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Old 05-07-2008, 06:03 PM
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Dissolving S Corp and Capital Gains

I incurred substantial capital losses in calendar year 2007. To use this capital losses, I am thinking of forming an S-Corp and getting a contract in the name of the S-Corp for some IT related work. I would withdraw some reasonable amount of salary every month from the contract revenue. Rest of the money I will leave in the company's account. After a year or two I will dissolve the S-Corp and take the money out. Would this be considered capital gains? Or is it just a stupid idea because I would be taxed for the complete income of the company during the year as the income of the company would automatically be reflected in my income.

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