Calculating S Corp Stock and Debt Basis: Avoiding Loss Limitations and Excess Distributions

Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning.  His experience includes surrogate’s court practice, tax dispute resolution in both federal and state jurisdictions, and tax court representation.  Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.  His articles and lectures encompass a wide variety of topics, including business succession, estate planning, generation-skipping, stock options, effective strategies for removing tax liens, proper utilization of the marital deduction and utilization of partnership elections.

Mr. Olson is a partner in the firm’s taxation, estate planning, estate administration and corporate law groups. He assists individuals and families by developing efficient estate, gift and generation-skipping transfer tax plans. He prepares wills, trusts, and other estate planning documents, as well as estate and gift tax returns. Mr. Olson also focuses on business succession, interweaving estate, tax and business planning strategies and techniques. He assists clients in business formation and structuring. Mr. Olson prepares various business agreements, including buy-sell agreements, shareholder agreements, partnership agreements and operating agreements. He also advises clients in financial transactions from a business and tax perspective, including business sales, purchases and reorganizations. Mr. Olson often lectures for accountants, attorneys and other professionals, and has presented for various professional organizations, including the New York State Society of CPAs, the National Conference of CPA Practitioners, the Chinese American Society of CPAs, and the National Business Institute. He has also written articles for various publications, including the New York Law Journal and the Journal of the Nassau County Bar Association.