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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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I am contemplating selling my company---if I sold the assets

Customer Question

I am contemplating selling my company---if I sold the assets and they assume the liabilities--is the selling price the sum total of the assets + Liabilities? If so do I get credit for the liabilities so I am not paying tax on the total selling price
Submitted: 4 years ago.
Category: Tax
Expert:  R. Klein, EA replied 4 years ago.

Randalltax :

What type of entity is the business? Sole prop. corporation? LLC? If LLC, how is it taxed at the federal level.

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