An S Corporation was allowed to use a lower figure, rather than the sale price, when calculating the tax on built-in gains for the sale of a partnership interest. The built-in gains tax is a tax on an S corporation’s…
Most everyone has heard that the three most important factors in determining the value of real estate are Location, Location, and Location. It is equally true that the three most important factors in valuing an ongoing business are Cash Flow,…
Q: I have a small business. What is the best way to pass the business on to my family when the time comes? A: First, there is no one size fits all business succession plan. Service businesses, retail businesses, and…
Introduction The past few years have been exciting for those watching and keeping up with the entity known as the “Series Limited Liability Company” (Series LLC). So much has happened and so much has developed. From the treatment given from…
A U.S. District Court has upheld the IRS’ right to a levy on a taxpayer’s home for unpaid taxes. In the case, the taxpayer owed $250,000 in unpaid income tax, penalties, and interest. The IRS had previously tried to collect…
There is probably no greater truth in all business mergers, acquisitions, and sales – for buyers, sellers and M&A advisors alike – than “Time Kills All Deals.” In my experience, no other factor has caused more potentially good deals to…
Q: I owe a substantial amount to the IRS in taxes. Is there a specific way that you recommend that I pay down the balance? A: For individual taxpayers, the best way to deal with an unpaid tax liability is…
Introduction In 2012, the consensus is that we may not be seeing a light at the end of the tunnel, but there is a sunrise on the horizon. With an average of 140,000 jobs being created each month and most…
A U.S. District Court ruled that gifts of memberships in an LLC did not qualify for the annual gift tax exclusion as they were grants of future interests. In the case, a married couple put land in a Limited Liability…
In December, 2011, The New York Times published an article entitled: Why Some Business Owners Think Now Is the Time To Sell. While the decision to sell your business should be based on a careful analysis of many factors, that…
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