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Jun 20, 2024
11:22:36pm
Carnac Political Junky
1 and 2
Income is taxed in the year it is earned. You cannot deduct an amount due to stockpiling. Furthermore, you cannot stockpile post-tax earnings without a business purpose. The IRS wants you to dividend those amounts to shareholders (so that they can be taxed at the shareholder level). They can hit you with a 20% penalty on such stockpiles unless you can prove there is a valid business purpose for it.
Carnac
Previous username
Carnac el Magnifico
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Carnac
Joined
Dec 22, 2007
Last login
Jun 27, 2024
Total posts
44,988 (442 FO)
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Jun 20, 11:22pm
Jun 20, 11:55pm

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