A SHAREHOLDER SALES
ALL HIS SHARES TO PARTNER SUB S CORPORATION, PER LEGAL CONTRACT, PARTNER PURCHASED SHARES, INVENTORY, DEBTS, EQUIP, ETC EVERYTHING, FOR THE ENTIRE TAX
YEAR DOES THIS SELLING PARTNER RECEIVE A K1
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: ALSO THE PURCHASING PARTNER GAVE THE SELLING PARTNER A 1099 FOR THE BUY OUT. THE SELLING PARTNER STATES
HE DOES NOT HAVE TO PAY TAXES ON THE BUYOUT. BASIS WAS NOT REQUESTED BY SELLING PARTNER.
JA: Is there anything else important you think the Accountant should know?
Customer: IN THE PAST MANY THEIR HAVE BEEN OTHER SALES WITH OTHER COMPANY'S AND YES THE SELLING PARTNER OF THE SUB S HAD TO PAY TAXES ON THE SELL OF THEIR PORTION OF THE BUSINESS
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form
, I'll tell the Accountant about your situation and then connect you two.