod Speed"


And with a sole trader self employed, THEIR TOTAL
TURNOVER IS THEIR GROSS INCOME, ****wit.

none of the rest of your even sillier **** worth
bothering with, all flushed where it belongs

That just means more SPs would form a type S corporation.
It is actually a pretty trivial thing to do. When I did it the
lawyers
charged me a few hundred bucks.

It isnt that easy with the other ones that have a very high gross
income and a much lower income for income tax purposes.

What "Other ones"?

Most obvious with stock market speculators/day traders
and property flippers etc.

If you think you will have a business or tax reason to form an "S" you
can.

But not if its gambling or speculation.

What? More BS spewing from the hole of ignorance that you've dug?

We'll see...

You're like a black hole, sucking at everything, but spewing out crap too.
A subchapter S is commonly used for real estate, which can be speculation.

But fretwell has the the 2% surtax on the corporation GROSS


That's a lie, he never said anything about corporations when he made the
proposal and we were talking about Trump's personal tax cuts, tax refunds
to individuals, not corporate taxes. Only later did he drag corporations
into it and then he did not say anything about his 2% tax applying to them.




so there is no point in using a subchapter S for that. In fact
you would be worse off doing that because you miss out
on the other deductions available if you do it as an individual
for the normal income tax, separate from fretwell's surtax.

Again you demonstrate your ignorance of the tax code. With a Sub S
you don't lose anything with regard to normal individual income tax
deductions. A Sub S simply flows the business PROFIT into the top
of your 1040, just like the PROFIT from a sole proprietorship,
limited partnership, etc flows into the GROSS INCOME of your personal
return, just like it would from a salary, interest, etc. But keep
digging that hole of ignorance ever deeper.





For example, buying condos in a new building on the hope that they
will be worth more next year. Buying a piece of land near a proposed
new big redevelopment, like buying property in NYC where Amazon was
supposed to go. speculating that the deal will go through. That blew up.

Only because the property market blew up. It never stays blown up forever..
We've just made more than 25% a year with our rental property.

Irrelevant diversion, because again you've been trapped in your ignorance
hole. You claimed that a Sub S corp can't be used for "speculating",
that was the issue, because it's not true.





Can't do that with an S? WTF? Who says?

Having fun thrashing yet another straw man ?

No, just having fun see you spin around in your hole of ignorance that
you keep digging ever deeper. First it was Sub S can't be used for
speculation. This post it was that with a Sub S you lose your normal
individual income tax deductions. What's coming next?





They are frequently used for trading stocks, day trading, which
many would call speculation, it's not investing, that's for sure.

Yes, but with fretwells 2% on the corporation GROSS, its pointless
doing it that way to avoid paying the surtax because it doesnt.


Yes? Oh, so what you said last post, that Sub S can't be used for
speculation, was wrong. That';s what happens when you sit in Australia
and try to explain to us, argue with us, about what goes on in America.
I've filled out the forms, paid the taxes, you haven't. How deep is
that ignorance hole and when will you stop?