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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I bought into a franchise on 2004 no longer in business a few

Customer Question

I bought into a franchise on 2004 no longer in business a few year ago a few people sue this place i receive a payment due i have to pay taxes on it
Submitted: 2 years ago.
Category: Tax
Expert:  USTaxAdvising replied 2 years ago.
If you are not operating then I would not think there would be any taxes due, Having said that it really depends on how you were operating. Meaning were you operating as a partnership, corporation, S-Corporation, etc?
If you can tell me the type of entity that purchased the franchise I should be able to tell you whether or not you should be filing tax returns and how to liquidate the company.
Best regards