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Re:Sale of business assets for a $1 (1 viewing) (1) Guest
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TOPIC: Re:Sale of business assets for a $1
#1471
Tomas (User)
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Sale of business assets for a $1 4 Months, 2 Weeks ago Karma: 3  
Client has a yoga studio and has an adjusted cost basis in it of $9,000. Wants to sell it to another yoga owner for $1 just to get out of the business and get out of the lease.

Any problems with this? It appear to be arms length????

Thoughts?
 
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#1472
law_cast (User)
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Re:Sale of business assets for a $1 4 Months, 2 Weeks ago Karma: 0  
There are several considerations before the plan be materialized. Hard though.
 
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#1473
lex_advoc (User)
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Re:Sale of business assets for a $1 4 Months, 2 Weeks ago Karma: 0  
It appears casual and simple yet it is complex. Several matters to deal before waging such a move.
 
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#1474
Jackie (User)
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Re:Sale of business assets for a $1 4 Months, 2 Weeks ago Karma: 3  
I think the risk is that the IRS say its not an arms length transaction then they impute a sale price and make you pay taxes on the gain. I would consult with an accountant or tax attorney.

But, the amount that the yoga gym is really worth is small. I cant see the IRS caring about such a small transaction
 
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