How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I sold the assets of my C corporation in Illinois .

Customer Question

I sold the assets of my C corporation in Illinois for 850K. I changed the name from Phoenix Industrial Cleaning, Inc. to Phoenix Operations, Inc. before the sale so that the new owners can keep the original name along with all the contracts with customers. If I use the new name to buy rental properties in Florida, How much tax will I have to pay on the 850K?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
We are talking about C-corporation - correct?So C-corporation - not you personally - sold assets.Therefore the gain on that sale is determined on C-corportaion tax return and you personally are not taxed.It doesn't matter if the name of C-corporation changed - that is still the same corporation.The gain will be taxed regardless how it will be used.You might be able to defer some of the gain if C-corporation conducts section 1031 exchange.But if you already received proceeds - that is too late to plan for such exchange.

Related Tax Questions