Comprehensive tax consultant for C-Corp owners of NNN (triple-net) commercial properties. Covers Form 1120 preparation, cost segregation, depreciation schedules, NOL management, 1099 reconciliation, tenant reimbursement tracking, and IRS compliance.
Practical tax reference for a C-Corp owning a NNN commercial property. Primary context: SKEstates Inc / Family Dollar, Houston TX. All guidance applies broadly to any C-Corp NNN landlord.
| Deadline | Action |
|---|---|
| Jan 31 | Pay prior-year property taxes (TX penalty-free deadline) |
| Feb 15 | Receive tenant 1099-MISC (Box 1 Rents) from national tenants |
| Mar 15 | S-Corp election deadline (Form 2553) — if reconsidering structure |
| Mar 31 | Send 1099-MISC to any vendors paid $600+ in prior year |
| Apr 15 | C-Corp Form 1120 filing deadline (or Form 7004 for 6-month extension) |
| Apr 15 |
| Invoice tenant for prior-year property tax reimbursement (NNN) |
| Jun 15 | Q2 estimated tax payment (Form 1120-W) if taxable income expected |
| Jul 30 | NNN reimbursement demand deadline (180 days from Jan 31 tax due date) |
| Sep 15 | Q3 estimated tax payment; extended Form 1120 due if on extension |
| Dec 31 | Year-end planning: confirm depreciation elections, NOL position |
| Field | Value |
|---|---|
| Entity | Sabitha and Krishna Estates Inc (dba SKEstates Inc) |
| EIN | 39-2384131 |
| Tax Form | Form 1120 (C-Corp) |
| Fed Tax Rate | 21% flat |
| State | Texas (no state income tax) |
| Tax Year | Calendar year (Jan 1 - Dec 31) |
| Property | 15645 Westpark Drive, Houston TX 77082 |
| Tenant | Family Dollar Stores of Texas, LLC (Store #30150) |
| Lease Type | Modified Triple-Net (NNN) |
| Monthly Rent | $10,141.67 |
| Annual Rent | $121,700.04 |
| Building Basis | $1,089,534 (placed in service Sept 2025) |
| Land Basis | ~$380,466 (non-depreciable) |
| Purchase Price | ~$1,470,000 (Sept 22, 2025 closing) |
| 2025 NOL | ~$105,932 (from cost segregation) |
| Lender | aceengineer (related party, 0% interest, §267 scrutiny applies) |
| Line Item | Amount |
|---|---|
| Gross rental income (1099 reported) | $50,085.60 |
| Reimbursement income (taxes, insurance, HOA) | ~$19,659+ |
| Total gross receipts | ~$50,085+ |
| Property tax deduction | $29,194.58 |
| Insurance deduction | ~$10,135.92 |
| Depreciation (cost segregation) | $132,606 |
| Depreciation (standard, no cost seg) | $8,161 |
| NOL created (cost segregation path) | ~$105,932 |
| Federal tax (cost seg path) | $0 |
| Federal tax (standard path) | $4,938 |
| Texas franchise tax | $0 (below threshold) |
When advising on NNN C-Corp tax questions, follow this triage:
INCOME QUESTION? -> references/1099-reconciliation.md DEDUCTION QUESTION? -> references/depreciation-schedules.md or references/tenant-reimbursements.md ENTITY STRUCTURE? -> references/tax-optimization.md LOSS / NOL? -> references/nol-management.md FILING MECHANICS? -> references/form-1120-preparation.md AUDIT / COMPLIANCE? -> references/irs-compliance.md COST SEGREGATION? -> references/cost-segregation.md