The Tax Advantages Of Purchasing A Property In An Opportunity Zone
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In this episode, Anderson attorneys Amanda Wynalda, Esq., and Eliot Thomas, Esq., tackle eight listener questions on a wide range of tax topics. They open with a deep dive into the tax advantages of purchasing property in an Opportunity Zone, covering both the original program and the newly reinvigorated Opportunity Zone 2.0 launching January 1, 2027, including deferral periods, stepped-up basis benefits, and rural vs. urban pathways. They also explain required minimum distributions and the five-year Roth seasoning rules, the nuances of married filing separately in community property states, and strategies for reducing passive capital gains tax after a multifamily syndication sale.
Amanda and Eliot break down Qualified Small Business Stock under Section 1202, including new tiered exclusion rates and documentation requirements, walk through K-1 preparation and 1065 filing for limited and general partnership structures, and cover the Accumulated Earnings Tax for C corporations. The episode wraps with guidance on claiming education expenses for new businesses, amending prior-year returns, and using C corporations as the right vehicle for startup cost deductions. Tune in for expert advice on these topics and more!
[10:04] “If I’m still working for the company that sponsors my 401k when I turn 73, even if it’s part time, do I need to take RMDs or required minimum distributions from that account? And once my Roth 401k is quote unquote seasoned for 5 years, if I roll it over to another Roth IRA account I have already had for 5 years, am I still able to take out the profits tax free?” – Still employed means no RMD required unless you own over 5% of the business.
[13:42] “I am looking at a couple different commercial rental properties. One of them is in an opportunity zone in Florida. What are the benefits slash tax advantages of purchasing a property in an opportunity zone? Are there any downsides?” –Opportunity Zones defer capital gains tax with stepped-up basis and potential ten-year appreciation exclusion.
[22:08] “My husband and I file separately. I itemize and my accountant said because I itemize, my husband must also itemize, which is worse for him as he loses out on the standard deduction. Is there any way around this? In addition, the IRS wants to know my salary on his return, which then leads to him owing tons of additional taxes. How can this be? Why would he be taxed on my income? I’m already being taxed on my income. So this year he left my salary blank on his tax return. Will this come back to bite him and incur fees? We file separately for many reasons, including me having rentals and he has child support and other things affecting his return.” – Community property states require spouses to split income; no double taxation occurs.
[30:32] “I was a passive investor in a multifamily unit deal. The property was sold and my CPA informed me that I have capital gains tax of 55,000 for 2025. Anything I can do to reduce this tax? If not, what could I have done differently?” – Cost segregation on existing property can create passive losses to offset the gain.
[36:57] “I’m investing 250k in a software startup pre Series A. The founders say it qualifies under section 1202 as a qualified small business stock or QSBS. Let’s say the stock grows 10x over the next 10 years, so my stock becomes worth 2.5 million. Ten years from now, how do I prove to the IRS that the profit should be tax free under section 1202? Do I just document it now and hope they agree when I file an 8949 when I sell? It seems like there are no assurances they’ll agree and the profits, though not subject to income tax, still become part of my estate, potentially subject to estate tax. Is it just easier investing using my Roth to ensure that all future gains will be income tax free?” – Thorough documentation of C corp status and assets under $75 million proves 1202 eligibility.
[48:20] “Anderson created my limited partnership and general partnership structure. My questions are which entity has to create or issue a K1 and who prepares it for me? And when preparing the 1065 tax return, who do I list as the limited partner, me or the entity?” – The limited partnership files the 1065 and issues K-1s; list yourself as the limited partner.
[50:16] “I invested in education for several businesses last year. None have come to fruition yet. Is the education able to be claimed on 2025 taxes? Also I filed without any of the education being claimed. So I was wondering if I could amend my taxes at some point this year.” – Amend within three years; a C corp can claim education costs as deductible startup expenses.
[00:00.00] Intro:
[00:11.80] Amanda: Hey everyone, welcome into Tax Tuesday. My name is Amanda Winalda. This is?
[00:16.20] Eliot: Eliot Thomas.
[00:17.24] Amanda: And we are here to bring tax knowledge to the masses as we are waiting for people to enter our Zoom. We’re also live broadcasting on YouTube. We’ve got a great team in the background. Who do we have joining us today?
[00:29.68] Eliot: Well, we got, whoops.
[00:31.58] Amanda: Oh, those are all the attendees.
[00:32.76] Eliot: Yeah, we got to hit the wrong one, right? We got Patty, Harry, Jared, Jeffrey, Marie, and Troy.
[00:41.68] Amanda: Troy’s doing the YouTubes. If you’re on the interwebs there watching us live, you got some questions, go ahead and throw them into the chat. Why don’t we hear where you’re all from? Bob’s already jumped ahead of us. He must be a frequent flyer around here. He’s from Brea. Go ahead and put into the chat where you’re from. Chicago, love it. Kissing me, Florida. I always thought that was such a great name for a town.
[01:03.96] Eliot: A romantic. Hawaii, Atlanta, San Diego, Wisconsin.
[01:07.48] Amanda: San Diego. Hope you’re our San Diego Waves fan. Shameless plug for my stepdaughter plays for that team. Brooklyn, what’s up Brooklyn?
[01:14.56] Eliot: Hong Kong, pretty cool.
[01:16.78] Amanda: Detroit, I’ve been to Detroit too.
[01:20.80] Eliot: I’ve been to the airport.
[01:22.04] Amanda: I’ve been to the Detroit airport. Yes, that’s true. It’s a hub. Tampa, please share the YouTube link, Diva. Yes, we can do that for you. We can share the YouTube link in the chat there. How this is going to work is we do have some rules because we are tax attorneys and we are talking about tax, which is really just a bunch of rules.
[01:45.80] We have rules for tax Tuesday as well. There is a live Q&A feature. If you go down to the bottom, if you’re joining us on Zoom, please put your questions into Q&A. Now these don’t have to have anything to do with what we’re talking about. Eliot here has pre-picked out eight questions that we’ll be going over.
[02:03.16] Feel free to ask whatever question you want in the Q&A or on YouTube and our team will do our best to help you out, which is actually pretty good because we’ve got tax and legal under one roof.
[02:14.24] Eliot: Under one roof, absolutely.
[02:16.64] Amanda: Eliot, we’re deodorant today, so thank you, sir.
[02:18.64] Eliot: Yeah, there’s a bonus.
