The IRS will interpret the difference as taxable gain.

From my interpretation a single member LLC(if operated 100% like a business) should afford you the same asset protection rights as an S-corp.S-corp is also a "pass-through" entity...so his counter argument should be null there.If someone is going to go sue you - they don't look whether or not you filed a tax return.Again - i'm a CPA so I wouldn't take legal advice from me.You should get back to the EA if he knows personally anyone who was sued personally for an act that his/her LLC did

If you know that term, you'll know that this accounting stuff is subject to interpretation and there is more than one way to analyze a tax situation.

Thank you for your explanation, @Linda Weygant.I believe your interpretation that appliances are "rotable spare parts" is a stretch.

We now come down largely to interpretation of the value, which can swing greatly depending on the appraiser.

Paul - Your interpretation is dead on.

Depending on the applicable state antidefiecency statue and court decisions interpreting the statue, the protection afforded by the anti deficiency statue may or may not be extended to apply to a guarantor if a lender elects to foreclosure and brings a suit against a guarantor for a deficiency judgment.One – Action States Some states such as California have also enacted†one action†statues or rules, that a lender to one lender to one lawsuit to collect its debt and enforce its security interest.

In fact, at the same time (if it has not already been done), I would be adamant that remaining tenants complete a new application immediately to verify their suitability going forward, and meet with each to scrutinize their existing written lease, inspect their premises, and brief them on YOUR interpretation and policies.

Not a problem Wheatie, it could have been interpreted either way how I typed it lol.

If it is not specified I would interpret it to mean calendar days and would count weekends.