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Tax Free Sale Of Your Business
Multiply The $500,000 Capital Gains Exemption
Gains on sales of shares of your corporation can be tax free up to $500,000. The shares must be of a Qualified Small Business Corporation defined HERE. By involving your wife or other adult family members in the ownership of the corporation you can enable each person to claim $500,000 tax free. Depending on the value of the business and the number of shareholders, it is possible to eliminate any tax on the sale of your business.
The rules to allow this are very technical. Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
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