Client selling business for 3 Million
Have a client who is selling her business for 3M with her ex-husband so she will receive 1.5M. She is looking for a one lump payment. Does not want to go on with her ex or any payment plan although it would probably be in her best interest to take a buyout plan over 3-5yrs.
I know she cannot do a 1031 since there is no property is involved.
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Is there any such thing as a cost basis in a business sale so she can reduce the taxes on the 1.5M?
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If there is a cost basis, what can be added to the cost basis?
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Is there any avenue available for her to take to reduce or defer taxes on the 1.5M?
Thank you for any assistance.
Douglas
Permalink Submitted by Alan - IRA critic on Mon, 2024-07-29 11:41
Sorry, not a subject for this forum. You might post to a general tax forum or refer client to a CPA given the large amount involved.