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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Question regarding shareholder selling company on a

Customer Question

Question regarding shareholder selling company on a scheduled release of assets. The buyers will take immediate operational control, but ownership will not be released for one year. Does the owner whom owns 100% of the stock still report the 100% of the income on his personal returns? Is there a away to divide the income among the buyers to alleviate the sellers liability? Essentially can the income and ownership be different amounts?
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi my name is Mark. I will be happy to help you with your questions. What type of entity is being sold? Is a corporation? A LLC?