C Corporations

The Tax Attic with Jerry Coon – October 8, 2009

October 8, 2009 // 0 Comments

Advantages of partnerships, C corporations There are a few things I would like to do before I ride off into the sunset—my bucket list of sorts. One of them is to drive a winged sprint car. I joke about that one maybe having to wait until my next life. But since I’m of the Reformed Church religious persuasion and we don’t fundamentally believe in reincarnation, the “next life” thing probably isn’t going to work. I don’t anticipate that my minister, Rick Tigchon, is going to preach a sermon on reincarnation being an option any time soon, either. It’s going to be done in this life or it won’t be done. The reason I bring this up is Berlin Raceway held its annual Open Wheel Night on Sept. 26. A number of classes, including midgets and late models, raced. But the main attraction for me was the winged sprint cars. I love watching those guys race. You can tell the fast ones from their motor sound. Once they hit wide open, which is about one second after they stomp on the pedal, the fast ones never let off all the way around the track. They use their brakes and the bank of the track to slow the car in the corners, but you can tell from the motor sound that the foot is in fuel injectors all of the time. One of the racers, Hank Lower, gives me hope that I will fulfill my dream of driving one of the sprint cars. Hank is an Indiana guy and he is 72 years old. Granted, he has been driving these cars most of his life, he is still competitively driving at age 72. He finished in the top ten in the feature event, which means he beat most of the kids in the race. Since I’m a whole lot younger than 72, there is plenty of time to get me strapped into a sprint car. I think I will go online tonight and see what’s available in the sprint car driving school arena. Maybe Hank gives lessons. I want to continue with my series on the various business entities available to a person who is starting a business. Multi-member LLCs file a Form 1065, Partnership Tax Return. […]