.net barcode sdk Selling Your Business: Tax Considerations and Strategies in Software

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CHAPTER 14 Selling Your Business: Tax Considerations and Strategies
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reason, minimizes or even eliminates ordinary income and maximizes capital gains, or maximizes ordinary loss and minimizes or eliminates capital losses Another approach is to defer the sale of one or more assets if doing so will result in the taxable gain from sale of the asset(s) ultimately being long-term capital gain The concern with the character of a taxable gain or tax loss is much less significant for a C corporation, which is subject to identical federal income tax rates on its ordinary income and capital gains However, capital losses of C corporations still may only be offset against capital gains, and they re subject to far more restrictive carry-back and carry-forward provisions than ordinary losses So, if a C corporation has excess capital losses during a taxable year (or capital losses that have been carried forward from an earlier year), the corporation would prefer capital gains over ordinary income, because the excess capital losses may be used to offset the capital gains (but could not be used to offset ordinary income) The same is true for individual taxpayers with excess capital losses, that is, they would prefer to have capital gains (even short-term capital gains), so that the capital losses may be used to offset them
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Sales Price Allocations for Multiple Assets
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In selling multiple assets, the sales price should be contractually allocated among each asset to determine the taxable gain or tax loss from the sale of each asset, as well as the aggregate net taxable gain or tax loss This allocation may impact the seller s tax liability, depending on the character of each of the assets sold for income tax purposes and the amount allocated to each of the assets To the extent that certain assets are subject to transfer taxes, the allocation may also affect the amount of transfer taxes due by either allocating more or less value to such assets Usually, the buyer will have different objectives than the seller with respect to a sales price allocation This is known as tax polarity, and where it exists between a buyer and a seller, a sales price allocation agreed to by them normally will be respected by the IRS and the courts To the extent justifiable under the facts and circumstances, the general rule for sellers is
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PART TWO The Sale and Financing of a Business
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to allocate value to each of the following types of assets up to, but not in excess of, their adjusted tax basis: Noncapital assets, whose sale for more than their adjusted tax basis would give rise to ordinary income Capital assets that have been held for one year or less at the time of the sale, the sale of which for more than their adjusted tax basis would give rise to short-term capital gain Assets that have been subject to prior depreciation or amortization deductions, the sale of which requires the prior depreciation and amortization deductions to be recaptured by the seller as ordinary income to the extent the value allocated to them exceeds their adjusted tax basis
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Any remaining sales price could then be allocated to capital assets held for more than one year, such as goodwill (which may now be amortized for income tax purposes over a 15-year period), the sale of which would result in long-term capital gains The buyer, on the other hand, generally would want as much value as possible allocated to assets that have the shortest possible depreciable or amortizable lives (ie, assets with lives less than the 15-year life of goodwill) for income tax purposes, so that it may recapture a portion of the purchase price as soon as possible through depreciation and amortization deductions The buyer generally would also prefer to allocate full retail value to inventory (a noncapital asset) rather than just the seller s adjusted tax basis in the inventory, in order that the buyer not have any taxable income upon sale of the inventory These differing objectives can cause some tension in the negotiations, particularly depending on the relative bargaining power of the parties, but willing buyers are usually accommodating
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