[02:19.88] Amanda: If you want your question to be featured on the next episode or a future episode of Tax Tuesday, then you can email that into us at, you guessed it, TaxTuesday@AndersonAdvisors.com. If you need a more detailed response, please consider becoming a platinum or tax client. This forum, we’ve got preset questions.
[02:39.48] It’s designed to be fast and fun and educational. Let’s get into our questions. First one, we’re going to go through all the questions so you know when to pay attention and know when you can zone out. If I’m still working for the company that sponsors my 401(k) when I turn 73, even if it’s part time, do I need to take RMDs or required minimum distributions from that account?
[03:03.14] That’s first part of the question. Then second is once my Roth 401(k) is quote unquote seasoned for five years, if I roll it over to another Roth IRA account I have already had for five years, am I still able to take out the profits tax free? Double question there, two for one.
[03:21.32] Eliot: Yes, a lot of that going on today. I am looking at a couple different commercial rental properties. One of them is in an opportunity zone in Florida What are the benefits slash tax advantages of purchasing a property in an opportunity zone? Are there any downsides?
[03:37.04] Amanda: Opportunity zones went away for a while. Well, they didn’t technically go away, but the tax benefit for them went away or was not.
[03:43.12] Eliot: It’s starting to wind down exactly.
[03:45.04] Amanda: Wind down, that’s better.
[03:46.00] Eliot: But we’re going to have a recharge of it coming up.
[03:48.72] Amanda: Making a comeback. Okay, this one’s a long one, so bear with us. My husband and I file separately. I itemize and my accountant said because I itemize, my husband must also itemize, which is worse for him as he loses out on the standard deduction. Is there any way around this?
[04:04.48] In addition, the IRS wants to know my salary on his return, which then leads to him owing tons of additional taxes. How can this be? Why would he be taxed on my income? I’m already being taxed on my income. This year he left my salary blank on his tax return. Will this come back to bite him and incur fees? This doesn’t make sense.
[04:26.68] We file separately for many reasons, including me having rentals and he has child support and other things affecting his return. Neither of us want to be on the hook financially for the other person’s obligations and responsibilities. There’s a lot there, but this is actually a very common question that we’re going to dig into today.
[04:46.56] Eliot: I was a passive investor in a multifamily unit deal. The property was sold and my CPA informed me that I have capital gains tax of 55,000 for 2025. Anything I can do to reduce this tax, if not, what could I have done differently?
[05:02.64] Amanda: Oh, so many things. How come I got both long ones? Do you do this on purpose, huh? I’’m investing 250K in a software startup pre-series A.The founders say it qualifies under section 1202 as a qualified small business stock or QSBS. Let’s say the stock grows 10X over the next 10 years, my stock becomes worth 2.5 million.
[05:27.16] Ten years from now, how do I prove to the IRS that the profit should be tax-free under section 1202? Do I just document it now and hope they agree with when I file an 89.49 when I sell? Crossing your fingers and hoping isn’t generally a good idea with the IRS, but we’ll show you what to do.
[05:44.60] A question goes on to say, it seems like there is no assurances they’ll agree. And the profits, though not subject to income tax, still become part of my estate, potentially subject to estate tax. Is it just easier investing using my Roth and ensure that all future gains will be income tax-free? If you don’t know what, QSBS will be explaining that as well, but this was actually a fun one to work through.
[06:08.56] Eliot: Anderson created my limited partnership and general partnership structure. My questions are, which entity has to create or issue a K1 and who prepares it for me? Number two, when preparing the 1065 tax return, who do I list as the limited partner, me or the entity? This is my first year, first time doing business filing, it’s a little confused and needs some guidance. We’re happy to do that.
[06:33.60] Amanda: Yeah, we got some very complicated questions and then even some basic ones. We’re here for the people.
[06:35.60] Eliot: Nice mixture, exactly.
[06:41.40] Amanda: Please discuss the 20% accumulating accumulation. Earning tax, AET for C corporations and provide strategies if we want to hold more than $250,000 in net profit, resulting from property management and related. And the final question.
[07:01.04] Eliot: I invested in education for several businesses last year. None have come to fruition yet. Was the education able to be claimed on 2025 taxes? Also, I filed without any of the education being claimed. I was wondering if I could amend my taxes at some point this year.
[07:19.92] Amanda: Oh yeah, amendments going to be necessary to get that on that 2025 return. Great questions. That’s what we’ve got coming up for you. In the meantime, please go to our founding partner, Clint, Clint. His YouTube channel, real estate and asset protection as well as Toby Mathis. If you’re on YouTube, this is his channel.
[07:47.88] We do a lot of tax and asset protection. Ms. Patty Perry has put into the chat, if you need links to those channels right there. Look it, we’ve got some major Anderson stars right there.
[08:01.12] Eliot: Look penniless.
[08:02.32] Amanda: Look penniless. Hey, we want to look like we don’t have anything. We take that target off our back. And then if you’d like to even come see us live and in person, Eliot gives great autographs. The line is usually out the door. You can come to our next live event. It’s going to be in Dallas, Texas, July 30th through August 1st. It’s only $99 to attend. Bring a friend.
[08:26.16] Eliot: Bring many friends, we love it.
[08:28.08] Amanda: Y’all can come out and see us. Use the code taxTuesday or this QR code to get your tickets. If you can’t make it out to Dallas to see us, we’ve got a lot of free education online in our webinars. We do a tax and asset protection event almost every single Saturday. It’s about eight hours of drinking through a fire hose.
[08:49.68] You get first morning asset protection in the afternoon, some tax, some estate planning. It’s really great. We get a lot of clients that come through there that watch those multiple times because every time you watch, you just pick up a little bit more. Those are great to join as well. And if you’re ready to become a client, use this QR code to schedule your free strategy session.
[09:13.68] This is 45 minutes with a business strategist that will take down all of your existing assets, all of your future plans and create an asset protection structure with built-in tax benefits. Because again, tax and legal under one roof. Get started with us. All right, let’s get into it. If I’m still working for the company that sponsors my 401(k) when I turn 73, even if I’m working part-time, do I need to take RMDs from that account?
[09:43.24] Once my Roth 401(k) is seasoned for five years, if I roll it over to another Roth IRA account I have already had for five years, am I able to still take out the profits tax free? Let’s do this one at a time. First, what are RMDs, required minimum distributions, and when do they trigger and why do we have to even take them?
