Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My Brother and I have 10 year 50 K company buyout with my

Customer Question
parents; the buyout is currently...
My Brother and I have 10 year 50 K company buyout with my parents; the buyout is currently set up I pay their cell phone and additional insurance that Medicare does not provide, doing it this way t an extra $ 750 an year tax free and I get 5000 of my net expensive. 2015 was not our best finical year is there a better buyout structure we can set up or Renegotiate set up that work better for my family and my brothers
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
1/8/2016
Tax Professional: socrateaser, Lawyer replied 1 year ago
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,350
Experience: Retired (mostly)
Verified

Hello,

You could make the buyout payments variable. Example:

In consideration for payment in the amount of $50,000, seller agrees to transfer its interest in the company to buyer. The sale price shall be made in 10 annual installments, each payment to be made in whatever sum the buyer chooses; provided that the final payment shall completely satisfy any remaining balance due under the agreement.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Ask Your Own Tax Question
Tax Professional: socrateaser, Lawyer replied 1 year ago

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer -- otherwise I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Ask Your Own Tax Question
Ask socrateaser Your Own Question
socrateaser
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,350
39,350 Satisfied Customers
Experience: Retired (mostly)

socrateaser 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

4,310 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 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

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
We are a manufacturer and installer of store fixtures. We
We are a manufacturer and installer of store fixtures. We sell the fixtures, ship them to stores and install them in the store. We quote the customer for three separate items - fixture products, freig… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If a taxpayer enters a partial payment installment plan with
Hi Barbara. If a taxpayer enters a partial payment installment plan with the IRS for trust fund taxes owed, will the clock start once that is finalized in regard to the 10 year limit? Thank you.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
If I purchase a business asset with a 5 years installment.
Hi,If I purchase a business asset with a 5 years installment. The asset is an office furniture. Can I can section 179 even if I am going to pay off the furniture in 5 years? Please note that I am on t… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
Rental real estate installment sale. Commercial rental real
Rental real estate installment sale.Commercial rental real estate (non related party transaction) has been owned/rented for over 10 years. It is owned 70% by individual and 30% by ROTH.Client is going… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question regarding Medicare coordinaton of
I have a question regarding Medicare coordinaton of benefits. I will be enrolling in my employer health insurance plan which has a deductible. I also am covered by medicare as well as medigap suppleme… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I signed a contract for a company to supply install palett
I signed a contract for a company to supply install palett racking in pa They bought the rack from a co in Tennessee They are charging me tax on the labor to install? And also charging tax on their pr… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Tax question I have been under an Installment Tax Agreement
Tax questionI have been under an Installment Tax Agreement with the IRS for the past three years for $580.00 per month or $6,960.00 in years 2015 and 2016The installment payment covers prior tax years… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I have a installment agreement to pay FICA taxes that I
I have a installment agreement to pay FICA taxes that I could not pay in past years from employee with holdings. Can I deduct the tax portion paid on the installment agreement, since it wasn't deducte… read more
abci168
abci168
Principal
27 satisfied customers
We are interested in buying a solar farm. What are the tax
Hi! We are interested in buying a solar farm. What are the tax incentives? Is it just the 30% tax credit, or will we get to depreciate all the solar equipment with bonus depreciation? Thanks! … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Short Term Installment Sale. Client purchased a property,
Short Term Installment Sale. Client purchased a property, then sold for a gain in less than 1 year. The sale is an installment sale. My software is picking up the entire gain as ordinary income this y… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I have an IRS tax lien and making installment payments. I am
I have an IRS tax lien and making installment payments. I am likely to win a lawsuit within the next year. Can IRS attach my settlement? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax question - Form 1099, Line 8 Tax Exempt Interest
Tax question - Form 1099 , Line 8 Tax Exempt Interest reflects $500; OID 1099 is 0. Under heading Detail for tax exempt interest it says tax exempt interest is $300. Under Detail for Tax Exempt OID it… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Installment Sales - A taxpayer owns rental property (over
Installment Sales -A taxpayer owns rental property (over several years). Taxpayer is selling rental property and will hold the mortgage for the purchaser. Will this be considered a straight sale, reco… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Income tax question. Are there any ways that interest on an
income tax question. Are there any ways that interest on an insurance policy can be tax deductible? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I KNOW THE INTEREST ON A STUDENT LOAN FOR EDUCATION IS TAX
I KNOW THE INTEREST ON A STUDENT LOAN FOR EDUCATION IS TAX DEDUCTIBLE. HOW ABOUT THE INTEREST ON A PARENT LOAN /(FOR A SYUDENT CHILD) ALSO FOR EDUCATION?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I have a personal Tax question. Next month Medicare will be
I have a personal Tax question. Next month Medicare will be my health insurance provider as I turn 65 in September. Am current on my present health care premiums with the exception of August premium. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax question: I have an installment agreement with the IRS
Tax question: I have an installment agreement with the IRS for past tax years (2014-15) and have been paying $500 a month on about $27,000, For this past tax year (2016) I paid my tax bill in full wit… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
How are the proceeds of sale of a LLC interest taxed; as
How are the proceeds of sale of a LLC interest taxed; as ordinary income or as capital gains? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 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