Capital Gains and Losses

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When ***** and ***** bought in Tax changes on Capital Gains…

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When John ***** and...

When John ***** and Peter ***** bought in Tax changes on Capital Gains Tax concessions in 2006 -7 if family business's were past onto the next generation and worked and held on for at lest 10 years there was not Capital Gains Tax payable if that business was sold after the 10years.

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else the Accountant should be aware of?

No just a simple question if that is the case of no C.G.Tax if the family business is kept and worked for at lest 10 years after the next generation has taken over and not sold prier

Submitted: 4 months ago.Category: Capital Gains and Losses
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Answered in 3 days by:
3/29/2018
Tax Expert: Rachel-Mod, Moderator replied 4 months ago
Rachel-Mod
Rachel-Mod, Moderator
Category: Capital Gains and Losses
Satisfied Customers: 6
Experience: Moderator
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Hello,
Welcome to JustAnswer. My name is ***** ***** I am the category moderator. I notice that your question has been sitting for a while without a response. Are you still needing help with this matter?
Rachel-Moderator
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Customer reply replied 4 months ago
Rachel, i still have had no answer to my question.Regards. Tas.
Tax Expert: Rachel-Mod, Moderator replied 4 months ago
Thank you for getting back with me. I will open this matter back up to our experts to further assist you. Thank you for your patience.
Rachel-Moderator
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Tax Expert: Arthur Rubin, Tax Preparer replied 4 months ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 1,679
Experience: Over 22 years of tax preparation experience.
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Thank you for using Just Answer.

I think you've been mislead. The only relevant provisions I can find in the tax code are

  • Family Limited Partnership. Has some tax provisions, but not related to capital gains, and it would have to have been set up as such a long time ago.
  • Section 1202 capital gains exclusion. For small business (less than $50,000,000 in stock), issued by the corporation (not for stock, and not transferred by another person), held over 5 years, there is a capital gains exclusion
    • 50% if the stock was issued before 2/18/2009
    • 75% if the stock was issued between 2/18/2009 and 9/27/2010
    • 100% if the stock was issued after 9/27/2010
  • Section 1244 treatment of capital loss as ordinary loss. For a small business (less than $1,000,000 in stock), a capital loss can be treated as an ordinary loss if the stock was issued by the corporation, and the corporation was not primarily an investment or pass-through corporation.

If you need more details on any of these provisions, I'll be happy to expand on my answer.

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Customer reply replied 4 months ago
Dear staff,My first question is, is Arthur a tax expert in Australian Tax Law or in USA Tax Law.Regards Tas.
Tax Expert: Arthur Rubin, Tax Preparer replied 4 months ago

Sorry, I'm a US tax expert. If you are Australian, as I should have guessed from the reference to John ****** and Peter *******, I should have kept out of this. Sorry.

I'll opt out, and reopen the question to others. If you reply again, it will tie things up.

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Customer reply replied 4 months ago
Dear Arthur,You do not have to apologise, Just Answer should have from the start explained to me this legal answer to my question was coming from a USA lawyer.There is no reason to reopen my question i will try to find a lawyer in Australia thank you.I will want my money refunded from Just Answer.Regards. Tas.
Customer reply replied 4 months ago
There is not sense in referring to a nother tax agent if in the USA
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