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Turn and Burn Entities? November 1, 2013, Topic:Turn and Burn Entities? Question by:Patrick ReedJurisdiction:Washingtonian:November 1, 2013JurisdictionQuestion(s) Does your agency have authority to
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Turn and burn entities refer to companies or individuals who quickly buy and sell assets or properties for a profit.
Anyone engaged in the buying and selling of assets or properties for profit may be required to file turn and burn entities.
To fill out turn and burn entities, one must provide detailed information about the assets bought and sold, the purchase and sale dates, and the profit earned.
The purpose of turn and burn entities is to track and report the profit made from quick asset turnover for tax and regulatory purposes.
Information such as the purchase price, sale price, dates of purchase and sale, and any associated expenses must be reported on turn and burn entities.
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