[10:05.60] Eliot: They are just as they sound, a required amount that you have to take out
[10:09.08] of a retirement plan. The IRS doesn’t want you going into retirement and never ever draining out those retirement plans such as a 401(k) or an IRA. We have these minimal amounts that one has to take out. And it typically happens right when you turn 27, or excuse me, 27.
[10:28.08] Amanda: Only that was the retirement age guys.
[10:30.52] Eliot: As if, but at 73, approximately, you’re going to start taking out this required amount. How is that amount determined? It’s the amount of asset value that you have the balance in your retirement account divided by what the IRS actuarial table say, how many years you have left in your life.
[10:49.00] Amanda: It’s like a depressing exercise.
[10:50.60] Eliot: That’s not the best calculation because every year it gets a little bit longer or shorter, I should say, on the denominator, how much time they think you have.
[10:58.40] Amanda: How often do they update those?
[11:00.00] Eliot: Not very often. They haven’t needed to because we keep expiring in general, so point being, not. But that’s how they calculate it. At the end of the year, divided by how many years they think you have left, and that’s the minimum amount that you have to take out.
[11:13.96] Amanda: Now you need to start taking them. The year we turn 73.
[11:17.92] Eliot: Unless. In this case, if you are still working for the sponsor of that plan, well, no, you don’t have to take an RMD out of this 401(k). We passed the bullet on that one, dodged the bullet, so we’re good there. That’s one, now, there is, of course, an exception because this is a US tax code.
[11:34.72] Amanda: Yeah, always an exception.
[11:36.04] Eliot: Another exception to the exception is if you own over 5% of that business. If they own over 5% of this entity that’s sponsoring the 401(k), well, then all of a sudden they say, no, no, no, we’re not, when you turn 73, you gotta start taking the RMD.
[11:50.04] Amanda: Yeah, so if you’ve got a solo 401(k), which by definition, you are the owner of that business, then you’re going to still have to take those requirement distributions when you turn 73. Now, with the Roth 401(k), there’s these five-year seasoning rules. Seasoning, meaning how long the funds are in the account, not paprika, cumin, turmeric.
[12:13.68] Eliot: No, that’s fun.
[12:14.52] Amanda: Not the tasty seasonings.
[12:15.36] Eliot: No, not at all.
[12:16.86] Amanda: So what’s the general rule with the Roth and this five-year seasoning period?
[12:21.28] Eliot: The idea here is the IRS doesn’t want people contributing to a Roth and then immediately taking back out. They say, look, just hold it in there for five years. That’s all we’re asking. And once it’s in there and it’s seasoned, then, as they point out here, it’s been seasoned for five years, and they roll over into another Roth. Doesn’t matter if the other one’s been seasoned or not for five years.
[12:42.24] You have a Roth, it’s been seasoned, that’s all the IRS is asking. If you roll into other Roths, you’re okay, typically. Not going to have a problem with that. If you were to take out early, you might get hit with a 10% penalty on that. That’s why the IRS just doesn’t want people taking in and out into these Roths.
[13:00.08] Amanda: So if the first Roth this season for five years and you roll into, let’s say, a brand new Roth, maybe you’re setting it up, you’re going from your 401(k) to a self-directed IRA.
[13:11.08] Eliot: You’re okay there.
[13:11.92] Amanda:If it’s brand new, it’s still seasoned five years in the first one.
[13:15.64]Eliot: Yeah, because you have some Roth that met the standard of five years, then you’re okay.
[13:20.60] Amanda: Can I split up that five years? If I’ve had two years in one and then I roll over and leave it for three more years, does that count as the five total? Or does it need to be in the one?
[13:31.20] Eliot: Typically it needs to stay in the one. I guess I haven’t actually seen a case on it, but I think it has to stay in that one Roth for five years.
[13:37.72] Amanda: All right. Wait five years before you roll that over.
[13:41.76] Eliot: Yep.
[13:42.60] Amanda: Okay, I’m looking at a couple different commercial rental properties. One of them is in an opportunity zone in Florida. One of the benefits tax advantages of purchasing a property in an opportunity zone and are there any downsides? Let’s first start off with kind of the historical of the opportunity zone. What is it?
[14:01.64] It came out of that Tax Cuts and Jobs Act way back in 2018. They’re essentially states were tasked with identifying certain areas of their state that would be an opportunity zone. Now these could be rural areas, these could be urban areas, but essentially they were areas that needed investment, that they were trying to incentivize investors into putting money in and building it up.I think downtown Las Vegas was an opportunity zone.
[14:29.16] Eliot: It could have been.
[14:30.00] Amanda: Just over here in the north. There were a lot of tax benefits with that, but it was like a lot of tax benefits. There were sunset periods. It was dwindling returns the longer you went on or it wasn’t so much as long as you were in it. It was that you needed to be in it for a very long time. If you didn’t get in early, the benefits went down. But this new beautiful mill reinvigorated the opportunity zone.
[14:57.84] Eliot: So yes, the original is still available, but what it’s saying is that you can have deferral because this all starts with capital gains. You have to have earned capital gains. You put it into the fund, you get a defer paying tax on those capital gains. And it’s just a deferral. It’s not an exclusion.
[15:15.84] The first round started 2017, 2018. That’s going to end at the end of this year, December 31st of 2026. Taxpayers out there could be invested in one of these and have capital gains. And now at the end of the year, they’re going to have to pay taxes finally on those things that they may have invested back in 2018. Now, if they’ve held that investment for a total of over 10 years, they don’t have to pay any tax on the appreciation.
[15:42.10] That’s one of the carrot sticks items that we have going on with this. It was relatively popular. I did a little bit of research to see how well were these things working. And there’s mixed reviews and results, I guess you would say. Some places it did bring a lot of value into other areas, maybe not so much.
[16:01.40] Nonetheless, they decided to give it a second round of it. We have what we call opportunity zone fund 2.0. That starts January 1st, 2027. What’s going to be different there is that you put in your capital gains. And remember, this always comes from capital gains that you earned during the tax year. You put it into the fund and that will defer it for up to five years. And if you do it right away for those five years, you can get an artificial basis of 10%. If we had a hundred-
[16:31.44] Amanda: Kind of like a step up in basis.
[16:32.72] Eliot: It’s exactly what it is. If you had a hundred dollars a capital gain, you put it in for five years. At that five-year mark, you’ll pay tax on only $90. You get that benefit. And again, if you hold it for a full 10 years, any appreciation that happens in that investment, you’re not going to pay any tax at all.
