New barn

[cowboydoc]

Hee Haw,
Our corporation is set up as an ESOP. We can get into anything in the corporation as holdings, expense it off, sell it, etc. None of what I own is actually owned by myself, but by the corporation. Even our house is owned by the corporation and it is part of our benefit package so we can pay all the taxes, improvements, etc. from the company. That way I get around all the tax issues for a person. The nice thing about the way the ESOP is set up is that we only have to pay taxes on 10% of what the company actually makes as a whole plus whatever we take out for our personal wages, which isn't much. That includes the ranch, anything back home, that I'm into, etc. Also we can put up to $2500 a month for both my wife and I for retirement that is also pre-tax. That's why it makes sense for me to keep investing profits from my doctoring into ranching as I would just have to pay taxes on it anyway. This way if we sell something we can turn around and not be held to the capital gains tax law the same as an individual would be. To be honest with you I don't even understand half of it. I just do what the accountant tells me to.

 

[cowboydoc]

Well here's where I'm at fellers.

 

[cowboydoc]

another

 

[cowboydoc]

other side

 

[cowboydoc]

Here's what pays for it all, /w3tcompact/icons/smile.gif

 

[cowboydoc]

inside

 

[bgott]

Here's what pays for it all,

Sure glad you ain't a proctologist!

 

[ddl]

is it charge or electrons that make it work????

Dan L

 

[snowman]

Based on the transactions that you've described with the
ESOP (Employee Stock Ownership Plan), I would suspect that
what is being done is illegal. It appears to be a sham
transaction, and I would strongly suggest having someone
other than your accountant review what is going on.

Remember that, in the end, if your accountant is doing
something illegal, you're the one that will pay for it.

Just my opinion based on your short description of what is
going on...if it sounds too good to be true.....

 

[StoneHeartFarm]

Cowboydoc

Looks good! Actually, for working and doing the work yourself, you're moving faster than I expected. Are you going to pour a partial slab? (Office area?)


SHF
PS Is that an ankle bone?

 

[cowboydoc]

Snowman,
I assure you that it is all completely legal. I have had three different attorneys and two accountants look at this for me. Actually it was one of my friends who is a lawyer recommend this to me. It is basically a tool that was created for the rich, not me, and the insurance industry. The accountant that does this for us basically took the same principle and used it for small businesses. It is very complicated. Shoot I learn new stuff about it all the time. Between the time that I started this barn and put our place up for sale and was worried about having to pay taxes on this place I learned that it is not technically even ours it's the corporations so we aren't subject to personal taxes on it. Our annual report, has to be filed every year, and tax return is about 100 pages every year. There is a slug of regulations that you have to follow. We have to file two returns as well. One for the ESOP and one for the regular corporation. The retirement is also set up very complicated. It is basically a life insurance that is a retirement package, that's why it is able to be funded so highly. But you have control over where the dollars go. I don't even begin to know it all but I know that it is legal. In Clinton's last year in office he tryed to do away with this type of entity. He was lobbyed against heavily by the insurance industry and some others and it didn't get passed. In a sense we are set up like any employee owned company. Company's all the time give their employees houses, cars, insurance, etc. as part of their employee package. This is basically what our company does for it's employees. It just happens that my wife and I are the executive officers. We have guidelines that we have to follow as to what we can do. As long as we stay within those guidelines we are ok. Now the nice thing about being a corporation is that you can have diversified holdings. Every year on my ranch I have to file reports on what was done. If we are not profitable for five years I have to come up with a new business plan and outline how I plan to move the business into the black. This year I was profitable with the ranch. With the profits the accountant and I outlined a new plan for the next five years that included this new place and the purchase of the new mares. I assure what we do is nothing different than any other corporation is america. We are just taking advantage of all the rules that the big boys use. Any small business can do it. It just takes alot of documentation and a smart accountant and on the short end it is much more expensive to do but your tax savings outweigh the cost. Believe me we do still pay plenty of taxes. But when you are self-employed and over 50 cents of every dollar goes to Uncle Sam you look for ways to even that out a little bit.

 

[cowboydoc]

SHF,
Yes we're going to pour a floor for the office and and a wash rack for the horses. My brother flew in from Idaho thursday and I took a few days off and we're going to try and get it finsihed in the next week. My wife's getting really sick of going over every night after work and working on it. I told her after we finished our house we were done building and then I started this. Uh-oh.

The x-ray is of a wrist. I take all of my own films and then use the digital camera to email them to the radiologist if I suspect something and need another opinion right away.

 

[StoneHeartFarm]

cowboydoc

I just thought the xray looked a lot like the ankle on that TRex skeleton they had on display at the museum. Lots of bones in there. /w3tcompact/icons/laugh.gif

SHF

 

[JonE]

Nice HUGE barn! Now I feel I went way too small. Here's mine.

BTW, here is what pays for mine!/w3tcompact/icons/wink.gif And no I'm not winking in that image

<P ID="edit"><FONT SIZE=-1>Edited by JonE on 08/13/01 02:34 PM (server time).</FONT></P>

 

[bgott]

I'm gonna take a wild guess and say that looks like the top of someone's noggin. The bottom picture, that is.

 

[JonE]

You guessed it! A lovely CT of the posterior fossa!
Like the eyes?

 

[Tdog]

Looks like a horizonal section to me.

 

[cowboydoc]

Well here's the finished product. We poured the concrete today and everything is done except finishing out the office. The barn itself is finished, stalls are in, and roundpen is done. What a project! I sure am glad that it's mostly done now. I'll just take my time and finish the office. It shouldn't take much to do. Well here's some pics.

 

[cowboydoc]

Here's my brother on the porch. Couldn't have finished it so soon without him.

 

[cowboydoc]

other side of barn