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Reader Comments

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Thanks for this article, How do i open an owners equity account and what banks can i open with...collins.

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very informative

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how money is being transfer from one account to the order

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The explanations to the related terms are very clear and understandable.

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Re. Draws: If the scd C profit was not filed & reported, the sole proprietor has no tax basis in that income. What irc section says those draws (a distrib of profits) are not taxable?? The concept that draws are not taxable is based on the fact that the profit generating them was previously accounted for. If the profits were not previously reported, the draws are taxable. Will you please give me your thoughts on this. thx, jmb

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why are draws from sole proprietorship not taxable?

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is sale of assets for cash would increase the owner's equity?

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It explains the basics very well. Having a software to do the number crunching is very good, but if the numbers don't come out correctly and you don't know why, you're stuck. This article helped me understand what went wrong and enable me to fix the problem. And do it right next time. Thanks.

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