[16:50.86] But they also said, well, we notice that there’s a difference. We’re getting a lot of it in the urban areas, but not so much in the rural. They made a whole different pathway for rural investors. And they say pretty much the same year or same thing. You put in for your capital gains for five years, you’re going to get an artificial stepped up basis.
[17:08.12] It’s going to be 30% though. Instead of a hundred, it’s not going to be $70 that you’ll pay tax on. And again, if you hold it for a total of 10 years, no tax on that appreciation. There’s a lot of incentive for these type of things, two different paths going on here. And additionally, in that rural area, one of the stipulations is that you improve by 50% the value.
[17:29.12] What does that mean? If you have, you went in, let’s say bought a rental property and the billing itself was worth 20,000, you’d only have to put an extra 10,000. Whereas in the other additional opportunity zones, if you have a billing worth a hundred thousand, you’d have to put an extra hundred thousand, you have to double the fair market value of that within 30 months.
[17:49.90] A couple of different variations] to try and stimulate more investment into these areas. But the key is you have to have that capital gain invested within 180 days. We’re going to hear more about this because when we get to about June 30th, we have about 180 days left in the year. As we get longer, deeper into the end of the year, we can start taking our capital gains and investing them January 1st, probably January 2nd, depending on whatever day these accounts are open.
[18:18.76] Immediately start deferring it for another five years. Can we roll over from the old opportunity zone that we have now into this new one? No, we’re going to have to pay tax at the end of December. But if you have capital gains that you’ve earned here in the last half of ’26, you can move it into one of these, starting very early in ’27, but you gotta get right on it
[18:38.60] Because you only have 180 days to get it in there. We’re going to, again, hear more and more about this as we get towards the end of the year for those who have a lot of capital gains, maybe they got it from stocks, and they want to get into real estate or something of that nature. It gives you some flexibility of changing your investment. It’s not an exclusion, but you get five years of deferral, stepped up basis as a man to put up here on the screen. Pretty good deal.
[19:01.36] Amanda: It’s actually a lot better than the original.
[19:03.68] ELiot: It is, yeah. We had to step the basis in the original, but it phased out really, really quick. I think it was by 2019, we didn’t have it.
[19:10.32] Amanda: Yeah, but if you didn’t get in early on, you didn’t have the ability to hold it even in 10 years because it ended in 2026.
[19:18.16] Eliot: Yeah, the deferral ends in 2026, but you can still, if you’ve had it for 10 years, if you hold it in 2028, you’ll still get the clutch in 10 years, yeah.
[19:27.76] Amanda: That’s good then. But you can’t double dip.
[19:31.84] Eliot: No.
[19:32.68] Amanda: Can’t double dip. And in terms of if you’re doing this, there are all kinds of Opportunity Zone funds out there where you can be a passive investor, put your money in, you’re relying on somebody else to do that. How much was it that you had to improve the property?
[19:48.88] Eliot: 50% rule, 100% in the urban.
[19:49.88] Amanda: Fifty percent, you’re relying on somebody else to make those. You can create these yourself. And what you do, you need a C or an S Corp.
[19:59.32] Eliot: Or a partnership.
[20:00.16] Amanda: Or a partnership, can’t be a disregarded entity. And then it’s not as even strict as a 1031. This is kind of like a 1031. It’s not even that strict. You can receive the funds to your personal account and then dump it into that CS or Corp or partnership. We don’t have to use anything like a qualified mediator, anything like that.
[20:20.96] But you do need to have that zone fund set up through a business entity. And there needs to be specific language in the operating agreement and the bylaws to make sure that it ends up ultimately qualifying for this.
[20:35.28] Eliot: Also, a little aspect to the original question. One of these properties we’re looking at happens to be a zone in Florida. They’re already looking at a property. You need to have the fund set up before you acquire that property. In other words, don’t go out and purchase a property. Oh, it’s in a zone.
[20:51.56] We can’t just move that property into the fund. The property must be purchased by the fund itself. So if you already own a property, it’s too late to take advantage of that. You gotta have it purchased by the fund. And we ran into a couple of those the first round. I imagine we’ll run into that problem again in the second round.
[21:08.28] Amanda: Yeah, logistically, it’s a big tax benefit. You need to make sure that on the law side, you’re crossing your, I always say crossing your I’s and I.
[21:16.76] Eliot: No, I know.
[21:17.60] Amanda: Which is incorrect.
[21:19.76] Eliot: I’s and T’s have to look good.
[21:21.76] Amanda: So those are the benefits. If you can tie up that capital for that long, great tax benefits. The downsides are you’re tying up that capital for that long. If you’re somebody who likes to set it and forget it in 10 years from now, you can look up. You could have a great tax savings. If you’re someone who likes to make market moves more quickly, that would be the downside here.
[21:42.68] Eliot: Also, it’s dependent, as you said, maybe you’ll give it to a fund for them to invest. You’re really hands off at that point. If someone else is taken care of, that might be a good thing. Maybe they have done a lot of research and they know what they’re doing. They know the numbers. And so that you’ll get that positivity, but you are definitely hands off. You’re not going to be able to tell them, when to buy, sell, whatever, how they invest it. So just keep that in mind too.
[22:07.08] Amanda: All right. My husband and I file separately. I itemize and my accountant said because I itemize, my husband must itemize, which is worse for him as he loses out on the standard deduction. Is there any way around this? In addition, the IRS wants to know my salary on his return, which then leads to him owing tons of additional taxes. How can this be?
[22:31.72] Why would he be taxed on my income? I’m already being taxed on my income. I’m actually going to stop there while we deal with all of the questions that we’ve come to so far. So based on the information so far, we sort of came to the conclusion that this person must live in what’s called a community property state. There are nine community property states in the United States, California, Nevada, Texas.
[22:58.28] Eliot: Arizona.
[22:59.12] Amanda: Arizona.
[23:00.04] Eliot: Washington.
[23:00.88] Amanda: Washington. And three others.
[23:02.84] Eliot: Idaho.
[23:03.68] Amanda: Idaho.
[23:04.52] Eliot: I think Louisiana. And then we go up to the island of Wisconsin. It’s all by itself out there.
[23:09.88] Amanda: Wisconsin’s not an island. As far as the community property map.
[23:14.36] Eliot: Those are all the way from the northwest down to the southwest.
