The first commandment of my someday-I-will-write-it bible of taxation would be “Thou shalt not put real estate into a corporation.” We see this at least a dozen times a year. When readers of this column ask us to do a tax consultation (usually for transfer/succession/estate planning), we find the business real estate in a separate C corporation (sometimes an S corporation) and leased to the operating corporation. Often, the real estate is owned by the operating corporation. ...

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