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May 1
Okonkwo Dental's 1120-S is filed. Nothing due with the return.
One thing for next year: the practice is carrying $61,000 of accumulated adjustments it has never distributed. That is shareholder money sitting in a corporate account, and it can come out tax-free while the basis supports it.
May 2
Ada wants to buy a CEREC mill this year. Does that change the advice?
May 3
It changes the order, not the advice. Buy the mill first — at roughly $140,000 it is section 179 eligible and the deduction is worth more this year than next, given where her income is landing.
Distribute what is left afterwards. Send me the finance schedule when it is signed; a capital lease and a true lease are taxed very differently and the paperwork rarely says which one it is.
October 6
Saturday, October 17
It is a conditional sale dressed as a lease — title passes for $1 at the end. So it is a purchase: full basis on day one, section 179 available, and the interest strips out separately.
That is the better outcome. I have put the 179 election on the checklist.