[23:17.04] Amanda: And what, the alternative is equitable distribution states. The difference is, is that in a community property state, you and your spouse are considered almost as one. Your income and his income are, once you earn it, it belongs to both of you. You earn a dollar, 50% of it is yours, 50% of it is his.
[23:37.84] He earns a dollar, 50 cents is yours, 50 cents is his. When you are reporting on your tax return, whatever software your CPA or you are using, it’s looking at what state you live in. And then if you live in a community property state, it is then prompting you to have each other’s income on your separate tax returns, even if you’re filing separately. Because his income is your income and your income is his income. Does that result in actually more tax overall? No.
[24:07.36] Eliot: No, I mean, it’s the same taxable income is going to show up on the, because they have to split that community property income. Whether it’s better one way or another, you’ll never know until you calculate the difference between married, filing joint, married, filing separate.
[24:20.72] Amanda: Yeah, you’re not paying, he’s not paying more tax. You’re each paying tax on half of each other’s income. Overall, you’re paying the same. Now, well, potentially if he makes less than you, will potentially more tax be due with his return versus your return? Yes, but less tax will be due on your return. That’s how it really works. You’re not being taxed separately, it’s the same.
[24:45.56] Eliot: And that can be visually, maybe what might be easier to understand is if, if spouse A makes 100,000 of W-2 income in this situation, well, they had throughout the year, let’s say $20,000 of withholding on that. Now under this rule, the community property, 50,000 will go over to spouse B. We don’t lose that 20,000 that spouse A put in, okay?
[25:11.36] There’s going to be a, the attributing of that towards the tax bill, if you will. You’re not going to be double taxed on that other 50 that goes over to spouse B. You’re going to get credit for the 20,000 that you did pay in. That’s why we’re not, we’re saying it’s not actually getting taxed twice. We don’t have a tax, a double taxation going here. It just might be taxed at a different place, i.e. your spouses, instead of your return, but you’ll still get credit for the 20 you put in.
[25:40.56] Amanda: Yeah, you’re shifting 50 into his return. He’s paying on that 50, but you’re not paying on that 50. Overall, you still have the same total tax. It’s just being accounted for on a different return. Now, secondly, so that’s one misconception here. Secondly is that, sounds like spouse this year on his tax return when he filed,
[26:03.04] he left the line item for your salary blank. Will this come back to bite him and incur fees? If you’re in a community property state, it’s going to be required. He needs to go back and amend that. We totally get it doesn’t make sense, and if you are in an equitable distribution state, then you’re right, it doesn’t make sense. This is not how you should be.
[26:27.88] But basically, a lot of people think that filing separately will result in less taxes overall. It really is very limited situations where even just the cost of doing a separate tax return is worthwhile.
[26:45.84] Eliot: It’s rare that married filing separately puts you in a better tax position.
[26:53.88] Amanda: There are scenarios.
[26:55.40] Eliot: But there’s other reasons other than tax while you’re doing it. And we see these coming in here.
[27:00.04] Amanda: It sounds like you filed separately, stayed there for many reasons, including you having rentals, or assuming that separate property rentals that you had before you got married. And then he has child support and undetermined other things affecting his return. Neither of you want to be on the hook financially for the other person’s obligations and responsibilities.
[27:19.44] I used to practice family law in California. It’s a community property state. Child support specifically, if you are not the biological or the legal guardian to his children, meaning you haven’t adopted them, then you actually don’t have any legal obligation to support them. Your income is not, or at least should not be factored in to his child support payments. There’s what’s called a Dizomaster.
[27:45.00] It’s basically a giant calculator. You put in parent one’s information income, what they pay for health insurance, all these different factors, how much they pay for housing, how much they pay for childcare, et cetera. And then the other parents, and then it spits out a number. At no point in this Dizomaster is a step parent or the wife of the one spouse included in this calculation.
[28:10.92] Now for spousal support, that’s a little different. If in this case, most likely it’s not going to, if one divorced person is living with another person that has income, then that’s an argument to reduce spousal support in many cases. But unless your husband is receiving spousal support, it’s a non-issue. If he’s the one paying, your income is a non-issue to both child and spousal support.
[28:38.90] That’s not a reason to necessarily file separately. Now having separate rentals that are only your separate property, sure, if you wanted to keep things more clean, if he didn’t want to pay any tax on your rental income, that could be some. But really rental income, unless your property is completely paid off, most of the deductions on a rental zero out in coming a lot of times.
[29:01.64] So it may not even be that substantial of a benefit here. What are some of the other reasons why people could potentially file, married, filing separately, and have it be a good outcome for them?
[29:13.80] Eliot: Often, even if one spouse has a lot of education expenses, many times you can defer paying back your Sallie Mae or whatever loans they are, if you’ve married, filing separately because you’re showing less income. Again, because if we are in a community property, say, which again, we suspect is going on here, you’re going to recognize some of that income, but maybe it’s still not enough.
[29:36.76] You could still get a benefit. Maybe you don’t have to pay as much back in student loans. That’s a popular one, I see a lot. It’s going to be kind of your one-off situation. It’s typically like that. But absent that, again, we have two different considerations. We have the consideration, hey, I don’t want to show income because I don’t want to pay back my student loans just yet, or at least at the full amount that they’re going to require me to do so.
[29:58.72] And then there’s a completely, we slide those reasons aside. And then there’s, well, what about tax bills? Those are two different things. And they sometimes don’t walk hand in hand. There can be competing factors here where you have to pay more tax, but it’s giving you the added benefit of not having to pay back, say, student loans or something like that. And we don’t know until we calculate.
[30:19.92] Amanda: Yeah, we don’t know. If your husband has maybe some IRS issues and you don’t want a refund intercepted through one tax return that wouldn’t be intercepted through the other, perhaps that could be a reason as well.
[30:31.88] Eliot: Absolutely.
[30:32.74] Amanda: But generally, if you’re in a community property state, there really isn’t a way to avoid this unless you move or get divorced. Those are generally not solutions, though. Okay, then. I was a passive investor in a multifamily unit deal. The property was sold and my CPA informed me that I have a capital gains tax due of 55,000 for 2025.
[30:57.94] Anything I can do to reduce this tax. If not, what could I have done differently? Unfortunately, it is 2026, there really isn’t anything you can do after the fact once the tax year is over. I guess they could buy a property if you filed an extension, because we are still in that in-between spot between April 1 and October 15th. If they bought, they could do like short term rental loophole and cost seg.
