Page 16 THE MALDEN ADVOCATE–Friday, October 8, 2021 Malden High football earns first-year Coach Exilhomme a milestone win By Nick Toscani M aybe someone tipped him off. “Hey Sam, as long as ‘Two for One’ special?” That was all fine with Malden High senior slotback/linebacker Sam Solorzano, who scored nearly all the points for the Golden Tornadoes squad in a 14-12 victory over Somerville which went right down to the wire at Macdonald Stadium Friday night. The win was a milestone first in the career of Malden Head Coach Witche Exilhomme, who took the helm over the summer for the first time. Coach Exilhomme is a 2012 Malden you’re out there, why not try the PARTNERSHIP AND S CORPORATION COST BASIS RULES Generally speaking, contribuT Cost basis affects the tax consequences of many transactions to partners and S Corporation shareholders. Many businesses are conducted as partnerships or S Corporations. The function of a partner’s or shareholder’s cost basis in the entity and the importance of keeping track of it is as follows: 1. Determining how much a partner or shareholder may withdraw from the entity without recognizing any gain 2. Determining the allowable loss of the entity in any given taxable year the partner or shareholder is entitled to claim on his or her tax return. (Remember, these entities are flowthrough entities. The profit or loss is passed through to the individual partner or shareholder to be reported on Form 1040). 3. Determining the gain or loss upon sale of a partnership interest or stock in an S Corporation. tions to capital in increase cost basis, withdrawals decrease cost basis, profits increase cost basis and losses decrease cost basis. Each year, a partner’s or shareholder’s cost basis needs to be updated taking these factors into consideration. When a partner or shareholder withdraws more than his or her investment in the entity, there will be tax consequences. If, for example, a partnership has a $50,000 profit for the year and each of the two partners withdraw $25,000, each partner will report $25,000 of income on his or her tax return. If each partner also withdraws $25,000, there would be no tax to be paid on the distribution itself. Each partner would report $25,000 of his or her share of profit of the entity. This serves to increase the partner’s cost basis. The withdrawal decreases the partner’s cost basis by the same amount. Therefore, the net effect on the partner’s cost basis for the taxable year is zero. The partner does not pay taxes on both the $25,000 share of partnership income as well as the withdrawal of $25,000. If a 50% partner or shareholder contributes $10,000 in capital upon the formation of Senior Solorzano scores two TDs in 14-12 win over Somerville in GBL opener Somerville turned pesky late in the game and defied the scoreboard by putting together its best drive of the game, taking the ball on its own 38yard line and under three minutes to play in the game and marching down the field on an 11-play drive capped by an end zone dive by Slattery with 21 seconds to play which cut the Malden lead to just 14-12. Malden had played even with the visiting Highlanders in the first half, but had built some momentum in the second half, dominating the play clock and time of possession. A key turnover, a lost fumble, came in the late third quarter. Senior captain and quarterback Jordan Rodriguez had left the game briefly when his upper body injury flared up after a Somerville tackle. On the very next play after personnel change, a fumble in the backfield was covered up by Somerville, and Malden’s offensive drive was stunted. Another scoring opportunity High and 2017 American International College (AIC) graduate. Playing slot back on offense, Solorzano gave Malden a lead it would never relinquish late in the second quarter when he took a pass out of the backfield from senior captain and quarterback Jordan Rodriguez at the 12-yard line and ran the rest of the way to the end zone for his first career touchdown. Leading Somerville 7-0 late in the third quarter, it was “Sammy Time” again when Solorzano, now playing outside linebacker, picked up a Highlander fumble at the Malden 45-yard line and raced untouched up the sideline for a 55-yard return touchdown and a 13-6 Malden lead. The difference in the game ended up being the steady shoe of senior kicked Ronald Juarez, who booted both PAT kicks for a 14-0 lead. Somerville roared right back when QB Aidan Slattery connected with freshman receiver Fidendi Francois for a 71-yard touchdown pass with nine seconds left in the third period. The game was not over for Malden (1-2, 1-0 Greater Boston League [GBL]) until Malden freshman James Hyppolite tackled Somerville quarterback Aidan Slattery just before the goal line on a two-point conversion try with 21 seconds to play and Malden leading by a 14-12 score. the entity, and his or her share of the entity’s loss during the year is $15,000, his or her allowable loss would be limited to $10,000. The remaining unallowed loss of $5,000 would be carried over to the following year. If the entity generates a profit of $10,000 during the following year, the partner or shareholder will be able to offset his or her $5,000 share of the profit with the unused carryforward loss of $5,000. One key difference with S Corporations and partnerships is that a partner’s cost basis will be increased by his or her share of partnership debt. A Shareholder in an S Corporation will increase his or her basis only by actually lending money to the corporation. Even recourse debt does not increase a shareholder’s cost basis in the corporation. If a partnership has significant losses during a particular year, third party loans taking out by the partnership will provide additional cost basis to the partners thereby allowing them to deduct losses in excess of their actual contributions to capital. In these situations, this can be a big advantage of a partnership over an S Corporation. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. for Malden was dashed when a 34-yard field goal attempt by senior placekicker Ronald Juarez was blocked and recovered by Somerville in the fourth quarter. Malden’s defense held and got the ball back, and the scenario changed for the better on Somerville’s next and final drive, where, fueled by short runs, a long pass connection for Slattery led to a touchdown run and two-point chase with 21 seconds left on the clock. *** Malden was right back in action last night against GBL rival Revere (3-0 GBL, 3-1 overall) on the road at Della Russo Stadium. That game was played after press time. *** BOX SCORE Malden Somerville Second quarter Malden Third quarter Malden Somerville Fourth quarter Somerville 1 0 0 2 7 0 3 7 6 4 0 6 T 14 12 Sam Solorzano 10-yard pass from Jordan Rodriguez (Ronald Juarez kick) Sam Solorzano 48-yard fumble return (Ronald Juarez kick) Fidendi Francois 71-yard pass from Aidan Slattery (kick blocked) Guensley Louis 52-yard fumble return (pass failed) Extra Points: Malden was happy to have senior Jordan Rodriguez back as starting quarterback against Somerville on Friday night. Rodriguez ended up 9-for-18 for 186 yards and one touchdown, a game-high for any quarterback for Malden this year. Malden backup quarterback Nik MacDuffie did a very good job in a loss to Melrose the previous week, throwing for 137 yards. Junior Makhial Coulanges-Blaise led the Golden Tornadoes squad in rushing with 37 yards on 10 carries... Sam Solorzano was the leading Malden receiver with six catches for 87 yards and the touchdown...Revere took a tight win over Lynn English last weekend, 17-14, in a matchup between two GBL rivals who formerly matched up in the Northeastern Conference (NEC)...After not turning the ball over at all against Melrose the previous week, Malden gave it to Somerville twice on two lost fumbles Friday night...After last night’s game Malden stays on the road at Lynn Classical (Manning Field, 6:00 kickoff) on Saturday, Oct, 16. Malden then hosts Lynn English on Friday, Oct. 22, where it will be a “Pink Out” night to recognize Breast Cancer Research...The Malden High sub varsity team (2-1) topped Somerville for its second win on Monday in the pouring rain, 16-6, led by freshmen Kevin Exilhomme (92 yards rushing, 1 touchdown) and quarterback Aidan Brett, who led the offense after missing the first two games with injury. The defense was led by Anderson Joseph, sophomore Felix Da Costa and freshman Johnson Huynh.
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