Unable to answer this decades-old question posed by the characters of Sesame Street – mind you, it was not for want of trying – I decided to focus instead on another issue, one that came from a client ...

LLCs changing from partnership tax treatment to corporation or vice-versa may encounter issues including gain recognition.

Under the S-Corp classification, an owner-operator must be paid a “reasonable salary” through W-2 payroll and this salary is ...