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Capital gain tax - selling partnership

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  • Capital gain tax - selling partnership

    Greetings, I am a partner in a partnership of several physicians. My partners want to sell our practice to an investment group. We will each get a check to sell our shares. I’ve been a partner for a few months only. It seems that I will have to pay short term capital gain tax ( ordinary income tax- I am at highest bracket). Is there anything I can do to avoid that huge tax bill ( all my partners will pay long term capital gain tax and won’t delay selling the practice since laws may change so they’ll all have to pay ordinary income tax) ? Whom should I consult? Any recommendations?

  • #2
    Not sure if this will help or not but have you listened to this podcast?


    • #3
      Is it possible to negotiate the sale of your % to take place in however many months you need to treat it as LTCG?
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087