[31:29.76] Eliot: Well, it’s still not going to help them for 2025. That’s going to be a 26th event. And really, this was my fault. This question was really supposed to come after the question about the opportunity zone to show a reason. Well, that could be something that they could have done. There’s nothing we can do for 25 at this point. There really isn’t. Maybe you can put into an HSA. I think that had to be by April 15th as well.
[31:51.52] Amanda: If you had a property already that you qualified and could cost seg for it.
[31:55.88] Eliot; Yes, if we had one in 2025, we could do a cost seg real quick, get it done. And if you were materially participating and it was an act of loss, well, it doesn’t even have to be an act of loss. In fact, you don’t have to materially participate. You can go ahead, if you had a property, you could have a cost seg done right now.
[32:15.70] That would potentially create passive losses and that would offset your passive income because it’s going to pull those passive losses to offset what we call passive capital gains, which is what you have here as a passive investor. That would be something you could do, yes. Exactly right, if we have very good, if we have property already on our books in ’25, and yep, very solid there through the cost seg.
[32:41.56] And you’re right, we don’t have to have that study done if we extended until September 15th or October 15th. That could be a play. If we go back to 2025, along the same line, pick up a property, doesn’t have to be active, it can be passive, do a cost seg, same thing. You’re going to, what we call lazy 1031, instead of going through formal 1031 proceedings, just pick up another property, create passive losses again.
[33:10.14] And then you’re a sale of a passive investment like this, you’re going to pull those passive losses to help offset that gain of 55,000. Alternatively, you could have done a regular 1031 back then at the time. If this was something that you owned the property yourself, multifamily, we talked, this probably got a percentage.
[33:29.28] Amanda: Yeah, multifamily, probably syndication, passive investor, you don’t have a lot of control and you have no control in that situation, really. And in reality, they may not even let you know that they’re going to sell that year. You don’t have a ton of time to plan. You wouldn’t even know until what, March, January, February of the following year that you even, when you get your K-1 that they even sold.
[33:52.72] What could you have done differently? Like when you’re going into that deal, figure out what the lines of communication are, what the exit strategy is, what that timeline is, so that you can kind of better prepare and plan as it’s coming up and you don’t just get surprised going in. Also, what we just talked about, that opportunity zone would have been.
[34:11.54] Eliot: Yes, you had capital gains. That’s exactly what an opportunity zone is for, put capital gains in there. Now we’re towards the end of round one, opportunity zones, and it would only defer to the end of 2026. December 31st, you’re going to have to pay some tax. However, if we’d been able to, in a perfect world, put off this sale until after January 30th, excuse me, June 30th of this year, as we got closer to the end of the year, you might be able to move those capital gains within 180 days into opportunity zone 2.0, kicking up here in 2027.
[34:48.06] Amanda: Yeah, and on this one for the 1031, that’s only actually possible if you take your interest as tenants in common. If you’re just passively investing in shares of a partnership, you’re not going to be able to 1031 out of it without everybody else. You’d have to individually take your interest as a tenant in common to do that 1031.
[35:10.04] Eliot: Yeah.
[35:11.58] Amanda: Head on over to Clint Coons is what YouTube channel, Real Estate Asset Protection. Looks like we keep freezing. Our apologies for that. If you want to go to Clint’s channel, you can subscribe there. We’re going to just drop those links into the chat. Also, Toby Mathis, oh, they updated. You get skinny Toby and a little bit chubby or Toby.
[35:34.80] In both of those, we’ve gotta update his little circle shot there. Man has gotten a lot healthier and slimmed down. I barely recognize him some days. I could pass him on the street and I wouldn’t even notice him, recognize him anymore. But several thousand, probably millions of hours worth of tax, legal, asset protection, advice, and things to think about, things to do your investing and save money while you’re doing it.
[36:00.88] Or you can schedule a free strategy session and talk to one of our business strategists as this QR code, it’s 45 minute free session where we talk about all of the assets you have, what you’re planning to do so that we can build you a structure to keep you protected from liability with all of those built-in tax strategies.
[36:21.80] All right, moving on. I’m investing 250K in a software startup pre-series A. The founders say it qualifies under section 12.02 as qualified small business stock. QSBS is that’s what it’s known as. Let’s say the stock grows 10X over the next 10 years. My stock becomes worth 2.5 million. 10 years from now, how do I prove to the IRS that the profit should be tax-free under section 12.02? Do I just document it and hope? Let’s pause there and just go over what is required for this qualified small business stock stock under section 12.02.
[36:57.80] Eliot: And maybe what it is.So 12.02 is simply a provision that says if you buy stock in a C corporation, we’re only talking about C-corps, then you later sell it, you don’t have to pay any tax on the gain. It started maybe back in the 80s, as I recall. It’s taken a lot of different twists and turns. It used to be you’d get 50%, I think, off.
[37:20.80] And then it was 75%. Then it was 100%. Now, as of the big beautiful bill of last July 4th, they have a tiered program for new C corporations that qualifies 12.02 stock. And it says if you invest in one of these stocks like this questioner is here, quarter million in a startup, if you hold the stock for three years, you get a knockoff 50% of the gain, 75% if it’s four years, 100% if you hold it for over five years, that is the stock. What qualifies for it and why it’s, the idea is to spur on investment in startup businesses.
[38:02.04] Amanda: Right, I’m going to write that down. You don’t have to repeat it, three years.
[38:05.40] Eliot: 50%. Four years is 75.
[38:09.88] Amanda: Okay.
[38:10.70] Eliot: And I’ll make you guess what five years is.
[38:13.08] Amanda: Five years. 100%, 100% of the gain.
[38:18.54] Eliot: Correct, yeah.
[38:19.96] Amanda: And you only have to hold it five years.
[38:21.60] Eliot: Five years, three years if you want 50.
[38:24.70] Amanda: Yeah, four years if you want 75.
[38:28.16] Eliot: That was a figure. This is very lucrative, people want to put into it. I’m not, I haven’t been able to see all the new rules, but if they’re, I imagine ’cause this has been in place for so long that anything that’s not covered as far as specific new iterations of this, then they fall back to what the previous rules were, have run into situations, consultations with clients hat had a qualifying stock, they had a good stock,] but they wanted to invest it in another one that would qualify.
[38:57.34] Could they transplant their investment in one into the other and still accrue their time for five years? Yes, you can. You used to be able to do that. I don’t know under the new plan if you can or not, but that was a thing. I mean, stock A, it was doing really well, but now you wanted to move on to this new venture that you thought was going to do even better.
