What is the name of your state? IL
I'm in the process of a potential buyout and was wondering if anyone could give me any insight to the capital gain ramifications.
1. I'm selling shares in a small C Corporation. The sale will be for 1 million and my basis is 300k. I don't qualify for the 1/2 exclusion for the sale of small business stock. Would the gain be 15%?
2. I'm also selling my interest in an LLC, which holds commerical rental property and collects rental income. The sale will be for 1 million and my basis is approx 400k. Would the gain be 15% (outside the depreciation recapture) or ordinary income?
Also, if the sale is to a family member, does this pose any problems such as selling property to a family member who will continue to take depreciation on the buildings?
Thank you so much!
I'm in the process of a potential buyout and was wondering if anyone could give me any insight to the capital gain ramifications.
1. I'm selling shares in a small C Corporation. The sale will be for 1 million and my basis is 300k. I don't qualify for the 1/2 exclusion for the sale of small business stock. Would the gain be 15%?
2. I'm also selling my interest in an LLC, which holds commerical rental property and collects rental income. The sale will be for 1 million and my basis is approx 400k. Would the gain be 15% (outside the depreciation recapture) or ordinary income?
Also, if the sale is to a family member, does this pose any problems such as selling property to a family member who will continue to take depreciation on the buildings?
Thank you so much!