Last year my partner and I took $2000 out of the revenue of our mutually owned corporation and isseud it to ourselves as "profit share" to each other.
I am now doing my taxes for that corporation, and wondering if I have to declare this as a "commission" or a "dividend"? Orsomething else?
Asked on 4/13/11, 8:03 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
It's a payment. Expense it as such and move on-unless it is something you shouldn't have done.
Answered on 4/16/11, 11:08 am
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Last year my partner and I took $2000 out of the revenue of our mutually owned... Asked 4/12/11, 12:41 pm in United States Iowa Tax and Taxation Law
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