Tax nightmare- Article from Forbes- July 13, 2009

Definitely worth the read. http://www.forbes.com/global/2009/0713/business-mandates-corporate-recovery-robbers.html?partner=email

Have to do some serious tax planning protecting your assets from the coming tax tsunami!!!

Keep an eye open for a possible increase in the tax loss carry forward allowance from $3K year to $20K a year and try to match profitable asset sales against any tax loss carry forwards.

Additionally, if you do have a sizeable tax loss carry forward - match it against the sale of any appreciated assets you may own.

And this may sound crazy - you can sell appreciated real estate to yourself, pay the 15% cap gains tax, and raise the cost basis to current market value. This will allow you to save an additional 33% tax (from 15% to 20%) on the soon to be 20% cap gains rate.