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Question on the taxation of the sale of a business,
Question on the taxation of the sale of a business, specifically goodwill. In this situation, the tax payer started the business (S corporation) from scratch, and is selling real estate, and goodwill.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am selling my company (business) with capital gain, which
I am selling my company (business) with capital gain, which form should I use to report that sale and capital gain for taxes? … read more
Lane
Lane
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Can I deduct Goodwill, Trade Name, Non Compete Clause
Can I deduct Goodwill, Trade Name, Non Compete Clause against the gross sales price of my business? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
I'm trying to find out some information about privately
I'm trying to find out some information about privately selling stock of a corporation … read more
Lane
Lane
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I'm selling my dental practice. Is the goodwill taxed as
Second opinion] I'm selling my dental practice. Is the goodwill taxed as long terrm capital gains in 2018 or as something else? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
I have a normal accountant, but he's unavailable for the
I have a normal accountant, but he's unavailable for the next 3 weeks, so I'm trying to get a better idea of taxes. Long story short, I am a single member LLC and I'm going to be selling my company sh… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
A C corp. has 2 lines of business and wants to sell one of
A C corp. has 2 lines of business and wants to sell one of them. The sale would consist of Customer & Vendor lists, inventory & related liabilities and a non-compete agreement. Because it's a C-corp. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
We have a client who operates a spinal diagnostic practice.
We have a client who operates a spinal diagnostic practice. Within the practice is a physical rehab practice with space, equipment and personnel. They are considering selling that PT practice and are … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I have an S Corp for sale, currently under contract. The
I have an S Corp for sale, currently under contract. The profit will be considered long term capital gains. Our fiscal year runs August 1-July 31. The closing date on the sale is set for August 9. His… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
My wife and I sold our S-corp franchise business as an asset
My wife and I sold our S-corp franchise business as an asset sale. The sale price was divided among Class V, VI and VII assets (tangible property, non-compete and goodwill, respectively) which I have … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
Asset sale of an S corp. Assets where transferred into S
Asset sale of an S corp. Assets where transferred into S Corp from sole Prop at sole Prop Adjusted basis not FMV. S corp sold all assets. The basis is the adjusted basis at the time of electing S Corp… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
I own a single member LLC in California, I am looking to
I own a single member LLC in California, I am looking to sell it in the next 6 months to a year, I need to know the best way to sell it, i.e. as goodwill, as assets, etc. I completely understand that … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,763 satisfied customers
I have a question on how an asset sale of my business should
I have a question on how an asset sale of my business should be taxed. I was advised by my accountant along the way that it would be taxed as CG, but now he has provided my preliminary returns and I a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,434 satisfied customers
I'm looking to change my S Corp to an LLC in NJ. I'm told th
I'm looking to change my S Corp to an LLC in NJ. I'm told that I need to create a new LLC and then merge the existing S Corp into the LLC. I am currently the only owner in the S Corp; however, when I … read more
financeguru2
financeguru2
Master's Degree
38 satisfied customers
If owners of a small business C-Corp takes assets out of the
If owners of a small business C-Corp takes assets out of the C-Corp and put them into their own name, I understand the gains would be taxed on a Corporate level and again on an individual level..... W… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,256 satisfied customers
Sole proprietor business has closed and has not operated in
Sole proprietor business has closed and has not operated in two years and sold off major physical assets this year. Is Goodwill intangible asset balance taken in full adjusted balance as loss on a sch… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,256 satisfied customers
I created S-Corp in 1999 for a retail business, and have always
I created S-Corp in 1999 for a retail business, and have always been the sole shareholder; it was never a C-corp. I am contemplating asset sale, where allocation of price will be to fixtures/equip, in… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
What are the benefits of setting up a Real Estate Holding company
What are the benefits of setting up a Real Estate Holding company to purchase a building for my software company?… read more
MequonCPA
MequonCPA
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