You will receive a report as a result of the cost segregation study that supports the breakout between asset classes and new depreciation schedule in the event that you are audited by the IRS.Have you had a cost segregation study performed on a fitness center or another type of property?

Or it could be the looks and snickers your friends made when you got up to sing at an audition.

The IRS has made it a practice of disallowing exchanges that are audited where the tax payer changes right before the sale.  

If the proper reports and documentation are not completed, you run the risk of failing an IRS audit and the cost segregation not being honored.

Oh, absolutely, we have audited you account and have determined that you are due a refund of $4.628.13 which has been placed in escrow on your behalf.

Asset protection and avoiding audits are not nearly as important.

If you're in the feasibility stage, I would begin by requesting the financials for the last 24 months while you audit the rent roll.

EPA fine for first offense is $37,500.Most all caught to date,a nd probably most all to be caught in the future are through audits.

If I were auditing such a situation, my opinion would be that the transaction was not mixing personal and corporate assets but rather a contribution to the capital of the company and the existing liability being assumed in the transaction.But two last issues: One, I'm not a judge, nor an attorney, so my reasoning may not apply in your neighborhood.

Personally, I sleep a lot better when I don't worry about being audited or sued.- And, of course, my biggest piece of advice is to trust the numbers.