Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I am contemplating selling my company---if I sold the assets

Customer Question
and they assume the liabilities--is...
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: 5 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
10/1/2012
Tax Professional: R. Klein, EA, Enrolled Agent replied 5 years ago
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
Experience: Over 20 Years experience
Verified

Randalltax :

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

Ask Your Own Tax Question
Ask R. Klein, EA Your Own Question
R. Klein, EA
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
3,375 Satisfied Customers
Experience: Over 20 Years experience

R. Klein, EA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

3,375 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
LLC tax I would like to close the llc without paying
LLC tax I would like to close the llc without paying California franchise tax … read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
If LLC taxed as S Corp (1) wholly owns another LLC (2) that
If LLC taxed as S Corp (1) wholly owns another LLC (2) that is a disregarded entity, and a 2% shareholder is on (2) payroll, should workers compensation be included in that W-2?Basically, a 2% shareho… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How are taxes (federal and California) calculated for
How are taxes (federal and California) calculated for bitcoin transactions? I had a few transactions of the following types: 1. Buy bitcoins 2. Sell bitcoins 3. Send bitcoins to 3rd partyAll these tra… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
Changing being taxed as an LLC sole proprietor to an LLC
changing being taxed as an LLC sole proprietor to an LLC taxed as an S-corp, do they need to file Form 8832 or Form 2553 or both?If both, in what order?THANKS… read more
abci168
abci168
Principal
27 satisfied customers
A partner and I formed a LLC we each own 50/50 of the LLC. A
A partner and I formed a LLC we each own 50/50 of the LLC. A relative gifted me 70k to start up business. Will the LLC need to pay tax on that amount ?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We have sold our business as an asset sale with, mostly
We have sold our business as an asset sale with, mostly intangible assets. How do we minimize our tax liability? What needs to be listed in the Bill of Sale for assets? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My withholding exceeds my tax liability for each of the the
My withholding exceeds my tax liability for each of the the first three quarters of 2017. However, in December 2017 I received a taxable gift of $78,000 from which nothing was withheld. I know this mu… read more
abci168
abci168
Principal
27 satisfied customers
We currently have two Members in an LLC. The LLC is taxed as
We currently have two Members in an LLC. The LLC is taxed as a partnership. Member 1 owns 70% and Member 2 owns 30%. We are wanting to sale 5% of our ownership to a new Member. Member 1 will sell 3.5%… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can I own assets in a LLC and not be a member of the LLC?
Can I own assets in a LLC and not be a member of the LLC? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
What are our tax liabilities when we gift a large sum of
What are our tax liabilities when we gift a large sum of money and a house to our kids? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
From a tax liability perspective, what are the differences
From a tax liability perspective, what are the differences between filing taxes from a trust versus a personal income tax filing ?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
Personal Estimated Federal Tax/Illinois payment: My federal
Personal Estimated Federal Tax/Illinois payment:My federal and IL taxes deducted on regular basis from pay check as employee. But I have S corp for which I know rough profit at 4th quarter since my ve… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
If I buy a house using my LLC (for limited liability since
If I buy a house using my LLC (for limited liability since I'll rent out part of the house) and use it as my primary residence, do I still get to deduct the mortgage interest against my personal incom… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Company A transferred assets and liabilities to a newly
Company A transferred assets and liabilities to a newly formed Company B … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
To: how to determine how much of the liabilities on an LLC
To Barbara: how to determine how much of the liabilities on an LLC balance sheet are "nonrecourse" or "recourse"? If all the liabilities are accounts payable and accrued expenses and if we have no spe… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
154 satisfied customers
This is a question about taxes and the LLC limited liability
Hello, this is a question about taxes and the LLC limited liability veil. My wife has a stock investment estate that generates a decent amount of income. We file jointly and it results in good savings… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,338 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x