discuss briefly the tax effect on Vinnie the tax effect on the corporation or the effect on the companys E and P that item will have

Cousin Vinnie is a shareholder and an employee in the family business. The directors have no intenti Show more Cousin Vinnie is a shareholder and an employee in the family business. The directors have no intention of declaring a dividend and putting cash into the pockets of such a questionable person and causing the other shareholders to have a taxable event. Instead because of pressure from cousin Vinnies mother to give her son something (or there is no telling what her husband Mr. Soprano will do to them) the directors come up with a plan they think will circumvent any tax issues or effects on E and P. The directors tell Vinnie they will forgive his company loan (though he never intended to pay it back anyway) pay off his gambling debt to the family allow him to use the company apartment as his own personal residence and give him the company Cadillac SUV that still has an outstanding GMAC loan on it. Please take one of the items the directors are giving to Vinnie and discuss briefly the tax effect on Vinnie the tax effect on the corporation or the effect on the companys E and P that item will have. Show less


 

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