Can I incorporate as a C corporation whose only business is trading  stocks - if so are my gains considered my income. Do I have to report every single trade in my returns or is the total profit/loss sufficient.
200250
No, you cannot.  If you do so, your business will be considered a holding corporation, which is illegal.  A corporation has the right to own stocks in other companies, but it must have an ongoing business before it can.
168854
In general, yes.  US rules governing taxation of international business are among the most complex tax rules in existence.  Coincidentally, I've spent the last 30 years learning them.\n\nIf you invest in a business directly as a branch/proprietorship or through a partnership, you will pick up your share of the income just as you would in the United States.  You may be entitled to a credit for any foreign income taxes that you pay.\n\nIf you invest through a foreign corporation, you may be able to defer income until you receive a dividend or sell your shares.  However, there are elaborate rules which in some cases require you to pay tax on undistributed income of a controlled foreign corporation.\n\nDepending upon the size of the investment, you should get appropriate professional advice.  Remember that free advice is worth just what you paid for it!
326730
They last posted a dividend and cap gains distribution on Dec 2, 2005.  It has been 6 months and I think they had another distribution, which lowers the sales price.\n\nEDIT:\nI confirmed on their website that distributions of dividends and capital gains do occur in May and Dec.  If you have your distributions reinvested then it should be a wash for you.  If you have your distributions paid out, then you have the same number of shares at the lower price.
143289
Could you start with the current company and work your way back?\nIs CGI a communications group? If so go to yahoo.ca for Canada, and key in the ticker symbol CGI. You will have to determine the formal name of the company. At least trace the receipt of sale you have back to the originator. Perhaps the new owners have records of the previous company. Like the previous answer see how far back the price history is in Yahoo. Perhaps reveunue departments have trade records also. Good Luck
317499
Only when sold at a profit.  If you sell at a loss you don't owe any tax on the transaction, and it might reduce your overall taxable income.  It's exponentially more complicated than that because gains and losses are treated differently based on holding period, the different kinds of gains and losses offset each other, some overall losses can reduce taxable income, and if you have too much loss you carry it forward into future years.  Congress ensured millions of dollars will go to tax accountants with that one provision, which is actually a comparatively simple slice of the monstrous tax code.
520990
Yes. It is income and in the US you are going to pay taxes on income. (MOST of it anyway). There is more that is needed to answer the question. If the earnings are from the sale of the account then you might have Capital Gain. As an accountant my best advice is to contact an accountant. Probably not much help for your question but there are too many variables to fully answer.
245558
This sounds like a private placement to me. You must look at the number or shares / net worth of the company. Have the financial been certified? If not stay away from it. The books could be cooked. Listed stocks are sold on an exchange with a bid and asking price. You just have to determine if it is a good value if you wish to purchase it.
639750
It is perfecly fine.  For wash sale implications, it prevents you from holding shares in a specific stock while claiming a tax loss for that stock in a 30 day period.\n\nFor example:  if I had a large gain in GOOG (and I didn't want to pay taxes on it) but I had a large loss in AMTD (but didnt want to sell it because I thought it was a value) I could sell the AMTD, and buy it back, claiming the loss on the first sell against my gain on the GOOG stock.\n\nSame for short selling except if the stock price goes up you claim the loss.
116936
Your accountant has to fill out a schedule D for your trading transactions.  It must list every transaction individually.  That is why it is necessary.  Because of this, some brokerage firms now have downloadable 1099's that interface with tax software.  Eventually they all will.\n\nGood luck.
95662
This is why I have a stockbroker, Attorneys, and a cpa.\nBecause they know. You could go to the IRS's website, and post a question. They will answer you back too...;-)\nwww.irs.gov/
568376
You can do a like-kind exchange, where you trade the property for another, and defer your gain until you sell the new property. The rules are complicated--you should talk to a CPA.
364953
Well, for publicly traded companies, just call their investor relations departments and ask for the annual shareholders' report.  They'll be happy to send it to you because they would like you to believe giving them your money is a good idea.\n\nCompanies that aren't publicly traded aren't required to have annual reports or tell anyone anything about their businesses.
205138
true and false yu hace to make sure which corporation you list under like s corp, find an accountant which will help u , shop around it should cost under 200.00 to set u up, chex ur state web site i live in fl and www.myflorida.com has all my states answers on it under bussiness im sure yours does too, also my champer of commers wed site was useful in tax laws and inspections ect...  agian look around for an accountant who doesnt over charge ask abound and call  good luck
19953
Gains from stocks held less than 1 year are termed "short term" capital gains. Short term gains are taxed as ordinary income, meaning that the gains will be taxed at your personal marginal tax rate. If you hold the stock for 1 year or more, the gains will be "Long Term" capital gains and will be taxed at 15%(Unless your marginal tax rate is lower than 15%, in which case the long term gains will be taxed at 5%)\n\nAs far as reporting and paying the taxes, you can wait until you file your taxes. IF the amount of your gains is substantial relative to your adjusted gross income from last year, you will want to file a quarterly estimated tax payment to avoid potential penalties at the end of the year. the IRS website is a great resource, check it out.
496665
You could make a substitution of cash for the stocks. I'm not sure you can do the substitution of cash for stock that is owned by an LLC. I think that this would be considered a sale by the LLC of the stock for the cash. You could probably get around this by distributing the stocks from the LLC to the members and do the substitution. The distribution of stock by the LLC to each member should not trigger a tax. The members would take the LLC basis in the stock.\nThis is a fairly complex transaction so I would recommend a session with a CPA or tax attorney to verify the answer.
556531
From the little bit of information you've provided, it is your personal income and you should pay taxes on it. \n\nAdditionally, if the supplier is going to issue a 1099, that would be because you are not a business. A 1099 would normally only be issued to an individual, or because a company does not provide appropriate Federal Tax ID information.\n\nBut to answer your question, about the only way to get the money out of the "business" without having to pay taxes on it would be as a re-payment of monies that you've loaned the "business"
408817
It goes in the trading part in the trading and profit and loss account at the end of your first year trading.\n\nHeres a simple trading account, you can also include carriage and returns:\n\nSales________________10000\nLess cost of sales\nOpening Stock                 1000\nadd purchases                 3000\nless closing stock            2000                                  \n_____________________2000\n\n\nGross Profit_________8000\n\nAlso, as it is a new business, you can draw up a balance sheet of your opening liabilities and assets, eg stock, property etc.  You would use your opening stock for this.  Also you could draw up a projected profit and loss account, based on realistic figures to check if you need to keep your costs down. \n\nHope this helps x