Legal Question in Business Law in Florida

Selling our business

We owned the business and property for 20 years in a c-corporation. We want to sell the stock only. What percentage would we be paying taxes on - also we are foreigners. When paying taxes - will that be on the entire amount that we get out (there are no more mortgages) or can we deduct of what we paid for the property 20 years ago? Thanks.


Asked on 9/19/07, 8:25 pm

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: Selling our business

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

You will pay taxes on the profits. You should retain an attorney who can advise you how to best structure the deal to have the least tax consequences. The purchase price will be apportioned into various categories and both parties must agree. The attorney can then work with you and handle the closing on your part.

Scott R. Jay, Esq.

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Answered on 9/19/07, 11:25 pm


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