Carl normally I would agree! I started on here to avoid seeing a tax attorney or CPA as I am myself a professional accountant/financial person for well over a decade. The IRS is vague in their descriptions on what constitutes opening date and its vague in my research from other articles. That means gray areas and wanted to get insight from other folks.
The company is an elected s-corp company and the return is on extension, giving the client time.
Start-up companies I have no done in a long time and am helping out a colleague and his company. There is a greater cause and effect on how the books are set up from a financial side but then on the tax basis. I am thinking ahead to how the single shareholder funnels money to the company by either loan or contribution and how its going to affect equity, AAA, and AE & P.
For the client the easiest scenarios is by way of loan, long term loans for the company to pay back but ultimately need to consider the tax repercussions.
