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socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 38129
Experience:  Retired (mostly)
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My Brother and I have 10 year 50 K company buyout with my

Customer Question

My Brother and I have 10 year 50 K company buyout with my parents; the buyout is currently set up I pay their cell phone and additional insurance that Medicare does not provide, doing it this way t an extra $ 750 an year tax free and I get 5000 of my net expensive. 2015 was not our best finical year is there a better buyout structure we can set up or Renegotiate set up that work better for my family and my brothers
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.

Hello,

You could make the buyout payments variable. Example:

In consideration for payment in the amount of $50,000, seller agrees to transfer its interest in the company to buyer. The sale price shall be made in 10 annual installments, each payment to be made in whatever sum the buyer chooses; provided that the final payment shall completely satisfy any remaining balance due under the agreement.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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Expert:  socrateaser replied 1 year ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer -- otherwise I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!