[39:15.66] You could take the two years that you had in stock A and then get three years over at stock B, but I don’t know if we can still do that or not, ] but I have had those calls where, and back in the day, you used to be able to do it. But anyway, what this is and what has also changed is what qualifies, what kind of C corporation, we know it’s a C corp, what’s that look like?
[39:34.62] Has to be a C corp with under 75 million in assets is basically what it is. That’s one of the criteria. And how much can we go ahead and not have to pay tax on 15 million or 10% basis, whichever is greater? It could be more than 15 million, but the basis of what you put in, how much it goes up, then it could be quite a bit more. But in this case, again, we’re talking 2.5 million, or clearly within either of these categories. Those are just some of the caveats that we have. Now, one thing that they also look at, what if you’re at 74 million, 900,000, and a man who puts in $200,000.
[40:16.98] Now we’re over and you just ruined it, okay? Basically, so now it no longer qualifies.What they’re going to look at is that it was under 75 million when you bought the stock, and then that it was still under 75 million after the stock was issued. That becomes a very important part as well.
[40:33.06] One of the tests that had to be looked at for this. Those are kind of the parameters of what we have going on. Now, really back to the question, and I don’t think we finished it all, maybe we can start from there.
[40:44.62] Amanda: Now the question becomes, how do you prove to the IRS that the profit should be tax-free under the Section 1202? Do we just document it now and hope that they agree when you file an 8949? Or it seems like there’s really no assurances they’ll agree.
[41:00.34] And the profits, they’re not subject. Actually, that’s the third part of the question. How do we approve this? Yeah, you document it now, because you don’t actually file that 89, there’s nothing on the 8949 where you would indicate that you’re taking this 1202 by a small business stock option.
[41:19.66] Eliot: Might make a memo or something like that, but that’s not documentation. What you want to know is that, first of all, it was a C corporation. You have articles of incorporation showing that it was a C corp when you bought the stock. Make sure there’s bookkeeping, because as we just talked about, as far as the $75 million limit, it has to be under $75 million even after they issue the stock and they take your cash or whatever property you put in.
[41:46.86] It’s based on the assets. You want to have financials prior to the issuance of the stock and after the issuance of stock. Make sure we have all that. Certainly a stock certificate or some kind of a recording, the legend, showing all the stock change payment of the services, showing that you actually gave them something in return for this stock.
[42:11.06] As far as on the C corporation side, that is the issuer, again, they’re going to want to show a certificate of incorporation showing that they indeed are a C corporation. They’re going to want to show their tax returns or form 1120s for the year that they gave out this stock and probably the year when it was cashed out. Financials, the statements, again, as we pointed out, calculations, valuations for support of whatever the value was of any assets that were contributed to make sure that the assets weren’t over $75 million again that you gave or put us over that mark.
[42:43.38] If you gave some kind of asset in return for the stock, we need to have independent valuation with the value of that asset was when it went in at that time. Kind of your common documentation that you would really expect to have if you’re running a corporation, a good ship here with all the documentation. Alan Sheets narratives of any meeting minutes showing that there is an intention to give out, 1202 stock would be healthy as well.
[43:10.54] And maybe from your own investments showing that you had a meeting deciding that you were going to pick it up. Now, you have to pick up as an individual. I’m not saying have a C corporation receive this stock. No, you want to receive it as an individual. It’s for you. The next very slippery slope, well, what if I receive it in a partnership as a member of a partnership or an S corporation?
[43:32.06] Can they receive 1202 stock? They can, but you’re getting into dangerous territory where something’s going to get done wrong, okay? But it can be done. It doesn’t necessarily offend it, but you’d be better off just receiving it individually.
[43:46.54] Amanda: And the 75 million, I put this control group analysis memo. The 75 million actually can incorporate assets from other companies that the C corp owns if they fall under that control group analysis. It’s not just the assets of that C corp necessarily.
[44:04.74] Eliot: Yeah, so C corp A, the one you’re taking a stock, let’s say it’s only has 30 million in assets. Oh, but it owns 50 some plus percent of corporation B that has a hundred million. You gotta bring that over and that’s going to mess up the calculation here and show far more in excess of the 75 million. Control issues are a problem as well.
[44:24.82] Amanda: All right, the final piece of this question. Although the profits are not subject to income tax, don’t they still become part of my estate and potentially subject to estate tax? And the answer is yeah. The money you earn is going to be subject a part of your estate unless you’re doing some sort of other long-term tax planning that involves pulling funds out of your estate, maybe into irrevocable trusts or whatnot, gifting.
[44:53.70] But they do become part of your total estate. The good news in that venue is that the estate lifetime exemption is very high right now. It’s about $15 million per person. If you’re married, that double and it’s indexed to go up for inflation. Now, can that go lower? Yeah, sure. At one point in our lifetimes even, it was as low as a million dollars. Like my uncle always says, you gotta die in the right year if you want to save that money.
[45:21.26] Eliot: And if your lifetime’s a little longer, actually it even got worse.
[45:24.82] Amanda: While we can’t predict for what future congresses and administrations will do, the estate tax, the estate exemption is fairly large, that 2.5 snugly fits underneath that without any other additional information on what other assets you have, but the amount over that, it’s the amount over that, that would be subject to that 40% estate tax. Can we just forget all of this and just do the investment through the Roth that all future gains would be income tax free?
[45:51.98] Eliot: Quick answer, yes. You can, yeah.There’s always something you want to make sure it’s not some kind of, and I don’t even know what this would be, but some type of investment that’s going to create unrelated business income tax. It’s very hard to find that scenario because you’re just getting shares of stock just like you invest in IBM or Google or whomever, or whatever business, AT&T, et cetera. You’re not going to typically run into that. As long as it’s not a related party, which I, you know, so don’t invest in your own business.
[46:22.26] Amanda: Yeah, and I know we put this whole crazy list up. Sounds complicated. It’s really not. Any corporation that is sophisticated enough to be doing this should know what they’re doing, and you as the investor don’t have a lot of this to do yourself, right? It’s all going to be coming from them.
[46:39.34] They’re going to be providing the financials or whatnot. If you have the ability to take other funds and invest them in your Roth, now you’re saving on taxes in two different places. You can, it could be easier and straightforward for you to sort of be super safe and do it in your Roth, but if you have the ability to invest other funds in your Roth, why not be saving on both sides?
