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Incorporation in Nevada or Wyoming give the most advantage. Get in touch with
Laughlin Associates in the Nevada state capital, whose name escapes me now, and they
will give you all the information you need. They will do the work if you want them
to or teach you how to do it yourself. They sell incorporation services. One of the
great advantages of Nevada is that they have no communication with the IRS. There is
no state income tax and they have refused all efforts by the IRS to devulge state
records on their citizens or corporations doing business from there. You can even
designate a proxy to vote your stock for you and thus maintain anonymity completely.
AMA
Jim Michael wrote:
> On Mon, 29 Mar 1999, Robyn Greene wrote:
>
> >
> > What would that accomplish (in the US)? You'd wind up taking everything out of
> > the corporation in the form of ordinary income (salary) or dividends. Plus -
> > you'd have to be pretty careful dealing with the personal holding company
> > rules. Robyn
>
> I have read the other replies in addition to Robyn's. I was approaching
> this from the standpoint of getting the maximum write off capability when
> trading is your *business*. That is, you get full deductions for all
> expenses incurred for the business, deductions for health insurance
> expenses, i.e. all the usual benefits of incorporation, not just a ruse
> to get trading status benefits. Also, I realize most people have to use
> part of the trading income for living expenses, but I was thinking more
> in terms of a corporation which reinvested all profits, therefore no
> salaries other than token salaries. Where would incorporation provide the
> best tax advantage for traders?
>
> Cheers,
>
> Jim
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