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  • 1.  sale of a C corp

    Silver Most Valuable Member
    Posted 10-26-2019 10:31 AM
    I have a car dealership that is being sold for $3,500,000, next month.
    The c corp has an $840,000.carry forward loss.
    Is it wise to break down the sale between the C corp, and the individual shareholders to stop ant double taxation?
    This is the first time i've had this situation, so i need some recommendations
    Thanks

    Ken

    516-639-0858

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    Kenneth Zweibel
    KENNETH J. ZWEIBEL, CPA PC
    East Northport NY
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  • 2.  RE: sale of a C corp

    Platinum Most Valuable Member
    Posted 10-26-2019 04:27 PM
    Are you familiar with the conceptod personal good will, and there by attributing some of the proceeds to the shareholders ?  This tactic does exactly what u ask about 

    PerhPs others will further the conversation



    Original Message


  • 3.  RE: sale of a C corp

    Silver Most Valuable Member
    Posted 10-26-2019 04:34 PM

    We're allocating 3,400,000 to goodwilland 100,000 to Furniture  and equipment. Does the goodwill go into the corp???
    Thanks



    On Saturday, October 26, 2019 Abby Alhante via National Conference of CPA Practitioners <NCCPAP-nassausuffolk@ConnectedCommunity.org> wrote:

    Are you familiar with the conceptod personal good will, and there by attributing some of the proceeds to the shareholders ? This tactic does... -replied to the "NASSAU/SUFFOLK" community

    NASSAUSUFFOLK

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    Re: sale of a C corp
    Reply to Group Reply to Sender
    Oct 26, 2019 4:27 PM
    Abby Alhante
    Are you familiar with the conceptod personal good will, and there by attributing some of the proceeds to the shareholders ?  This tactic does exactly what u ask about 

    PerhPs others will further the conversation
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    Original Message


  • 4.  RE: sale of a C corp

    Platinum Most Valuable Member
    Posted 10-29-2019 10:11 AM
    Ken:

    You might consider retaining tax council on this.

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    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY
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    Original Message


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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.