[47:02.82] Eliot: Yeah, and in today’s environment, if it’s a business that’s doing this, the other people structuring this business, I can almost guarantee you’re aware of the 1202. It’s very common. It’s been around for a long time. Really meant to encourage, especially high-tech business type investments and things like that, but certainly not limited to that.
[47:21.02] But there are certain limitations. It can’t be a business that’s based on your own, your own attributions, your attributes, such as a doctor, you know, a lawyer, accountant, things of that nature, or maybe a consulting.
[47:33.98] Amanda: Services.
[47:34.82] Eliot: Right, exactly. We want to stay away from those. There’s a lot of medical you can’t do as well. I had some clients who did medical software. That’s okay. Okay, it might’ve been in the medical industry, but it wasn’t providing medical diagnosis or anything like that. It was just software that was tracking them. That’s all right.
[47:52.54] That’s a good investment. There’s a lot of flexibility. It’s actually an area, surprisingly, it’s been around for so many years, almost 30 years, I think. Plus, there’s only been 23 things out there, private letter rulings or things of that nature that actually mentioned this. And that’s astonishingly low in our business of tax.
[48:11.26] Amanda: Yeah, for something that saves you.
[48:13.14] Eliot: Exactly. You’d think they’d talk a lot more about that, but there’s not a lot to talk about it. So yeah, it’s a great plan.
[48:20.16] Amanda: All right, Anderson created my limited partnership and general partnership structure. My questions are, one, which entity has to create your issue, the K1, and who prepares that for me? And two, I lost my spot. When preparing the 1065 tax return, who do I list as the limited partner, me or the entity?
[48:40.30] This is my first year doing this. I need some guidance. This is our general limited partnership structure. This is your limited partnership. You as the individual are the limited partner. You’re typically owning 80 to 90% though. Limited partners just mean you have limited liability. It doesn’t mean that your investment or percentage is limited.
[49:02.86] This general partner up here is typically going to be a C corporation. Ooh, I guess we’re doing a capital R, C corporation. And then they have the remaining percentage there. When are we using this? We’re typically using this for our traders. If you can’t qualify as a real day trader, then you’re sort of doing this as a startup, as a side hustle.
[49:28.46] You’re not doing it continuously. You’re not relying on it as your primary source of income. There’s a lot of deductions on expenses that you aren’t allowed to take on your personal tax return, but you can take them on this C corp return. What happens at the end of the year is that this limited partnership files a 1065, and then it’s going to issue a K1 to each of the partners, allocating 10% to the C corp and 90% to you as an individual.
[50:01.58] Eliot: Exactly, so it’s going to be your preparer. Whoever’s preparing that return.
[50:04.62] Amanda: It’s enough for you.
[50:05.46] Eliot: Exactly, they prepare the K1s with the return itself.
[50:10.26] Amanda: Yeah, it just generates.
[50:12.58] Eliot: It does, yep.
[50:13.42] Amanda: Typically with the software there. Our final question. I invested in education for several businesses last year. How did I mispronounce that word, but not the fruition. None have come to fruition yet. Is the education able to be claimed on 2025 taxes? Also, I filed without any of the education being claimed, I was wondering if I could amend my taxes at some point this year.
[50:38.34] Easy part of the question is, yes, you can amend your taxes. You can amend up to three years if you are expecting a refund. Beyond that, you can still amend. You’re just not going to get any money back.
[50:48.78] Eliot: Right, exactly right. But it can’t be claimed on our 2025 taxes. Well, it depends on what kind of business or how you’re trying to take the deduction. If it’s on a 1040, well, you said you invested in several new businesses. Now, I assume those are new. That’s maybe a wrong assumption, but if it’s a new line of business, typically you can’t take that on your 1040.
[51:11.38] Can’t do it on an S-Corp. Can’t do it on a partnership. You have to do it on a C-Corp. You could go back and amend that C-Corp and pick those up. That’s not a problem. But we wouldn’t be able to do this on our personal return. It’s just not allowed. The courts just don’t, the tax return, excuse me, the IRS does not, the tax regulations don’t allow for it.
[51:32.10] It’s just one of the parts of our code. But if it was continuing education, you have an S-Corporation and you’d been around for four years and it’s not a new line of business. It’s just continuing education. Well, that’s something else. And then yes, you could still amend. As Amanda points out, up to three years, you could put it on there.
[51:50.34] Amanda: Yeah, so if they made this investment in education in 2025, is it gone?
[51:58.02] Eliot: Even if you didn’t go back and amend and pick it up on your 25, you’d probably be able to pick it up. Well, it wouldn’t need to be a startup cost. We gotta go back and amend the 25 return. It’s not gone, okay? You’ll be able to claim it, but we do have to amend.
[52:10.06] Amanda: Or you can set up a C-Corp now to run those businesses. You can claim that education as a startup cost. We like to do it as close to the time period where you made that investment into the education expense, but it doesn’t necessarily have to be in that same year. We do like it to be fairly close in time, but generally you can go back six, 12 months.
[52:33.86] It doesn’t have to be in the exact same year. Even early on in 2026, you can start up a C-Corp for these new businesses and you can claim those education costs as startup costs. And you get 5,000 deducted in the first year and then the rest is amortized over 15 years. You gotta spread it out a little bit, but you eventually do get it all back.
[52:57.02] Eliot: Up to 50,000.
[52:58.94] Amanda: Yes. But if the education for each one is more than 50, then more than one C-Corp, buddy.
[53:07.58] Eliot: Yeah.
[53:08.42] Amanda: There you go. Then we can get it all.
[53:11.94] Eliot: But yes, the bottom line is you can take advantage of that. It’s just a matter of the path that you take and I’m going to guess it probably is going to require C-Corporation.
[53:19.92] Amanda: So, head on over to Clint Coons’ YouTube channel. We talk about this topic very frequently, or you can go over to Toby Mathis’ channel. Subscribe, like, you’ll get notified for any new videos that pop up. And then if you’d like to join us for our next live event, please do so. It’s in Dallas, Texas, July 30th through August 1st.
[53:40.94] Outro:
Author Bio
Amanda Wynalda ~Executive Attorney
Amanda is an attorney licensed in California. Prior to Anderson, she worked in tax, estate planning, family law, and sports/entertainment. As a student at Pepperdine Law, she worked at the IRS Chief Counsel’s office in the Small Business/Self-Employed and Tax Exempt and Government Entities divisions. She regularly presents at our Structure Implementation Series covering tax preparation and planning strategies.
