In an IRS Letter Ruling, the IRS decided that two life insurance policies were not includible in the gross estate of a decedent. In the case, two trusts owned a limited partnership which owned two life insurance policies. On the…
Q: When I sell my business, what assets can I expect to keep in the transaction? A: When a business is sold, the asset purchase agreement dictates which assets are sold and which assets are kept by the seller. Typically,…
A business owner who is thinking about selling his business sometime in the next few years recently asked me: “How soon should I begin working with a business broker?” My response was: “Probably a lot sooner than you think!” The…
Introduction Throughout my career as an attorney, I have seen many tax and legal situations which could have been easily avoided if the person had good tax counsel and advice early on. Recently, it has brought to my attention that…
Trademarks and Trade Names IRS Chief Counsel announced recently that intangible items such as trademarks, trade names, mastheads and customer-based intangibles can qualify as like-kind property. In order to qualify, they must be described and valued separately from goodwill. If…
Q: If I have tax issues, can I discharge the tax debt in bankruptcy? A: Generally, tax obligations are not dischargeable in bankruptcy. However, the use of the bankruptcy code can be beneficial in some tax situations. The automatic stay…
This is the fourth in a series of articles outlining the steps any business owner can take to maximize the value of his/her business when it comes time to sell. If you’d like to see previous articles in this series,…
Introduction A business is unlike a car or a house. It is not fully tangible or movable, or even sometimes, apparent in its existence. To value a car or house, typically market value can be established quite easily by looking…
The Eleventh Circuit Court of Appeals has upheld an estate’s value of a decedent’s interest in a closely-held company that was determined by reducing the company’s value by the entire amount of the built-in capital gains tax liability. In this…
Q: Now that the Supreme Court has upheld The Patient Protection and Affordable Care Act, how will this affect my business in the years to come? A: First off, the PPACA is a law that is workable for business owners…
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