The minor son of parents who ran a business that resold tickets for concerts and sporting events incorporated the business through an online service without their permission. Since the parents didn’t unwind the incorporation, the Tax Court said they could not deduct business losses on their personal returns.
I’m honored to be nominated for a Small Business Influencer Award! Please take a moment to vote (simply click on the voting badge below) – voting ends November 5. I appreciate your ongoing support!
Attention small business owners … the new 2016 edition of my book, J. K. Lasser’s Small Business Taxes, is available on Amazon! Don’t wait – get the help you need now for preparing your 2015 tax return.
