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? |