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Old 12-22-2011, 11:51 AM
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Join Date: Dec 2011
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trading Income in S-Corp.

I own a S-corp. The Articles of Incorporation says it can be used for any legitimate Business in Illinois.

I opened a Stock trading Acct under S-corp name, using S-CORP funds. I have some "short term" capital gains this year.

Questions:
1.) Is this considered "income" to the S-corp or strictly "Capital gains" for the S-corp, for taxes?
2.) Can I deduct my Laptop cost, Internet Usage fees, Business cell phone etc which were used to trade for the S-corp ?. I trade twice or thrice a week.
3.) If this is considered as purely "Capital Gains", I hope I don't have to pay any taxes on monthly, quarterly withdrawals from the Trading Account. Correct?



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