Discussion Archives:Sale of a Pest Control business
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Discussion Forum Index --> General Chat --> Sale of a Pest Control business
| 20 February 2010 | |
| What is the tax consequence of a taxpayer selling his assets and customers?
I believe that it could possible be a capital gain situation. john | |
| 20 February 2010 | |
| I believe there could also be some ordinary income recognition. | |
| 21 February 2010 | |
| And 1231 gains. Or, losses. If you are helping with a future sale you will want to read Publication 544 and the 1200 portion of the Code and work with an attorney who is familiar with sales of businesses. A 2009 sale you might get by with publication 544 and Form 4797 instructions and form 8594.
None of the above covers state issues. And, if the sale creates a large gain or loss, you may not want this transaction to be your first foray into this area. | |
| 22 February 2010 | |
| Make sure you get all the bugs out of that return before filing. | |
| 22 February 2010 | |
| What you have to worry about ADB is buying the business from a man who has done too good of a job. You always want to leave a few bugs around for a return visit.
It's like the dentist. A dentist only tells you a little about what he knows. Last thing he wants is a family with good teeth. As a part-time preacher, I can tell you that I can shake down a lot more contributions from a sinnner than I can a saint. Even the Lord said he'd go to the end of the earth for a lost sheep. | |
| 22 February 2010 | |
| I opened this thread by mistake; I thought someone was selling a Priest Control business and I wondered "What the heck?" | |
| 22 February 2010 | |
| CrowJD -
I know what you mean about dentists - I ask them to tell the tooth, the whole tooth, and nothing but the tooth. | |
Harry Boscoe (talk|edits) said: | 22 February 2010 |
| My dentist gave me the good news and the bad news. Good news is, I have fewer cavities than last year. Bad news is, it's because my teeth are falling out. | |
Death&Taxes (talk|edits) said: | 23 February 2010 |
| In my mind, dentists = Dr. Szell.
"Is it safe?" | |
| 23 February 2010 | |
| Harry, D&T - I am sure glad you all and me and a few others maintain a sense of humor at this time of the year ! | |
Harry Boscoe (talk|edits) said: | 23 February 2010 |
| "Is it safe?" does *not* trigger gales of laughter and hilarity .. any time of year. D&T, you just hit a nerve!!
Is anybody working on the taxation of the gain from the sale of the business assets? | |
| 23 February 2010 | |
| Not everyone on this site believes in the gospel of Jesus! So I guess that you don't want my thoughts on the subject! | |
| 23 February 2010 | |
| Not everyone on this site believes in the gospel of Jesus! So I guess that you don't want my thoughts on the subject! | |
| 23 February 2010 | |
| I'm not sure off the top of my head what the sale of a pest control business has to do with the Gospel of Jesus, or for that matter what Barb's thoughts are on the subject of the gospel of Jesus. Jesus would be interested in getting his taxes done correctly, though. There are a lot of deductions that self-employed carpenters can take....wait a minute...now I've got it. I have carpenter bees boring holes in my porch, and Jesus was a carpenter. Barb, thank you. Well, Bless you, actually | |
| 23 February 2010 | |
| You're right. I think Jesus did new construction, and the termites wouldn't have a chance to get in there good enough to make it relevant.
P.S. The truth is, you can't get rid of carpenter bees. You can try filling the holes with wood putty, of course, they drill next door to it. Anthing strong enough to permanently kill them is likely strong enough to kill you. As a kid, I spent a lot of time with a badminton racket having a time swatting carpenter bees, and likely doing irreprable harm to the environment. | |
