I'm stumped. I have an Scorp wanting to invest in gold. I feel that would be a (possibly) appreciating asset and am inclined to advise them to take a draw and own the gold personally rather than have it listed as belonging to the Scorp. Any advice?
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I think it would be an "other current asset". When sold it would be capital gain or loss at the 28% rate unless it was treated as inventory in which case it would be ordinary income.
Unless the s-corp was a dealer in metals I don't see why they would want it in there. If imminent global economic collapse is what you are hedging against, then forget gold and silver, lead is the only metal that will protect you.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
I love your last sentence...How true it is......... a thousand rounds may not be enough.Originally posted by DaveO View PostThis post is for discussion purposes only and should be verified with other sources before actual use.
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Ammo is too expensive.........................I'll stick with my Bushmaster...............(AR15)Originally posted by veritas View PostLast edited by BOB W; 11-02-2010, 12:33 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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