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hjasin
Level 2
February 20, 2023
Question

Tax treatment for selling your C Corp with a payment in the current year and a formula for an additional payment in the next 3 years

  • February 20, 2023
  • 3 replies
  • 10 views
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3 replies

IRonMaN
IRonMaN
Level 15
February 20, 2023

Try out my friend Google - "installment sale tax treatment"

Slava Ukraini!
    George4Tacks
    George4Tacks
    Level 15
    February 21, 2023

    Did the person sells it's shares in the C Corp or did the C Corp sells it's assets? 

    Likely still an installment sale, but on which return? 1120? or 1040?

    Answers are easy. Questions are hard!
    H
    hjasinAuthor
    Level 2
    February 21, 2023

    the taxpayer sold the shares of the C Corp....Is it possible to make an installment sale when we do not know the total Sales price now....? taxpayer would be receiving payment every year for the next 3 years based on profit performance...

    George4Tacks
    George4Tacks
    Level 15
    February 21, 2023

    You do know a sales price, so yes. It is possible that the total sales price may decline in the future and the 6252 may have to be adjusted. Do some serious reading. https://www.irs.gov/publications/p537

     

    Answers are easy. Questions are hard!
      H
      hjasinAuthor
      Level 2
      February 22, 2023

      Perfect...Thanks!

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